While innovation has become a pervasive term, many of today’s organizations still find innovation elusive. One reason may be that much of what is being said about innovation contributes to misunderstanding. To truly manifest innovation and reap its benefits, one must recognize that innovation is three different things: innovation is an outcome, innovation is a process, and innovation is a mindset. Innovation as an outcome emphasizes what output is sought, including product innovation, process innovation, marketing innovation, business model innovation, supply chain innovation, and organizational innovation. Innovation as a process attends to the way in which innovation should be organized so that outcomes can come to fruition; this includes an overall innovation process and a new product development process. Innovation as a mindset addresses the internalization of innovation by individual members of the organization where innovation is instilled and ingrained along with the creation of a supportive organizational culture that allows innovation to flourish. Such an understanding defines necessary elements, considerations, and vernacular surrounding the term so that better decisions can be made, thereby enabling innovation and having a greater propensity to succeed.
Understanding the Strategic Challenge of Marketing Today Marketing is a strategic challenge due to the rapid changes in consumer preferences and the rise of digital marketing. As the world becomes more globalized, marketing strategies need to be able to adapt. Digital marketing has also changed how consumers interact with brands. Marketing today needs to be […]
At this time and age there is no case for you not to have heard of e-commerce. Let’s begin with a short and understandable definition of e-commerce. This form of commerce contains the use of the internet, the World Wide Web and browsing applications and programs of mobile and fixed devices for commercial transactions. More […]