Importance of Innovation in Business - Advanced Innovation Management Essay

qwertyuiopasdfghjklzxcvbnmqw
ertyuiopasdfghjklzxcvbnmqwert
yuiopasdfghjklzxcvbnmqwertyui
opasdfghjklzxcvbnmqwertyuiop
asdfghjklzxcvbnmqwertyuiopasd
fghjklzxcvbnmqwertyuiopasdfgh
jklzxcvbnmqwertyuiopasdfghjkl
zxcvbnmqwertyuiopasdfghjklzxc
vbnmqwertyuiopasdfghjklzxcvb
nmqwertyuiopasdfghjklzxcvbnm
qwertyuiopasdfghjklzxcvbnmqw
ertyuiopasdfghjklzxcvbnmqwert
yuiopasdfghjklzxcvbnmqwertyui
opasdfghjklzxcvbnmqwertyuiop
asdfghjklzxcvbnmqwertyuiopasd
fghjklzxcvbnmqwertyuiopasdfgh
jklzxcvbnmrtyuiopasdfghjklzxcv
Advanced innovation management
Essay
6/22/2018
Student Name

1 | P a g e
Introduction
Innovation can be defined as the new idea or method to do a thing. In other words, it
can be said that it is a process of converting the ideas into the goods or services that able to
create its value for which customer will pay. Innovation is done by the entrepreneur top make
its dream into the reality. To be called an innovation, an idea must be economical in nature
and must satisfy the specific needs of the consumer. Innovation is similar to the risk-taking in
the business as in innovation entrepreneur introducers the new product or service while using
the new technology on the greatest risk. They are tried to create the new market in the
business so innovation is full of risk (Daily, Kieff & Wilmarth, 2014).
Importance of Innovation
There are many benefits for an organization to implement the new strategies and ideas
into the business (Gokhberg & Kuznetsova, 2011). The application of innovative
management techniques and process within the business make the business competitive and
gives the ability to sustain more in the business.
Creates a competitive advantage
One of the key aspects of any successful business is that the ability to come up with
the new and innovative brand and ideas to maintain the fresh feel for the customer by using
that service or product. In today’s competitive environment maintain the differentiation and
uniqueness in the product are necessary to have the competitive advantage in the market. It
will enhance the sale of the company and increase goodwill of the company (Drucker, 2015).
Establish the best method for business

2 | P a g e
Innovation is considered to be the best method to establish the uniqueness in the
business. Those businesses that are unable to cooperate and coordinate with the new
technology and development are done in the environment cannot survive in the business for
the long term. The business should use the innovation according to the current resources and
opportunities for development prevailing in the market (Christensen, Raynor & McDonald,
2015).
Looking to the future
Innovation is done to solve the problems of the people at large. Innovation is done in
the organization to stay relevant and viable in the market. The innovation is done by the
business by looking at the future needs of the consumer and market. For example Tesla, an
automobile company which is producing the electric cars as they have analyzed there is a
scarcity of the fossil fuel in the market. To have the substitute of fossil, company start
producing the electric cars as the new innovation in the automobile industry (Drucker, 2014).
Development
The innovation is necessary for the development of the business. New business came
into existence when the entrepreneur has new product and service to offer in the market.
Innovation leads to the globalization of business. This will reduce the barriers to trading
globally while negotiating the new international and national agreements to promote and
develop trade in goods and services. This trend will allow the more connectivity across the
globe and collaboration will occur (Johnston & Marshall, 2016).
Satisfying Consumer needs
There are significant changes occur in the needs and wants of the consumer. Increase
in the expectation of the consumer needs and wants make the person and entrepreneur

Innovation

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY ..................................................................................................................................1
Innovation and its importance for business ................................................................................1
CONCLUSION ...............................................................................................................................2
REFERENCES ...............................................................................................................................3