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Role Of Innovation Essay

1564 words - 6 pages

OutlineDefinitionSome definitions and opinionsOrigin of InnovationGeneral Outlook on InnovationRole of InnovationInnovation and BusinessCompetition and InnovationInnovation and OrganizationsCategories of Innovation'Incremental innovationRadical innovationLeadership and InnovationLeaders' PerspectiveLeadership PerspectiveConclusionINNOVATION"The innovator has for enemies all who have done well under the old, and lukewarm defenders in those who may do well under the new law."Nicoló MachiavelliDefinitionWhile many organizations accept that innovation is significant to their growth and success, the "innovation" term has various definitions:According to Yuri Ljuri and Robert Lawrence innovation has the following features;Innovation is1. product extension (same base product with slight modifications; identical product in a new segment),2. new platform product (net product from which product extensions are possible),3. new-to-the-company products and4. new-to-the-world (never been done before; no market exists).The Origin of Innovation: "innovation is the result of:5. a shock (a major failure) to the system,6. problematic search,7. random variability in experimentation,8. deliberate decision to invest in learning,9. match between a need and ideas which already exist,10. formal vehicles for stimulating innovation such as research and development,11. managerial risk seeking or risk averse behavior,12. availability of slack resources,13. management philosophy and organizational climate, and14. Customer needs."Innovation is the application of a new or improved idea, good, service, process or practice that is useful. Researchers who have studied innovation generally split the innovation under five main types of innovation: product innovation, process innovation, organizational innovation, marketing innovation and business model innovation.As consumers we enjoy new products and services that were not available a few years ago. Older products are available at much cheaper prices.General Outlook on InnovationInnovation is the key to future business success. In a highly competitive environment when emerging problems need new and more efficient solutions and where new competitors are always in the competition, companies that do not see investment in innovation as important are at risk."The role of innovation is to provide new and alternative ways of addressing common and recurrent challenges. Within the governance paradigm, which is itself multi-faceted, innovative systems and solutions do not appear in predictable forms. Innovation is more commonly associated with research and development institutions, and business development units in the private sector, than it are with the public sector".Innovation and BusinessIn the business we use tools and techniques which enhance organizations' productivity more than that of previous generations.The competitive challenge for the future causes low-cost producers and low-cost innovators. As we al know innovation is...

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