Innovation Assignment: 4P's of Innovation
Added on - 28 May 2020
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Question 1Innovation has been defined as the methodology that is involved in the design of a new product.Every once and again people observe the need for a new commodity in the market and as suchdevise strategies that either advance the current technology or produce new technology fromscratch. It is the backbone of the movement towards a better life for every society. The 4 P's ofinnovation generally serve as the guiding principle to any sustainable market in the product andare centered on the product, price, place, and promotion. The model was developed by Joe Tiddand his accomplice John Besant mainly to separate the old commodities from the new and thusdevelop a framework for innovation (Anthony, 2010). However, the context can be broadly putas follows: product innovation, process innovation, position innovation and paradigm innovation.Product innovation refers to the ability of an individual or an organization to change the types ofcommodities that are produced while the process is the ability to modify the methodologiesemployed in product production with the notion of coming up with better products. Positioninnovation refers to the changing methodologies employed for framing and communicating theproducts while paradigm refers to the underlying strategies involved in the production.Question 2Companies are continually faced with challenges and opportunities. However, the two play asignificant impact on the ability of the company to thrive or fall in the society.However, the twomay influence the methodologies that are employed in production activities. The commonlyapplied theory of analysis is SWOT which tries to identify both the opportunities and threatscoming from both the internal as well as the external environment.
One major threat is competition. Companies continually face competition and it is the ability of acompany to overcome competition that ensures its survival. Competition can be overcome bychanging the strategies that are involved in the production with companies offering products thatare a cut above the rest faring significantly better. Secondly, new technologies provide asignificant threat but it is the ability of companies to quickly implement the technologies in theirproduction activities that give them an edge over other companies. New technologies result in anefficient as well as better products and as such, it is easy to see why companies using the latesttechnology cover a large share of the market than those using obsolete and outdated technology.The last, but not least, threat is the changes in consumer tastes and preferences. The change intaste may be classified as an opportunity as well as a threat (Peterson, Jaret, & Schenck, n.d.).Regardless, the ability of a company to quickly observe this change and devise productiontechniques defines the ability to strive in the market.On the other hand, opportunities present themselves to companies in the form of market growth,new locations and distribution, new materials and even new technologies. All these opportunitieshave the impact of influencing the methodologies that are used in production as well as delivery.New materials may be integrated into products leading to better ones, new markets require thecompanies to innovate the delivery strategies while an increase in the market requires companiesto increase the production. All these require innovation.Question 3Concurrent engineering is the strategy employed in production whereby the stages areconcurrent, rather than consecutive (Loch & Terwiesch, 2000).It is a very important productiontechnique that results in bulk as well as quality production. There are three basic advantages thatadvocate for the use of concurrent engineering in production: the competitive advantage,