...Focus Questions for “Innovation within the Organization” 1.) Radical innovations are technologies that allow firm to differentiate themselves from competition and become leaders in newly developed markets. As radical innovations are speculative in nature, it is essential for firms to constantly conduct numerous research and development projects to increase the likelihood a commercially viable one is discovered. Within the article “Innovation’s New Math,” Gary Hamel offers the innovation pipeline as a focused method for a firm to develop radical innovation projects and avoid the financial strain of having too many risky ventures operating at once. Hamel highlights the need for companies to allow communication lines for all employees to provide input on processes and technologies. In establishing such communication lines, successful ideas can be enhanced and distributed throughout the company. Hamel furthers the innovation pipeline by keying on creating internal competition among segments of the business. Hamel believes firms should set aside funds 2.) Prahalad and Hamel’s article “The Core Competence of the Corporation,” serves as a distinctive guide for managers to enhance their company’s core competencies. The article highlights strategic architecture as a primary driver in augmenting core competencies. Through strategic architecture managers identify their company’s core competencies and create a focus on the cultivation and enhancement of those strengths...
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...CAREERS TRENDING: Business Idea Generator // Starting a Business // Cloud Computing // Email Marketing // Starting a Website // Small Business Resource Center Reference: Innovation: Key to Successful Business by Chad Brooks, BusinessNewsDaily Senior Writer | September 23, 2013 08:20pm ET 21 33 1 Reddit 23 ideas, inventions, patents [Pin It] Credit: Light bulb idea image via Shutterstock View full size image One of the keys to any successful business is being able to come up with new ideas to keep operations, products and services fresh. The process of bringing those ideas to reality is called innovation. While thinking up new ideas is one step of the process, businesses have a much greater task in trying to turn that into an actual product or service that will benefit customers. In an article he wrote for BusinessNewsDaily, Fusion92 vice president of innovation Jacob Beckley said while innovation might have slightly different meanings depending on the industry, its core is universal. "It embodies the improvement of something that has come before," Beckley wrote. "It is the evolution of convenience, efficiencyand effectiveness." The companies that do this best, according to Beckley, are the ones that will ultimately have sustained success. "In the vast sea of innovation, companies that take the largest risk, close the biggest gaps and identify the newest opportunities are rewarded with the title of true innovators and leaders by their consumers...
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...Week 3 Knowledge Check Study Guide Concepts Mastery Areas in which people are Score: 20 / 21 Questions 100% 1 2 3 100% 4 5 6 Strategic planning 100% 7 8 9 Levels of planning 67% 10 11 12 The creative process 100% 13 14 15 100% 16 17 18 100% 19 20 21 creative Ingredients for enhancing innovation at work and approaches to innovation Obstacles to corporate innovation Barriers to effective decision making Concept: Areas in which people are creative Mastery 100% Questions 1 2 3 1. Ramona, a member of the innovation team at Buzzer Co., a beer manufacturing company, suggests that the company use the spent grain generated through the process of beer manufacturing to create commercial products. Ramona explains how the wasted grain can be broken down through the process of fermentation to generate biogas and compounds that can be used to make personal care products and clothes. In the context of William Miller's research, into which area is Ramona channeling her creativity? A. Organization creativity B. Relationship creativity C. Event creativity D. Material creativity Correct: The Correct Answer is: D. In the context of William Miller's research, Ramona is channeling her creativity into the area of material creativity. Material creativity entails discovering new uses and inventing materials for services, products...
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...unforeseen as well as the expected. Questions like how does useful innovation happen in an organization or how do you encourage innovation are the questions faced by many organizations in today’s economy. Rather than survive as organization, there is a new strategy to survive which innovation; innovating knowledge sharing and creating within the organisation. Introduction I’m going to discuss how innovation can be used to support knowledge sharing/creation and learning in an organization. Businesses emphasize knowledge management for a number of reasons, one is to encourage innovation. Bessant and Tidd (2007;29) summarise innovation as ‘ the process of translating ideas into useful - and used - new products, processes and services’. Innovation can take many forms but these can largely be reduced to four dimensions of production innovation, process innovation, position innovation and paradigm innovation. They view innovation as a process involving the generation of innovation possibilities, Andriopoulos and Dawson (2009;28). Processes of Business Businesses are continually changing to achieve competitive advantage through innovation and productivity improvements; as a result ways to design and change processes are becoming increasingly important, such process change almost takes place continuously and is called process innovation.. Process innovation has a goal to create processes that encourage innovation throughout the business throughout...
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...operation. Research and development also leads to innovations intended for these products and services. In generating high impact innovations, it is important that the organization should devise a systematic method of identifying opportunities that provide new value for the consumers (Johnston and Bate, 2003). The changing consumer preference was an opportunity that is exploited through innovation (Paley, 2006). As such, a company must be able to introduce new brand concepts, strengthen design capability and enrich product offering continuously. Improvement of quality is therefore critical in the aspect of innovation as this could highly impact customer satisfaction. Further, innovation also means to tolerate internal processes especially those that will contribute to the growth of the company (Johnson and Scholes, 2002). Customer service is one of these internal processes which purport external audience. For instance, listening to the voice of consumer (VOC) is one critical factor of customer servicing wherein the feedback of the customers are given its deserved value. These feedbacks from the customers are also used to inform research and development regarding their changing preferences, expectations and needs from the company. In this study, how research and development or simply innovation affects customer service and quality. 2.0 Problem Statement The problem that will be addressed in this study is how innovation impacts customer service and quality. Specifically...
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...Entrepreneurship and Innovation Session 3: Entrepreneurial Strategy Baden U’Ren buren@bond.edu.au Level 4, Room 9 5595 2212 Overview Review of the readings Innovation and Entrepreneurship Entrepreneurship in a Corporate Context Entrepreneurial Strategy What is Innovation? Something NEW that creates VALUE What is Innovation? “Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or service. It is capable of being presented as a discipline, capable of being learned, capable of being practiced” - Peter Drucker Source: Schaper & Volery (2007) Entrepreneurship and Small Business 2nd Edition. Wiley. p.69 Creativity ideas, concepts & inventions Innovation the process of development and commercialisation Entrepreneurship couples opportunities and resources Innovation Exploit Incremental Explore Radical Kirzner The producer-entrepreneur •Alert and responsive to opportunities that exist •Exploits disorder (gaps) to move the market back to equilibrium Schumpeter The innovator-entrepreneur: •Creates products and processes to disturb market equilibrium •Creates opportunities Innovation & Performance Some ‘stylised facts’ about the relationships between innovation and performance: Relationships between R&D, patents, new products and performance are strongest at the industry level, weakest at the firm level Returns from process innovation are typically...
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...session. Course Credits: 3 credits Course Prerequisites: Sophomore Level COURSE DESCRIPTION: INS301A Creativity follows a problem-based learning approach to help students use critical thinking and creativity to examine issues in the business world. This course focuses on three core areas: (a) the elements of creativity, (b) creative problem solving, and (c) innovation for entrepreneurship and business growth. Students will develop their own creative competencies through a combination of case analyses and kinesthetic activities designed to encourage innovative solutions to modern business problems. TEXTBOOK No textbook is required. Other required materials are specified in the course schedule. USEFUL WEBSITES You must know how to access the Keuka College library resources (using your Keuka username and password). Introduction to the library for international students: http://libguides.keuka.edu/international http://libguides.keuka.edu/cat.php?cid=35791 Business and Management library guides: http://libguides.keuka.edu/business REQUIRED ARTICLES Adams, K. (2006). The sources of innovation and creativity. National Center on Education and the Economy....
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...Leadership Supporting Innovation in Organizations Introduction Leaders come in all shapes and sizes; this is evident from the many varieties of leaders in many different organizations. Whenever there is a crisis, all leaders have to step up and become innovative thinkers in order to successfully achieve the goals set forth. But there are some leadership practices that support and foster innovation within organizations. “Among the factors that influence employees’ creative behaviors and performance, leadership has been identified by many researchers as being one of the most, if not the most important” (Jung, Chow, & Wu, 2003, p. 526). Leaders have the ability to affect an employees’ creativity by catering to their needs and motivation, and by setting up an organizational culture and environment that will allow for employees to attempt different methods of thinking and speaking up with ideas or concepts without fear of being punished. (Jung, Chow, & Wu, 2003, p. 526) Leadership Practices Supporting Innovation A few key practices particular, in my opinion, spurs innovation, including leading people, strategic planning, participative management, and change management. A final leadership practice – transformational leadership – is an essential practice in supporting innovation in organizations. Leaders who can effectively lead their members ensures that members are motivated and develops an environment that supports innovation. “Leaders who have good skills...
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...entrepreneurship and innovation in developing countries? (a) Haiti (b) Uganda (c) Ghana (d) Latvia 2) According to the article pertaining to innovation in developing nations, there is a positive relationship between ___________ and __________. (a) education, rate of income (b) cultural barriers, economic development (c) firm size, innovation 3) T/F As a benefit of service innovation, it is believed that users have valid, innovative, useful, and creative ideas. True A unique approach to innovations produces _______ innovation verse a typical strategy that produces ________ innovation. a) radical/incremental b) greater/less c)less/greater d) incremental/radical What is not one of Porters 5 forces for competitive strategy? a) Rivalry b) Substitutes c) Consumer power d) Barriers and entry 1. The adoption of a radical process innovation is significantly promoted THE MOST by: A. Large company size B. The presence of a champion C. Technology policies D. Sustainability Answer: B 2. Which of the following factors DOES NOT impact how well a company innovates? A. Company size B. Level of education C. Race D. Amount of resources Answer: C What factor could influence innovation? A. Size of firm B. Education C. Government Regulation D. All of the above Answer: D Rivalry, buyer power, supplier power, substitutes, and barriers of entry are the five forces for competitive strategy. T/F? Answer: True 1) In Ghana, innovation was greater...
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...Journal Article Review 3: Innovations in Logistics Outsourcing Relationships: Proactive Improvements by Logistics Service Provider as a Driver of Customer Loyalty BUSI 613: Supply Chain Management Abstract The purpose of this journal article review is to discuss the article, Innovation in Logistics Outsourcing Relationships: Proactive Improvement by Logistics Service Providers as a Driver of Customer Loyalty by Carl Marcus Wallenburg. Currently, the number of outsourced logistics service providers has risen as a result of companies demanding their services. With more and more entering the market, competition between the providers is becoming more intense, and they must innovate their own logistics systems. With innovation, the providers may expect to their customer loyalties to grow and expand as they keep current customers and win over new ones. The question arises as to whether the providers seek to innovate and improve their services to offer lower prices, or to provide the customers with more efficient services. In his research, Wallenburg finds that customers prefer that the quality of services increases rather than seeing the service prices decrease. This report also takes a brief look into the survey results of Wallenburg’s findings, as well as the implications managers should consider when deciding how to improve their logistics service systems. Author’s Purpose The single most important issue in the journal article, Innovation in Logistics Outsourcing Relationships:...
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...MGT 573: Creativity in Business Prof. L. Gundry Paper 1: “Myths of Innovation” Reflection Sean W. Campbell Overall, I found the book very insightful, creative, and thought provoking. Ultimately, it confirmed thoughts we already had about innovation and how novel ideas were born, it merely highlighted them for amplified recognition. We know that ideas do not just come from nothing, it is a product of our experience in every-day life and work. Innovation and inventions usually attribute their beginnings to already existing ideas and methods. The author, Scott Berkun, provides detailed ideas on how to foster innovation and creativity within the workplace. It’s also interesting to also realize Berkun’s own ideas about innovation came from past experience and knowledge of the process of creation. By studying how inventors and innovators worked and thought in the past, he was able to make educated and well-thought arguments towards the creation of the “myths.” So, what is Berkun’s message for managers? As Socrates once said, “The only true wisdom is knowing you know nothing.” This definitely applies to managers: the myth that managers know what to do. Subordinates take for granted that their superiors know what they are doing in the context of their business. While it is true that managers have the power to accomplish decisions others can’t, there exists the myth that they have the wisdom or experience to to do it effectively. We often place faith in our supervisors...
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...------------------------------------------------- READING NOTES: The Discipline of Innovation In this article, Peter F. Drucker provides us a complete framework of the “Innovation”. Systematic innovation is both work and inspiration: it is at the heart of entrepreneurship. According to him, there are three requirements that must be met in order to succeed in innovation: KNOWLEDGE (study potential customers’ needs and expectations), INGENUITY (think about something simple and useful. “Faster, Better, Cheaper” summarize it well) and FOCUS (start with a small idea and make it growth to arrive to an effective innovation). Innovation is also a change in the behavior of people in general or a change in process (how people work or act). The main question is how to innovate. Peter F. Drucker writes that companies have to look for OPPORTUNITIES. He identifies seven ways to innovate, called “the seven sources of innovation”. He divides theses sources in 2 groups: the first four sources lie within the company and the last three depends on the environment of the company (external factors). Unexpected occurrences Successes or failures Incongruities Differences between what it is and what people wants Process needs New product/service is an answer to a need Industry/market changes Offer possibilities to launch a new product/service Demographic changes Statistics about population move quickly Changes in perception Meaning and mood change from a generation...
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...and IBM. The course will be largely case-based covering a range of industries from software development (Activision) to automotive (GM) but also include some hands on exercises and a group simulation. This course offers a general management view of product creation by exploring frameworks and case examples from a wide range of industries. It should serve students well who seek a career in a corporate environment or as a consultant serving large corporations. Broadly, the course will examine the key processes in corporate product creation including: Product Creation Leadership Product Idea Generation Technology Capabilities Product Creation Process Design The Competitive Product Portfolio People and Project Management Innovation Partnerships In addition to exploring the general processes of corporate product creation, students will conduct research supported by executive interviews to compare and contrast differences across industries such as: STRATEGIC PRODUCT CREATION Second Term 2007 Consumer Packaged Goods Durable Consumer Products Industrial Equipment High Tech...
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...Question 1 By the 1970’s IKEA had expanded its market share throughout Scandinavia with a total of nine stores in the entire region. The furniture market mainly consisted of fragmented and high cost retailers, where a lot of the products that they had in their stores were not readily available. Thier competitive advantage was being the best-cost provider within the furniture market, while adding conveniences for the customer such as an in-store restaurant, a care center for children, self-service warehouse and check out procedures. IKEA sold furniture which had high quality, elegance, and functionality at a very low price, along with the ‘experience ‘of IKEA. They were able to provide such low cost products was because they were able to use differentiation and outsourcing with their suppliers to cut down of transportation and transaction costs. For example in 2008 IKEA had over 1,000 different suppliers in 54 different countries. Thier top sourcing countries (China, Poland, Italy, Sweden and Germany) were able to provide IKEA furniture to any where in the world while still maintaining minimal transaction and transportation costs. Question 2 IKEA’s expansion into Western Continental Europe was a great success for the company. They quickly established a firm grip of the market with their first store opening in Switzerland. This was due to the similarities the European market had with the Scandinavian market. Much like the scandinavian model, Europes’ furniture market was...
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...Innovation: The Indispensable Tool On an average, doubt is not promoted as a desirable form of behaviour. However, this belief changes with respect to entrepreneurship, where doubt is, in fact, encouraged. It is said, “doubt’s good, as it compels you to ask questions, challenge rationales and break inertia.” This ‘doubt’ is one of the key elements of innovation. Innovation ideally refers to translating an idea or invention into a good or service that creates value or for which customers will pay. This process is undertaken by every business; for instance, small businesses move up the corporate ladder through their innovative ideas and products, while big businesses simply gobble up such small businesses. Of late, the arrival and rapid progress of digital technology has greatly accelerated and facilitated this process. Take, for example, Domino’s pizza. After mounting criticism of their pizza from social media sites, they decided to create an online Pizza ordering tool that allowed customers to ,1) order their pizza, 2) track its cooking and delivery process, and 3) provide feedback to the store about “how they are doing”. As a result, Domino’s reported a more than doubled fourth-quarter profit. Innovation thus aims at implementing creativity and invention at economical costs to significantly improve customer experience and subsequent profits to the business. A business gurus such as Steve Jobs, Ratan Tata, Narayan Murthy and others have time and again emphasized the this...
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