Sunday, January 22, 2012

Assignment Two: Discuss why innovation is critical to stimulating and sustaining economic growth of a society.


Innovation brings out the best of the best whenever it comes to designing and developing a product. Without having innovation, people would not buy new things, new jobs wouldn’t be created, and the economy would not grow. It is essential for companies to have innovation to bring out the best products and services to customers, allowing their lives to be more convenient. Innovation involves constantly keeping up with the change of the fast pace world.  A good example of a company that constantly keeps innovating itself is Facebook. Facebook is constantly making changes to itself to keep the user coming back for more. Facebook is appealing to so many age groups because it brings a little of something to everyone whether it be connecting with friends and family, playing games, chatting, finding groups to be apart of online, etc. Junior high children all the way to grandparents are on Facebook, which happens to be a very broad range group, therefore Facebook must keep reinventing itself to keep up with the demand of what the user wants.
Google is another great company that seems to be on top of innovation. Google knows that they need to be more than just a search engine to be on top of the competition. With the features that Google brings to the table, creates new jobs, which in turn helps the economy grow. Recently with the newest feature of Google+, Google has ventured into social networking, which in turn could give Facebook a run for their money.
Innovation brings out the best of the best in competing for the top spot of winning over a customer. Knowledge of knowing what a customer wants is critical to becoming on top of innovation. Just imagine if Ford Motors happened to still be making the Model T and other motor companies were designing vehicles like we have today. There would be no way that Ford would be able to stay afloat if that were the case. Innovation is important. In a sense, the economy relies on innovation to keep jobs and money floating around. 

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