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Innovation and development - Essay Example

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Innovation and development

Innovation is the only strongest weapon that helps an organization or an entrepreneur to develop a strong identity in the market among other rival players. Other than this, it might also be used to develop a huge brand image and equity in the market so as to retain its sustainability in the market among others. Side by side, innovation also acts as the latest buzzword among the corporate organizations such as Google, Apple Inc, Procter & Gamble that helps these companies to remain in the headlines of the newspapers and business articles. Due to which, the reputation and fame of the organization also gets enhanced to a certain extent as compared to others. This might be possible only by gratifying the changing requirements and demands of the customers by presenting them varied types of inventive solutions or products. Thus, innovation is the development or creation of new products, services and technologies that might fulfil the changing needs of the market as well as improve the competitive image of the organization. ...
Similarly, according to the manager or leader of Apple Inc, Mr. Steve Jobs, innovation means enhancement of the inner morale of the employees that might prove effective in improving organizational portfolio in future. This might be possible only by improving the level of performance of the employees thereby amplifying the productivity and brand value of the organization in the market. Role of innovation in organization and business In business and organizations, innovation acts as the catalyst for the development of inventive products, services or ideas. This might be possible only if the dedication power of the employees is extremely high as compared to others. However, in order to do so, the management of the organization need to enhance the level of motivation and team spirit of the employees thereby recuperating the growth and profit margin of the organization. Side by side, the market share and brand value of the organization might also get enhanced among other rival players as witnessed in case of Apple Inc. Mr. Steve Jobs the most unconventional leader of Apple Inc became successful in convincing Wozniak as well as many other employees to support him in the development of computers in Apple Inc. This proved extremely beneficial for the organization of Apple Inc in future era that amplified its recognition and status in this competitive market among other contenders. Therefore, the entire credit for such an innovation of Apple Inc is mainly due to the best performance of its employees. Thus, employees of the organization are directly related with the concepts and ideas of innovation. Hence, it might be stated that innovation acts as the guiding forces that amplifies the efficiency and effectiveness of the organization ...Show more

Summary

Innovation and Development Table of Contents Table of Contents 2 Introduction 3 Definition of Innovation 3 Role of innovation in organization and business 4 Discussions 5 Theory of Innovation 5 Changes in the demands of the customer needs and wants 6 How Development of New Products Changed Due To Situational Changes 8 Analysis 9 Findings 10 Conclusion and recommendations 11 References 13 Introduction In this age of stiff economic downturn and tough competitive scenario, the definition of innovation is changing at a rapid pace…
Author : lroob
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