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Definition of innovation

Innovation is anything new that a firm does, irrespective of whether it is new to the world, copied from competitors, or adapted from existing products and services (jones 1993)

Innovation may apply to:

-Products


-Services


-Processes


-Or even organisations

What is invention?

Invention is the creation of something which is entirely new to the world irrespective of whether it can be put into use it not

New product & new service development

More concerned with innovation and novelty than simply invention

Innovation and invention table

Types of innovation:

Incremental innovation


Radical (or disruptive) innovation

Stages in the development cycle:

Formulate ideas


1.Objective. 2. structure. 3. idea generation


Decide on whether to proceed


4.concept development. 5.concept testing. 6.business analysis. 7. project authorization


Test the design


8.service design. 9.system design. 10.marketing programme design. 11.personnel training.


Evaluate the outcome


12.service testing. 13.testing marketing. 14.launch. 15. post launch review

Product/service features:

Organisational characterises

Size of the company


Organisational culture


Degree of in house capability


Formal R&D department

Environmental factors:

-Maturity of the marketplace.


-Supply chain.


-Industry association sponsorship.


-Whether it is a formal or informal process.

NPD and NSD processes are more likely to be formal if:

NPD and NSD processes are more likely to be informal if:

Factors affecting the success of NPD and NSD:

-Appropriate development process for the product or service.


-Development team.


-leadership.


-collaboration within the team.


-knowledge management.


-involvement of suppliers and distributors.

Six levels of novelty:

-Modifications-new activites for existing brands.


-Restaging-a facelift for existing brands.


-Line exentions-minor product variant based on existing brands.


-New products-New products in current categories.


-new categories-New products in new to the company categories.


-Inventions-New to the world categories