February 11, 2013
Innovation Design and Planning
Innovation is the process of using ideas within a company to create new products, services, technology, or processes. Myths used to acknowledge that innovation was the idea of one individual with no support from others. In reality, innovative ideas that become new products and services require the support and knowledge of a significant amount of individuals. The individuals involved in the innovation process become involved in an array of business functions ranging from manufacturing, marketing, sales, and distribution. Companies will need employees with a diverse set of skills to develop, test, and commercialize the new products and services. Therefore, companies rely on “strong consistent processes and frameworks in order to manage, develop, and test ideas” (Phillips, 2011, p. 5). Before the innovation planning process can begin, management must provide a clear definition of the work to be completed, the individuals responsible for working within the different steps, and provide the defined workflow necessary for the teams to achieve and accomplish the tasks needed for the innovation to properly work. In the following report, the innovation planning and design process will be addressed. Further discussion will include an analysis of the internal and external factors influence on the innovation design process. Furthermore, a description of the steps needed for the innovation planning process will be addressed.
A company’s strategies need constant adjustments to keep up with the changes in the economy. The management must consider the internal and external factors that affect the decision for best strategy. The following are internal factors and external factors that will “affect the choice of the innovation strategy and the shape of the...