...PRODUCT DEVELOPMENT: THE CRITICAL SUCCESS FACTORS A formal new product process isn’t enough—you need a high-quality process, a clear and visible strategy, enough people and money, and a respectable R&D budget. How does your program rate on these 10 metrics? Robert G. Cooper and Elko J. Kleinschmidt OVERVIEW: 2007 is Research-Technology Management’s 50th year of publication. To mark the occasion, each issue reprints one of RTM’s six most frequently referenced articles. The articles were identified by N. Thongpapanl and Jonathan D. Linton in their 2004 study of technology innovation management journals, a citation-based study in which RTM ranked third out of 25 specialty journals in that field (see RTM, May–June 2004, pp. 5–6). The benchmarking study reprinted here was originally published in 1996 and has been updated with its author’s reflections. Their study of 161 business units uncovered the key drivers of new product performance at the business unit level. Ten different performance measures were gauged, including percentage of sales by new products, profitability and success rate. The ten gauges were reduced to two key performance dimensions—profitability and impact—which defined the “performance map.” Nine possible drivers— including strategy, process, organizational design, and climate for innovation—were investigated, and four key drivers of performance were identified; namely, a highquality new product process, the new product strategy for the business unit, resource...
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...presentation of both financial and operational measures. Therefore, while they still require the financial measures, associated with the traditional approach, in order to assess the overall health of the organization, they also require measures that will allow them to concentrate more directly on their strategic performance and long term vision. The concept of the balanced scorecard was developed in order to provide managers with such a tool. The balanced scorecard can be described as a comprehensive framework that translates an organization mission and strategy into a comprehensive set of performance measures that provides the structure for creating a strategic measurement and management system. As a result the objectives and measures of the balanced scorecard are more than a collection of financial and non financial performance measures; they are derived from a top down process driven by the mission and strategy of the business. The face of healthcare is changing at an alarming rate and a balanced scorecard links the health system’s mission to strategic implementation. The Clinic’s goal is to be number one in world class care, number one in patient satisfaction and be an innovator in healthcare initiatives. By utilizing the scorecard concept...
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...International Journal of Innovation Management Vol. 5, No. 3 (September 2001) pp. 377–400 © Imperial College Press DEVELOPING INNOVATION CAPABILITY IN ORGANISATIONS: A DYNAMIC CAPABILITIES APPROACH BENN LAWSON Department of Accounting, The University of Melbourne Victoria, 3010, Australia e-mail: blawson@unimelb.edu.au DANNY SAMSON Department of Management, The University of Melbourne Victoria, 3010, Australia e-mail: d.samson@unimelb.edu.au Received 1 February 2001 Revised 18 August 2001 Accepted 21 August 2001 This paper draws together knowledge from a variety of fields to propose that innovation management can be viewed as a form of organisational capability. Excellent companies invest and nurture this capability, from which they execute effective innovation processes, leading to innovations in new product, services and processes, and superior business performance results. An extensive review of the literature on innovation management, along with a case study of Cisco Systems, develops a conceptual model of the firm as an innovation engine. This new operating model sees substantial investment in innovation capability as the primary engine for wealth creation, rather than the possession of physical assets. Building on the dynamic capabilities literature, an “innovation capability” construct is proposed with seven elements. These are vision and strategy, harnessing the competence base, organisational intelligence, creativity and idea management, organisational structures...
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...Best Snacks Problem Solution Lashanna Dipiano MMPL/550 May 12, 2011 Phillip Norris Best Snacks Problem Solution Best Snacks, Inc is a 150 year old company that has been held publicly for more than 100 years. Although the company has enjoyed many years of success, it has recently failed sustain its success due to the lack of innovation and creativity over the last 5 years. In today’s business environment innovation is necessary to sustain success and is an integral part of the business model. The ability to learn faster, better, and more cheaply than the competitor can mean the difference between maintaining market leadership and barely surviving (Davila, Epstein& Shelton, 2006). To regain its long held standing as a leader in the snack industry Best Snack, Inc must implement a plan that focuses on creating a culture that cultivates innovation, developing management systems that are aligned with the new strategy, and creating a new product line that will bring the company back to the forefront in the snack industry. Describe the Situation Issue and Opportunity Identification Best Snacks, Inc has been a leader in the snack industry for many years. As the snack industry began to change to meet the demands of a consumer market that is more health conscious, Best Snacks has failed to meet the challenge. Best Snacks has been slow to adapt to change and stray away from its tried-and-true research, development, and marketing activities (University of Phoenix, 2006). The...
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...in BM186: Operations Management) Submitted by: Calagui, Kristal Jarin, Haydee Maliwat, Ana Serrano, Czarina Siron, Kyla Submitted to: Prof. Ianne Calica Introduction There is widespread recognition that as competition intensifies and technological differentiation becomes more difficult, design offers a potent way to position and differentiate products. In the article “Design- Oriented New Product Development: LG Illustrates What It Takes To Be Successful” the authors suggest that the two approaches in reflecting a customer’s point of view in new product development (NPD) are customer-following approach and customer-leading approach. The former utilizes expressed consumer needs and the latter focuses on consumers’ latent needs. The article identified design as an important role in new product development process, especially in the case of user-driven products such as mobile phones. Thus, the number of customer-leading approaches is increasing rapidly through design-oriented NPD. An example of this is LGE’s Chocolate phone that has been a success since it was launched in 2005. The theme of the article revolves around identifying the dynamic evolutionary process and key success factors of design oriented NPD for the case of LG Electronics’ Chocolate Phone. The research method used was interpretive and case-based. The article discussed topics involving Chocolate Phone’s conceptualization, development, and strategies LGE used to achieve success. There are four phases...
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...journal is available at www.emeraldinsight.com/1598-2688.htm AJQ 13,3 An analysis of critical success factors for Six Sigma implementation Sunil Sharma Faculty of Management Studies, University of Delhi, Delhi, India, and 294 Anuradha R. Chetiya Department of Mathematics and Statistics, Ramjas College, University of Delhi, Delhi, India Abstract Purpose – The success of Six Sigma implementation is known to depend on a number of critical factors. The purpose of this paper is to explore and analyse Six Sigma critical success factors (CSFs) in the context of Indian manufacturing organizations. Design/methodology/approach – Although Six Sigma success factors have been amply researched in the global context, in this paper, a maiden attempt is made to identify, through an extensive literature review, the CSFs for Six Sigma implementation followed by their validation and prioritization using primary data collection from Indian companies. A total of 22 CSFs have thus been compiled through an extensive literature review. These CSFs are then validated through an empirical research of select Indian manufacturing companies at various stages of implementation of the Six Sigma process improvement methodology. Findings – A factor analysis was used to finally reduce the 22 factors to seven groups of underlying CSFs, the top factors being use of right tools, measurement assurance, innovation and supplier collaboration. Based on the factors extracted, a Six Sigma adoption model has been...
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...Reflection Vol. 2, No. 2, 2014 INTEGRATING STRATEGIES OF ENTREPRENEURSHIP-GOURMET PAKISTAN: CASE STUDY FROM PAKISTAN Dr. Fareeha Zafar University of derby, England & GCU, Lahore, Pakistan Email: dr.f.zafar@gcu.edu.pk Shakeel Ahmad, Muhammad Ali Zafar & Sara Sheikh Ms- Management, Institute of Business & Management, UET, Lahore, Pakistan Corresponding Author Email: alizafar123@hotmail.com ABSTRACT This paper aims to get to know how integrating strategies boost up entrepreneurship. The study has shown that the dynamics of prevailing market structure, Applying creativity to develop innovation, culture, entrepreneurial leadership, economic transition, networking structures its stages and management resources are key integrating strategies for entrepreneurship. Moreover, capital and tax polices play a vital role in boosting up entrepreneurship. Study of Gourmet Pakistan gives strong support that mentioned strategies boost up the entrepreneurial process. The research methodology used in this paper is face to face interview, financial reports & official website of Gourmet Pakistan. Keywords: Innovation, Entrepreneurial Leadership, Networking, Technology. INTRODUCTION The term entrepreneurship cover a broad range of activities and processes, including innovation and creation of an organization, creation of new visions exploration of opportunities and risk taking asserts the essence of entrepreneurship is innovation which aims to create economic value that provides...
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...An Innovation in the aura of INDIAN banking sector A PAPER FOR THE 5th INTERNATIONAL CONFERENCE ON “ROLE OF INNOVATION IN BUSINESS” BY AUTHORS Mrs. Samiya Mubeen MBA Al-Ameen Institute of Management Studies (Affiliated to Bangalore University) Opp: Lalbagh Main Gate Hosur Road Bangalore-560027 Email Id:write2samiya@gmail.com Mobile: +91 9972336355 & Mr.Abdul Rizwan Shariff MBA,M.com,DBM (ICWAI) Al-Ameen Institute of Management Studies (Affiliated to Bangalore University) Opp: Lalbagh Main Gate Hosur Road Bangalore-560027 Email Id: rizoo.shariff@gmail.com Mobile: +91 9900519754 An Innovation in the aura of INDIAN banking sector ABSTRACT Innovation happens out of dire necessity Innovation is a continuous change management process which is often messy and chaotic, striving to succeed amidst the complex silos in financial institutions • Successful innovation is determined by a combination of factors The most successful financial institutions initiate a myriad of strategic and operational changes, involving processes and technology, workflows, changes in network distribution and service delivery to implement successful innovations. Financial institutions go through distinctive stages in innovation Depending on the maturity of the market; banks go first through product innovation, then progress to sales innovation and market share innovation and eventually focus on customer service innovation. Banking in india has become more innovative in the last two years 90% of...
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...Growth Strategies, Innovation, Alliances, and Execution Capella University Introduction Thompson & Strickland (2013) believes that a successful organization’s strategy depends on people, capabilities, structure, and execution. Important as well are growth and innovation (P.. 286), which allows an organization to remain competitive. Growth strategies arise from an organization’s SWOT where clear guidelines identify areas of focus. Achieving this requires innovation and alliances on products and services that will create a competitive advantage. Successfully execution requires a strategic manager who can effectively and successfully drive strategic objectives, then report its performance to the leadership team (Thompson & Strickland, 2013). This paper will examine how Pfizer utilized growth, innovation and execution strategies as well as acquisitions and mergers to become the number one global pharmaceutical company. The organization’s SWOT analysis (Thompson & Strickland, 2013) showed its strength in being innovative, opportunities to create more products, weakness in its dependence on successful products, and threats in generic competition and regulatory laws. The company’s corporate culture, strategic innovative through the top-down leadership approach, a unified tagline “OWN IT!” (Pfizer, 2013), and a strategy map demonstrates that all employees are ultimately responsible for their individual roles to drive success throughout the organization. Additionally, this...
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...LEADING INNOVATION AND CHANGE INSTITUTE OF LEADERSHIP AND MANAGEMENT LEVEL 5 AWARD /CERTIFICATE/DIPLOMA AC 1.1 EXPLAIN THE IMPORTANCE OF INNOVATION FOR OWN ORGANISATION Innovation is central to the future of the organisation (Trust) effectiveness to operate in the external/internal environment. The organisations culture needs to set the conditions and processes for Innovation and creativity to take place. Innovation can help set the strategic direction and enhances the ability to respond to key factors identified in a PESTEL analysis or organisational SWOT (appendix a). Evaluating key factors identified in the PESTEL analysis highlights why innovation is important to the organisation: Benefit | Factor | SIMILTANEOUSLY IMPROVE QUALITY AND PRODUCTIVITY | Better use of technology aligned to business strategyEnsure assets are fully usedDevelop IT for patient self-service systemsMaintain focus on high standards of practice, documentation and communication with patientsImprove health education use of social mediaProvide employees with stimulating work that creates a sense of personal growth | ECONOMIC GROWTH BECOMING MORE COMPETIVE | Improve business processesIncrease investment in sciences and technologyCreating confidence for external investmentCreate business partnerships | TRANSFORMS PATIENT OUTCOMES | Improved decision makingNew medicines, medical technologiesFocus on treatments in the homeGood informatics | An important consideration when new innovations are...
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...Research Programme Harnessing creativity and innovation Kelly Drewery H A R N E S S I N G C R E AT I V I T Y A N D I N N O VAT I O N Contents 1. Harnessing ‘creativity and innovation’: why the interest? 2. Harnessing creativity: sharing and generating ideas 2.1 Creativity in the organisation 2.2 Looking outside the organisation for creative ideas 2.3 Supportive and obstructive features for harnessing creativity 2.4 Work processes 2.5 Assessing creativity ‘wealth’ 3. Harnessing innovation: options for implementation 3.1 Innovation in the organisation 3.2 Strategic partnerships or outsourcing 3.3 Takeover of another company for their product/service 4. What can organisations do now? Bibliography 2 3 3 4 5 11 11 15 15 18 20 21 23 © The Work Foundation Registered as a charity no: 290003 First printed July 2003 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording and/or otherwise without the prior written permission of the publishers. This publication may not be lent, resold, hired out or otherwise disposed of by way of trade in any form, binding or cover other than that in which is is published, without the prior consent of the publishers. H A R N E S S I N G C R E AT I V I T Y A N D I N N O VAT I O N 1. Harnessing ‘creativity and innovation’: why the interest? The premise heard...
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...How to foster innovation in your business Presentation on the occasion of the Credit Suisse event 7th September 2013, Zurich Dr. Reto Müller Chairman of the Board of Directors Helbling Holding AG Helbling - a Leader in Technological Innovation and Business Consulting Helbling Group Key figures 2012 We are unique through our ability to integrate a spectrum of professional know-how, experience and skills. 458 employees Our ability to link technological expertise with business competence results in entrepreneurial success for our clients. Companies in Switzerland, Germany, USA and China Revenues CHF 110.9m International Network Offices (Corporate Finance International) Owned by 25 managing partners 2 Examples of innovations at Helbling Extract out of some thousand innovation projects in more than 50 countries Innovation leaders collaborating with Helbling: Nestlé, Roche, ABB, Airbus, Siemens, Medtronic, Schindler, Pfizer, Novartis, Sonova, Google, BSH, Geberit, Sika, V-Zug, Source: Helbling Qiagen, Tecan and many others 3 Strategic innovation management – selected Helbling references Companies Why Helbling? We measure ourselves - e.g. on the increase of the value of your innovation pipeline We are senior experts with over 15 years consulting experience and a focus on the topics "Increasing innovation success and increasing the power of innovation» We use self-developed tools and instruments ...
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...SWOT-analysis, and 4. Concluded with our future outlook. 1. Review past performance Just as many other entrepreneurs, HP started because the founders discovered something. They wanted to see a market arise from the possibility of substituting an already-existing product or service with something better, namely more stable oscillators for a better price. Providing their market with better quality products for a better price therefore became the new company's raison d'être. Over the last 80 years, the crucial key success factor that has made HP successful has been her ability to adapt to new circumstances. For example, after starting out with the production of audio oscillators, HP moved to producing computers in the 1960s. She then moved to PCs and printers, finally evolving in an enterprise in wide information systems and services. This distinguishes her from several of her competitors. Another essential key success factor is HPs track record in product innovation. For example, in June 2014 HP announced a project for a...
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...6 PESTL Analysis………………………………………………………………………………...7 i) Political factor analysis……………………………………………………………..7 ii) Economic factor analysis……………………………………………………………8 iii) Social factor analysis………………………………………………………………...8 iv) Technological factor analysis………………………………………………………..9 v) Environmental factor analysis………………………………………………………..9 vi) Legal factor analysis…………………………………………………………………10 Strategies used by Apple…………………………………………………………………………10 i) Diversification…..……………………………………………………………………10 ii) Research and Development…………………………………………………………..11 1. Brand positioning strategy………………………………………………………12 2. Product positioning strategy……………………………………………………..13 3. Pricing strategy…………………………………………………………………..14 Key Principles of Change Management needed by an organization……………………………14 1. Effective leadership……………………………………………………………..15 2. Effective Management…………………………………………………………..15 3. Stakeholder, Ethics and Governance…………………………………………….16 References……………………………………………………………………………18 List of Figures Model of Integrated Change Management………………………………………………………15 Model of the Leadership Process………………………………………..……………………….16 Introduction Apple Inc. is an American multinational company that is located in California and that which designs, develops and also sells computer software, online services, consumer electronics and personal computers. It’s best known hardware is mainly,...
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...CPA PROGRAM GLOBAL STRATEGY AND LEADERSHIP STUDENT SUPPORT SLIDES Semester 1, 2016 MODULE 1 AN INTRODUCTION TO STRATEGY AND LEADERSHIP NEED TO MEET MODULE OBJECTIVES • • • • • • • • Explain the development of the evolution of strategy Outline the ethical responsibilities and challenges that leaders of organisations are confronted by Discuss the different approaches to strategy, and how they differ from one another Identify the strategy process and describe the purpose of each step Explain the concepts of strategic thinking and analysis Describe the various levels of strategy and the links between them Explain the drivers, challenges and benefits of globalisation Discuss the role of the accountant in the strategy process PRACTICE • • • Have you completed the questions in the Study Guide? Have you completed the Learning Examples in the Student Notes? Have you completed the knowledge check questions from this module? Key revision areas: • The different approaches to strategy: rational, processual, evolutionary, systemic • The levels of corporate strategy and the scope/content of each • The drivers, challenges and benefits of globalisation • Evolution of corporate strategy as a concept – Porter, Mintzberg • Operational effectiveness v. strategic positioning • Developing the strategy – see Focus slide • Ethics in leadership: classical and socioeconomic views Strategy and leadership Approaches ...
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