Management Innovation and new technology [Section Number] Management Innovation and new technology Introduction The term ‘Product Innovation’ has been used widely, especially in the industrial sector and has been into several discussions in the last few decades…
Download full paperFile format: .doc, available for editing
Download file to see previous pages
The concept of innovation is as old as the history of earth as men have always tried to improve things in their surroundings for the comfort and ease. However, from the history of world businesses, we can see that in the run towards an “innovated product” companies often lead towards customer frustration and dissatisfaction resulting in lower sales and loss of customer trust. There are various examples in the past where companies define the ultimate objective to launch an innovative product and did not give much thought to the process and need of it. This lack of understanding of product innovation becomes one of the major reasons of product sales downfall (Light Minds Ltd, 2005). Many economists believe that with the increasing business competition, managers and executives often overestimate the need of their consumers. A new and innovative product is often more complex to use and more expensive (Gottfredson & Aspinall, 2005). Advancement in a product line needs better machineries and plentiful of company’s resources which eventually the consumer has to bear. Often the advancement made by companies is just to give the feeling of ‘new’ and is not as per the need of the customer (Rosenthal, 2099). The recent example of Facebook Timeline is relevant to highlight in this regard. It was introduced to give a new and fresh look to the users so to increase the time they spend on Facebook. Result shows that the objective was merely achieved as it increases the complexity of the product (Choney, 2011). Therefore, keeping the perspective of consumers is a key element in the success of product innovation process (Light Minds Ltd, 2005). Case Study of 3M The case of 3M’s Post-it Notes can be analyzed to justify that product innovation is not just a one-off event, but a complex organization process. The idea of adhesive notepad seemed great initially, but it turned out to be a below average invention, which the consumer kept daunting for years. The notepad went through several stages of innovation; each time the company offering something new in the product but failing to generate a massive sale every time (Nayak & Ketteringha, 1994). The issue was not meeting with the customer’s need and innovating, what might be better but not the requirement. This explains the core concept behind product innovation. Another lacking in the product was in its limited usage. People did not feel the need of having an adhesive bulletin board rather than a simple board. This brought the executives of 3M to the conclusion that this product has no future in the market (Nayak & Ketteringha, 1994). It was at this crucial time that one of the executives of the company, Spencer Silver, thought that the sticky pad can be given another try to make it more viable for people’s use. As product innovation is a summed product of the facts of previous sales and consumers’ demand, he carried a decent research to find the ways to optimize the use of the adhesive notepad. He explored the marvelous concept that an innovation does not always need to be complicated; it can come through simple means too. He used the same ingredients that were used in the notepads, but with different proportions and combinations, out of which one gave a new result. The learned people around and scientists were all conservative with their approach. Their thinking phenomenon was restricted by their knowledge of chemical properties and reactions of ingredients. However,
...Download file to see next pagesRead More
Cite this document
(“Management Innovation and new technology Essay Example | Topics and Well Written Essays - 1000 words”, n.d.)
Management Innovation and new technology Essay Example | Topics and Well Written Essays - 1000 words. Retrieved from https://studentshare.org/management/1462626-management-innovation-and-new-technology
(Management Innovation and New Technology Essay Example | Topics and Well Written Essays - 1000 Words)
Management Innovation and New Technology Essay Example | Topics and Well Written Essays - 1000 Words. https://studentshare.org/management/1462626-management-innovation-and-new-technology.
“Management Innovation and New Technology Essay Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.org/management/1462626-management-innovation-and-new-technology.
Every individual in the society often have his/her view of innovation. There has been a strong myth that portrays innovation as dependant on the ideas of the inventors. It is unfortunate that this myth has continued to influence the views of diverse people in the society ranging from policy makers, practitioners and observers.
In the contemporary world, the state of business affairs has become highly composite in nature. Acute competitions in almost all the business segments in the market have forced the firms to upgrade their quality and quantity of business operations. This essay will be elaborating on three such related topics.
s, including traditional surveying methods, aerial photography, remote sensing, and the global positioning system (GPS). These data collection techniques go on to support derivation of conclusions in the statistical analysis of measurements, data management techniques ,data quality, adjustment of survey networks, photogrammetry, boundary surveying, land development, and geographic information science (GIS).They also supplant various legal and professional issues involved in such land surveys.
3M has been an innovative corporate with fair amount of success. With respect to innovation 3M has been able to create an outstanding track. Though the company have been performing good for many years, it still has the zeal to make improvements in the existing
From this research, it is clear that the innovations are not benefiting all, as in the market there is a solid confusion between the terms creativity and innovation. However, companies with right knowledge are able to discover something new and totally innovative, thus some companies emphasize much on the existing products and try to make it as creative as they can to satisfy the customer’s demands.
The main driving force for the company is innovation; innovation of new products and services helps the companies to differentiate from each other. The innovation needs to take place rapidly and in a very cost effective way. This can be stated as the need of the companies
In this case, most of these companies have been involving various kinds of innovations to enhance quality in the products and services they make for their customers in the process of creating competitive advantage and market position
It helps people to get more awareness about the relationship between science, technology and innovation with social wellbeing and policy making. It should be noted that the ultimate aim of any innovation or