The Hindu Business Line : `Constant innovation key to success of business'

A CONSTANT attempt at innovation, both in terms of product and service, holds the key for success of businessin a competitive world, where consumer satisfaction is the main mantra, Mr V.R. Muthu, Chief Executive Officer, Idhayam Group of Companies, Virudhunagar, has said.

Inaugurating the Business Line Club at the Alagappa University, here , Mr Muthu said innovation for improving the quality of the product is necessary, as consumers would reject an inferior product. Innovation helps make a difference and attracts a consumer to a particular brand.Advertisements are an effort towards reaching the consumer and the television has proved to be a powerful medium. Impressed by an advertisement a consumer might chose to buy a product initially but would not continue to do so if it is of inferior quality, he observed.

However, quality alone would not be enough in a competitive world. If the market is to be expanded, one must know the preferences of the consumers and provide the product/ service according to their needs. This has led to a search for value addition in every product that comes to the market today.

It must be realised that innovation happens only when knowledge is acquired and the society that acquires the necessary knowledge becomes the leader in the field and the company that brings the same to application becomes the leader in the chosen field. Fundamentally, the research towards continuous improvement is the bedrock of development and success, he said.

In an interaction that followed, he said a quality product might fail because of the positioning or placement in a competitive scenario and the notion that a quality product would always be highly priced is not always correct. To a question on why a quality product cannot be offered at a lesser price, Mr Muthu said, inventory planning has acquired significance in this context.

Earlier, presiding over the meet, the Registrar, Alagappa University, Dr R. Dhandabani, said the formation of the Club would facilitate an interaction between the institutions and the industry and help in improving the prospects for employment for students.Mr T. Murali, Regional General Manager, The Hindu, Madurai, Dr V. Manikavasagam, Prof.& Head, Department of Corporate Secretaryship, Dr S. Kaliyamoorthy, Alagappa Institute of Management, Dr S. Annamalai, Department of Bank Management, and Dr S. Sathyamoorthy, Prof.& Head, Department of International Business and Commerce, were present on the occasion.