Report on Product Innovation Charter of a Manufacturing Company

I would define innovation as the ability to apply this creative thinking to an existing product, solution or approach that improves the outcome of a solution to a problem or usefulness of a product. Innovation is the ability to put creative thoughts to use in a way that is beneficial to a person, product, object, problem or situation. .

Companies find opportunities in product innovation by providing new products and services to customers. This keeps current customers interested in doing business with the company and has the potential to attract new customers. Sometimes this is done by creating new products, greatly changing an existing product or by just changing the way the current product is presented. Another form of product innovation is branding. By creating a more positive brand image a company can keep the interest of consumers.

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: An initiative, practice, or objective that is modern by individual or other elements of acceptance (Rogers, 2003).

For Elster (1983) invention is “the generation of some scientific idea, theory or concept that may lead to an innovation when applied to a process of production”

Innovation is a term that is so widely used and thought of as simple inventions, but it is truly so much more. Innovation is a complex thought process of new ideas that can be implemented for the betterment of many. Change and adaption within any environment is the foundation of innovation and identifying its sources make it easier to implement innovation. The easier it is to foster an innovative environment and inject innovation; a positive impact on a business is instantly seen

The word ‘innovation’ is derived from Latin word ‘innovare’, which means “to change something to new”. In other words, we may say that ‘innovation’ means changing the regular way of doing things and involves doing the regular things in a novel way.

Innovation can sometimes be confused with the term invention. According to Tidd (2014) states that the society often confuses innovation with invention this is because they have similarities in bringing good ideas to the event industry. Innovation and invention are very closely related, Invention specifically refers to making new discoveries, deigns and coming up with new ways of doing things. Innovation can make a difference to an organisation of all shape and

Tidd et al (2000) states, “the innovation is a business process of revolving opportunity into new ideas and of putting these into widely used practice. In term of the nature, there are five major types of innovations: novelty, competence shifting, complexity, robust design and continuous improvement. While in term of the extent of change, innovations can be divided into incremental, radical and

Wikipedia simple definition of innovation is "to renew or change.” The Shorter Oxford Dictionary (cited in Hayes, 2002) defines change as the “substitution or succession of one thing in place of another.” Von Stamm (2008, p. 1) posits that “creativity and innovation are [often] used interchangeably.” Von Stamm (2008 p. 2) goes on further to say that “creativity is an essential part of innovation.” Innovation has been described by Boak citing West et al (2003, p17) as “the introduction of new and improved ways of doing things at work” and the process of “applying ideas, processes, products, or procedures, which are new to the people and places where you are introducing them (Boak 2010). Adair (2007, p. x) ups the ante when he states that “innovation calls for a special form of creativity.” Adair (2009, p. 17) states “to innovate means . . . to bring in or introduce something new.” Adair (2007, p .x) points out that innovation is the key to winning and keeping leadership in world markets.” Von Stamm (2008, p. xi) posits “innovation, creativity and design are . . . amongst the most frequently used words in business

“Innovation usually discusses the altering or generating more effective developments, products and ideas, and can rise the possibility of a business get to the top. Businesses that innovate produce more effective work methods and have better output and performance. Innovation can be a promoter for the progression and success of your business, and help you adjust and grow in the marketplace. Being innovative does not mean inventing; innovation can mean changing your business model and adapting to changes in your environment to deliver better products or services. Successful innovation should be an in-built part of your business strategy, where you create a culture of innovation and lead the way in innovative thinking and creative problem solving.”

Innovation is normally used to denote the process that takes place when a product or a process is developed, from idea to market; the concept of invention only denotes the process that takes place when new ideas or solutions are generated. Baumol (2002) argues “is it possible to have lots of inventions and still lack innovations. Nevertheless, inventions are a necessary precondition for innovation”.

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.

Any product need to planning and marketing strategies before start. The company makes study for society and environment to overcome the obstacles the problem for the product in future, make sour for way.

Starting a new product is never easy for a company. The difficulties they face are diverse in nature, and often they lack initiatives so that customers are not interested in the product.