Describe about the Business Innovation for Products and Segments.
Outline and discuss some of the key issues you believe will be important in establishing this process.
The challenge of organizations on a daily basis has a goal and that is “innovation and creativity in the products or services it provides”, often bibliography is written about this but does not analyze coldly the competitive advantages that the company has when implementing this idea in the market (Hahn, n.d.)..
The management of the innovations varies according to the degree of development and in the market that the organizations are when it is thought to implement a new product or service.Direct competition does not exist at the time of product innovations, otherwise they would not be innovations, if of course every organization with its new product in the market will have secondary substitutes or competitors but not with the same product since this innovation is Allowing you to maintain a temporary barrier until your competitor or other player copies your product and make certain modifications or make a new innovation that allows you to compete with your product in terms of the attributes it possesses.
example
The company Nestlé has clear competitors in the elaboration of its chocolates, and different products of its different segments, but what would happen if the company launches an innovative product to the market as it did during the winter of 2006, creating a chocolate that none Company towards.
Example
In order to better understand innovation management in this product, Nestlé will continue to have its own competitors, but with the caveat that in this recent innovation will have no competitor and will have an advantage not only competitive but also enjoy Of positioning itself in its consumers in a unique and unrepeatable way on the other players.
Innovations allow companies to create a new positioning of their products and to own the minds of consumers since the positioning achieved in each customer who buys the product will remain original and new.
In defining innovation Peter Drucker argues that innovation is not just a flash of genius. From this it is possible to consider what is the role of creativity and innovation in the current environment of SMEs in the Community.
It will be important to make known and suggest some of the many creativity techniques used in the development of new products or at least to provide help in solving problems. However knowledge of these techniques is not synonymous with success in the market, as this is the result of several factors. It is obvious that creative practice in companies will always be beneficial, as it promotes the generation of new and different answers to problems raised.
On the other hand the methodologies and tools of creativity are characterized by presenting a very important attribute “act as a stimulus to generate ideas and solutions. The most effective methods have turned out to be those that were apparently most obvious and simple, and are based on the analogy or variants of it.
This technique is intended to stimulate a group so that, without any kind of censorship, express ideas quickly as absurd as these may seem.The key to success is the suppression of any criticism of the members of the group. It is a question of releasing thought and emitting ideas. The more, the better. It is understood that among the set of all the ideas are the good ones and, therefore, none of them are criticized .
The concept of innovation management explains how to manage the innovation process, this is both in organization and product innovation. The concept allows engineers and managers to cooperate and understand goals and processes of the organization. Innovoation enables companies to respond to internal or external opportunities. Innovation, therefore, is not relegated to R&D but rather to every staff at every level. On the other had the concept of entrepreneurship is simply starting ones own business. This concept was was introduced in 1700’s, and surely this concept is more than just starting a business. The entreprenueurs role as an innovator is to market his innovation. Entreprenuers develop goods or services that solve problems in the market, this is done through innovation. The drive for improvement and innovation creates change and upheaval. In both concepts, innovation is necessary for sustainance of the business and improvement in terms of giving it competitive advantage.
Innovation concept is quite diverse and it depends mainly on how the innovation will be applied. Innovation is when new ideas are successfully exploited. This translates to companies success in terms of increased revenues, profits , increased market share among other benefits (Hahn, n.d.).
Similarities.
There are various concepts of innovation and entrepreneurship, but what is similar in the concept is that both small companies and large corporations face short term pressures that that constrain innovation. As soon as a company gets success with innovation it faces a race against numerous copy cats . second, large corporations are borrowing a leaf from start ups or entrepreneurial businesses by embracing a open innovation policy and thus reducing hierarchical management while also integrating entrepreneurial behaviors within their existing capabilities. And third, innovation has become service and product oriented (Kahn, Kay, Slotegraaf, & Uban, 2013).
An entreprenuers role is to maintain and create an environment that allows for innovation. For example, is when an enterreprenuer comes up with a new way to offer solid waste management in a locality.
Entrepreneurs are risk takers who take major financial risks. They work long hours and do what they can to stay afloat. Despite these challenges and hard ships there are rewards which are the motivators that serve as a drive to most entreprenuers (Uzor, 2011).
Money.
Entreprenuers get into the game because there is potentuial to make lots of money. Money is the main motivator for most entreprenuers. However there are a lot of people who venture into the entrepreneurial field only to be discouraged and leave it. There is a correlation between a good idea and timing. There are countless people who can be used as examples of how great timing coupled with a good idea can translate into money for most people (Ledwith, Coughlan, & Bessant, 2009). Entrepreneurial moguls such as billionaire Mark Zuckerberg and Richard Branson are some of the great success stories of entrepreneurship.
Flexibility.
Entrepreneurship offers flexibility for those who are tired of the demands of traditional work. Working long hours, and being stuck in the same old rut of responsibilities become things of the past. Entrepreneurship frees ones from such restraints by being your own boss. You can work at the hours that are you feel are most effective and it’s still rewarding. For example, an entrepreneurs may work from 11 am to late in the night not like any other day job.
Control.
The Desire to be in control drives many entrepreneurs to start up their own businesses in the long run. Employees who are tired of working under inept bosses. This is one of the motivators of entrepreneurship. When a worker is tired of the company’s poor performances they sometimes Legacy In some instances some entrepreneurs are not just after the money but a lasting legacy. They might even start the business to pass it to future generations (Qingrui, 2012)
innovation,
In order to achieve productivity increase, incorporating innovation into companies is key. There are two strategies for this: Develop innovation and / or adopt innovation. Currently, the Technological Diffusion Competition aims to bring knowledge, technologies and best productive practices to a group of companies, preferably SMEs, through diffusion and technology transfer activities that contribute value to their productive performance (Reinertsen, 2009).
Finally, the strong commitment of various public and private actors to promote innovation in entreprenurial businesses should be recognized. Today in our country, there is an ecosystem conducive to innovation and our companies are much more aware of the value generated by innovation, reflected in the historic increase of companies that in this last time postulated the various public incentives to innovate.
Disruptive innovation
This happens when a new product, service or business model changes the old way of doing business, making it obsolete. It used to happen only a few times per decade, but now I see disruptive innovation as the salient point of all the business plans I read. That means if your new startup does not plan to constantly innovate, your company may not achieve corporate status.
The design of organizational structures that increase the capacity for technical innovation requires a focus on the external inputs that the organization receives and the final results it produces. According to (Reinertsen, 2009) An effective R & D organization needs appropriate inputs of technical and market information and requires that its results are integrated into the overall objectives and transferred to the end user. Some structures in organizations do not support innovation (Trott, 2008).
References
Annacchino, M. (2003). New product development. Amsterdam: Butterworth-Heinemann.
Annacchino, M. (2007). The pursuit of new product development. Amsterdam: Butterworth-Heinemann.
BREUER, H. (2016). INNOVATION MANAGEMENT. [S.l.]: PALGRAVE MACMILLAN.
Earle, M., Earle, R., & Anderson, A. (2001). Food product development. Boca Raton, Fla.: CRC Press.
Gao, L., Li, W., Zhao, Y., & Li, X. (2012). Advances in product development and reliability III. Stafa-Zurich, Switzerland: Trans Tech Publications.
Hahn, T. Cross-industry innovation process.
Jones, O. & Tilley, F. (2003). Competitive advantage in SMEs. Hoboken, NJ: J. Wiley.
Kahn, K., Kay, S., Slotegraaf, R., & Uban, S. (2013). The PDMA handbook of new product development. Hoboken, N.J.: Wiley.
Konstadakopulos, D. (2004). Learning for innovation in the global knowledge economy. Bristol, UK: Intellect.
Ledwith, A., Coughlan, P., & Bessant, J. (2009). Managing innovation in SME’s. Newcastle: Cambridge Scholars.
Mellor, R. (2003). Innovation management. Nærum: Globe.
Mital, A. (2008). Product development. Amsterdam: Elsevier/Butterworth-Heinemann.
Qingrui, X. (2012). Leverage innovation capability. Singapore: World Scientific Pub.
Reinertsen, D. (2009). The principles of product development flow. Redondo Beach, Calif.: Celeritas.
Reporting intellectual capital to augment research, development and innovation in SMEs. (2006). Luxembourg.
Sargent, M. (2014). The Innovation Process. Cork: BookBaby.
Trauffler, G. & Tschirky, H. (2007). Sustained innovation management. Basingstoke [England]: Palgrave Macmillan in association with the European Institute for Technology and Innovation Management.
Trott, P. (2008). Innovation management and new product development. Harlow, England: Financial Times/Prentice Hall.
Trott, P. (2008). Innovation management and new product development. Harlow, England: Financial Times/Prentice Hall.
Uzor, O. (2011). Clusters, Networks, and Innovation in Small and Medium Scale Enterprises (SMEs). Frankfurt: Lang, Peter, Internationaler Verlag der Wissenschaften.
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