Innovation Management: Sample Assignment

MANAGING
INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
PART 1.......................................................................................................................................1
PART 2.......................................................................................................................................4
CONCLUSION ...............................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Innovation refers to the improvements and developments in a product which can be used
by the consumers for making their life comfortable and easy. Another definition is that, it is the
process of creating values for changing the composition of various variables of a system.
Innovation starts with a unique idea which further converted into the product. The innovation is
the basic requirement for any firm in order to achieve growth and sustainability in the
marketplace. Innovation plays a very crucial role in the development of the organisations and
their products. It is helpful for introducing a improved or new product to the market and to the
customers for making their life easy. Businesses which are using innovation for their product
development tends to have high growth and employs more people to their firm. It allows the
organisations to grab more customers and to increase their market share in the industry. Business
with innovative products grows faster then the other business who are using innovative products
very less. This report will discuss the innovation and its General Theory of Innovation along with
the application of using the theory for the past, present and future developments of electric cars.
MAIN BODY
PART 1
The General Theory of Innovation is taken in this report for analysing the historic and
future development of Electric cars in the auto-mobile market which has been introduced by the
Toyota corporation. The General Theory of Innovation was given by Greg Yezersky. This theory
was created for understanding the various causes of success and e work aimed at creating a
theory concerned with understanding the causes related to the end of man made systems and the
emergence of the machines. This theory was improved by Dr. Noel Leon Rovira in 2005. This
theory was based on several principles which will be discussed further. First principle is that all
the artificial systems such as goods, services needs to evolve with time regardless of their
complex structure and nature (Azis and Osada, 2013). Second principle states that the process of
improvement always has a logical and systematic way regardless of its identified irregularity.
Third principle states that the variation in the logical improvements will create problems for
future innovations. Fourth principle states that by following the logical way of evolution process,
Successful innovations can be developed upon the demand of market and customers. Fifth
principle states that the described logical way is helpful for solving the problems effectively and
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