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ManAGING INNOVATION

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Added on  2020-09-08

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MANAGING INNOVATION INTRODUCTION 1 Theories of Innovation 1 Overview:4 CONCLUSION 8 REFERENCES 9 1 INTRODUCTION The process of converting an invention or idea into a product or services that generates value for the customer or for which potential user is willing to pay is termed as Innovation. It can also be viewed as the application of providing better and optimal solution that able to fulfil unarticulated needs, new requirement and existing market desire (Andriopoulos and Lewis, 2010).

ManAGING INNOVATION

   Added on 2020-09-08

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MANAGING INNOVATION
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Table of ContentsINTRODUCTION ..........................................................................................................................1Theories of Innovation.....................................................................................................................1Overview:.........................................................................................................................................4CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
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INTRODUCTION The process of converting an invention or idea into a product or services that generates value for the customer or for which potential user is willing to pay is termed as Innovation. In simple words, it can be defined as new idea, method or device. It can also be viewed as the application of providing better and optimal solution that able to fulfil unarticulated needs, new requirement and existing market desire (Andriopoulos and Lewis, 2010). To be called an Innovation, an idea or invention must be replicable at an economical cost and must meet customer specific need. In context of business, new ideas are applied or implemented so as to satisfy the expectation and needs of target user. According to Kanter, Innovation can be described as creation, admission and realization of new idea, services, product and processes. This chosen company for this report is Apple Inc. which is a leading multinational technology company headquartered in California. This report talks about how Apple Inc. has innovate their product with passage of time so as to attain high competitive advantage. Further this report also covers detailed analysis of chosen innovation theory and its key attributes. Theories of InnovationInnovation is essential for the survival and growth of the company. It is extensive concept that can be understood in different ways. According to Marquis, Innovation is not viewed single act, but rather seen as a total process of inter-linked sub processes. They think that it is not only related with invention of new device, formulation of new idea or development of new market butit refers to the process of all these combined factors and implementing in an integrated manner. There are many theories that are related with the concept of Innovation like radical and incremental, disruptive, innovative mix etc. Each theory is different from one another depending upon the nature of company, its product and market (Seebode, Jeanrenaud and Bessant, 2012). Some of its theories are defined in detailed below:1. Innovation Mix: Innovation can be used or applied everywhere no matter whether it is for product, process or position. Innovation management is a multi-disciplinary field that mainly covers almost all essential aspect of organisation. This theory was developed by Joe Tidd and John Bessant. The model enables you to identify what the process of innovation is and how it can1
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bring or implemented in the business. It is just like the framework of marketing mix. The only thing that differs is it's 4P's that normally consist of Product, Process, Position and Paradigm.When and Why it is used: In planning, the innovation mix aid in understanding how company can innovate to enhance its product, position, process and paradigm. This tool gives direction to the organisation regarding where they want to go and in which aspect or area they want to innovate (Lundstedt and Colglazier, 2013). The innovation space promotes the process of new idea generation and how itscan be incubated in the business. How is this tool used:With the assistance of this tool, any company can explore all possible improvement in each area or aspect of business. It enable the to take the advantage of high competitiveness level over their rivals. Needs and wants of customer are kept on changing frequently, thus in order to fulfil those requirement in an effective manner it is important for every organisation to implement innovation mix in their business practices.Mentioned below is the detailed analysis of each P element of innovation mix: Product : It refers to the change in product/services offered by the company to end user. Basically this “P” deals with changing the attributes or features of existing product so to satisfy the need and demand of potential buyer in an effectual manner. Here the point of discussion is how existing product/services can be improved or make it more appealing or attractive better than other available rivalry product. Process: Innovation also emphasize on processes through which products are delivered or created. This basically deals in changing or modifying the process of production. The main focus is in on optimally using the available resources so as to create positive effect on humanitarian sector (Tschirky and et. al., 2010). It not only deals with altering the process of product or services but also taken into account other processes such as workflow, hiring people, training and workflow. Further when all these areas combine together it laid stress on how to increase overall profit of the company. Position: This “P”talks about change in terms of how goods/services are communicated and framed among target users. It mainly deals with re-positioning the view-point or perception of customer for an already established product. This area laid stress on 2
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