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. 

Assignment One: Discuss why knowledge and competence are a critical source of competitive advantage.

Knowledge is the key to advancing in anything in life, especially whenever it comes to companies and their chance to lead over the competition.  According to Webster’s Dictionary, the definition for knowledge is “the range of one’s information and understanding.” Knowledge and understanding have to be a part of the company in order to improve and expand, not only to bring upon a better client base, but also to provide a better product. Take for example the company Apple. All of the knowledge that they have brought to the table creates an amazing product that keeps people in demand for it because they are always reinventing their products as newer, faster, slimmer, and better, keeping customers wanting more and not switching to another company.

            The world of retail revolves around competition and striving to be number one in the creation of products and sales. If there were no such thing as competition then how would companies strive to make a better product, satisfying the customers? Thankfully, the growing world of technology brings about plenty competition for companies to strive in making the perfect product that we as customers will often wonder how we ever did without that specific product and the features that it has to offer. About two to three years ago, a lot of people did not have internet access on their phones. Today, the majority of cellphone users now use smartphones instead of just a standard phone that does nothing but call and text.

            Companies are striving to make the best product out there because if they want their company to survive and not go under, they have to. We as a society are obsessed with having the latest gadgets, whether it is to make life more convenient for our lives on the go, keeping up with the Jones’, or just because we find the latest gadgets fun. Whatever the reason, companies know that they are going to have to keep up with the technological world if they want to keep business.