Provide an example of an idea, creativity, and innovation and argue why it best fits that category.
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The business world is changing, especially with the attire worn in the office. From the traditional navy suit, white shirt, and red tie required by IBM of old, to today’s Google flip flops and shorts, office wear has evolved. For a company known to be the experts in men’s traditional business attire, innovation and change are a must. JoS A Bank has been around since 1905, acquired by The Men’s Wearhouse in 2014, has successfully survived the tumultuous world of retail. Our text states product innovation is not enough to sustain an organization, but there needs to be process and service innovation as well (Desai, 2013). In the 12 years I have been with our company, I have seen this to be true. However, in our industry, product innovation has proven to be just as a major factor as process and service. With the decline of suit wearing, there had to be some innovation in suits as well as what has come to be called “business casual”.
Within the last year, we have adopted as one of our pillars of growth as helping men feel good all day every day (Tailored Brands, 2019). Along with the quality guarantee and new emphasis service data gathering, we have sought to incorporate all that Desai (2013) includes as vital to sustainable growth. An example of product innovation is the inclusion of 37.5 technology into tailored clothing. Tailored Brands was the first to offer this humidity regulating technology into tailored clothing. This technology originally designed for athletic wear, is now available in suiting (Apparel, 2017). Not intending to sound like a commercial, this innovation helps keep the suiting industry viable in a culture where suit wearing is not a prevalent as it used to be. This new innovation seeks to keep the suit wearing gentleman as comfortable as possible.
The Wall Street Journal (2019) reports since 2015 men’s suit market has shrunk 8% or $1.98B. Because of this, the CEO of Tailored Brands as been noted as saying as a company we have not kept pace with this trend (WSJ, 2019). The result is a 10.7% decrease in suit sales while the industry has seen a 17% upswing in a variety of performance gear. This tells us that product innovation is at least equally important as process and service. Indeed, we as a company are headed in the right direction, but have taken a little longer to get there. Up till in the recent past, our innovation has been focused on service and process, but as we continue to produce innovative products, the focus on service and process must not be ignored.
Desai, J. (2013). Innovation Engine: Driving Execution for Breakthrough Results. John Wiley & Sons.
Kapner, S. (2019, March 25). Men ditch suits and retailers struggle to adapt. Wall Street Journal. Retrieved from https://www.wsj.com/articles/men-ditch-suits-and-r…
Tailored Brands. (2019). We help men love how they look. Retrieved from https://www.tailoredbrands.com/