Business in a Competitive Environment -technology Article

Business in a Competitive Environment -technology - Article Example There are a number of factors that influence the market’s preference of one technology over another and these include innovation and lock-in forces. Innovation has been defined differently by different people but the one thing that is common in all its definitions is the need to complete the exploitation and development aspects of new knowledge or technology, not just its invention. Innovation is often confused with invention but the later is the first step of the lengthy process of developing a good idea into wide spread and effective use by consumers. A good invention does not guarantee market preference and therefore market success. Once a good technological invention has been created, innovation tools such as market development, project management, organizational behaviour and financial management, just to mention a few, have to be employed in order to make the invented technology successful in the market. For instance, when consumers or markets are faced with the decision to select a technology among many available technologies, the consumers will find it necessary to base their decision on several innovative aspects such a s the technology that gives a richer user experience, is easily accessible, has evolving capabilities, is secure, and best serves the need of the business, among other aspects. The direction of technological innovation is a major determinant of the technology that gets preference in a market. Technological innovation can either be sustaining or disruptive. Sustaining innovations are those that seek to improve an already existing technology in order to increase its value to the market while disruptive innovations aim to introduce entirely new technology to the market in order to replace the old technology. Disruptive technological innovations often overlap with radical breakthroughs but sometimes represent advances in business models. Leading companies and governments in tend to be very successful at implementing sustaining