Emerging Markets and Innovation

Emerging Markets and Innovation:

A partnership of global progress

Competition from markets around the world is very intense because many markets want to not only succeed, but become the most profitable. Many markets have grasp the competitive advantage on how to emerge on top levels by innovations of productivity. These emerging markets are the ones that are coming on top because they also expand their firms by innovation on new products and reinventing old products as well. This is really the most important object to for a market to perform in order to stay competitive in market world like today. Innovation does have a relationship with competitive advantage and profitability for companies around the world. Many companies are adapting ideas from other companies around the world because of globalization bringing down barriers for other countries to explore. This will actually help these countries with borrowed innovative ideas to compete with the marketplace around the world. Emerging markets that are established in developed or non developed countries will indeed produce economic growth.

Although it is true that competition has changed around the world due to globalization because it spreads rapidly around the world making it difficult to compete. Many of the markets adapt the innovation and produces a similar product, but for a cheaper price. Lets take for instance the Apples iPad tablet, a very innovative touch screen tablet that allows you to search the web, listen to music, check your e-mail and among other things. Companies from other countries have adapted to this innovative device and created a similar tablets but at a reduced price. This is why companies need to continue to innovate new products or enhance them to compete in the global marketplace.

Many companies form partnerships with other countries in order to produce their products at a cheaper price. The idea of outsourcing is great for both the company and the producing country. The company that outsources has the advantage of developing products at a low cost and receiving a higher profit. Companies like the one listed on the article are a rime example of how their innovations in emerging markets provided them with an advantage. Tata motor company has one of the greatest innovative ideas for the future. Since oil prices today are rising and consumers are looking for ways to commute cheaply, the electric car would simplify that in the future. This nano car may be a high demand in the near future, making Tata company one of the most successful companies in the world.