In this regard, the essay aims to propose a personal definition of innovation taking into consideration a comparative analysis of the concepts of innovation, invention, and creativity. Likewise, a description of the relationship between technical or traditional problem solving and creative or intuitive problem solving would be proffered. An explanation of the importance of innovation to the success of individuals, organizational leaders, organizations, and nations would also be presented. Finally, a determination of the importance of management systems and styles to creating an organization where innovation is enabled would be discussed.
Innovation is a process of creative change with a clearly defined purpose of improving a current system or operating process to attain maximized potentials of resources towards a higher level of growth. As a process, innovation needs the application of effective strategies for improved performance. It accurately defines specific aspects to be addressed: a weakness, a threat, a gap in an organization’s current operating system or structure and outlines alternative courses of action that presents possible and viable solutions to the identified dilemma. Innovation, as a change process, is designed with the vision to increase the satisfaction of the organizations’ target market and thereby contribute to the maximization of organizational goals.
Innovation is the “process by which an idea or invention is translated into a good or service for which people will pay. In business, innovation results often from the application of a scientific or technical idea in decreasing the gap between the needs or expectations of the customers and the performance of a firms products” (Business Dictionary, 1).
vaccine against market slowdowns and an elixir that rejuvenates growth” (Rigby, et.al, 79). The authors compared innovation to evolving changes in a fashion industry requiring continuous reinvention of product line, ...
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Nevertheless, market definition is important because it enables the researchers / decision – makers in estimating the probability of certain risk factors followed by evaluation of competition restraints for a business entity in the market. It is justified to argue that the better we define the market, the easier it becomes in calculating risks involved and scope of competitive forces.
However, in practice, the above target is difficult to be achieved taking into consideration the high market competition. Innovation, as part of the organizational strategic process, can help firms to remain competitive, even under strong market pressures.
Health care forms the epicenter and mechanism of human survival and well being in the contemporary world. In that case, countries and governments have instituted professional courses that seek to educate particular students on issues regarding health care so that they can help in sustaining the wellbeing and survival of the general populace.
Importance of innovation to success of individuals, organization leaders, organization, and nations is given. Finally the paper addresses the issue of management systems and styles and how they are used in creating an environment where innovation is enabled (Estep, 2005).
In ancient Greece, birthing rituals were based on superstitious belief. The room in which the mother would give birth would be checked for knots, which were believed to delay or prevent birth. Once the mother went into labor, she would crouch over a birthing stool where two midwives would massage her stomach and a third would be waiting to catch the baby.
Innovation iѕ the key to future buѕineѕѕ ѕucceѕѕ. In a highly competitive environment when emerging problemѕ need new and more efficient ѕolutionѕ and where new competitorѕ are alwayѕ in the competition, companieѕ that do not ѕee inveѕtment in innovation aѕ important are at riѕk.
It is of vital importance to make transitions and changes for the business strategy that eventually result in competitive benefit, meeting and exceeding the expectations of the customers and eventually
This motivated the company to introduce the manufacture of the processors. The adequacy of the market demand was the motivating factor for the company to venture into the business. The leadership of the company eyed for the availability
19). More importantly, managing innovation was emphasized requiring the encouragement of creativity and propensities for taking risks. An organization that has evidently regarded innovation as a crucial part of
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