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Product Innovation - Essay Example

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Marketing Product Innovation Name Institution In the past, numerous organizations whether small or large, have been surviving even with limited innovation and ideation capabilities. In recent world, there are trends that drive the process of innovation. Factors like outsourcing and globalization force organizations to exert efforts to improve it effectiveness ad efficiency (Yang & Tao, 2012: p…
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Download file to see previous pages Ideation capabilities relate to organizational and managerial processes for the implementation, selection, identification and stimulation of innovation ideas. According to the results of this study, organizations adapt to distinct approaches to ideation. On the other hand, Sylvie Laforet writes an article by name “A framework of organizational innovation and outcomes in SMEs” to address innovation and its consequences in small and medium-sized enterprises (Stamm, 2005). Sylvie develops a detailed theoretical structure of the innovation’s end results, how it occurs, as well as, its effects on the financial performance of an industry. She focuses on three distinct innovations in addressing the topic of market product innovation. Sylvie states several drivers to innovation in small and middle businesses (Siddike, Amna & Kohda). For instance, quality, business, environment, a desire to succeed and improve working conditions in SMEs drive innovation. As Jennie et al describes the negative consequences of a resultant formalization, Sylvie focuses on the positive impacts of innovation. The positive consequences of innovation entail: improvement of SMEs’ image, reputation, cost benefits, increased financial performance, recruitment of additional labor and increase in outfitted efficiency among others. Consequently, just like Jennie et al, Sylvie states the negative outcomes of innovation. For instance, operational issues, management and financial risks: inclusive of industry’s reputation and image loss, customer and employees issues, safety, environmental and health impacts, uncontrollable industry growth and costs. Such negative outcomes of innovation are outrageous and require the large-scale, medium and small organizations to take action to manage them immediately. There are several approaches on how to overcome organizational barriers to creativity and innovation. According to Jennie et al, a firm with an explicit focus on developing ideation practices realise that there are negative outcomes of the resultant formalization. Employees develop significant ideas for innovation and creativity. However, the extent to which an organization can involve employees in ideation is a challenging aspect, even though additional technologies make the practice realistic. Nevertheless, the management requires to identify all creative employees within the business to curb the barriers to innovation and ideation. Surprisingly, creativity within the organization might emerge from people or teams that the management least expects. It is essential for the organization to steer employees and inform them the expectations of the ideation process. When the organization identifies the creative employees and innovative ideas, the next step involves removing the confusion and create a business environment where people can utilize maximum creativity. For instance, the management can use scenarios and visualize ideas (Schottler, 2007). It is essential to ensure that every employee and subordinate member in the business is comfortable. More so, the management should discuss the changes in the management while at the same time, work on all permissions. The SMEs or large organizations must avoid performing an act that might jeopardize the process of ...Download file to see next pagesRead More
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