Question

In: Operations Management

Innovation is a term that is frequently heard in the business world today. Respond to the...

Innovation is a term that is frequently heard in the business world today.

Respond to the following questions in 500 600 words.

Why is innovation so important to an organization?

What is the entrepreneurial mindset, and how does it relate to innovation?

What are the two types of internal innovations? How are they different from each other? Explain, using one example of each typ

Expert Solution

Innovation:

The development of new product is called as innovation, as where the product and services would be unique with creative ideas and high end technology.

Importance of innovation in an organization:

The importance of innovation in an organization is explained below:

Through innovation the company selects on different ideas and adapt towards the best which fits the business and execute on the same for the growth of the organization.
The innovation helps the company to sustain longer in the market on through manufacturing and producing on unique product and services, as where the competitors would not provide the same.
The profit of the organization would increase through Innovation, as where the customer attracted towards high technology and innovation.

Entrepreneur mind set on innovation:

The entrepreneur has a mind-set that the customer would expect on unique and differentiation of the product and services. The entrepreneurs innovate new technologies, culture etc of the organization to increase their market share and profit of the organization.

The entrepreneurs provide good innovative quality with low price strategy as that impact on increase revenue of the business.
Increase high competition in the market for the entrepreneurs through innovating differentiation product and services.

Types of internal innovation:

Internal innovation is a kind of innovation which takes place within the organization.

Two major types of internal innovations are

Product Innovation: Within organizations emphasize is given to always improve their products in order to be ahead of competition in the market.
Process Innovation: In order to ease difficult and complex work in organization process innovation are given much importance.

Differences:

The difference of two types of internal innovation is explained below.

Product Innovation	Process Innovation
To bring in new and attractive features in a product	To reduce complexity by cutting down unnecessary works
Bring in revenue to the organization.	Saved cost of the organization.
Competitor’s advantage is built.	Empowers employees

keosha answered 6 months ago

Q2. (Business Communication) Write a note on the scope of Business Communication in the world today...

Q2. (Business Communication) Write a note on the scope of Business Communication in the world today clearly explaining each point that you make. Clearly provide headings to your points. Simple paragraphing is not acceptable. You need to provide at least 10 points in scope of Business Communication. Any number less than that will result in loss of marks. (15)

Networking is an integral part of the business world today. While the concept of building contacts...

Networking is an integral part of the business world today. While the concept of building contacts as part of an ongoing network has always had some relevance, shifts in the way many people view the pursuit of a career today makes the task of network building more important than ever. By nurturing and growing a strong business and support network, up-and-coming professionals can often have access to information about new innovations in the industry and who is and is not...

Respond to the following in a minimum of 175 words: The most frequently used measures of...

Respond to the following in a minimum of 175 words: The most frequently used measures of central tendency for quantitative data are the mean and the median. The following table shows civil service examination scores from 24 applicants to law enforcement jobs: 83 74 85 79 82 67 78 70 18 93 64 27 93 98 82 78 68 82 83 99 96 62 93 58 Using Excel, find the mean, standard deviation, and 5-number summary of this sample. Construct...

Planning for success in the new VUCA business world Today we live in a constant period...

Planning for success in the new VUCA business world Today we live in a constant period of uncertainty , fuelled by factors such as globalisation ,worldwide economic challenges and climate change, to name but a few. Many organisations and indeed, managers, are struggling to stay afloat and aligned in what is increasingly being referred to as the VUCA nature of today’s global business environment. Coined in the early 2000’s, this military-derived acronym stands for Volatility, Uncertainty, Complexity, And Ambiguity –...

Summary of the existing facts McDonald's: The Coffee Spill Heard 'Round the World

Explain short-term and long-term financial benefits of saving money on items that are purchased frequently.

The term gender and sex are frequently confused as they are used interchangeably in our society....

The term gender and sex are frequently confused as they are used interchangeably in our society. In an effort to avoid using the word sex, we now ask people for their gender on surveys and questionnaires. The choices are Male and Female which is incorrect for gender identity. If you are asking me my gender you should use Masculine and Feminine. It is a common issue in our society. How can society be helped to change their understanding of the...

If you haven't heard of the term "continuous auditing" it is a little more than simply...

If you haven't heard of the term "continuous auditing" it is a little more than simply the continuous monitoring of the or a business process/transaction cycle. Continuous auditing will demand the involvement of Accounting Information Service and IT professionals. Let's explore (research) this topic and discuss what it means for us. We'll need some definitions, best practices, critical players, helpful technology (hardware/software, and, of course, specifics) for our role.

Week 7 Discussion "The Necessity of building and Managing Innovation Networks" Please respond to the following:...

Week 7 Discussion "The Necessity of building and Managing Innovation Networks" Please respond to the following: Describe three methods of building a formal network and then discuss the benefits of each strategy. Next, discuss the formal network strategy you would utilize for your business model and explain the implications of this decision. Provide examples to support your rationale. Discuss how you could utilize formal network structures to develop new products and services for an organization Next, evaluate two success factors...

WEEK 4 "Sources of Innovation" please respond to the following: 1. Discuss the two sources of...

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....