...Study: Product Innovation at Bank of America By Cindy Murray What financial institutions can learn from inventions and innovations in other industries. owhere is innovation more essential to survival than in the banking industry. In the payments domain, for example, nonbank competitors less constrained by bank regulations and therefore more agile are changing the banking industry’s grip on the public perception of banks as the only trusted brand for holding and moving money. However, innovation is challenging for banks. Many products, like payments, are a commodity. A vast number of products and a complex infrastructure require continual upgrades to keep apace with technology advancements and comply with evolving regulations and security requirements. This article describes how Bank of America fosters a culture of innovation. Pivotal to an innovative culture is the direct engagement of clients in the innovation process. We highlight some of the ways that Bank of America achieves this. But first we’ll look at the role of innovation process in building brand loyalty. N Build Brand Equity Through Progressive Transformation Change can occur by redefining a problem or redefining a solution. According to Robert Sternberg, a leading creativity expert,1 creativity is the ability to redefine a problem. Innovation can be viewed as the ability to redefine a solution. Successful innovation is a process over time—one that typically happens in increments rather than leaps. Rarely is a single...
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...Wrigley’s: Innovation in China’s Confectionary Market Student: Natalie Dianne Turner (s3113000) Subject: Product Innovation (MKTG 1311) Due Date: COB 14th August 2012 Word Count: 1848 Contents The Role of Product Innovation for Wrigley’s in the Asian Market | 3 | | | Analysis of Wrigley’s Products and Innovations | 4 | | | Analysis of Wrigley’s Innovation Strategy in China | 6 | | | Opportunities and Challenges Faced by Wrigley | 7 | | | Innovation Strategy for Next 5-10 Years | 8 | | | New Product Development – Wrigley’s Bubble Doublemint | 10 | | | The Role of Product Innovation for Wrigley’s in the Asian Market Product innovation has been the key driver for Wrigley’s success, and China has been no exception. Given the large population (four times that of the US1) and the comparatively low consumption numbers (10-15 servings per person annually versus 90-100), growth in China showed the greatest potential for further success. Wrigley gave their Chinese consumers a reason to chew by recognising cultural facets (traditional Chinese flavours and medicines) and trends in health benefits (obesity and oral health), and then innovatively developed product lines in ways which would appeal to a wide variety of segments. Going forward from 2008, the decision to join forces with Mars, further reiterated the importance Wrigley’s placed on product innovation and the potential that Mars global president Paul Michaels must have recognised...
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...have an engine of growth: need to make adjustments to make your products better. • Feedback Loop: want immediate and automatic feedback that you don’t really think about. Steering is what must it different from other ways to get places. • Many startups are like rocket launches but they are no good. First you have to have vision, then strategy and then a product. Setbacks are a good thing and a learning experience. Who’s an entrepreneur? Internal innovators = entrepreneur • People working corporate America jobs can still be an entrepenur at their company, called intrapreneurs What’s a startup? “Startup is a humn insitiuition designed to create a new product or service under conditions of extreme uncertainty” Starts and entrepreneurs come in different sizes and forms Startups and innovation go hand & hand. Learning Validated learning: showing a team found valuuble truths about the present and the future Find a combination of your vision and what the customer wants Startup is an experiment to get validated learning IMVU was an experiment • Had its up and down. They had to learn that the product the market wanted wasn’t the product they design and spend lots of time on Lean thinking = anything that provides benefit and value to the customer. Experiment Types of assumptions • Value hypothesis: whether a product or service delivers value to customers once product is used • Growth: how do customer...
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...homework, we save for retirement, and we take out insurance. The same principles should surely apply to society as a whole. But how can leaders weigh the present against the future? How can they avoid retrenchment by scientific uncertainty? Analysts have turned to techniques such as scenario planning that involve exploring different possible futures rather than gambling on a single prediction. This article speaks largely on technological innovations shaping the future. One needs to see how this approach works in practice and figure out what exactly the computer should calculate (Popper et al., 2005). The writer is in agreeance that the future is uncertain and the world is facing many challenges. Analysts are researching ways to preserve the environment, safeguard the future of social security, and shield against terrorism and manage the effects of novel technology. Popper et al. (2005) suggests that there should be constructed, rigorous, and systemic methods for dealing with deep uncertainty. Using computers and technological innovations was one of these researchers’ primary solutions. As the future will always be uncertain, Morselli (2013) reports we must assume that educators will continue to design learning opportunities and learners will participate in those learning opportunities and will learn in ways that they would not have done if educators were not involved. Morselli (2013) assumes that teachers will continue to have a central role, and that technology is not...
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...9 -3 1 3 -0 1 6 REV: AUGUST 1, 2014 REGINA E. HERZLINGER NATALIE KINDRED Shanghai Pharmaceuticals With 2011 revenues of $8.67 billion, 1 Shanghai Pharmaceuticals (SPH), a vertically integrated Chinese pharmaceutical conglomerate, produced active pharmaceutical ingredients (APIs), chemical and biological drugs, and traditional Chinese medicines (TCMs); distributed its own and other drug makers’ products to hospitals and other customers; and operated a chain of retail pharmacies. The company—essentially a collection of subsidiaries operating under a unified management structure— was formed through the 2009 merger of several state-owned enterprises (SOEs), part of a broad policy effort in China to streamline state assets, consolidate the fragmented pharmaceutical sector, and enhance the global competitiveness of domestic firms. Emblematic of China’s hybrid economic policies, SPH had both government and private shareholders and competed in a historically statecontrolled industry that was adapting to the growing influence of market forces. SPH’s initial public offering (IPO) on the Hong Kong Stock Exchange in 2011 marked an important step in its quest to transform from a traditional SOE into a market-oriented company. While working to expand SPH’s domestic footprint, the company’s leadership was also considering a potential acquisition of a U.S. or European drug producer, an unusual move for a Chinese company. SPH could leverage such an acquisition to learn from Western research...
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...80s, IBM product lines expanded from its traditional mainframes to minicomputer and personal computers and applications moved from backend operations to departmental operation. In 1981, the company introduced the IBM Personal Computer or PC, allowing the use of computers in schools, homes and businesses. Components for the computer were sourced from outside the company. It developed products from punch-card tabulating machines to room sized calculators and main frame computers. The company manufactured and sold products ranging from commercial scales and industrial time recorder to meat and cheese slicers, tabulators and punch cards. In the beginning the company operated in New York City only. Within a short period of time, however, it quickly expanded its office and plants to other parts of New York State, Washington, DC, Ohio, Michigan and Toronto, Canada. In 1914 Thomas J. Watson joined the company and became the president of the company within eleven months. Under his leadership the company continued to expand its products and services. At that time the company focused on producing large scales...
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...the new Executive Committee? What should they say? To whom? When? How? It is extremely important that Voser respond to the negative reactions to the composition of new Executive Committee. He should respond because the composition of the committee does not reflect the organization's mission of Diversity and Inclusion (D&I). The committee composition is not in line with Shell's corporate culture. The employees of Shell are beginning to show signs of dissatisfaction, distrust, anger and disbelief. This situation has to be carefully handled and managed by Voser to prevent it from worsening. It can easily become much worse if not handled properly and promptly. Voser's commitment to D&I has now been questioned. Therefore I believe he should try to gain the trust of his employees again by attempting to clarify his position. Voser needs to hold a meeting with senior and middle level of management where he should address and clarify his position and actions. He needs to communicate his efforts and achievements of getting D&I implemented. Voser should explain how hard he worked towards achieving the objective of implementing diversity and inclusion in organization. He needs to mention all of the difficulties which came in his way of achieving his objective and commitment while discussing the actions and major steps he took to make D&I a reality. Voser left no stone unturned in his commitment to implementing diversity and inclusion. Senior leaders were asked to embed D&I message...
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...Ultrasound It is an assured and apparent fact that the progression of society has for the most part trailed the widening and advancement in our understanding of science and technology. Over the past centuries, such advancements has led to some of the most innovative and groundbreaking inventions in human history. The post-World War II era saw some of these basic inventions and discoveries leap into next level advancements with the help of new technology. One of the areas that benefitted largely from the technological advancements is our health care industry. With the latest innovative medicine, doctors and researchers can now do what was unthinkable in the past century or before. One small example of such innovative technology used in today’s health care industry is the Cardiac Ultrasound Machine. Our understanding of physics has helped in better diagnosing problems without having to perform invasive procedures like before. The world of imaging in medical sciences and treatment has benefitted the most from this understanding. In today’s health care, sound waves such as the ultrasounds have changed diagnostic procedures for ever. This fact is exemplified in the invention of Cardiac Ultrasound Machine. The machine mainly consists of a transducer probe, central processing unit, transducer pulse controls, display and keyboard, storage device and a printer. The functionality of the machine depends on the piezoelectric crystals and their ability to generate sound with the absorbance...
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...very first step of marketing campaign. The later achievements came from several effective and identifiable marketing campaigns in the late 1990s to become a recognizable and well-liked ingredient brand name. Special advertisements coming out with “Bunny People” series had made strong impression in the audience’s mind. Famous Blue Man Group was also used in its commercials for Pentium III and Pentium IV. Intel effectively utilized the basic factors of advertising like creativity and used celebrities’ influence with the public to draw most attention of consumers. In 2000s, Intel promoted its development by doing more marketing efforts. New products were developed to extend its target market. In 2003, a multimillion-dollar media effort was made around the new platform called “Unwired” which based on the core product Centrino, a unique integration of a new microprocessor, an extended battery, and wireless capabilities. Although the PC industry slowed in the...
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...Wolverhampton Business School Management Research Centre __________________________________________________________________________________________________ A Review of the Concept of Organisational Learning By Catherine L Wang & Pervaiz K Ahmed Working Paper Series 2002 Number ISSN Number Catherine L Wang WP004/02 ISSN 1363-6839 Research Assistant University of Wolverhampton, UK Tel: +44 (0) 1902 321651 Email: C.Wang@wlv.ac.uk Professor Pervaiz K Ahmed Chair in Management University of Wolverhampton, UK Tel: +44 (0) 1902 323921 Email: pkahmed@wlv.ac.uk © University of Wolverhampton 2002 - All rights reserved A Review of the Concept of Organisational Learning _________________________________________________________________________________________ Copyright © University of Wolverhampton 2002 All rights reserved. No part of this work may be reproduced, photocopied, recorded, stored in a retrieval system or transmitted, in any form or by any means, without the prior permission of the copyright holder. The Management Research Centre is the co-ordinating centre for research activity within Wolverhampton Business School. This working paper series provides a forum for dissemination and discussion of research in progress within the School. For further information contact: Management Research Centre Wolverhampton Business School Telford, Shropshire TF2 9NT !01902 321772 Fax 01902 321777 2 Management Research Centre 2002 A Review of the Concept...
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...Management Concepts & Trends Take-Aways • Business leaders often believe they must choose between analysis and intuition. “Design thinking” offers a third path. • Design thinkers observe the world, imagine alternatives and bring them into being. • Innovations start as intriguing “mysteries.” To unfold them, first develop workable “heuristics” and then derive predictable “algorithms.” • Think of the learning and discovery process as moving through a “knowledge funnel.” • People need analysis and creative thinking at different points in that funnel. • New firms emphasize “exploration.” As they mature, they shift to exploiting known ideas, but if they stop at that point, other innovators will surpass them. • Your organization must balance predictable or “reliable” production with “validity,” experimentation that leads to new ideas and commercial success. • To protect a company, leaders must protect the exploration that leads to its validity. However, over time, organizations tend to emphasize reliability instead. • To develop your design mind, broaden your “personal knowledge system.” • Cultivate the “stance, tools and experiences” that build enhanced “sensitivities and skills.” Rating (10 is best) Overall 9 Applicability 8 Innovation 9 Style 9 To purchase abstracts, personal subscriptions or corporate solutions, visit our Web site at www.getAbstract.com, send an e-mail to info@getabstract.com, or call us in our U.S. office (1-877-778-6627) or in our Swiss office (+41-41-367-5151)...
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...Innovation Strategy & Growth by Firdaus Khan Assoc. Prof & Trainer at ICBM-SBE 20 December 2012 firdaus@icbm.ac.in 1 “It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, … we had everything before us, we had nothing before us” 20 December 2012 firdaus@icbm.ac.in 2 SURPRISE!!! Q: Which is the number one mobile payment country on earth? A: It’s Kenya! 20% of its entire GDP passes through its service mPesa. 20 December 2012 firdaus@icbm.ac.in 3 GUESS WHAT !!! Q: Per capita, which country has the largest audience/users of youtube? A: Saudi Arabia The largest category of videos watched is educational. The largest demographic is middle aged women 20 December 2012 firdaus@icbm.ac.in 4 GOTCHA !!! Q: Where is the world's largest collection of fresh water? A: Egypt-Libyan desert. Remarkable solar technology is being invented to more reliably pump it and affordably extend food and fertility of land 20 December 2012 firdaus@icbm.ac.in 5 Today’s Race for Profitability is.. • not a 100m dash, • its rather a decathlon – where success comes from all round excellence in multiple sports - sitting out is not an option & - competing effectively entails mastering a number of competencies in a balanced way. 20 December 2012 firdaus@icbm.ac.in 6 Clued In ...
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...Industry 4.0: The future of manufacturing Technological developments, over the years have driven dramatic increases in industrial productivity since the dawn of the Industrial Revolution. In the times since, however, these advancements were only incremental, in comparison to the ground-breaking innovations that have occurred in the IT Industry. Now, though, the rapid globalization over the past has led to establishment of many new competitors, competing for the resources necessary for success. Industry 4.0 refers to the fourth industrial revolution or the Techie Industrial Revolution It will have a higher impact and require less implementation of new equipment (40-50%)1. Industry 4.0 is enabled by disruptive technologies that are expected to change the manufacturing sector by 2025 through significant innovation2. The first industrial revolution involved saw the adoption of steam power. The second industrial revolution or Industry 2.0 was all about the rise of electricity and the 3rd revolution was the digital revolution when electronics broke the market. The transformation to the new age Industry entails the inclusion of sensors, machines, workpieces, and IT solutions along the value chains and beyond a single enterprise. This will enable the connected systems to interact for predicting failure and adapting to such circumstances. Consequently, manufacturing productivity increases, fosters industrial growth and in turn will change the face of competition in the factories...
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...MANAGEMENT OF TECHNOLOGY, INNOVATION AND CHANGE – MS(WE) 114 MBA 2nd Semester (2014-15) TERM PAPER On Promotion of Technology & Innovation by Indian Govt. Submitted By: Name- Shivam Sharma (Enrolment No 05316603914) Submitted To: Prof. Anil K Saini USMS GGS IP University, New Delhi INDEX S.no | Topic | Page no. | Signature | 1 | Introduction | 3 | | 2 | Objective | 4 | | 3 | Findings | 5 | | 4 | Conclusion | 12 | | 5 | References | 13 | | Introduction In spite of having a large publicly funded science and technology infrastructure and a sizeable education base, India has not been able to realize its innovative potential due to a fragmented innovation ecosystem. The government of India has taken many initiatives towards strengthening the innovation ecosystem, the most important of which are: i) the establishment of the National Innovation Council, whose mandate is to coordinate various innovation-related activities, and ii) the new Science, Technology and Innovation Policy 2013, which is intended to promote entrepreneurship and science-led solutions for sustainable and inclusive growth. This article describes the current innovation ecosystem and the challenges it faces, and it discusses the efforts made by the government towards the promotion of innovation. With the implementation of this new policy the early indications are that India is poised to take a big leap towards innovation-led growth. In March...
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...-------------------------------------------------- page 2 Leap Wireless International, Inc. -------------------------------------------------------- page 3 Verizon Communication, Inc. ------------------------------------------------------------ page 4 Restatement of Leap Wireless ------------------------------------------------------------ page 4 Analysis in Accounting Policies and Disclosure Practices --------------------------- page 6 Comparative Analysis of the Financial Statements ------------------------------------ page 8 Governance Structures --------------------------------------------------------------------- page 11 Conclusion ----------------------------------------------------------------------------------- page 14 Reference ------------------------------------------------------------------------------------ page 15 Additional Information -------------------------------------------------------------------- page 17 Executive Summary At least 90% people in the United States use at least one kind of wireless telecommunication services, such as cellular networks service. Leap Wireless International, Inc. is the 5th largest United States public telecommunications company. It competitors include AT&T, T-Mobile or Verizon. This paper will be mainly focused on the restatement of Leap’s restatement of financial statements, analysis of Leap Wireless International, Inx and Verizon, and the differences between the governance structures. First of all, on November 9th 2007, Leap announces that it will...
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