Radical Innovation at Philips Lighting

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.

Alongside the entrepreneur spirit, Innovation is the process of taking new ideas and implementing them into the market. Key word being “new”, an innovation can be sometimes viewed as the application to better solutions that meet new demand-requirements, inarticulated needs or existing market needs. Innovative ideas range from: goods, services, products, processes, services, technologies or ideas that create value for which customers will pay for. For an idea to be an innovation, it must be replicable at an economical cost and must satisfy a specific need. This means is that one must be ready and willing put their new idea to the test. On the other hand, there is recognition that “innovation is also critical to cultural, environmental, social, and artistic progress as well” (Bullinger, 2006). With this stated, high-tech innovation is ultimately the reason why we can be thankful for the many new conveniences of the 21st century. Although we might see the forefront of innovation being very prominent in today’s world, innovation is truly nothing new. From the start of modern man times, innovative ideas have paved the way for civilization to advance and develop into what we are today and at the same time, we have barely begin to chip away at the tip of the iceberg of our true human potential. Some scholars believe that innovation is a

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

In the year 2012, post my graduation, I found myself working for a project in a high profit multinational organization. The project was designed to enable consumers use energy in a more reliable and sustainable manner. It focussed on metering gas and electricity as its key

Focus on Customer lifetime value | Drive innovative new ideas | Deliver continuous process improvements

Marketplace, especially in technology business is growing fast and constantly bringing the new offers to the consumers. As a society we have an ongoing strive for newer and better things. It’s a part of the nature and it might seem like a race, but we tend to think that we can always have something improved. We get a phone, but the new model comes out a month later. We are most likely to go and get the new one, because it has more functions than our other phone. Do we really need that new phone? Probably not, but it’s the need for the newer and better things that will always be there and rule the marketplace. It is a great opportunity for the businesses to grow and to satisfy the consumer’s needs.

Being innovative does not only mean inventing. Innovation can mean changing the business model and adapting to changes in the environment to deliver better products or services. Successful innovation should be an in-built part of a business’s strategy to create a culture of innovation and lead the

Therefore, strong marketing strategies and decisions have to be introduced to effectively promote the Starlight Stove throughout the 75 districts (60 villages consisting of 450 villages). Management needs to carefully consider the marketing plan for this product since there are technology limitations and only half of the adults can read in Nepal.

SunBright is a medium size business operating in a single factory, manufacturing and selling outdoor furniture consisting of table, chairs, umbrellas and accessories. Mr Cowart, president of SunBright, installed a general manager for assistance. The next sensible step was to create a goal of increasing sales. Additional staff to help achieve this step were employed. However, unprecedented expansion and sales followed, with the general manager now struggling to improve operations to keep up with demand.

For decades, most automobile headlights were fairly uncomplicated. They pointed fixedly ahead, with separate high beams for greater visibility on dark roads. Then came the more energy-efficient halogen and xenon lights and light-emitting diodes (LEDs). Now, automakers are pioneering a generation of "smart" headlights that can automatically adjust their brightness or direction depending on conditions. And a coming wave of laser high beams promises to illuminate the road ahead for a third of a mile – twice the range of LED high-beam headlights – while using less energy. Audi and BMW are racing to be

Exploratory innovation compared to pioneering orientation and market pioneering should be seen as a balanced approach of both concepts. It tries to explain the internal as well as the external environment by focussing on a radical innovation of its product but at the same time also respecting the market demand and emerging customer

Tidd and Bessant (2009) argued that “Unless an organization is able to move into further innovation, it risks being left behind as others take the lead in changing their offerings, their operational processes or the underlying models that drive their 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.

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.

Bosch, the successful leading supplier, technology and service worldwide company, together with its 350 subsidiaries and affiliates, not only the fact that Bosch is a giant operation , but also, the largest supplier automotive components, operating over 260 manufacturing locations and located in more than 150 countries in Europe, Asia, North America, Africa and Middle East. The operations of Bosch can be divided into four business sectors: Mobility solution, Consumer goods, Industrial technology, and energy and building technology. The success of Bosch is undoubtedly attributable in great part to its global presence. The company mainly focuses on innovation, invention and development of the products and technologies, as its slogan “Invented for life”. My internship took place in Thailand, at Bosch Automotive. I was working in the Chassis Systems Control department for Sales Original Equipments (CC/SOE1) as a sales coordinator responsible for ASEAN and Australia market, my task and responsibility are quotation and agreement letter preparation, Price management (creation/change) in ACCPAC-system, Sales forecast planning support, General admin support, Presentation preparation for management/customers/etc and Powered Two Wheeler (PTW) and Chassis Systems Control marketing support.