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  • Essay / The Product Innovation Process

    Innovation is the management of all activities involved in the process of idea generation, technology development, manufacturing and marketing of a product or process manufacturing or new (or improved) equipment. There are different types of innovations. First, radical innovation or incremental innovation, research distinguishing between radical and incremental innovations (Abrunhosa and E Sa, 2008; Lin and Chen, 2007; Prajogo and Sohal, 2003, Forsman and Temel, 2011). Radical innovation represents an entirely new and different offering through which companies aim to create new markets (Garcia and Calantone, 2002). Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”?Get the original essay Radical innovation has been considered a risky action because it requires time, financial resources, and costly knowledge (Cainelli and al., 2006 in Forsman and Temel, 2011). While incremental innovation includes adding elements of the service, product or process. In other words, incremental innovations represent a minor improvement to existing products, services and processes through which the organization often seeks to improve processes, make operations more efficient, improve quality and reduce costs (Sewar and Dutton, 1986 in Forsman and Temel, 2011). ). These additions improve the organization's efficiency in achieving its goal, while maximizing customer satisfaction through these improvements. Second, technology versus marketing innovations. Technological innovation concerns new products, processes or services, while marketing innovation involves a change in the social structure of the organization (Rosenbusch, 2011; Damanpour et al, 2009; Auken et al, 2008; Bon and Mustafa , 2013). Technological innovation refers to any type of innovation structure from a technical point of view and which is located at the heart of operations; such innovations influence the product flow or the operation of the process (Damanpour, 2009). While marketing innovation refers to the implementation of new ideas to improve organizational processes, routines, structures or systems (Elenkov et al, 2005 in Bon and Mustafa, 2013), marketing innovation is associated with internal processes supporting the provision of a service or products. For example, implementing a new marketing method involving significant changes to product design or packaging, product placement, promotion, or product pricing. Additionally, marketing strategy is usually linked to pricing strategy in order to enter a new market or attract new customers. Third, product and process innovation. Product and process innovations are closely linked to the concept of technological development. Product innovation reflects a change in the final product or services, and process innovation represents a change in the way a company produces products and services (Dibrell et al, 2008 in Forsman and Temel, 2011) . Product innovation aims to introduce a new or improved product or service to customers and customers see the impact of such innovation in the products or services they receive, while process innovations change or improve the how organizations operate. Keep in mind: This is just a sample.Get a custom paper from our expert writers now.Get a custom essayGobeli and Brown (1993) say that the product innovation process contains four.