In to expand to untapped markets. Moreover, what can

In this highly competitive and fast paced
economy, businesses fight to be dominating world markets. The business
environment in today’s world is experiencing significant changes such as
increase in competition, advancement of technology and increasing
globalization. This in turn reflects market opportunities for development to
business firms. Market development refers to a type of business strategy by
which a business tries to expand to new groups of buyers for its existing
products, meaning to expand to untapped markets. Moreover, what can be held
from this is that in order to survive in this ever-changing economy, and essentially a key
factor, is the concept of innovation. The notion of innovation can be
interpreted and executed in many different ways. With the main four types of
innovation being incremental, disruptive, architectural and radical, firms can implement
one of these types as a business strategy in order to enhance their
competitiveness in the market. Taking Japan as a compatible example shows how
innovation can develop an economy into one that is now highly developed and
market orientated, accommodating some of the worlds leading industries such as motor
vehicles and electronic equipment to just name two. Japans economic outlook has
been very interesting and has experienced spectacular growth in three different
periods, in particular post the deafeat of World War 2 in 1945 when the island
nation rose to become the one of the worlds largest economy. Currently Japan is
amongst the leading innovation countries, being the world’s third largest


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