Innovation is the implementation of a new and useful idea from the creation of a successful, practical application.
Innovation Management influencing factors i.e internal and external factors
Internal factors:
- market segments
- business
- customer structure
- cooperation
- legal framework and property rights
Seven related areas of business innovation that we can come across in an organizational system
- marketing innovation
- strategy innovation
- marketing innovation
- organizational innovation
- product innovation
- technology innovation
- process innovation
Objectives of innovation Management in an organization
- growth
- profit maximization
- competition
- customization
- public welfare and environmental protection
- job security
- product portfolio and invention
- image building
Innovation Management task in an organizational system
- determination and implementation of innovation targets and strategies
- identification of future customer requirements and innovation strategies
- development of corrected answers in the form of markable product and services
- the decision on the implementation of innovation
- plan and control innovation processes
- creation of corporate innovation cultures
- motivate employees to participate actively and assemble innovation teams
- identification and solutions of conflicts and resistance
Innovation management: integration of personnel
Planning of the innovation at the top management level and realization on other employees level.
Innovation management :types of innovation
Innovation refers to products, services, processes, organizational structures and business system
- product innovation: improvement of existing products and services
- new and improved manufacturing processes and procedures
- organizational innovation: development, renewal and improvement of organizational structures
- business-related innovation: change process within the company and the business-related environment
Reason for the failure of innovation programmes in an organizational system
- inadequate market analysis
- the product does not meet the expectation
- insufficient marketing effort
- higher cost than budget
- strengths of competitors
- bad timing for product launch
- technical problems in the development and production
Four phases of the innovation process in an organizational system
You can see more of our management training, business, and marketing materials HERE.