Thr Innovation Workbook - The Innovation Workbook Chapter 1 Innovation o Creating and implementing ideas that create new customer value and\/or ideas

Thr Innovation Workbook - The Innovation Workbook Chapter 1...

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The Innovation Workbook Chapter 1 Innovation o Creating and implementing ideas that create new customer value and/or ideas that improve and sustain the growth of organizations” General o Dozen specific types or categories of innovations o Sustained innovations remains one of the great challenges facing almost every company o Answer Book: train people such as me in the concepts, methods, and applications of innovation Multi prong or “innovation portfolio approach” o to build grow and sustain an enterprise o Top line initiative Revenue enhancer E.g. new product o bottom line initiatives profit or margin enhancer e.g. value engineering pulling costs out of products or processes o Channel innovation o Branding innovation o Customer experience innovation o Platform innovation o Business model innovation Balance between discovery of new technologies and the application of proven technologies to solve people’s problems o Especially in technology intensive business o Difference between invention and innovation Invention: discovery of new science and technology Most often takes years Innovation: application of science and technology to solve problems for consumers, companies, governments or society at large Foundation of a successful company or venture Product Innovation o Idea of finding adjacent market applications and repositioning current products to do new things o From a customers perspective, products are not purchased because of features Purchased because they deliver a bundle of benefits or value to the customer Many new products tend to fail because they do not deliver distinctive value or significant “points of difference” New products that tend to succeed deliver unique benefits to the user and do so better than competitive products o 3 product innovation ways Incremental Occurs in a product category that already exists and where the customer is not required to learn new behaviors to use the product
Bulk of product innovations tend to be incremental Product line extension play Dynamic

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