1. Introduction - What is Innovation? Innovation refers to the act of creating new products or processes. There are two main types of innovation: • Product innovation • Process innovation. Product innovation is the development of products that are new to the world or have superior attributes to existing products. Process innovation is the development of a new process for producing products and delivering them to customers. Examples include Toyota‚ which developed a range of new techniques
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organizational and social innovation and strategies centered round new concepts of frugal innovation. It has been suggested that some of these developments reflect specific socio-economic and framework conditions peculiar to the Indian context. At the same time many Indian firms have yet to institute systems and procedures required for supporting technological‚ product and service innovations. The existence of formal R&D departments/divisions‚ offers a ritualistic fig leaf for innovation practice. The
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Innovation at 3M 3M attributed much of its growth to its innovative products and incremental/extensions of existing products. However‚ of late they hadn’t come up with anything significant and they were stagnating. At this point‚ Ms. Rita Shor implemented the “Lead User Research” methodology to come up with four recommendations on new innovative products and strategy. In my opinion‚ Ms. Shor should put forward their first three recommendations to Mr. Dunlop. They consisted of development of three
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Innovation management (I.M.) is a creative unconventional approach to what managers do. It is a noveling of approaching problems that creates value for another or othes. It has to be something that can be put into practice operationalized‚ and it must bring about substantial change. Scholars have defined I.M. in slightly different ways: Bikinshaus‚ Hammel‚ and Mois give a “ relatively narrow definition of I.M. as “ the invention and implementation of a management practice‚ process‚ structure or technique
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Entrepreneurial Innovations There are numerous reasons why entrepreneurial organizations would seek opportunities for innovation. To better understand the reasons it should be noted that there are two main types of innovations in the business world. These types are: Process Innovations and Product Innovations. A process innovation is a plan to make an existing product or service better and a product innovation is the creation of an entirely new product. One reason an entrepreneurial
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understanding media innovation? Discuss its advantages and limitations. In the early concept of innovation concept‚ depending on the degree of innovation and the effects it produced‚ it can be divided into two types‚ the incremental innovation and disruptive innovation. The incremental innovation refers to a natural innovation process step by step in the lifecycle of a product in the process of technology evolution‚ in accordance with the original technology path; the breakthrough innovation refers to a
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Issues Surrounding the Role of Innovation in the Economic Growth Process Introduction The modern world economy shows that the scientific and technological knowledge and innovation are key factors for sustainable economic growth. Much of the competitive advantages that the country holds today derives from the use of scientific knowledge and applied technology become the corporate level to develop new products or services through the management of technological innovation‚ marketing‚ and organizational
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Language innovation It is well known that time changes everything in this universe; thus; it would be strange if language alone does not alter. As the famous linguist Ferdinand de Saussure noted ‘’time changes all things: there is no reason why language should escape thi suniversal law’’ in (Aitchison (ed)‚ 1981: 16). All living languages are in a constant state of change in the sense that‚ new words and expressions come into existence‚ old words are dropped and new pronunciation takes place
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3. Source of Innovation 1: Unexpected Success and Failures According to Drucker‚ the best source for successful innovation is from an Unexpected Success or Failure. Exploitation of this requires analysis simply because an unexpected success is a symptom. For example: A competitor is having unexpected success in a particular market segment. Management must find out why this is happening‚ asking themselves what it would mean to them if they exploited it. Unexpected Failures can also
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Abstract Financial Innovation has been the backbone of our modern financial system. It has revolutionised the way we spend‚ receive and borrow money‚ however through the recent global financial crisis and negative connotations that have been attached to the term‚ people have doubted the positive notions it has had. It is important to distinguish between innovation itself and how it can be used or misused. Recent Financial Innovation has thwarted real economic growth and has been the blame for the
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