Running head: INNOVATION PLANNING AND DESIGN
Innovation Planning and Design Paper MGT/411
INNOVATION PLANNING AND DESIGN
Innovation Planning and Design The ever-changing marketplace in the business world imposes great challenges for the company to maintain stability, productivity and profitability in the industry. In order to keep track on the competitive environment, every company should develop innovation to acquire competitive advantage. However, acquiring just a competitive advantage will only be for the meantime due to the fast development of technology, total modernization of the market and rapid changes of customer preferences. Innovators shall foresee these factors to combat with its competitors for it to be successful, making innovation an essential factor for company growth. Innovations do vary in many aspects. It may take the risk of combining different types of innovation. Determining businesses whether they are may result to hiding their significant distinctions. The most important categorizations one may consider among the many developed are a classification according to innovation type, the innovation degree and course of sustainability (Zaki, Jovanovi, & Stamatovi, 2008). Companies may decide which part of the business design needs innovating such as products or processes or a combination of both. Single approach can be simple, less time consuming process compared to combined approach which is more involved, complicated and may be time consuming and requires substantial effort for it to be effective. Whatever process that is chosen, it will always create specialization which is advantageous to have specialized kind of innovation. Modern companies carefully apply options advised by experts that are suitable for its position and business model. Innovations shall be thoroughly investigated and studied in order to achieve and meet the companys objective. Creating and developing their potentiality,
INNOVATION PLANNING AND DESIGN
designating the resources, and creating partnerships in accordance with this choice are vital to success (Zaki, Jovanovi, & Stamatovi, 2008). In varying options comes difference between processes and products innovation. To be able to establish successful innovative strategies and strategic planning, understanding the differences and influence of different factor and its effect in business leadership structure is important. It is of utmost importance to explore all possible options to acquire different inputs. This process will ensure the verification of certain conclusion to help leadership identify the appropriate method to innovation (Almirall &Casadesus-Masanell, 2010). Innovation Systems Design Recent market concept on the business world has produced an untamed environment. The companys advantages do not last too long due to tight competitions that never cease to advance and overcome the market. With these tight competitions, most businesses have created a sheer price war just to maintain and gain customers (Herrmann & Gunter, 2004). It is therefore vital in the process for the companies to be aware of the efficient methods to design and use innovative efforts considering these current market situations. Remember that each product you serve in the market, it goes with it your name. How customers perceive the product or services is significant. Most customers often choose the products or services that are appealing to their eyes. It also includes factors like product package, how the product is designed, and even POS system design. What messages or ideas the product conveys to the customers are also factors. Image of the brand and market share are determined by these factors. Discerning your innovative products and market perception to them is one important ground in determining business' success (Herrmann & Gunter, 2004).
INNOVATION PLANNING AND DESIGN
With the tight competition in the business industry, each company attempts to beat its competitors. Businesses are set for innovation, however, they often lack focus on innovating their marketing design techniques. This lack of focus is the reason for short time competitive advantage. Recent research reveals that a number of small to medium sized companies in the electronics industry have received government grants in order to promote growth in innovative techniques and processes. Some of these were successful. However this implies that most innovative processes manage to be only temporary solution as most small businesses are unable to continue long term innovative processes (Herrmann & Gunter, 2004). Innovative processes have to be executed and followed accordingly. Those innovation grants were able to magnify the business with growth to those companies involved. However, it did not result with an increase in profits and productivity. Foreseeing these circumstances, innovation systems show that the entire company should be involved in the process and utilizing your assets to fully maximize your potential in making innovative products and management styles (Herrmann & Gunter, 2004). Steps to Innovative Process There certain steps needed during the innovative process when creating and implementing an innovation to any business. 1. Determine the Challenge: The start of innovation process is determining the challenge, problem, or goal that needs to be solved. 2. Teamwork: This step utilizes your intellectual assets wherein all parties participate in a brainstorming event to discuss and debate how to fix the innovation challenge. 3. Combination: All of these ideas discussed in the brainstorming event are summarized. 4. Assessment: The summary of all the ideas are evaluated and the best solution will be chosen by the business leaders with the relevant business experience. 5. Research and Development: The chosen solutions undergoes research
INNOVATION PLANNING AND DESIGN
and development to determine whether the processes are attainable and will yield a result favorable to the company like increase in profits, business expansion and market share. 6. Implementation: Executing the ideas into the team and bring them to reality. 7. Review: Consider the data generated from the feedback, leadership, and business results regarding how the process was working. 8. Recycle: New challenges are imposed by the review. Consider these challenges and start again with the process (now Europe, 2009). For the business to maintain on top, the company shall be in a continuous process of innovating to maintain creative, business and leadership innovation. This is so recommended considering how the global economic marketplace dances to the tune of tight competition. The innovation must be part of the businesss system to prevent unstable progress and share losses. To counter the ever-changing marketplace and customer demand, innovation must remain constant (Barsh, Capozzi, & Davidson, 2008). Conclusion The concept of innovation has been in the business system for centuries. However, today, it has become a prerequisite to business growth and prosperity. While in the past, a company dared to innovate just to make an edge to the industry, nowadays, it became an essential factor in business design for the company to survive and profit. The company shall implement, maintain innovation, and make an environment that encourages innovation. The company's workforce is a valuable asset to allowing their process to happen and the use of these assets is beneficial to the process in various ways. This approach is so significant that even those business that have been in the around for decades and reshaping their fundamental principles and business values to create an innovative environment. If a company desires to survive today's
INNOVATION PLANNING AND DESIGN
market competition, it has to produce an innovation culture and use its assets to be competitive and maintain profitability.
INNOVATION PLANNING AND DESIGN
References Almirall, A., & Casadesus-Masanell, R. (2010). Open Versus Closed Innovation: A Model of Discovery and Divergence. Academy of Management Review, 35(1), 27-47. Barsh, J., Capozzi, M., & Davidson, J. (2008). Leadership and Innovation. McKinsey Quarterly, 1(1), 36-47. Herrmann, C., & Gunter, M. (2004). Strategic Design Planning: The future of brand management. Retrieved from http://www.brandchannel.com/brand_speak.asp?bs_id=84 Innovation Management Practices, Strategic Adaptation, and Business Results: Evidence from the Electronics Industry. Journal of Technology Management & Innovation, 6(2),14-39. Zaki, N., Jovanovi, A., & Stamatovi, M. (2008). External and Internal Factors the product and Business Process Innovation. Economics and Organization, 5(1), 17-29. nowEurope. (2009, June 30). The eight steps of Innovation Process Management. Retrieved from http://noweurope.com/2009/06/30/innovation-process/
