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Slide 1.1

Chapter 1
Innovation management: an introduction

Paul Trott, Innovation Management and New Product Development, 4th Edition, © Pearson Education Limited 2008

Slide 1.2

Theories and models of innovation management
1. 2. 3. 4. 5. 6. 7.

Introduction Product and process innovations Typology of innovations Different schools of thought Models of understanding of innovation management Implications for developing products and services Summary and review

Paul Trott, Innovation Management and New Product Development, 4th Edition, © Pearson Education Limited 2008

Slide 1.3

Introduction
• Innovation management is not exclusively associated with products • New ways of doing business in service sector • Innovation management involves change, particularly technological change • Sometimes this involves product, service and process changes • The level of change is an important dimension

Paul Trott, Innovation Management and New Product Development, 4th Edition, © Pearson Education Limited 2008

Slide 1.4

Product technology advantages
• Pfizer’s Sildenfil – aka Viagra:
The fastest selling human drug

• Gore Associates’ Gore-Tex:
the versatile polymer polytetrafluoroethylene (PTFE)

• Dyson’s vacuum cleaner:
Revolutionised a very stable mature industry

Paul Trott, Innovation Management and New Product Development, 4th Edition, © Pearson Education Limited 2008

Slide 1.5

Process technologies
• Enterprise Resource Planning (ERP) business software; virtually all large firms have installed it. • SAP, Oracle, Baan and PeopleSoft. • SAP has over 20,000 products installed worldwide and Oracle has installed databases in nearly every one of the world’s top 500 companies. • Moreover, it has changed the way they work (Gartner, 2002).

Paul Trott, Innovation Management and New Product Development, 4th Edition, © Pearson Education Limited 2008

Slide 1.6

Introduction

Paul Trott, Innovation Management and New Product Development, 4th Edition, © Pearson Education Limited 2008

Slide 1.7

Introduction

Paul Trott, Innovation Management and New Product Development, 4th Edition, © Pearson Education Limited 2008

Slide 1.8

Introduction
• Technological innovations have also been an important component in the progress of human societes

Paul Trott, Innovation Management and New Product Development, 4th Edition, © Pearson Education Limited 2008

Slide 1.9

Introduction • Not all firms develop innovative new products, but they still seem to survive. Do they thrive?

Paul Trott, Innovation Management and New Product Development, 4th Edition, © Pearson Education Limited 2008

Slide 1.10

The study of innovation
• Innovation has long been argued to be the engine of growth • 19. century economic historians observed that acceleration in economic growth was the result of technological progress. • In 1930s, Joseph Schumpeter was the first to realise that the development and diffusion of new technologies by profit seeking enrepreneurs formes the source of economic progress . Paul Trott, Innovation Management and New Product Development, 4th Edition, © Pearson Education Limited 2008

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The study of innovation
• His student Robert Solow who won the Nobel prize argued that sustained economic growth arises from competition among firms. • Firms try to increase their profits by devoting resources to creating new products and developing new ways of making existing products. • This economic theory underpins most innovation management and new product development theories.

Paul Trott, Innovation Management and New Product Development, 4th Edition, © Pearson Education Limited 2008

Slide 1.12

The study of innovation
• During Second World War, R&D expenditures rapidly increased • Significant technological advances had been produceslike radars, aerospace and new weapons • Economists found that there was no direct correlation between R&D spending and...
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