Innovation strategies are critical to business success and longevity. They allow companies to remain competitive in current trends and set the pace for future trends.VIZIO is an organization that provides high definition entertainment options and unmatchable value through televisions and home theater systems. The idea that everyone deserves to own the latesttechnology is the foundation for their endeavors (About, 2011). This paper serves to describe and evaluate VIZIO’s innovation strategy. It will also provide information from Securities and ExchangeCommission (SEC) filings and introduce new products or services from VIZIO.
Description of Innovation Strategy
Consumers are gravitating toward innovative technology and VIZIO is taking advantage ofthe opportunity to provide innovative products that exceed consumers' expectations. Because of the effective market research VIZIO has performed, the organization manages to deliver advanced HDTVs ofthe utmost quality featuring the most up-to-date technologies at reasonable prices. [VIZIO[pic] embraces the innovation strategy it possesses, which is to provide consumers with higher performanceproducts and be dedicated to providing consumers with exceptional value. The organization is receptive to consumer feedback, incorporating the wants of the consumers and managing to operate efficientlyat the same time. Furthermore, VIZIO delivers products where vision meets value (VIZIO, August 10, 2010).
Evaluation of Innovation Strategy
In 2010, VIZIO witnessed the success of its innovationstrategy. "LED shipments increased over 176% over the first quarter in ]2010 and represented approximately 40% of VIZIO's product mix, making VIZIO one of the industry' s best in LED backlighttechnology"](VIZIO, August 10 2010). VIZIO recognizes the importance of listening to the customer and providing a premier product. At the end of the second quarter in 2010, VIZIO's sales increased by...