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Managing Innovation - PDF

   

Added on  2020-12-24

14 Pages4769 Words433 Views
Professional DevelopmentDesign and CreativityHigher Education
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Managing Innovation
Managing Innovation - PDF_1

Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3PART 1............................................................................................................................................3Discussion of innovational model....................................................................................................3PART 2............................................................................................................................................7Application to Terracycle................................................................................................................7Introduction to TerraCycle:-...................................................................................................7Historical discussion of innovation:- .....................................................................................7Future innovation pathway:- ..................................................................................................8CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
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INTRODUCTIONInnovation refers to the process of converting an idea into a product or service that createvalue and for which customer is willing to pay (Archibald and Archibald, 2016). This processcover up multiple activities that contribute toward uncovering the way of doing new things.Innovation is critical for an organisation as it help in maximising the return over investment,increase profitability and able to effectively respond to external challenges. On the other hand,diffusion in innovation refer to the hypothesis outlining regarding the way in which newinnovation will spread throughout culture and societies from introduction to wider adoption.This report is based on TerraCycle which is a private business of recycling, headquartered inNew Jersey, US. Terracycle run a program where non-recyclable pre and post consumer wastehas been collected with corporate donors and then converted into raw material for new productdevelopment. The main purpose of conducting this report is to provide a deep knowledge about theinnovation that can bring by TerraCycle for its operational enhancement and future growthwithin the marketplace (Aalbers and Dolfsma, 2015). This report perform a detailed analysisover innovational theory for determining various factors that may help company in bringinginnovation within the business. Further it include the application of theory for evaluating thehistorical development done by company for identifying the future development pathway ofproduct or services. MAIN BODYPART 1Discussion of innovational modelInnovation is defined as a the process of bringing a new method of doing thing that helpin improving the result of particular action. It help a business in enhancing their way of doingthing in order to improve their performance at marketplace (Allen, Adomdza and Meyer, 2015).Innovation plays an essential role within the growth and success of any business as by innovatingtheir product, service or process it will be able to retain its customer for longer period of time. Now a days technology is become most essential part of every business as it help insimplifying their operations and making them able to fulfil the demand of its target marketeffectively. This is the reason why business environment is becoming more competitive and
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dynamic where chances are experienced at a rapid pace, which also contributing towardincreasing the expectation of customer regarding services offered by a company (Altuna and et.al., 2015). Hence each business must keep on innovative its product or processes in order toremain competent toward changes in external environment as well as customer expectation. So,in order to bring and implement innovation within the business effectively a company must useinnovation theory or models. This will help in providing a framework which guides up a path totake action towards the formation and implementation of innovation (Goffin and Mitchell, 2016).One of the best known model for innovation is Pentathlon framework which work over fiveessential factors that must be considering while bringing any innovation within business. Itincludes idea management & creativity management, prioritization, selection and portfoliomanagement, Implementation management, innovation strategy, human resource management. (Source: PENTATHLON-FRAMEWORK, 2019)From the above given image it has been clear that Pentathlon framework is a theorywhich revolve around five key element that are very essential for an innovational success. Thismodel is divided into three factors in which at top most section talks about the innovationalstrategy which depict what is required to do for achieving goals (Salerno and et. al., 2015). Themiddle section is consists a process that includes germination of ideas and its prioritisation as perthe demand, so that it can be implemented for new product development and its interactionwithin marketplace. The last section focuses toward featuring the human factor within innovationin order to implement the innovational plan effectively. These three section consists of five coreelements of innovation that are essentials within innovational process. These five elements seekIllustration 1: PENTATHLON-FRAMEWORK
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