...IMPORTANCE OF INNOVATION Founded in 1976 by Steven P. Jobs and Stephen G. Wozniak, Microcomputer Design and Manufacturing Company was the first successful personal computer company and was created in the Jobs’ family garage. By 1980 the Apple II, which was encased in plastic with a color graphic display, launched the company to success and contributed to Apple’s earnings of more than $100 million by 1980, the year the company first offered stock to the public. IBMs PC was introduced in 1981 and ran a Microsoft Corporation operating system. This marked the beginning of long-term competition for Apple in the personal computer market. By 1984 the Macintosh was introduced and was the first computer to use a mouse and graphical user interface. Initially, the Mac’s sales were low and Jobs departed from the company by 1985. Shortly before Jobs left Apple, the company found its niche in the desktop publishing market while Microsoft’s operating system tore through Apple’s market share. Jobs returned in 1997 after being recalled by Apple and by introducing more innovative products such as the iMac, he returned the company to profitability. iTunes, software for playing music converted to MP3 format and the iPod, a portable MP3 music player were both introduced in 2001 and by 2003 downloadable copies of major record company songs in MP3 format were being sold by Apple over the Internet. Apple has experienced both success and failure just like any other organization. But since...
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...KEY CONCEPT EXERCISE: THE IMPORTANCE OF INNOVATION INTRODUCTION In the current dynamic marketplaces, interests in innovation are escalated by businesses as they understand that in order to maintain their market position, one has to be innovative to keep up with the changing trends in different business sectors (Baregheh, Rowley and Sambrook, 2009, p. 2). The businesses can be primary in that they deal with the extraction of raw materials, such as mining and agriculture or secondary such as being involved in the manufacturing of finished goods like foods and clothes. However, innovation is not restricted to these types of industries and entrepreneurs must also cope up with the tertiary level, which involved various service provisions, for...
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...The Importance of Innovation Architecture Grand Canyon University: ENT-435 11/16/2014 Here is a reminder from the syllabus about the assignment requirements: For this assignment, you will research the innovation architecture of at least three companies that are well-known for successfully supporting a culture of innovation. Write a 1,500-word paper that addresses the following: 1. What particular elements of each organization’s culture, processes, and management systems and styles work well to support innovation? 2. Why do you think these organizations have been able to capitalize on innovation and intrapreneurship while others have not? 3. Based on what you have learned, what processes and systems might actually stifle innovation and intrapreneurship? 4. Imagine yourself as an innovation architect. What structures or processes would you put in place to foster a culture of innovation within your own organization? Include in-text citations to at least four reputable secondary sources (such as trade journals, academic journals, and professional or industry websites) in your paper. Prepare this assignment according to the guidelines found in the APA Style Guide, located in the Student Success Center. An abstract is not required. The Importance of Innovation Architecture In today’s markets competition is fierce and only the strong shall survive. In order to be able to keep up with the competition, organizations must capitalize on innovation. Innovation...
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...In the continuously changing environment, innovation is very important for the advancement of society and making the life better and simpler. New and innovative products increase the standard of living by providing the opportunities to improve the lives. With the advent of globalization and outsourcing, the need for innovation has increased. This is because of the increase in competition whereby all the small and big firms are operating at the same platform. According to Peter Ducker, if the company lost the ability of innovation then soon the company have to face the decline stage and the extinction in the business market (Goldhar and Berg, 2010) . In order to survive the organizations need to offer more than the good product in order to survive and this zeal to improve require the innovation in processes and management which helps in reducing the cost or improving the productivity. Innovation is the only tool with the help of which the organization can maintain its position in the competitive market and stay one step ahead of its competitors. It is the only way that creates the differentiation with the customers. Moreover, customers prefer the products which make their life simpler and this is possible with the continual improvement in product or processes. Being first in the market with the new product gives the significant advantage in building the customer base. The term Operational Strategy is defined as, “the total pattern of decisions which shape the long term capabilities...
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...research. Therefore we choose innovation, because there is a lot of controversy to it about the innovativeness of family businesses. Also, innovation intrigues us very much, as it often determines the succeeding or failing of a company. After brainstorming we came up with the following research question: “How can we explain that family businesses, in comparison to non-family businesses, tend to be more innovative than is often assumed?” This question allows us to investigate the strengths of family businesses and...
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...group of Level Three business students on the usefulness of innovation management and new product development in an essay format. The topic of the essay is “what skills should a business graduate acquire about innovation management in order to advance their career development and employability”. "We live in a society where technology is a very important force in business, in our daily lives. And all technology starts as a spark in someone's brain. An idea of something that didn't exist before, that once they have invented it —brought it into existence — could change everything. And that activity is generally one that's not very well supported." - Nathan Myhrvold, CEO, Intellectual Ventures From a 2010 interview with Harvard Business Review Introduction In the development of new businesses today, initiatives that spur knowledge-based competitions amplify the importance of boundary spanning activities and tactical coalitions, which cause organizations to focus more on institutional knowledge, system improvement and knowledge management (Quah, 2001). This essay will help the level 3 business school students to understand the required skills about innovation management to to advance their career development and employability. An innovation is something that is new. You are required to write a piece of advice to a group of Level Three business students on the usefulness of innovation management and new product development in an essay format...
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...and use an innovation (or name of specific innovation). 1. How would you rate the availability of financial resources for implementing (an innovation) in (your organization)? How would you rate the availability of financial resources for implementing (an innovation) in (your organization)? HighAbove AverageAverageBelow AverageLowDon't know / Not Sure | 2. Do you think the financial resources in (your organization) related to (an innovation) are allocated in an appropriate way (i.e., fairly, wisely, in a timely manner)? Do you think the financial resources in (your organization) related to (an innovation) are allocated in an appropriate way (i.e., fairly, wisely, in a timely manner)? Extremely Appropriate - in need of no changesSomewhat Appropriate - in need of only a few minor changesAverage - not bad, but could use some changesNot Appropriate - in need of many changesExtremely Not Appropriate - in need of a complete overhaulDon't know / Not Sure | 3. Do you think the financial resources of (your organization) and the way those resources are allocated act as a barrier or an enabler to the use of (an innovation)? (A barrier makes an innovation harder to implement, an enabler makes an innovation easier to implement) Do you think the financial resources of (your organization) and the way those resources are allocated act as a barrier or an enabler to the use of (an innovation)? (A barrier makes an innovation harder to implement, an enabler makes an innovation easier to...
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...Group Study Case: Service Innovation by Ali SEKBAN Mithat PERKÖZ Yasin Galip GENCER submitted to Assoc. Prof. Arzu İşeri SAY April 7, 2011 SERVICE INNOVATION In today’s business world, services and service industry has a great importance. Yet, it would be a mistake to attribute “service” concept only to service industry. Manufacturing firms need many services to deliver their goods to customers. Therefore, in recent years, services have become an important issue for them too. In this article, we will consider service innovations especially in terms of manufacturing firms and present a review about the issue. In the introduction section, we’ll give the definition of service and explain its importance in details. Then, as the main purpose of this review article, we’ll go into service innovations. Introduction There are lots of definitions for service concept. Among these, the followings are remarkable: “A Service is a product which is a process” (Shostack 1987), “Services are processes involving customer contact’ (Chase 1978)”. In other words, service is a product; however it is different from the product in the traditional sense. In general, there is a common distinction for service: “1- functional services: services offered by investment goods companies and service companies, 2- institutional services: services offered solely by services companies”. With regard to properties of services, the most important ones are the followings; “1- Intangibility...
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...CHAPTER 1 The Importance of Technological Innovation SYNOPSIS OF CHAPTER The purpose of this chapter is to set the stage for the course by establishing the importance of managing technological innovation strategically. First the chapter overviews the importance of technological innovation for a firm’s competitive success and the advancement of society in general. The chapter points out that 1) many firms are relying on products developed in the previous three to five years for large portions of their sales and profits; 2) globalization has increased competition putting more pressure on firms to compete through innovation; 3) advances in information technology have enabled both process improvements and the efficient generation of product variants which facilitates the execution of a differentiation strategy at a reasonable cost; and that 3) the residual growth in the GDP can be attributed to technological change. Both the positive and negative effects of technological innovation are described. Advances in food production are an example of the first and pollution is an example of the latter. Next the innovation funnel is introduced to show students that on average 3,000 raw ideas must enter the funnel in order to arrive at 1 successful new product launch. Gestione dell'innovazione 2/ed Melissa A. Schilling Copyright © 2009 - The McGraw-Hill Companies srl Second, the chapter discusses the risks and cost of innovation. On average, many more innovation projects fail...
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...___________________________________________________________________________ 1. Investing in process innovation helps firms lower their costs. True False 2. Flexible manufacturing technologies have increased the importance of production economies of scale. True False 3. Globalization of markets has reduced the importance of innovation. True False 4. Innovation and new technologies have led to longer product life cycles and lowered product obsolescence. True False 5. Technological innovation decreases the amount of output achievable from a given quantity of labor and capital. True False 6. GDP does not relate directly to the amount of goods consumers can purchase. True False 7. Externalities are costs that are borne by individuals other than those responsible for creating them. True False 8. Technological innovation results in complete eradication of negative externalities. True False 9. If a business discharges untreated chemical waste into local water bodies, it imposes a negative externality on the community members. True False 10. Firms that charge headlong into new product development usually have short development cycles. True False 11. Most innovative ideas do not become successful new products. True False 12. The majority of effort and money invested in technological innovation comes from non-industrial firms. True False 13. The innovation process is often conceived of as a funnel, because most potential...
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...the Role of Innovation in the Economic Growth Process Surrounding the Role of Innovation in the Economic Growth Process Innovation Innovation is an essential element for any organization in order to survive, grow and significantly influence the direction of any industry. Development does not; however, guarantee success, but most be followed up with successive streams of innovation and change, from the incremental to the radical. The most reliable way to be successful in the industry is to innovate better and longer than the competitor, leading companies develops innovation portfolios that they can use to help sustain growth over the long term. Innovation and change is an essential part of any business activity, but only some people recognize its importance and significance. Often, management fails to notice the implication of innovation and change, which becomes the reason of the change failure. Innovation can be summarized in two main areas: innovation is doing something nobody has done in the history of the world or do something that we have not done before. Innovation does not always fit with what we do, and a lot of new opportunities that are found in the company do not sit well with her. So the first step is to create a "space" where these opportunities can be developed, at their own pace and without neglecting the routine tasks. It is therefore; necessary to release resources to enable people to experiment with these new ideas. It is also necessary that...
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...Technology Management Course Book: Paul Trott, Innovation Management and New Product Development, 5.th Ed Learning objectives and Some Discussion Questions for Mid Term Exam • Recognise the importance of innovation • Explain the meaning and nature of innovation management • Provide an introduction to a management approach to innovation • Appreciate the complex nature of the management of innovation within organisations • Describe the changing views of innovation over time • Recognise the role of key individuals within the process • Recognise the need to view innovation as a management process. Discussion questions A number of chapters have several Pause for thought questions to help the student reflect on what they have just read to check their understanding. Examples: Not all firms develop innovative new products, but they still seem to survive. Do they thrive? This question attempts to get the students to recognise that while innovation is important it is possible to survive especially in the short term by focusing on traditional concerns such as minimising costs and generating sales. In the longer term, however, few firms will survive for long without the need to change; and that means introducing new ways of working and new products and services. If two different firms, similar in size, operating in the same industry spend the same on R&D, will their level of innovation be the same? This question simply tries...
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...Diffusion of Innovation Theory: In communications and Media By: Dezro’ Hill Agnes Scott College Public Health 202 Spring 2013 Environmental and Health Communications Diffusion of Innovation Theory: In communications and Media In Communications there are various ways that professional’s communication with society to make the world a better place. Media is a helpful form of communication when trying to inform society of important information. However sending these messages can sometimes be difficult when creating. Therefore, professionals have found ways in which they are able to communicate these messages depending on the subject. Theories are the skills which professionals use to communicate these messages depending on the subject. One important theory that is use is the Diffusion of Innovation Theory which is used to communicate with society. The Diffusion of Innovation Theory is a theory that addresses how new ideas and concepts, and/or practices are diffused throughout a community or society. The theory was developed by Everett Rogers in 1962. The theory has five subgroups in which audiences fall under when adapting the new idea, innovators, early adopters, early majority, late majority, and laggards. The innovators are the people in the community to create the idea and inform the people in the community about it. These are the people in the community who uses different communication outreaches to inform the community about what’s going on and how they can...
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...Managing innovation within firms Introduction Virtually all innovations, certainly major technological innovations such as pharmaceutical and automobile products, occur within organisations. The management of innovation within organisations forms the focus for this chapter. The study of organisations and their management is a very broad subject and no single approach provides all the answers. The identification of those factors and issues that affect the management of innovation within organisations are addressed in this chapter. Learning objectives When you have completed this chapter, you will be able to: • Identify the main trends in the development of the management of organisations • Explain the dilemma facing all organisations concerning the need for creativity and stability • Recognise the difficulties of managing uncertainty • Identify the activities performed by key individuals in the management of innovation • Recognise the relationship between the activities performed and the organisational environment in promoting innovation. 31The previous chapter outlined some of the difficulties in studying the field of innovation. In particular, it emphasised the need to view innovation as a management process within the context of the organisation. This was shown to be the case especially in a modern industrialised society where innovation is increasingly viewed as an organisational activity. This chapter tackles the difficult issue of managing innovation ...
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...Running head: INNOVATION LEADERSHIP Innovation Leadership Russell L. Dykes Bellevue University Abstract Innovation leadership is all about facilitating and empowering others in order to help their creativity thrive. In order to be a leader of innovation, the manager must facilitate the innovation of others by providing the space, equipment, networks, partnerships, and environment that allows their creativity to flourish. The innovation leader must toward establishing a culture of innovation realizing that innovation work requires a team. Innovation cannot be conceived, developed, and delivered by just a single individual. Innovation Leadership Contrary to the beliefs of some, innovation leadership is not project management. Neither are the processes of innovation leadership the same as those of being an inventor. Innovation leadership is about creating the context and environment for innovation to occur. This involves creating and implementing the roles, physical space, partnerships, networks, decision-making structures, and equipment needed to support innovative thinking. Innovative leadership is not about being the one with the best and brightest ideas. Rather, it is about facilitating and empowering others in order to help their creativity thrive (Malloch & Porter-O’Grady, 2009). Quantum leadership can tolerate uncertainty and disorder, and can create a flexible structure based on self-organizing. Creative disorder brings...
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