This business innovation management tool provides a valuable checklist of specific ideas to make sure your company is organized for innovation. It lists specific strategies for creating an environment in which innovation flourishes. Among other things, it details the pros and cons of technological push versus market pull. It also describes the role of corporate headquarters in fostering innovation. (4 pages)
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Innovation – some definitions:
There is a difference between “product” and “process” innovation.
Product innovation categories:
– market creating innovations
– performance extending innovations
– technological reorganization
– product reformulation
– product surface changes (i.e., design, packaging, branding)
Process innovation includes just two types:
– functional re-engineering
– strategic re-engineering
Successful innovation is most often based on market demand (the 7-10 rule): The “7-10 rule” states that historically seven out of ten successful innovations were driven by a recognizable customer need – rather than a new concept, technique or technology seeking a need.
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