The Importance of Innovation in Ensuring Business Sustainability through MSME Product Development
- Jurnal Nasional Terakreditasi
- Rahyuniati Setiawan, Galih Abdul Fatah Maulani, Nizar Alam Hamdani, Alni Dahlena, Adi Adiansyah, Isnawati
- Bussines Innovation and Entrepreneurship Journal, No. 4 Vol. 6 Tahun 2024; ISSN: 2684-8945
Abstrak
Business sustainability demonstrates a company's capacity to fulfill consumer demands while keeping pace with evolving trendsthrough continuous innovation and product development. This study seeks to explore the significance of innovation and productdevelopment in ensuring long-term business success. By employing a systematic review and meta-analysis approach, the research provides a more in-depth and comprehensive analysis than traditional literature reviews. This method enables researchers to synthesize various findings and gain a clearer understanding of the strategies that contribute tobusiness sustainability. The study reveals that innovation and product development are not only strategic tools but also critical elements in helping businesses survive amid intense market competition. Businesses that regularly update and enhance their products are better positioned to respond to dynamic consumer preferences, technological advancements, and industry changes.Particularly for Micro, Small, and Medium Enterprises (MSMEs), which often face challenges related to limited resources, innovation becomes a key factor in maintaining competitiveness and relevance. By integrating innovation into their operations, MSMEs can increase their agility, meet diverse customer needs, and adapt to shifting market demands. Continuous product development allows businesses to offer added value, differentiate themselves from competitors, and build stronger customer loyalty. This proactive approach ultimately supports their sustainability in the long term. The research underscores that innovation should be viewed as a necessity rather than an option in today’s business environment. In conclusion, adopting innovation andconsistently developing products are essential strategies for achieving business resilience, growth, and sustainability in a fast-changing and competitive marketplace.Keywords: innovation, product development, business sustainability
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