StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Open innovation: P&G - Essay Example

Comments (0) Cite this document
Summary
An ability to continuously innovate is a way of survival in the present fast changing business environment. 90% of businesses claim that innovation is their priority. The importance of innovation is increasing and ways in which companies innovate is constantly changing. The concept of innovation is not new…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER98.1% of users find it useful
Open innovation: P&G
Read TextPreview

Extract of sample "Open innovation: P&G"

Download file to see previous pages According to closed innovation model, a firm should hire only the smartest and best candidates. The model also believes that in order to achieve highest share in market, it is critical for research and development ideas to originate within the firm. The closed innovation approach also implements restrictive IP strategies, which ensure that other competitors do not profit from technologies and ideas of the firm (Zollo and Winter, 2002). Summarizing the above, it can be said that in a closed innovation concept, organisations believe to perform in a self-sufficient manner, starting from idea generation to production and marketing to distribution, marketing, financing and services. Another important characteristic of this approach is that once ideas are rejected or projects are cancelled, they get stored in the firm’s internal database and remain unused. Thus, closed innovation is essentially an inward looking model, where many business technologies and ideas are often left unexplored (Chesbrough, 2003a; Euchner, 2010).
Open innovation, on the other hand, dissolves the boundary between a company and its external environment, making it more porous. According to Chesbrough (2006, p 1); “the use of purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation, respectively.” Unlike closed innovation, open innovation ideas can be launched by either external or internal technology or idea sources. ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Open innovation: P&G Essay Example | Topics and Well Written Essays - 2500 words”, n.d.)
Open innovation: P&G Essay Example | Topics and Well Written Essays - 2500 words. Retrieved from https://studentshare.org/management/1640704-open-innovation-pg
(Open Innovation: P&G Essay Example | Topics and Well Written Essays - 2500 Words)
Open Innovation: P&G Essay Example | Topics and Well Written Essays - 2500 Words. https://studentshare.org/management/1640704-open-innovation-pg.
“Open Innovation: P&G Essay Example | Topics and Well Written Essays - 2500 Words”, n.d. https://studentshare.org/management/1640704-open-innovation-pg.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Open innovation: P&G

Innovation and change - open innovation and strategy

... Shehabuddeen, N (2007) Innovation in real life: a hands-on guide to genuine innovation. Liverpool: Open Innovation. Shehabuddeen, N, (2010) ‘Develop concepts into practical propositions’, In: IDEAS at Daresbury: beyond networking: knowledge, exchange and innovation. Daresbury: Lancaster University, p.17. Wetherbe, J, C, (2000), The world on time: the 11 management principles that made FedEx an overnight sensation. Santa Monica, Calif.: Knowledge Exchange.... ?TABLE OF CONTENTS Executive Summary………………………………………………………………………2 Introduction…………………………………………………………………………….…3 Strengths of FedEx innovation management structure……………………………………4 Sourcing for innovative ideas at FedEx…………………………………………………...7 Lead user...
15 Pages(3750 words)Essay

P&G

...Launch Case summary Procter & Gamble’s (P&G) corporate policies and organizational practices, both at home in the USA and globally, form the backdrop to this case involving critical decisions on introducing Vizir – a heavy duty liquid detergent (HDL) – in Europe. Although the test marketing results of a few months are encouraging, they may not guarantee the product success in view of the competition and local market conditions. The underlying point is that for a marketer, competition is as important as consumer acceptance (Kotler, 2006, pp. 168-189). In pushing through Vizir either in Germany or in the entire European market, P&G had to assess the threats from...
2 Pages(500 words)Essay

G & P Trucking Company, Inc

... G & P Trucking Company, Inc SWOT Analysis i. Strengths G&P’s strengths lie in the fact that they provide a very wide array of services. They offer regional truckload, interregional truckload, regional intermodal, seamless Mexican service, expedited service, dedicated/on-site switching, brokerage/logistics, warehousing, and cross dock. Furthermore, they have an exemplary service history. Over the years G&P has received over 100 service and quality awards. They also hold the Lowe’s Gold Carrier award for consistent on time delivery since 2000. They also hold the on time delivery award for BMW since 1995. Apart from these, G&P holds various service awards for deliveries to Eastman Chemical, Wal-Mart and W W Grainger etc. in addition... to...
4 Pages(1000 words)Assignment

Organisational Effectiveness at Google and P&G

... systems model with human resource values. It swaps employees with P&G because of its openness to learning and attraction to P&G’s advertising share. Employee swapping has its risks of reduced morale and poor alignment of cultures. Nonetheless, this case showed that Google and P&G can learn from one another’s cultural values and practices, so that they can both attain greater organisational effectiveness. Reference List Andersen, D.F., 1981. A system dynamic view of the competing values approach to organizational life cycles. Public Productivity Review, 5 (2), pp.160-187. Byron, E., 2008. A new odd couple: Google, P&G swap workers to spur innovation, The Wall Street Journal, [online] Available at: http://online.wsj.com/article... ?...
4 Pages(1000 words)Essay

Open Innovation in Managing Innovation in the Service Sectors

...that the organizations are under a constant conflict between their willingness to share their knowledge with the external world and their inclination to make their intellectual property rights or proprietary innovation secure from being duplicated. Mitigation of risk arising from open InnovationOpen innovation has gained huge popularity but the companies are concerned about protecting their knowledge. In this context the strategy of Proctor & Gamble (P&G) provides a huge example. The knowledge sharing mechanism of P&G is InnovationNet, which looks at sharing innovation...
10 Pages(2500 words)Essay

Open Innovation Theory

...mechanisms and principles can be recommended into practices of open innovation by allowing interactive and media rich collaborations between academia and industries. According to Chesbrough, “Open innovation is the use of purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation, respectively. Open innovation is a paradigm that assumes that firms can and should use external ideas, as well as internal ideas, and external and internal paths to market, as they look to advance to technology” (Chesbrough, 2012: p....
6 Pages(1500 words)Essay

Importance of translations

4 Pages(1000 words)Essay

P&G

..., that innovation is cost-effective, aligned with consumer demands and addresses a perceived gap in the market. In other words, not only is the strategy for corporate survival continued product development and innovation, but the cost-effective development of innovative products which market research indicates will attract the consumer market. Proctor and Gamble has resolved the seemingly complex equation of cost-effective continued product development and equation through its "connect and develop" strategy. Indeed, P&G's approach to product development and innovation has the potential to serve as a critically valuable lesson to...
7 Pages(1750 words)Essay

Marketing Strategies of P&G

...that the company must concentrate on what it sells well rather than build new products. However the company diversified and brought in novel brands into the market through various mergers and acquisitions. After Lafley entered the scene, P&G made the largest acquisitions ever in the year 2001 as it purchased Clairol for $5 billion. It also agreed to purchase Germany's Wella. Other companies that joined P&G included Intuit Inc, Clorox Co., SpinBrush (brainchild of four entrepreneurs from Cleveland), Coke, Wrigley Co. to name a few. The old idea that all of P&Gs products come from its laboratories was challenged and Lafley brought in more products from...
2 Pages(500 words)Case Study

Transformitive learning theory by Mezirow

10 Pages(2500 words)Book Report/Review
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Open innovation: P&G for FREE!

Contact Us