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The impact of Open-Innovation on Luxury brands

Xi Zhang

Abstract


There is a significant risk in not innovating for a successful large company, and innovation also carries significant risks. They may have incurred considerable costs to satisfy an emerging market but have been pushed to collapse. Small companies do not have such risks; they can innovate markets and models at low cost and eventually occupy the market to become a business giant and eliminate the original market leader in that industry. However, they will start to think about new innovative technologies and innovation models to subvert them.
Considering this situation, the word "open innovation" emerged a few years ago. Open innovation is intended to increase the flexibility of R&D while reducing risk management. The basis of Open Innovation is to open innovative ideas to ensure that companies can use external technologies and identify new market paths for the company's intellectual property. This paper focuses on innovation management, why companies need innovation management, and Open Innovation. Moreover, through Monoid and Louis Vuitton, a case study explores open innovation's role for large, small, and medium enterprises.

Keywords


Open innovation,Brand management, Louis Vuitton

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References


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DOI: http://dx.doi.org/10.18686/mmf.v5i3.3592

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