Well, innovation is all about the betterment of the existing state of affairs with a view of simplicity and efficiency. It is necessitated by the pursuit for excellence and survival, failure to which a business cannot find room to exist in this generation. Each and every business will generally require a very efficient strategy on innovation so as to generate new and great ideas that can enhance progress. Sadly, this is what lacks in most organizations. It is known that product development is one thing and maintaining the product in the market becomes one of the greatest challenges producers face. It then begs the producer to always better the product through innovation so as to win the trust of the consumers. It must be remembered that innovation is never a one time affair. It is meant to be a continual process that gradually improves the quality and efficiency of a product in the market so as to ward off competition. Innovation is fundamentally a function of ideas. These very ideas will normally emanate from the employees within an organization. It then creates the need for a diverse workforce that will effectively avail a rich ground for idea generation and product development. ...
loyees are meant to brainstorm and formulate better ways of product development, marketing and any other idea that can trigger positive change and ward off competitors. In most instances however, such sessions never lead to any notable innovation inasmuch as they bring some measure of success into the organization. The management should therefore be very cautious in its approach to the whole idea about innovation. Without much thought, efforts to innovate may end up being too costly to the organization thereby canceling the whole process. Contrary to popular belief, innovation is not merely limited to product development. It is about the whole organization. It should be reminiscent in all the processes and activities conducted in the whole organization. It is meant to exist in employee management, business models, production process and even marketing. Considering cost and benefit analysis, innovation costs should be much less than the benefits it brings to the organization. In that case, a manager should motivate employees and set up an incubation center within the organization where new ideas are formulated, nurtured and if deemed innovative and efficient can be adopted within the organization to enhance success. It must be emphasized that nurturing ideas within the organization is never simple. It demands that the manager be well acquainted with ways and means of enhancing teamwork and inculcating the pursuit of change into the minds of the employees. Innovation is about tools and strategies which have to be learned and adopted into the organization. As indicated, innovation is never a static process. It is a gradual procedure that normally involves a lifecycle methodology which is formulated by an organization as a function of its need to innovate and lead the
Customer inserts His/her Name Customer inserts Name of Tutor Customer inserts Grade /Course (Date) Innovation in business In the present world, where competition in business has become one of the greatest concerns, where resources continue to diminish in the face of new markets and new realities, the imperatives of innovation in business cannot be overemphasized…
The designed questionnaire was taken to the chosen set of respondents who were necessarily consumers who had purchased an Apple product. In response to a question on the main aspects that influences brand evaluation by the customers it was observed that the main aspects that influences them.
So in this way, invention of the LED “Lantern” took place. It was an attempt to galvanize the society rather more specifically the environment from the power shortages which at large be setting the people living in it, and ultimately the society suffers from it.
In this regard the aspect of customer relationship management has gained widespread importance among the business organizations towards maintaining a cordial relationship with their existing customers. Organizations are leveraging the benefits of information technology to maintain favourable relationships with their customers.
Company Analysis International E-Z UP, Inc has been one of the pioneers in the field of portable and instantly erectable shelters. The company has been functioning since the year 1983. It has been capable of developing a successful business and has a global reputation and recognition for offering quality products and hence satisfying the needs and the wants of the customers.
Both researchers as well as business managers deem innovation as “life-and-death matter for a firm” (Weiss, 2013). The extreme threat of competition and continued need to fight for survival fosters organizations to bring innovation into their system. Researchers from the field of business and management have found that organizations which have the capacity to innovate can respond at a much faster pace to the challenges of the environment than companies which lacks innovative capacities.
The research identifies that social media is now an inevitable part of brand innovation. This is due to the fact that the internet and its environment has become a major convergence point for consumers.Three dominant theories define the linkages between social media marketing and brand innovation.
From this research, it is clear that business model innovation demands the systematic building up of organizational capabilities. One of the golden rules of management is to change proactively when the times are good, not after the crisis has erupted. An innovation-oriented culture is all about creating the right attitude among people.
In this world where things are changing and the competition is high it is very important for each company to stand out; to not only establish a brand but to maintain it.
With all the choices customer have
In innovation management, all the new things are viewed from the context of new concepts, which make people and business to move away from the existing solutions (Trott, 2008). Moreover, Dodgson, Gann and Phillips (2013) define innovation management as an important
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