Why does the company need to continually reflect on its aspects of innovation, improvement, development, and being constantly imaginative?

In the volatile business world where companies must constantly perform, they need to have the ability to see opportunity in every challenge, be quick to adapt their strategy and have an agile approach to development and implementation of new solutions. Reflection is the ability to constantly take a breath, evaluate the progress that was made and be prepared to change the course if needed. Companies need to have the ability to not only reflect continually evaluating their achievements, but then have the abilty to act and change quickly to adapt to the ever changing environment, both internally and externally

This can be elaborated taking in the notion of the VRIN conditions for long-term sustainability and competence. Nevertheless, achieving VRIN conditions does not render unlimited competence while it is subjected to the extent to which competitors have put their effort to achieve similar conditions. There can always be a market, technology, and competitive uncertainty, and the process is dynamic. Hence confronting these uncertainties--in the premises of competitors trying to imitate and the dynamic evolution--the responses by an enterprise must be an innovative response.

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Mainly any organization has to continually give more attention for research and development in order to adapt with the industry improvements and consequently be able to increase its market share or at least keep same at the same level, in addition to continually satisfy all the customers needs.

A company should countinious imporvement its product portfolio as each and every product has its own life cycle, from introductory stage to grwoth,maturity and decline.

At the intoductory stage if an innovative product a company will face little or no compettion where as when it reaches the maturity stage the level competition faced by the company will be at higher level. Once the product reache the declining stage the company will have to discontinue the product or market it in different segment. 

In order for an organsiation to maintain its market share of a particular market segment a company has to contniously produce innovative products.

• So as to stimulate competitiveness and enhance its market differentiation and strength
• In order to increase profitability and reduce cost
• In order to keep up and stay up to date
• To get the goal      Thanks for invitation

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In order to :

• hit target.
• gain more market sahre.
• stay on the top of competion.

Welcome out of the new area routines investigated for the terms of stay and continuity