Report on Dimensions of Innovation

Added on -2020-02-24

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Innovation and Technology Management 1Innovation and Technology Management
Innovation and Technology Management 2IntroductionThe main purpose of the report is to examine different dimensions of innovation and the factorsthat contribute towards the growth of small start up entrepreneurs. In order to achieve, this aim,there is a need to attain the following objectives.To evaluate different international trends and developments in innovation and technologyand their relationship with international business.To analyze different normative questions related to technology, people and marketplacein 21st century.To evaluate the importance of innovation and different strategic issues associated with it.To examine the importance of process innovation to customers and end users of theproducts and services offered by the firms.To evaluate different contingency factors that influences the choices of processes.Besides this, it does not include information related to the concept of innovation along with itsdifferent types.There is an increase in the investments and business fluctuations due to occurrence of innovationin the companies. Innovation refers to the changes occurred in the methods and proceduresadopted by the company for the purpose of entering into a new market, change in the industrialorganization, production and transportation for the purpose of attaining increased market shareand competitive advantage over other players in the market (Alabbas and Razek, 2016). The Schumpeter’s theory of innovation takes into consideration the sociological factors ratherthan economic factors. Besides this, there are other factors also that bring fluctuations in theeconomic activities but this theory only considers innovation as a major factor that influenceseconomic activities of the country. There are broadly two categories of innovation such as
Innovation and Technology Management 3radical innovation and incremental innovation. There are mainly four dimensions in which theinnovation will take place in the organization in order to accelerate growth and developmentsuch as product, process, paradigm and position (Matthews and Brueggemann, 2015).Literature ReviewSignificance and dimensions of innovationIn the views of Morris (2013), nowadays, businesses focuses on implementing innovation inorder to attain competitive advantage over other players in the market in terms of product mix,customer relationships, location, size and technology. Bringing innovation in different elementshelps in the maintenance and development of existing and new advantages of the businesses.Innovation in a company takes place in two manners namely continuous and discontinuous.Continuous innovation facilitates in keeping pace with the changes bring by its competitors.Along with this, discontinuous innovation helps in differentiating the portfolio of the companiesfrom that of other companies. Innovation is considered as a only source for achieving sustainablecompetitive advantage.As per the views of Alabbas and Razek (2016), the dimensions of innovation is classified in twocategories namely one dimensional innovation type and multidimensional innovation type. Onthe basis of one dimensional innovation type, the innovation can be done in process, product,paradigm and position. The product innovation occurs when there is an occurrence of changes inthe performance capabilities, improvement in characteristics of products in a way of adding andmodifying the features offered in the existing products. The process innovation takes place whena company adopts new technology in terms of new machines and changes in the productionmethods to offer existing products to its customers. The position innovation takes place when a
Innovation and Technology Management 4company offers products to new market segments. The paradigm innovation occurs when acompany discovers new way to reframe its image in the market.As per the report by PWC (2017), there is an increased competition among the businesses due toemergence of globalization due to which, their top priority is to exercise innovation in order tomeet the changing needs of the customers. There are also some economic challenges such asreduction in the budgets due to increased costs. Companies make efforts towards discoveringnew ideas in order to create value for customers by the way of personalization. This helps inincreasing the customer loyalty towards the organization. The companies that focuses oninnovation are indulge in creation of new business models and the development of new productsand services. According to Morris (2013), some of the businesses consider innovation as a business process.The main reason behind it is that they provide the definition of the innovation that would takeplace along with the method to measure its performance in the organization. The companieswhich give priority to implement innovation in the business collaborate with other players in theindustry in order to provide high quality new products and services to its customers in order togain high level of customer satisfaction. This also results in the optimum utilization of theavailable resources and increases its productivity. In this manner, the company is able to gainsustainable competitive advantage. International trends and developments in innovation and technologyAs per the views of Nepelski and Prato (2015), in terms of knowledge intensive activities, thereis an existence of intense competition among developing countries. There is an existence ofincreased potential for innovation among the developing countries which helps in making themimportant producers of technology demanded by other countries. The occurrence of vertical

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