Take Inspirations from Disruptive Innovations
The concept of disruptive innovation pertains to certain changes that are intended only to attract the consumer by way of presenting a cheaper alternative. Clayton M. Christensen, a professor at Harvard Business School, took notice of this type of changes made on consumer products and made a careful study of its significance and logic.
A product may be inferior in quality but the affordability of the price tends to attract the low-budgeted consumer, particularly if economic conditions are a prevalent influence. Accordingly, the airline’s economy class is an example of disruptive innovation; but Professor Christensen’s study also involved the use of disruptive innovation as a source of a business entity’s improvement ideas. Despite the numerous complaints over the economy class flight, customers still book their flight reservations early.
Other airlines have taken inspirations from the viability of economy flights, but they pay attention to customers’ complaints. So they came up with the concept of a “premium economy", which bridges the gap between the standard economy and the business class. It’s about having a bit of luxury where it counts the most at an affordable price.
Nonetheless, these are merely staring points, and the best practices for innovations management embrace the entire procedures on what should be considered as having the most potential, the technologies available, the cost that would be added and the willingness of the targeted market to pay for the added value.