Bsbinn502 Week 3 Individual Assignment

1091 Words5 Pages

Report by Bagavathi Ghanesan, BSBINN502, Task 1

Innovation is an idea must be replicable at an economical cost and must satisfy a specific need. Innovation involves deliberate application of information, imagination and initiative in deriving different values from resources. It includes all processes by new ideas are generated and converted into useful products. In business, innovation often results when ideas are applied by the company to further satisfy the needs and expectations of the customers. There are four important types of innovation which are process, product, marketing and organizational. Process innovation means the implementation of a new or significantly improved production or delivery method. Product innovation creating new products or improved versions of existing products that increase their uses. A marketing innovation is the implementation of a new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing. The last one organizational innovation is the implementation of a new organizational method in the firm's business practices, workplace organization or external relation.

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few companies have a well-honed process for continuous management innovation. Most businesses have a formal methodology for product innovation. Virtually every organization on the planet has in recent years worked systematically to reinvent its business processes for the sake of speed and efficiency. Unusual approach involves teams forming for projects and selecting their own leaders. It appears that successful organizations of the future will not resemble the hierarchical structures of the past. They will be fluid, adaptable networks. People will coalesce into teams to accomplish certain tasks and then reform into new

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