Strategy Innovation

A strategic innovation is a game-changing innovation in products/services, business models, business processes, and/or positioning competitors to improve performance.

Product Innovation Product innovation is oriented improved through functionality and enhancing features, usability for existing markets. Success is achieved through time to market and patent protection. Improvements such as wireless connectivity in laptops, cameras in cell phones, and hybrid engines in cars are examples of product innovation. Product innovation oriented towards holly creating new products or services. Product life cycles, in particular, have become shorter and shorter, causing business survival to depend on new product development and, increasingly, on the speed of innovation in order to develop and bring new products to market faster than the competition. Organizations must direct greater attention to new product development, while maintaining and improving their existing products.

Process Innovations Process innovation is oriented towards of the quality and continuous improvement movements and, then again, with the more recent attention directed at change management, organizational learning and knowledge management. The goal of this type of innovation is to reduce waste and cost from processes that support and enable the offer, rather than offer itself. Inventory management and quality programs can be used here. Corporations today, at least in the developed world, are reaching the limits of incremental process improvement. Some have argued that what is needed today is radical process innovation. Because processes lag far behind what is possible given technological advancement, it is not possible to achieve the necessary transformation through instrumentalism.

Marketing Innovation It is defined as a part of business exchange which covers how the industry is evolving in the face of new technology and ways of communicating. This covers the new innovation on in marketing from new tools to how people rethink how to get their messages out. Marketing innovation on helps retain old customers and also to attract new customers. The development of new marketing methods with improvement in product design or packaging, product

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promotion or pricing. Marketing innovation uses new or highly effective marketing campaigns such as viral strategies, social media, or crowd sourcing to outpace competitors.

Business Innovation Business innovation helps you to improve and enhance you innovation capabilities and to create value in a sustainable way. Changing the way business is done in terms of capturing value e.g. Compaq vs. Dell, hub and spoke airlines vs. Southwest, and Hertz/Avis vs. Enterprise. It is to incrementally improve ones business strategy. What is needed to ensure the success of the organization is to continue revolutionize the basic organizational strategy.

Technology Innovation Technology innovation is the process through which new (or improved) technologies are developing and brought into widespread use. Technology innovation is thinking of some kind of problem and coming up with a solution to it. For example, its hot outside, so Im going to make fan into an air corn. In simplest formulation, innovation can be thought of as being composed of research, development, demonstration, and deployment, although it is abundantly clear that innovation is not a linear process- there are various interconnections and feedback loops between these stages, and often even the stages themselves cannot be trivially disaggregated.

Organizational Innovation Creation or alteration of business structures, practices, and models, and may therefore include process, marketing and business model innovation. Organizational innovation refers to new ways work can be organized, and accomplished within an organization to encourage and promote competitive advantage. It encompasses how organizations and individuals specifically, manage work processes in such areas as customer relationships, employee performance and retention, and knowledge management. At the core of organizational innovation is the need to improve or change a product, process or service. All innovation revolves around change - but not all change is innovative. Organizational innovation encourages individuals to think creatively and independently in applying personal knowledge to organizational challenges. Therefore, organizational innovation requires a culture of innovation that supports new ideas, processes and generally new ways of doing business.

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