Innovations
Vol. 12 (2024), Issue 1, pg(s) 6-9

THEORETICAL PROBLEMS IN INNOVATIONS

The Role of Consumer Feedback in Driving Innovation

  • 1 University of Economics in Bratislava

Abstract

This article focuses on the important role that consumer feedback plays in fostering innovation in business. It discusses the importance of listening to and understanding consumer views and preferences when developing new products and services. The article clearly analyses ways to effectively gather and interpret consumer feedback to improve the innovation process and ensure the success of new initiatives. It also discusses the challenges that can arise in processing and interpreting feedback. The article also highlights the benefits of actively involving consumers in the innovation process, including creating loyal customers, satisfied customers, improving competitiveness and minimizing the risk associated with new product launches. Based on a review of recent research and case studies, this article offers insights and guidance for entrepreneurs and managers seeking to effectively integrate consumer feedback into their innovation processes.

Keywords

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