General Concepts of Innovation Mgmt

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GENERAL CONCEPTS OF INNOVATION MGMT

1)CHARECTERISTICS OF INNOVATIVE COMPANIES:
Systematic collection of all impulses that could lead to innovation •Creativity of employees
Ability to evaluate the possibility of the innovation idea •Good team work
Cooperation with external experts (universities, research laboratories…) •Proper rate of risk-taking
Employees’ motivation (the employees are willing to improve the product and the operation of the whole company) •Continued education of employees
Ability to finance the innovation activities
Project-based approach and ability to manage projects
Definition:
Innovation means something new or different
Innovation management is the discipline of managing process in innovation •It includes the set of tools that allow manages to co-operate with common understanding

Innovation … is generally understood as the introduction of a new thing or method ... Innovation is the embodiment, combination or synthesis of knowledge in original, relevant, valued new products, processes or services.’

AREA OF INNOVATION:

Product innovation
A good or service that is new or significantly improved. This includes significant improvements in technical specifications, components and materials, software in the product, user friendliness or other functional characteristics. •Process innovation

A new or significantly improved production or delivery method. This includes significant changes in techniques, equipment and/or software. •Marketing innovation
A new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing. •Organizational innovation
A new organizational method in business practices, workplace organization or external relations Business model innovation – changing the way business is done, for example, EasyJet, Dell computers and global outsourcing Supply chain innovation – improving the way that...
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