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Managing Innovation Theories and Ideas : Doc

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Added on  2021-02-19

Managing Innovation Theories and Ideas : Doc

   Added on 2021-02-19

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MANAGING INNOVATIONASSESSMENT
Managing Innovation Theories and Ideas : Doc_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1Theories and ideas........................................................................................................................1Historical development................................................................................................................4Future Development.....................................................................................................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
Managing Innovation Theories and Ideas : Doc_2
INTRODUCTIONInnovation can be defined as creative thoughts or new ideas, imaginations which can beused to develop a new method or device. It is mostly used to develop better solutions, fulfil andmeet new requirements of existing market. Companies try to use new innovative ideas to bringchanges or improvement within their existing products or services, or introduce completely newproduct or service within the existing market or in new market. It is extremely important to tomanage innovation within an organization as innovation management allows corporateemployees to understand goals, objectives and processes of the company so that they can useboth internal or external opportunities, use new and creative ideas to produce new products. Thishelps them to fulfil their goals and objectives as well as enter into new market space and createnew value network. Microsoft is one of those companies who is famous for bringing innovationwithin their products or service (Pisano, 2015). Many times they have introduced new andinnovative products in the market which has helped them to capture the new market. Thisassignment will lay emphasis on two innovation theories. Both the theories will be used inexplaining the historical development and the possible future development pathways ofMicrosoft's products and services. MAIN BODYTheories and ideasCompetition in today's world is increasing continuously. In order to sustain and gaincompetitive advantage in this over crowded industry, organizations need to bring innovationwithin their products and services and offer something new to the customers so that companiescan sustain within this competitive market. There are various ways through which companies cangain competitive advantage and sustain in the marketplace by bringing innovation among theirproduct design, services and in many other things. These ways help companies to increasemarket demand of their products or services as compared to their substitutes available in themarket. There are many innovation theories that are used by organizations to bring new orimproved products in the market. These theories are important for companies like Microsoft whoare famous for innovation. These theories help them to maintain their products demand withinthe market and maintain their success (Tidd and Bessant, 2018). Microsoft is one of thosecompanies who are famous for entering into new business space or creates new market niches.Red Ocean and Blue Ocean Strategy1
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