Essay Example: Innovation Peak Of The Week

My innovation peak of the week is 5G. 5G is the 5th mobile generation network, and it comes after 4G, LTE 3G,2G, and 1G networks. The 5G network is being developed by the 5G technology forum (5GTF). The platform consists of the leading key players in the industry who consists of Ericsson, Qualcomm, Intel, and Samsung (Geller & Nair, 2018). It is a new network designed to connect everything together, including people, objects, machines, and devices. It is more reliable due to its high performance, and it will provide a fantastic experience to new users and industries. 5G will make the mobile experience more exciting compared to past generations. It will improve the economy in that it will promote good health care, safer and more reliable transport, digitalized logistics, and help improve the agricultural sector.

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5G invention is a disruptive innovation because it will attract new customers and new industries from other generations, and they will go out of business. Schools, mostly higher learning institutions, will prefer this network because it will be easier to learn, especially online classes. Industries and the world, in general, will choose the 5G network since it will make their work and communications easier because the system is fast (Geller & Nair, 2018). As a result, they will go bankrupt, leading to their closure. Many people working in those places will end up losing their jobs. In most cases, these people are the breadwinners in their families, and the loss of jobs means no income source. As a result, there will be an increase in the rate of poverty and an increase in crime as well.

Although the 5G network is disruptive, it also has an advantage to the country's economy. For example, installation, especially in smartphones, will lead to the smartphone industry's growth since people will purchase phones with 5G installation, and these industries will realize immense profits. In general, it will make the world better to live in due to its quality services.

Our company is called Flavor Soap Company. It is located in Seattle. The company deals in making soaps, and currently, we are looking for ways to innovate our products to increase market share. In collaboration with the employees, the heads of the company sat down and discussed ways to improve our company. The meeting aimed to find ways to increase customer satisfaction, increase sales, and have a competitive advantage over our competitors.

The company decided to use the incremental value theory, which is more sustaining to achieve the discussed objectives (Coccia, 2018). We decided we will deliver high-quality products to our clients by increasing the value of the products. The packaging was also changed, and the soaps were to be packed in more attractive packing bags to attract customers. Advertising our products on various social media platforms and televisions would play a massive role in ensuring our company's success because it will create awareness of our work across the country and worldwide. The company also has decided it will be giving attractive discounts to our customers. By providing discounts, the company will attract more customers, and it will also help to build customer loyalty (Geissdoerfer et al., 2017). We also decided to give promotions by sometimes giving shirts to customers who buy our products in bulk. The company decided it will achieve all this by maximizing the available resources to its full potential (.

It has been three months since the innovation process has begun, and the company has realized many profits. Using the resources we had and our staff's efforts, the company has been able to open another branch. Opening new branches have provided employment opportunities, especially to young people, and it is taking part in the economic growth of our country (Coccia, 2018). The company also has more potential than before to recruit new employees, Train them, and pay their wages and salaries on time.

References

Geissdoerfer, M., Savaget, P., & Evans, S. (2017). The Cambridge business model innovation process. Procedia Manufacturing, 8, 262-269.

Coccia, M. (2018). Classification of innovation considering technological interaction. Journal of Economics Bibliography, 5(2), 76-93.

Geller, M., & Nair, P. (2018). 5G security innovation with Cisco. Whitepaper Cisco Public, 1-29.