Innovation is key, and is necessary for the changing
marketplace. This idea is particularly
relevant to booksellers, who must come up with an innovative way to refine
their business model and compete with Amazon, and to the evolving publishing
industry.
Bessant and Tidd have outlined
four key areas in which a business can innovate if the market demands it; they
can change their product, the process by which their product is delivered, their
product’s position in the marketplace, and/ or the paradigm of the business
itself. There are many examples of publishing
businesses that have succeeded in innovating in one or more of these areas, for
example Paper Lantern Lit but, equally, many have not.
After the seminar, I now
understand that any innovation must be thoroughly researched and entirely appropriate
for the marketplace, as well as sustainable, or is it sure to fail.
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