Business Innovation

Types of Innovation and Mapping the Innovation Space

There are different types of innovation. There are four broad categories of innovation. Following these categories are referred as the 4Ps of innovation:

  1. ā€˜product innovationā€™ ā€” changes in the things (products/services) which an organization offers.
  2. ā€˜process innovationā€™ ā€” changes in the ways in which they are created and delivered.
  3. ā€˜position innovationā€™ ā€” changes in the context in which the products/services are introduced.
  4. ā€˜paradigm innovationā€™ ā€” changes in the underlying mental models which frame what the organization does.

For example, the new version of a car, a new bank account offer and a new home personnel computer are all examples of a product innovation.ā€¦ Read the rest

Abey Francis

Effects of Innovative Culture on Organizations

Growth creates a need for structure and discipline, organisation changes which can strain the culture of creativity that is so vital to future success. To sustain competitive advantage, companies need to institutionalize the innovation process; they need to create an internal environment where creative thinking is central to their values, assumptions and actions.

Management changes and management generally is about implementation. When the managers of an enterprise feel pressured, the fear-driven response is generally to implement better and which generally results doing more of the same only quicker or cheaper. While this is great for doing more of the same, it is still the same and meanwhile everything else is changing ā€” customerā€™s needs, technology, society, macroeconomics and geopolitics are all changing.ā€¦ Read the rest

Abey Francis

Case Study of Dyson: Competitive Advantage through Innovation

Dyson, an electrical manufacturer, is solely owned by Sir James Dyson, and its headquarters are based in Malmsbury, Wiltshire. Dyson was the first company to introduce a bagless solution to conventional vacuum cleaners. After securing a significant market share in the vacuum cleaner industry, the company decided to diversify in to new products and countries. Dysonā€™s vision is to make products more environmentally friendly and easy to use; his ongoing mission is to promote design and innovation through the production of his products. Today Dyson has a presence in 45 countries and still maintain a 46 % and 32% share in the UK and US Vacuum cleaner market, respectively.ā€¦ Read the rest

Abey Francis

Case Study: iPod, Appleā€™s Best Innovation

Apple had in effect recognized an opening inside the digital music market. They had acknowledged that there was a drop in sales of digital music players due to the goods presently on the market being inadequate. Apple will have believed that the then current crop of music players were insufficient thus prompting them into designing the phenomenon that is the iPod. Due to the success of the Sony Walkman, Apple decided they wanted to enter the music player market. Therefore the company expanded from the core product of computers and software manufacture into many areas including personal music/media players (iPod). The creator of Apples iTunes was Steve Jobs, an in-house software creator.ā€¦ Read the rest

Abey Francis

Case Study: Samsungā€™s Innovation Strategy

The success of Samsung has been widely acknowledged in the last decade. Samsung, the worldā€™s largest television producer and second largest mobile phone manufacturer, is also the largest firm of flash memory maker. Furthermore, Samsung was ranked by Fast Company Magazine to be third most innovative company in the consumer electronics. The company grew from a local industrial leader into a worldwide consumer electronics brand, with up to 261,000 employees, 14 public listed companies, 470 offices and facilities in 67 countries. Samsung was ranked as 11th worldā€™s most innovative companies. It is one of the two Korean companies in the Top 20 companies.ā€¦ Read the rest

Abey Francis

Case Study on Appleā€™s iPod: The Marketing of an Idea Project

Appleā€™s iPod has taken the world by storm. Nearly ubiquitous, it has changed not only the way people listen to music, but it has transformed its parent company Apple into an entertainment giant. In order to understand how this change came about, weā€™ll take a look at Appleā€™s ongoing efforts to make iPod synonymous with hip. Weā€™ll also discuss exactly what customers are buying when they buy an iPod, and we will take a deep look at several aspects of Appleā€™s marketing of this exciting new product, from the iPod itself, Appleā€™s strategic planning, possible research findings that supported their approach, segmentation strategies that may have been employed and why, as well as pricing strategy across these segments.ā€¦ Read the rest

Abey Francis
Exit mobile version