MKT 5815 Chapter 9 Analysis Brendan O’Neal

MKT 5815 Chapter 9 Analysis Brendan O’Neal -...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Brendan O’Neal MKT 5815 November 12, 2010 Managing Innovation and New Industrial Product Development Hodges University Dr. Gene Landrum
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Managing Innovation and New Industrial Product Development Product innovation is aligned with a firm’s aspirations and strategy. Every organization sets out to be successful (Hutt and Speh, 2009); success is synonymous with innovation. Innovation is also synonymous with ambition, charisma, fresh, new; innovation is what sets a product apart in a sea of like products. Innovation is the core business competency of the 21 st century (Derry, 2010). Innovation is necessary in the developed world because of markets being flooded with like competition. Developed nations have been able to outsource their labor and cut the costs of communication and transportation; this leaves plenty of room for competition to follow the same path with like and similar products; innovation is differentiation (Derry, 2010). Innovation requires organizational support, planning, influence, collaboration, and experience, amongst other things. Innovation is opportunity; business requires innovation and opportunity in order to grow and develop throughout the marketplace (Derry, 2010). While being innovative the organization must maintain its strategy and avoid funneling additional costs into innovation that it has not budgeted for (Derry, 2010). An organization’s innovative activities and strategy must be driven by strategy and order, even though the word innovation implies different. When performed within an organization’s budget, the organization still thrives off of planning and reaching goals; business cannot improve out of crisis and disorder (Derry, 2010). Business thrives off of a delicate balance of innovation and order. Innovation is mediated by a delicate dyad of change and stability
Background image of page 2
(Farjoun, 2010). To survive in business organizations must find a balance between
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 01/30/2011 for the course MKT 5815 taught by Professor Kest during the Spring '10 term at Hodges University.

Page1 / 6

MKT 5815 Chapter 9 Analysis Brendan O’Neal -...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online