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75 views

Innovation

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api-529669983
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Innovation

IB Business & Management

Sha Tin College Business Education Department


Innovation
The process of pioneering
new and creative ideas

Product Innovation
Process Innovation

Rapid pace of change is


requiring firms to be
innovative
Innovation Impacts
 Marketing
 New products
 Finance
 Expensive
 Human Resources
 Cross functional teams
 Production
 Methods or equipment
Innovation
Benefits Limitations
Growth Costs
Productivity Failure rate
Competitiveness
Brand Loyalty
How do we measure innovation?
Impossible to measure objectively
Most common is to use expenditure on R&D.
Others, (but based on attitude rather than dollars)
Mission statements, aims and objectives
Company culture and attitudes
Ratio of new/modified vs old products
Research & Development (R&D)
Research is the inquiry into the discovery of new
ideas, through:
Product research
Market research
Evaluation of existing products
Brainstorming
Suggestion
Development is the adapting of
ideas to create commercial viability
Benefits of R&D
 Creates technically advanced
products
 Higher Sales
 Balance product portfolio (new
growth vs decline)
 Improve productivity
 Motivates employees
 Boost corporate image and
reputation
 First mover advantage
Protecting the R&D investment
 Result of innovation can provide
competitive advantage
 The investment in innovation
must be protected
 Intellectual Property is a legal
concept that recognizes
ownership of new ideas or
designs
 Patents
 Copyright
 Registered designs
 Trade marks
 Finite period of time
 IP rights can be bought/sold or
licensed
Intellectual Property Rights (IPR)
Patents
Process or product
Copyrights
Published works
Trademarks
Sign or logo
Research Assignment
Fake/Copy products
Select a product that has been copied
Select a country that copies the product
Research the impact (including costs) of fake/copy
products:
 On the product industry (all the companies)
 On the country

 On the consumer

Identify the actions taken to stop the fake/copy goods


Evaluate if the actions have been successful
Present findings to the class
Factors Affecting Innovation
Drucker’s 7 Sources
The Unexpected
The Incongruities
Process Need
Industry & Market
Structure
Demographics
Changes in Perception
New Knowledge
Exercise
Hoang, page 694
Question 5.6.4
All parts (a,b)
Diffusion

of Innovation
Show the various points of time when consumers will buy
into innovative products, i.e. different adoption rates.

Factors
 Relative Advantages
 Observable Features
 Compatibility
 Complexity
 Testability
Objectives
 Research and development (R&D)
 Explain the importance of R&D for a business.

 Patents, copyrights and trademarks (intellectual property rights)


 Explain the role and importance of intellectual property rights for a business.

 Factors affecting innovation


 Analyse the factors affecting innovation.

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