Essay on Innovation Planning and Design

As already discussed in Section 1, business productivity and change cannot occur without effecting people’s psychology to effect change. I initially felt that supervision would be fundamental to addressing and identify issues to allow reflection to plan a way forward to address issues, such as, performance management, productivity, effectiveness and understanding the views of the individuals to effect and improve individuals and team goals, and linking this to the business plan. This approach I

Innovations form the main sources of competitive advantages and are always of significance for the growth of a company. Companies or organizations put their greater efforts in improving their performance by finding new ideas and knowledge on the best way of beating their competitors and therefore give satisfaction to their customers. There are various factors involved in the innovation design system which can be either internal or external.

Innovation and innovation strategies are critical to keeping companies competitive in their chosen fields of endeavor. Consumers benefit significantly from the availability of and access to the latest in technology. This paper

This paper will refer to two audit exercises from Chapter three and Chapter four of the textbook. The first one will refer to demand for product, competitive response, level of novelty of the innovation, factor that could block the good outcome of an innovation, and other factors. The second audit exercise will involve the assimilation of a checklist for innovation with respect to the considered organization. It will also determine the readiness of the organization to implement an innovation strategy.

The competition among rivals is very high due to price and non-price factors. Companies try to attract customers to their products by introducing

Innovation is what gives businesses the competitive advantage the company will need to be profitable in the market. Innovation impacts the strategy, process, products and services that a company has to offer. Three organizations that have greatly used innovation are Discover Financial Services, Apple Inc, and McDonalds.

6. Following trends of marketing: - Innovative, differentiated brands, however, can offer potent advantages. Not only can they offer the consumer real benefits and thus give the consumer a reason to change, they can also serve to outmode existing brands (Murphy, 1988).

The places that innovative ideas come from can vary. The innovation process involves creativity of the mind. The ideas that surround innovation come from employees, customers, competitors and even your suppliers. Anything that deals with innovation is challenging. The purpose of this report is to identify the sources of innovation, how it affects industries and to evaluate disruptive innovation.

Innovation is an important tool in all companies and organizations. It helps them to create new products or change their current products in a way that brings them huge competitive advantage. It changes how the products are created and delivered and the risks that are undertaken to deliver the products. Regular and focused innovation is thus extremely important in the survival of organizations as is evidenced in the history of many of the successful organizations(Shane & Ulrich, 2004). In the IT sector, innovation is extremely important and is even known to be a priority. Various government agencies as well as private sector companies have stated that lack of innovation is a huge risk to the future of the organization and should be avoided at all costs. These sentiments are shared across the governments of Australia, UK, Canada, US, India and South Africa. This is to show that the importance of innovation cuts across all continents and countries(Bessant & Tidd, 2011).

Innovations can create a huge opportunity for success, as they enable a company to create a competitive advantage by having differentiated products, services or business models. Hence an innovative strategy is highly recommended in order to achieve high business growth, in case you are willing to expose you to a higher degree of risk. Being successful with an innovative strategy requires a multidimensional approach and an integrative strategic management.

Innovation is not a single activity; it is a process. For businesses, innovation means fresh ideas, developing new products or services and its effective processes. Innovation can be key to any business or company in the future. Bringing innovation into your business can help you save time and money and gives you the competitive advantage needed to grow your business.

Innovation refers to finding new ways to improve the existing products, services, processes, technologies, and employee performance in an organizational setup. In today's competitive business environment, organizations have to focus on bringing innovation in each and every aspect of their business operations; like products or service offerings, enterprise resource planning systems, marketing and promotional efforts, and organizational structure. The market challenges and competitive pressures also force organizations to use a blend of all these innovation processes in their business activities. Therefore, it is vital to give an equal focus on product innovation, process innovation, marketing innovation, and organizational innovation within the limited organizational resources and capabilities.

The second stage is selection. It is well known fact that innovation is risky. In order not to fail, firm has to thoroughly assess the opportunities, so innovation will be held within the frame of company’s technological and marketing competences and will be coherent with overall business strategy (Tidd, J., Bessant, J., 2009). There are three components in this phase. The first component comes from previous stage and implies the analysis of opportunities, both marketing and technological, procurable for the firm. The second component includes the distinctive features company possesses, which are knowledge base, employees, equipment and experience (Prahalad, C., Hamel, G., 1990). The third component is suitability to the overall business strategy. This implies the fact that proposed innovation should be beneficial for firm’s performance, in other words, be in company’s competence base, otherwise it could lead to the failure (Cooper, R., 2000).

Innovation offers the companies a competitive advantage. Presently and within the future, more than any time in history, the key to competitive advantage is innovation. However innovation will facilitate businesses meet all of their strategic challenges, not simply competition; to illustrate, in confronting accelerating rates of change, globalization, apace advancing technology, a additional numerous workforce, associated a modification from an industrial to a knowledge-based economy. Meeting all of those challenges helps the firm attain competitiveness, and meeting these challenges suitably depends on innovation. Innovation allows a firm to workout its challenges in distinctive ways in which build competitive advantage either through relative differentiation, a relative low-priced position, or few acceptable level of each. Innovation cannot assure success, however success cannot be achieved within the end of the day without it.

Legal implications or regulations that may impact the business such as GST, Resource consents, etc.