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Based on B-to-B Business to Business Marketing concept , Innovation is critically important today due to the rapid pace of technological change, the increasing globalization of markets, and the changing taste of customers. Innovation is important for B-to-B firms because they are critical suppliers for B-to-C firms that need to be highly innovative or because they are themselves a major hub in the organizational network of innovative buyers and suppliers. The innovative process consists of three important stages: the development of innovation, the commercialization of innovation, and the fruits of innovation. This essay reviews the important progress in understanding problems in each of these areas and the key questions that researchers face today in the B-to-B arena.
Innovation is a critical driver of the improvement in performance of customers, the growth and success of firms, and the wealth of nations. Firms need to constantly innovate or face rivals who do so to offer superior value to their customers. This innovation can be in products or processes, in platform, design or component technologies, or in business models. Innovation is as vital in business-to-business (B-to-B) markets as in consumer markets. Firms that produce and market to other firms often do so in response to specifications set by end customers. However, in the new intensely competitive marketplace, meetings specifications is no longer adequate. Suppliers need to increasingly innovate in order to exceed the specifications demanded by their customers or satisfy these specifications at much lower cost. Further, as markets change rapidly, firms must predict the future needs of their customers in order to meet them in a timely way. Finally, in the highly global marketplace of today, new suppliers arise from numerous developed and emerging economies. Being at the cutting edge of innovation helps ensure that firms can successfully serve their customers and are not made obsolete by competitors with a superior product or better processes.
Many leading-edge firms are engaging with customers more generally in their innovation efforts, in a process that has come to be called co-creation (Prahalad and Ramaswamy 2000). Co-creation is defined as a “collaborative new product development activity in which customers actively contribute and select various elements of a new product offering (O’Hern and Rindfleisch 2009, p. 4). In purely B-to-B contexts, the way in which firms manage their relationships with other firms becomes even more crucial to the successful development and delivery of new business models.
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