(Oke, Burke and Myers, 2007) suggests that one of the major reason for SMEs to come into existence is the development of radical innovation. Though research suggest that entrepreneur’s ability to act as an innovator and analyse the external environment for decision making plays a major role in the innovation process of such SMEs. Research conducted by (printed article) on the question of a link between the growing sales turnover of the SMEs and the innovation, clearly establishes the relation between the two by endorsing the importance of innovation and providing further backing for encouraging the innovation in the upcoming SMEs. It has also been mentioned that the regular governmental initiatives and policy alterations to promote radical innovation in SMEs inclines these SMEs towards further development by encouraging them. Such support promotes the SMEs to enter global markets and cross the geographical boundaries
It has been around and shaped our life for thousands of years. In global world, corporations can copy and succeed .Global competition shows that imitators end up winners and global copying is now not only far commoner than innovation in business, but a surer route to growth and profits. However, today 's companies obtain their competitive advantage and economic interest largely from innovation. Apart from that, we can state product innovation advantages both to the company and to industry respectively. (Nebojša Zakić, 2008) Product innovation may increase companies ' knowledge inventory while its contribution to company outcome which can be determined by sales and profits, new products/ services and also by changes in market share.
But the phases of innovation process being initiation, adoption decision, and implementation are frequently influenced by some organizational factors which comprise of the environment, organization, and the top management positively or negatively; that compel specific firms to sustain whilst others fail. Therefore, the business organizations ensure that these characteristics are always favorable toward this strategic decision. In case innovation is successful, the organizations gain competitive advantage, high profitability, and expansion of
1. Objective and methodology The main aim of this paper is to gain new knowledge in the field of relationship marketing with an emphasis on innovation and to highlight the possibility of proposing innovative approaches to relationship marketing. Proposal for innovative approaches to relationship marketing in marketing management can contribute significantly to the identification of weaknesses when building customer relationships and identify the scope for further improvement. The paper contains a detailed description of the procedure for successfully using of innovative approaches in relationship marketing. This procedure should be used primarily for marketing managers as a valuable tool in their use of innovative approaches to relationship marketing, especially when building relationships with customers.
Effectiveness of Innovation Management Innovation management is a very crucial component and should be used by companies in a strategic manner in order to achieve organizational effectiveness. Companies that are able to successfully manage innovation are able to maintain their market positions and assure long-term profitability. Those companies that cannot manage innovation or adapt to evolution in technology fall far behind competitors. In this case study I will first evaluate a company that has been successful and possesses strong innovation management capabilities and explain what they are doing correctly to sustain organizational effectiveness. Then I will evaluate a company that has failed in handling innovation management, explain why
InterContinental Hotel Group (IHG) is among the largest hotel of the world and comprises of hotel seven hotel brands. Such as Holiday Inn, InterContinental, Hotel Indigo, Candlewood, Crowne Plaza, Staybridge Suites, and Holiday Inn Express. IHG also has to face the problem of credit crunch due to which their performance and growth has been impacted adversely. This hotel enjoys strong presence in the era of economic uncertainty such as credit crunch and fears of recession because of its famous brand Holiday Inn. However, in these years of crisis the share of the group dropped by about 50% because of presence of credit crunch.
The firm should adapt quickly to the pace of change. Innovation initiatives frequently fail & successful innovators had hard time maintaining their performance. The commonly cited cause for this is a failure to execute. The issue with innovation improvement effort is lack of proper Innovation Strategy. Have transparency and learn from the failures.
In addition, documents associated with strategic plans, company processes, quality management manual, and progress and development projects, will also use to analyze the implementation process. The diagnostic data will collect through a face-to-face interview with each of the managers regarding innovation capacity and a self-assessment questionnaire related to innovation excellence [6,7] Discussion: Experimental work will be based on a longitudinal Case Study. The understanding for Management innovation will be measured for implementation as a practice that could facilitate the sustainable development of new products and services and beyond that the evolution to a thoroughly diverse set of operational measures. Antonio Hidalgo and Jose Albor proposed the use of typologies, as an innovative management tool as follows
(2001) Innovation is the development and successful implementation of a new or improved product, service, technology, work process or market condition, directed towards gaining a competitive advantage Gemuenden (2003) Innovation is a process, involving multiple activities, performed by multiple actors from one or several organizations, during which new combinations of means and/or ends, which are new for a creating and/or adopting unit, are developed and/or produced and/or implemented and/or transferred to old and/or new market-partners. Whittaker M. (2014) Innovation in facilities management is the introduction of a new product or process, which delivers tangible and measureable benefits, in terms of operational cost reductions, increased efficiency and optimising building usage and performance. It is not merely process improvements Innovation processes in service firms have been often characterised as being unsystematic, not science-based (Sundbo and Gallouj, 2000) and often resulting into ad-hoc innovations that are not anchored into a strategic plan (Gallouj and Weinstein, 1997). Recent literature, however, has showed that innovation activities in service firms are starting being strategically planned and organized (Sundbo, 1997). Furthermore, the process of innovation, both in manufacturing and service firms, is shifting from being closed, mainly internal to the firm, to being open and involving a range of external players distributed up and down the supply
current generation of globalization, Innovation is one of the essential issues for the hit commercial enterprise. Elements were continuously changing within the enterprise method, human beings are probable to adopt greater revolutionary global as compared to preceding technologies. The competition has come to be of its very own peach where it’s hard to continue to exist while not having modern approach, clients demand has been continuously changing and want to update, world enterprise subculture, etc. Such kinds of issues have raised the motivated elements of innovation. Most of the big organizations do agree that innovation structure can be possible handiest through a defined framework that have related strategies at the same time innovate the business environment, management decision, and decorate the commercial enterprise even as approaching through the described framework.