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Innovation Process Design - Essay Example

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Introduction A tough competition is everywhere around the globe. This means employment of challenging activities on the part of companies or organizations that are aiming to compete and achieve their competitive advantage. One essential move is go for innovation…
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Download file to see previous pages Key Components of Theories Innovation is a common way for companies today to initiate in order for them to reach a specific competitive advantage (Weerawardena & Mavondo, 2011). In order to achieve this, many firms are trying to establish the point that they need to ensure execution of strategies that are competitive enough to provide them the competitive edge over the other established firms in their industry or specific niche (Salunke, Weerawardena & McColl-Kennedy, 2011). In many technological-related companies, innovation has become the major point of their business, because that is one of the substantial ways by which they can compete and even set among themselves a cutting edge advantage over the other competitors to ensure a smooth flow of their operation or achieve a potential market share. At the most specific level, firms that are into innovation or are risks lovers are expected to provide unique product or service offerings (Cucculelli & Ermini, 2013). In this way, they can offer highly differentiated product or service offerings that matter to people. Many technological-based firms today from time to time have to produce offerings that are new to the market for the target segments to try and they remarkably eliminate old products in order to introduce success or opportunity for the new ones. This is common to take place in the mobile phone industry where old models will have to be phased out and leave a path for new products and gain from them. Establishing a new product or a unique one is therefore a form of strategy that a firm must embrace. Strategic business innovation is therefore one of the ultimate moves of technological-based companies today. They want to set a new way for them to be able to provide something that is new that matters a lot to their target market. In doing so, a clear business plan must be associated with the goal to innovate. Innovation is not just a simple process, but a complex one that it requires the most appropriate business model. Prior to the emancipation of this business model, every firm that wishes to go for innovation will therefore have to set a clear business plan for themselves. In this way, they can be guided on what to do next especially in cases when there is a need to involve the right plans. Business plans are integral components of a successful innovation process. After all, it requires substantial planning moments prior to the actual innovation process. These plans need to be considered because they fuel the essential growth or development of the organization as far as the concept of innovation is concerned. Innovation therefore is a forward approach that positively aims for advancement and growth (Colombelli, Haned & Le Bas, 2013). Anything that hinders this growth will have to be remarkably considered a contradictory approach against innovation. The backward approach might have to consider plans, actions or initiatives that are to produce backward results. In this case, no innovation will be necessary, because innovation as a process of growth development requires more engaged idea to embrace something new or fresh ideas for future enhancement of the business. In this regard, proper orientation of the company concerning their evaluation process is necessary or required because such move will have to ensure the emancipation of the right program or actions to be taken into account. Concerning actions that are allowing companies to move forward with ...Download file to see next pagesRead More
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