QHT1 Task 3

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QHT1 Task 3

            While the expectation is that various entrepreneurial organizations will exhibit aggression in their innovation pursuit, a lot of successful organizations tend to focus on using their business model, processes, and products to focus on innovations (Draghici & Albulescu, 2014). An organization benefits a lot from its pursuit of technological innovations, which includes gaining a competitive advantage, as well as improve efficiencies in manufacturing, boost the overall share of the market, and ensure future success (Kim & Ryu, 2017). Therefore, every benefit means it is crucial for the success of the organization.

           Most of the organizations may strive to gain a competitive advantage over their competitors in the industry, which may be difficult to realize. In general, the consumer market could be flooded with a lot of products that exhibit the same characteristics as well as value, which makes it difficult to differentiate these products (Draghici & Albulescu, 2014). Therefore, Kim and Ryu (2017) observe that by providing more product value or lowering product prices, the company may gain the needed competitive advantage in the industry. As a result, this kind of competition may result in an increase in sales and overall revenue.

           It can be a difficult challenge to establish profitable processes and procedures of manufacturing. Therefore, improving the inefficiencies of this process of manufacturing can be more difficult or impossible. At the same time, while an increase in spending may be temporary, it is necessary in ensuring that the R&D departments have all the resources required to analyze the procedures and processes, while making them more efficient (Kim & Ryu, 2017). The implication following short-term spending means there is a potential increase in profits and savings down the road. The knowledge gained can also be used to boost the procedures and processes, while making them efficient, for all products, both current and future.

           There are companies than choose to primarily focus on a limited number of products to take advantage of the niche markets. There are also others, many in number that have chosen to invest in the development of new products, especially in capturing a bigger market share (Draghici & Albulescu, 2014). As a result, companies can potentially and considerably increase the brand loyalty of consumers by providing more products, while building a stronger reputation by lowering the costs of products and increasing their quality. The bigger the market share of an organization, the higher the potential to succeed.            Additionally, there are numerous different factors, which can significantly impact the ability of an entrepreneurial organization to be successful in the future. There are some factors that be out of control of the organization such as reducing consumer spending, as well as the cost of the raw materials (Kim & Ryu, 2017); on the other hand, there are also some factors that can indirectly influence or control the organizational operations such as technological innovations, and utilization of technology to improve the quality of products, thus impacting the quality of life of consumers (Draghici & Albulescu, 2014). This innovation type is critical as it ensures the respective organization is ahead of the curve and can…

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