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Innovation

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Topics covered

  • Competitive Advantage,
  • Employee Motivation,
  • Innovation Research,
  • Trademarks,
  • Sales Growth,
  • R&D,
  • Innovation Costs,
  • Innovation Practices,
  • Innovation Trends,
  • Creative Ideas
86 views14 pages

Innovation

Uploaded by

api-529669983
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

Topics covered

  • Competitive Advantage,
  • Employee Motivation,
  • Innovation Research,
  • Trademarks,
  • Sales Growth,
  • R&D,
  • Innovation Costs,
  • Innovation Practices,
  • Innovation Trends,
  • Creative Ideas

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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