07 May Responses Needed
One of the objectives of this class is the application of innovation that will enable new businesses to penetrate the competitive market. A management team needs to support new ideas ranging from the corporate level to ideas from the front-line workers.
Innovation creates an opportunity for companies to develop new products or processes in the marketplace that could yield a competitive advantage. Developing new products that are “faster, cheaper, higher quality – has long been seen as a source of competitive edge” (Tidd, Bessant, & Pavitt, 2005). Innovating requires a change in the way an organization performs or exploits new ideas. According to Withners (1997), as cited in Tidd et. al (2005, p. 10), there are four broad categories known as the ‘4Ps’ of innovation:
‘Product innovation’ – change in the things (products/services) which an organization offers;
‘Process innovation’ – changes in the ways in which they are created and delivered;
‘Position innovation’ – changes in the context in which the products/services are introduced;
‘Paradigm innovation’ – changes in the underlying mental models which frame what organization does.
Class: Select one of the ‘4Ps’ of innovation listed above and provide a real-life example of how managers have implement new ideas in your new business or organization.
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