Question

WEEK 4    "Sources of Innovation" please respond to the following:

1. Discuss the two sources of Innovation classified as knowledge push and need pull. Provide an example of each classification and discuss two driving factors that encouraged the development of these innovations.
2. Select a type of innovation, discussed in the text, and present a strong argument why this source of Innovation would be most effective in developing a competitive advantage for a specific company or industry of your choice. Be sure to explain in your response why you selected this innovation

Week 4 Discussion

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"Sources of Innovation" Please respond to the following:

Discuss the two (2) sources of innovation classified as knowledge push and need pull. Provide an example of each classification and discuss two (2) driving factors that encouraged the development of these innovations.

Select a type of innovation, discussed in the text, and present a strong argument why this source of innovation would be most effective in developing a competitive advantage for a specific company or industry of your choice. Be sure to explain in your response why you selected this innovation.

Answer 1

Innovation is something that bring a new idea into action or some identity of a product or service. These innovations come from two sources namely knowledge push and need pull. To explain them further, Knowledge push comes fromthe research done in any field or subject. The researchers analyze the market or enovironment and understand the innovation required at the place, or if the innovation that has been developed by the company will work their or not. A product that is already in the market is taken up for further research and innovations are done in its features as the research widens. An example of the same is a camera. Its structure, features, durability, functions and technology is very different from what it was when invented. This development in the product is due to the innovation through knowgde push.

Need pull is the concept where innovation is done as per the need in the customers for the development in a product or service. It builds up by the neccesity of a product or service. The need of the customer is analysed and innovation takes place according to it. Just getting the idea does not bring an innovation but instead getting that idea into a form and developing it into something is what is innovation. This innovation if made based on the need of the customer it is called need pull. For example, Lakhme was a cosmetics company that manufactured beauty products but now seeing the need of society they are innovating products like anti aging products. These products like anti aging creams fall under cosmetical products which are in the market due to the need seen in the customers of the product.

The source of innovation that I feel will be most effective in building a competitive advantage is need pull that is neccesity or need of the customers. Building a competitive advantage is a strategy used to beat the companies and products in the market similar to ours or giving us tough competition and standing at par from them in the market. For this it is important to understand what the customer standing in the market actually needs and will be ready to buy from us. Without this study no matter how advanced the innovation is but it will be of no use to the market and to the business. Hence to develop a competitive advantage innovations is a good approach but keeping the need of the customer in mind for that innovation can only make us meet our objective.