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role of innovation
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Recommended: role of innovation
Innovation, the ability to change and take risk; is a key attribute to success. No company has become successful by keeping their old ways, or staying to the “tried and true” (Foster, 1986). No successful business can stay successful regardless of how much money or technology they have, if they do not know how to keep evolving with time. Success isn’t built off one tool; it is built off a variety of tools. This book taught me that one must constantly adapt to the world around you, because it won’t slow down. We live in an ever-changing world. One must be willing and able to change. This book teaches how to be “unsafe” in the world of business, never stick with one way, never rely on one source of success; be ready to change it and find something better.
Business is not all about strictness and order. Sometimes one has to be creative and switch things up. For instance, after 87 years of going toe-to- toe, Coke finally altered its formula to match Pepsi, and that action alone is why Coke is one of the biggest soft drink companies in the world (Foster, 1986). One may be then, know what the customer wants, but the truth is not all customers know what they want. Never base an entire operation on what the customer wants. For example, when there were silent movies people wanted silent movies until “talkies” came (Foster, 1986). In addition the book talks about discontinuities. A discontinuity is a piece of technology that has reached its limits and then becomes obsolete. In our day of age, discontinuities are happening with increasing speed. Companies must be able to adapt.
Content
Richard Foster is the author of Innovation: The Attacker’s Advantage, which he published in 1986. He is the director of McKinsey & Company, a management...
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...ss world. Even the difficult S-curves, in the last couple of chapters, are explained well.
Weakness
This book in my opinon has one weakness. Being a technologist, Foster provides overly detailed advice for constructing S-Curves, including an extensive appendix. Also the descriptions of the organizational contexts at du Pont, Celanese, RCA, Procter & Gamble, Monsanto, were too extensive. The cases could have readily provided a much richer description of the important psychological and organizational forces that were at work in the companies.
Recommendations
I thoroughly enjoyed reading Innovation: The Attackers Advantage. I would recommend reading this book because it will help you become successful and stay successful. In addition, I think this book might be beneficial to CEOs, entrepreneurs or managers who want to remain relevant in an ever-changing world.
Innovation has rapidly assumed a position of prominence in world competition on a global scale. To compete in this environment, organizations need a level of innovation. As competition becomes more global and time-based, organizations must develop and deliver new and superior products or services in less time. The challenge for modern organizations is to revitalize them so they can successfully and continuously develop newer products and enhance business development.
Innovation has become a must in many businesses considering the current economic climate and the variety of needs of customers. With stagnating economic climate and the amount of competition in each market businesses have been in hard ground. The growing competition for businesses has made it much harder to for businesses to have a good margin for their profits.
Innovation, what is innovation? Innovation is the creation and implementation of new ideas, methods, or strategies that facilitate a process, add value, or improve quality (Tidd & Bessant, 2013). In fact, innovation is the reason for all the new amenities of today’s 21st century. Moreover, innovation has brought forth new perspectives and ideas that have inspired numerous of businesses to expand and improve their daily operations, increase productivity, resolve dilemmas, and attain a level of success. However, such success cannot be attained without properly examining, planning, embracing, and managing innovation. In other words, organizations must carefully map the process of innovation in order to succeed.
...world has become extremely fast and full of change. If the leader can’t adapt to changing conditions, it is very possible for his firm to be kicked out of the game. How can the firm change, though? The most effective way is to go through new ideas. Here, it reminders me Welch’s famous saying: "Change before you have to."
Thank you for agreeing to participate in an interview. This interview is part of an assignment for an Intrapreneurship and Innovation Course at Grand Canyon University. The assignment asks students to garner first-hand perspective on the challenges of innovation and reflect on what they have learned in the course. Information collected during the interview will be used solely to complete the assignment and may be shared with class members and the instructor. If you have additional questions or concerns, or you would like to withdraw your consent to participate in the interview process, you can contact Frank Spitznogle at frank.spitznogle@gcu.edu. Again, thank you for taking the time to participate in an interview and contribute to the educational experience of business students at Grand Canyon
Defining ”innovation”could be rather a difficult task as it is a “multi-faceted phenomenon”, and a widely u...
Hamel G. and Breen B. (2007). The Future of Management: Aiming for an Evolutionary Advantage (Management Innovation in Action). Harvard Business School Press.
The author describes the innovator's dilemma as the conflict arises between old and new innovations. Essentially, people develop innovations, nurture them and bring them to market. Then, they defend these innovations. The innovator's dilemma is to determine at what point a new innovation is truly innovative and game-changing and at what point the old innovation is the better option.
Utterback, A. M. (1996). Mastering the dynamics of innovation. United States of American: Harvard Business Press
The book has used peer-reviewed resources to enhance the use of professional approaches to innovation and management strategies by the readers who uses the book. The authors have given different management strategies and their practical application in business fields. As the title states, a strategy in business require innovative strategies for efficient development of the firm. More importantly, the book offers modern innovative ideas that need to be integrated with management strategies to develop modern businesses. The innovative approach provides a practical guide to the management strategies easing the execution of the strategies in the respectful environment. The book has given the strong relationships between innovation and strategies. These relationships are known to increase profitability in business organizations that use them efficiently. It offers how business managers can create successful value through innovation. Value creation in companies is done through examining untapped markets, clients ' needs and investing in new businesses. Therefore, this remarkable book helps readers in innovating and managing business
Johnson, Steven. Where Good Ideas Come From: The Seven Patterns of Innovation. London: Penguin, 2011. Print. 13 Oct. 2015
Kelley,T. (2005, Oct.). The 10 faces of innovation. Fast Company, 74-77. Retrieved 6th March’ 2014 from http://web.ebscohost.com/ehost/detail?vid=9&sid=1d6a17b7-c5f7-4f00-bea4 db1d84cbef55%40sessionmgr10&hid=28&bdata=JnNpdGU9ZWhvc3QtbGl2ZSZzY29wZT1zaXRl#db=bth&AN=18386009
Innovation can be a competitive edge that helps small businesses to stand out in the market, but it doesn’t work on its own. Being innovative is about doing something in a different way to make it better and more productive.
Davila, T., Epstein, M., & Shelton, R. (2013). Making innovation work: How to manage it, measure it, and profit from it. Upper Saddle River, NJ: Pearson Education, Inc.
In business today it is notable that change is no longer a variable but an ever-changing constant. As it relates to “managing change” for companies business models, then the majority of them are substantiating this theory of change. If change is managed properly, then it can be a rewarding experience for company’s employees, managers, shareholders and customers. “In order to do this effectively, there is an element of foresight required, which is a complex and conflicting process of analyzing, experiencing, interpreting, and absorbing uncertainties” (Brown and Eisenhardt, 1997).