Their mission was to encourage people to choose coffee at Dunkin Donuts.They wanted to change this perception and promote Dunkin Donut as a place to have coffee.Due to terrible traffic situation people in Seoul go to work via public transportation on buses and subways. These people tend to stop by cafes on their way to work.The challenge was to set right communication targeting these people.So after a lot of efforts, they came up with this innovative idea.
The idea was to release the aroma of coffee with radio advertisements.
The result of the campaign was visitors increased by 16% and sales of Dunkin Donuts increased by 30%.The ideal result is People are now thinking of Dunkin’ Donuts when they think of their morning coffee.
Innovation means new ways of thinking which in turn leads to new ideas.It also leads to the discovery of new perceptions, solutions for better opportunities and above all a better life for all.Innovation is meeting the changing requirements of the market.Generally, people think of innovation as a process involving huge expenditure, uncertainty and disruption of production.The major objective of innovation is to create value for the business.Developing new opportunities, efficiencies and more revenue lead to value creation.Also, it ensures the long-term sustainability of the business and gives you a competitive edge.
They were the company which invented the subscription-based streaming business and disrupted the market.
They revolutionized the market by offering ad-free television and films on demand.
The company invested in licensing content from studios and developing their own series and movies, which established them as the market leaders.Also, it maintained a low monthly subscription fee about half that of HBO.
The audience has come to appreciate their service and the experience of ad-free television and films on demand.
Now their subscriber base has reached millions and they are reaping the high profits also ensuring long-term sustainability.Its strength lies in its ability to create original programs and self-distribute them all over the world which marks a new stage of the competition in media distribution where they are the frontrunners.
They adopted the strategy of Vertical Integration. Going global by cutting out the middleman they opened a new world of possibilities for them. The fact that they own the rights and distribute directly to the viewers has allowed Netflix to keep most of the revenues, rather than sharing with distributors.
b.SpaceX- Breaking Norms
Though each one of them belongs to different industries, the underlying factor behind their huge success is Innovation.In order to be at the top position, they have been taking up the challenges and meeting them with constant breakthrough innovation.