Innovation: Key to Competing in High-Demand Markets - Research Paper

Introduction

Due to high competition rate, most companies are nowadays focusing on innovation. Through innovation, they are able to produce products which are able to compete effectively in the market. In America, the demand rate of animal products has created a heavy competition. In these articles, Tyson Foods Takes Aggressive Approach Towards Innovation and Alltech Acquires Coppens International, an Innovative Aquatic Feed and Nutrition Company, the key theme is innovation. These articles are trying to show how management has deployed innovation to improve their performance. They indicate that innovation is the best solution management can deploy to conquer competitive. These technology approaches help these companies to produce high-quality animal feeds. Customers are so concern about the quality of feed an animal feed a company produces. Introduction of more technology and other innovations in the company would help to create an environment where nutrition ratio is highly maintained. In an animal feed, nutrition ratio is the major factor that influences the quality. Therefore, companies should develop an effective system which is able to balance all nutrients in an effective manner. Additionally, integrating with developed companies such as Coppens International will help to introduce more innovation to enhance feed production. As such, the articles indicate that both managements made the decision to introduce more innovations in production.

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Both articles focus on innovation. Normally, innovation is a critical approach a company may use to improve productivity. This action increases the quality and quantity of products being produced, thus, enhancing organization performance. In most cases, innovation reduces the cost of production due to the effective application of materials. This forces an organization to reduce the cost of products, thus, enhancing competition. Due to quality improvement and cost reduction, an organization can easily compete in the market. Innovation also introduces techniques which improve brand recognition and value which creates a forum which supports the existing brands. Therefore, an organization is able to penetrate the market without a lot of challenges effectively. Most companies or stakeholders want to be associated with companies that move with the current technology. They believe that investing in such companies will give them certainty that the company will perform well in the market. Therefore, innovation helps to create a good relationship which boosts organization growth. Due to an effective approach and operations, the company will improve the profit rate and turnover. Hence, it will be able to introduce other approaches will enhance its growth.

In business, innovation is a key aspect which affects how an organization will perform. In this case, understand various approach an organization may deploy so as to improve its operations is a critical approach. In contemporary business, organizations are encouraged to engage in activities which relates to current state. In this case, technology development has been an effective approach companies are using to improve their performance. Therefore, understand that innovation is an essential approach companies can use to improve their performance will help one to focus on its development. Currently, technology development has been the best way companies can use to improve their productivity. This approach may help to create a good competitive advantage. Additionally, through innovation, one is able to understand various approach which can be deployed to overcome challenges which affect production. Therefore, an organization will improve its revenue rate hence, boosting its growth.

Works Cited

Buss, Dale. "Tyson Foods Takes Aggressive Approach Towards Innovation". Chiefexecutive.Net, 2018, https://chiefexecutive.net/tyson-foods-takes-aggressive-approach-towards-innovation/.

"Alltech Acquires Coppens International, an Innovative Aquatic Feed And Nutrition Company". Alltech Acquires Coppens International, an Innovative Aquatic Feed And Nutrition Company | Alltech, 2019, https://www.alltech.com/press-release/alltech-acquires-coppens-international-innovative-aquatic-feed-and-nutrition-company.