Question

Why are innovation and entrepreneurial spirit important to market entry or market expansion? Give examples. ( 150 Word )

Answer 1

Innovation and entrepreneurial spirit are very much important to market entry or market expansion. The reason being is that after a point of time, customers get bored of the products which they are using and they seek something new in that range or upgrade in the features. That is something where innovation comes into play. The only thing which is constant is change and that’s why companies need to keep innovating so that they can offer something new to their customers and expand their market by getting new customers. Entrepreneurial sprit is important because the entrepreneur who runs a business needs to have those skillsets and being able to go through of any situation which may arise during doing the business. One such example of innovation is the case of Kodak and Fuji films. Kodak was a dominant market leader in films division, but Fuji film came with innovation of digital camera and slowly destroyed Kodak, as they didn’t innovate themselves.