GLOBAL PERSPECTIVES ON INNOVATION AND CREATIVITY Essay - 1

GLOBAL PERSPECTIVES ON INNOVATION AND CREATIVITY - Essay Example The role of PSI was to demarcate the areas that required improvement or modifications. The issues identified by PSI were not specific to CVS; rather, it included the complaints from customers regarding cancellation of orders, and wastage of time at the pick-up spot. Analyzing the situation and its complication, the first question that comes in the mind is what could be the solution, or what steps must be taken in order to make the difference? Since the problems are common with other pharmacy stores, it demands something innovative, and in this regard, one has to answer the question, could disruptive innovation and quality management help in overcoming the difficulties of this company? Companies can innovate three ways. Firstly, New and Improved products should be introduced to target the high-margin customers to whom old products are not satisfying enough. Secondly, to the customers who can’t afford much, cheap alternatives should be launched of the existing expensive products which can fulfil their requirements without being a burden to their pockets, and lastly, new products should be introduced in order to create new markets and bring fresh consumers. (Christensen et al., 2004) Disruptive innovation refers to mode of expanding and establishing new customer base, by adding services or introducing newer products and technology that may disrupt the existing market linkages. In contrast to disruptive innovation there is sustainable innovation that does not affect the existing market linkages; rather it aims at adding value to the products or services. However, defeating incumbents with sustainable innovation is very hard. The problems with CVS are common in almost all the companies that deal in pharmaceuticals. Furthermore, the margin for innovation remains very narrow, because the stakes are too high, and the safety of the customer is top priority. The problems