Innovation Management: The Key Strategy Of Success

1018 words - 5 pages

According to Joseph Schumpeter, creative destruction describes the "process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one"(Schumpeter, 1942). This argues that in the economics development process, the new products will eventually take place of the out-of-dated ones, for the single company and even the whole society. To take the music players as an example, Sony Walkman was extremely popular in 1980s, but it was finally forced to exit the market because of the popularity of MP3 in 2000s. However, nowadays, even MP3 could not survive in the music player market, as the ...view middle of the document...

Just as Adam Hartung said, how much a company spends on innovation doesn't matter, because what's important is what the company spends on real breakthroughs rather than sustaining ideas.(Hartung, 2011) Imitation or working on the sustaining area is not enough to make progress and fight in the changing world.
Nokia had been the leader in the mobile phone industry and it put a great amount of budget in to the R&D, working hard on improve the hardware as well as the software of the mobiles phone. With the improvement of the pixel value of the screen and the camera and so on, Nokia did achieve a higher and higher sales rate year by year. However, it failed to foresee the technology trend. When Apple launched the new product touch screen smart phone, it had been too late for Nokia to take on the innovation in this aspect. And it was finally weeded out by consumers and the market.
Hence, taking researches on new breakthrough technology development before the innovative technology breaks the old industry down is of significant importance. Innovation Strategy help firms transform from the old pattern to the new competitive power.
Strategic Planning Process
Strategic planning, obviously, is the process that organization makes decisions on resource allocation to conduct strategies. Under the background of creative destruction, the only innovation strategy could not make enterprises survive without a comprehensive strategic planning. And the changing competitive environment requires a up-to-dated strategic planning, which is real-time strategic planning process which we are going to talk about.
Robert E. Johnston Jr.andJ. Douglas Bateargue that the strategy innovation process finds new ways to provide new value in the marketplace, and strategic planning determines if those opportunities provide new value for the company. (Johnston&Bate, 2013) The integration of these two guarantees the value creation of the company. Creative destruction brings about lots of uncertain factors into the business environment and this is unavoidable as the economics development is dynamic. In order to foresee...

Other Essays Like Innovation Management: the Key Strategy of Success

Marketing Design and Innovation of the Camera

5692 words - 23 pages through all sources of media, electric signs advertisement, posters), therefore profits of the industry also rose significantly and even achieved a peak at this stage. However, the success was noticed by many other producers who were not the “discoverers”, thus forced other Digital Camera Manufacturer’s to replace their production of ordinary cameras into digital ones (N.A, 2012) Innovation William Coyne, Senior VP for R&D at 3M. He defines

Pure squeezed oil refining equipment is our factory's the key to success

539 words - 3 pages Dream is our starting line of action, knowledge is the accelerator of our progress, insist on is that we keep the pace of refined oil equipment is the key to our success, refined oil equipment series points below good variety of products: small machine of refined oil, rapeseed oil refining equipment, peanut refined oil, soybean oil refining equipment, etc. The main products, real did not only protect the environment, but also for our income

Do You Agree That Education Is No Longer the Key to Success?

989 words - 4 pages easily. Thus, the value of information has dropped significantly. There is no longer a need for people who have the ability to store information due to the omnipresence of computers and the Internet. In addition, the focus is now more on creating a knowledge-based Economy where creativity and innovation are the keys to success. In view of this, many of the current education provided by schools will not be sufficient. For example, the education


2963 words - 12 pages I had been brought up on the popular belief that the secret of success is hard work, but I had seen so many people work hard without succeeding and so many people succeed without working hard that I had become convinced that hard work was not the real secret, even though in most cases it might be one of the requirements. And so I set out on a voyage of discovery which carried me through biographies and autobiographies and all sorts of

The Key Role of a Successful Business

701 words - 3 pages Business productivity can rely on a variety of factors but management of a business plays a key role in how successful any business will or will not be. The four basic functions of all businesses are similar no matter what the business is. Planning, organization, leading, and controlling all serve an important part in achieving management’s vision. Each component is important and one cannot function well without the others (Rothbauer-Wanish

Key Aspects of the Islam/Muslim Religion

716 words - 3 pages affects its followers as an incentive to make good decisions and be faithful while on earth to avoid eternal punishment as a divine judgment by Allah’s mercy and justice. The success of the prophet’s actions allowed the number of Muslims followers to grow, therefore making him the founder of Islam. Three key events in the life of Muhammad include his first revelation, his travel to Yathrub and the conquest of Mecca. Muhammad’s first revelation

Identifying the Key Concepts of Hiv

4273 words - 18 pages before we found the right one. The topic was HIV and AIDS, it was my duty to define and explain them, as accurately as possible. To began with, it is crucial for this investigation to identify and define key concepts. HIV (human immunodeficiency virus) is the virus that causes AIDS (acquired immunodeficiency syndrome). By killing or damaging cells of your body's immune system, HIV progressively destroys your body's ability to fight infections

The Role of Leaders in Innovation Within the Global Society

1337 words - 6 pages The Role of Leaders in Innovation within the Global Society Cindy Cloutier Introduction The incorporation of coast-to-coast economies in a global economic system has become a crucial characteristic of modern governments, social capacity, financial, and traditional existence. As the global economy boards on a delicate recuperation, businesses in all segments are under immense pressure to innovate.  Abrupt development in China and the

Originality and Innovation in the Poetry of Edgar Allen Poe

1542 words - 7 pages have taken innovation and experimentation to get there, but now it is unmoveable. In artistic or creative pursuits, this can never be true. Some poets have made a name by breaking any existing laws or rules they may have come up against, but in general, there are no laws waiting. Here is an examination of experimentation, but in the context of innovation in the works of a poet, namely Edgar Allen Poe: 'the range of imagination is unlimited.'1 He

PCL-R: The Test Of Success

846 words - 4 pages . This only then raises the question, why aren’t their traits becoming more prominent? This question was answered in their research with the proposition that the more rare a certain allele is, the more its fitness effects increase. With an understanding of why psychopaths are still alive and well, one would now want to appreciate how these traits lead to a more measurable monetary success. Clive Boddy’s study, “The Dark Side of Management

The Sustainability Strategy of Microsoft Corporation

2528 words - 11 pages Module Code: PM018 Class/Group: Group 50 Module Title: The Theory and Practice of Strategy Management Assessment Title: Report Assignment Title: The Sustainability Strategy of Microsoft Corporation Tutor Name: John Burns Student ID Number: 201011411 Date of Submission: Friday, 9th May, 2014 Word count of your essay: 2393 Executive Summary This report is going to present the situation of Microsoft Corporation’s

Related Papers

Key Concepts Of Creativity And Innovation Worksheet

717 words - 3 pages document that records the information that can be inputted into the proper documents. This made our process more efficient and upper management happy with our efficiency. Organizational learning Elizabeth Fairchild tasked Sabina McKay to find ways to create innovation at Best Snacks. She was asked to answer the following questions: • What are the characteristics of innovative and creative companies? • How do we stack up? In other words

Importance Of Innovation As A Winning Strategy

827 words - 4 pages this innovation in its operational strategy, the organization was able to increase its profitability by 80%. Thus, innovation in the operational strategy can be helps in stretching the performance goals of the organization. It helps to effectively engage with their people so as to generate valuable business which involves the quick conversion of the high potential idea into a new business value. The major goal of the management is to focus on

The Affect Of Project Management On Strategy And Governance

3508 words - 15 pages Projects are critical to the success of any organization as they involve the activities that result in new or changed products, services, environments, processes and organizations. Organizations have increasingly embraced project management as a key strategy for staying ahead in today’s highly competitive business environment. Successful implementation of project management creates an organization that can readily meet the demands of each

The Secret Of Success Essay

502 words - 3 pages The Secret of SuccessWe are born to work. We must achieve something great in a limited time. This is our duty - a duty that every man or woman should bear. But what should we do in order to achieve success. If you want to be successful in your work, you must take this rule: one thing at a time. Indeed, this is a rule for anybody to follow. Some people are too ambitious. They want to do this and they want to do that. They want to do many things