Businesses can employ several strategies to prevent competitors from piggybacking on their innovative ideas. Firstly, they can protect their intellectual property through patents, trademarks, and copyrights. Secondly, they can maintain secrecy around their key processes and technologies. Thirdly, they can build strong brand recognition and customer loyalty which can't be easily replicated by competitors. Lastly, they can continuously innovate and stay ahead of the competition.

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HBR’s 10 Must Reads on Innovation

Innovation is more than creativity; it is a process that is structured, with rules and best practices. This summary gives you some of the key takeaway...

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Is it real? — Is There A Market For A Product And Can The Product Be Made? The Answers Come From Researching The Demand. Does The Product Solve A Problem Better Than Something Already Out There? If There Is A Demand, Can The Product Be Manufactured At A Reasonable Cost? The Answers Will Determine If A Product Is "Real" Or Not. Can we win? — A company has to determine if they can get and maintain enough market-share. If the company comes up with a new idea, they can be sure the competition is close behind. In established markets, existing companies could just copy or piggyback on the idea with minor changes. Is it worth doing? — Analyze the financial costs and determine how the product fits with current strategies. Will the product be profitable? How long will it take to see a return? Does the product reflect the current culture of the company? The answers will determine if it is worth doing.

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Companies can use several innovative strategies to determine if a product is worth doing. Firstly, they can conduct market research to understand the demand for the product and whether it solves a problem better than existing solutions. Secondly, they can analyze the financial costs associated with the product and determine how it fits with their current strategies. They should consider whether the product will be profitable and how long it will take to see a return. Lastly, they should assess whether the product aligns with the company's culture.

The concept of 'can we win' challenges existing practices in market competition by forcing companies to critically evaluate their competitive position and potential for success before launching a new product or service. This involves assessing whether they can secure and maintain sufficient market share, especially in the face of competition that may quickly imitate or adapt to their new idea. This approach challenges the traditional 'build it and they will come' mentality, instead advocating for a more strategic and calculated approach to innovation.

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