Analysis of Technology Transfer and Innovation Management

This report examines technology transfer as a crucial element of innovation management, emphasizing its role in enhancing product quality and fostering business growth. It highlights the importance of creativity in driving market competition and maintaining brand recognition, using Toyota as a case study. The report discusses the challenges of implementing new technologies, including customer acceptance and financial risks, and suggests strategies to overcome these obstacles, such as effective promotion and marketing. It also emphasizes the significance of innovation within organizational structures, advocating for the use of key performance indicators and a culture of innovation to drive departmental and overall organizational success. The report concludes by discussing the financial and technical feasibility of technology transfer, highlighting its potential to reduce operational costs, attract employees, and foster a technology-driven environment.

INNOVATION
MANAGEMENT

Proposal-
Theme- Technology transfer.
Background- Technology transfer is the better way to improve the quality of product.
Innovation creates the chain of activity like creation of new business, and new business create
the income, progress of society, which helps to improve the lifestyle of humans. Creativity plays
important role to create the competition among the market. For example, Toyota company
implement the new technology which helps to create the competition among the market.
Creativity is necessary to maintain the goodwill in the market also help to maintain the stability.
Innovation also involves the risk. Risk of adaptability of product by the customer, risk of finance,
risk of competitor etc. Innovation also motivate the employee to work under the creative
environment which enhance their skills and knowledge and they can learn many things.
Ways to implement it- When company implement the new innovation people not easily accept
it so company must try to overcome these resistances by promoting their new services and grasp
the market share. For example- when Toyota introduce new model of the car people attract with
the new promotion strategies implement by the Toyota. Creativity supports the organisation to
improve their band recognition and their value. Innovation plays an important role in
organisation. Entity is divided into the various department for the success of every department it
is necessary to generate the new ideas which helps to make the department better as compare to
others. It helps not only in development of particular department but also helps to develop the
organisation as a whole. People generally oppose the innovation in this situation management
work as promoter. To promote the new product technology transfer helps to introduce new
marketing polices which helps to attract the buyers. Management not only work as a promoter
but also act as coordinator. . However, Toyota has already brought changes like these and their in
depth knowledge on the technology has made it possible for them to face these challenges.
Another major announcement was fee based technical support which Toyota has begun
providing to other manufacturers. Their expertise in their knowledge has created confidence
amongst the investors that they will successfully achieve these challenges. The innovation of
hybrid vehicles which they are planning to launch has also been challenging since it was also
opposed by other auto mobile giants. But Toyota has been able to surpass all these challenges
achieving excellency. The various model which has been used in the report to have deep
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understanding about technology transfer are making use of key performance indicators and
implementing innovative culture.
Financial, technical feasibility- If the technology transfer is being used by organization then it
decrease their operational costs and increase the amount of profit in company. It will also help
them in attracting more employees in a technology driven company.
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