Innovation and Change Essay Example | Topics and Well Written Essays - 3250 words

Innovation and Change - Essay Example Innovation and commercialisation differ considerably from each other. Different types, sizes and markets of innovation have been clearly depicted in the paper. Several factors such as culture, organisational structure, its core competence and environmental scanning that play a vital part in innovation strategy have been mentioned in detail. Various issues and factors that make an organisation innovative have been discussed by citing examples. 2.0 What Is Innovation and Why Is It Important? Definition Innovation refers to an application of improved or new ideas to products, process, marketing or various other activities of a firm in order to increase its ‘value’. Value represents a wider approach to incorporate higher value added to the firm, benefits to consumers or other firms (Princeton University Press, n.d.). Innovation implies the process by which different degrees of quantifiable value improvement is planned as well as achieved in commercial activity. The processes by which innovation can be achieved are introducing new or improved products and services, executing improved operational process and implementing new managerial process (Business.Gov.in, n.d.). Importance In the present scenario, innovation is a key factor to maintain long run of business and organisation. Innovation facilitates to achieve competitive advantage over others. An organisation is involved in various innovative activities in manufacturing procedures, brand building, product improvement and others. Innovation facilitates to structure corporate life and also helps a company to develop various strategies. Various other significances of innovation in the industry encompass decrease in total cost of production, increase in income opportunity and maintenance of well-organised operating system. It also enables to observe probable acquisitions on the basis of cost as well as accelerating profitable top-line revenue growth along with increasing capabilities. The research and de velopment of the country can be expanded by innovation by means of most up-to-date technology in the country (Business.Gov.in, n.d.). Difference between Commercialisation and Innovation Innovation implies improvement with innovative technologies in various sectors in an organisation. Innovation process varies considerably depending on different industries and their product lines. In certain industries, such as pharmaceuticals, innovation depends greatly on scientific breakthroughs, while in electronics industry innovation develops from product and process design. Innovation takes on several characteristics during product as well as industry life cycles (Princeton University, 1995). Commercialisation refers to increase in profit from innovation in an organisation by integrating new technologies into processes, products and services and then selling them in marketplace. Commercialisation is contingent in industries of pharmaceuticals along with aircraft while receiving sanction of pro ducts from suitable organisations. Commercial success depends on the ability and skill of firms to develop and protect a proprietary benefit in the marketplace as it does on their capability to produce new scientific and technical advances (Princeton University, 1995). Several innovations are developed to the prototype stage and are produced in lesser amount, but it is not totally commercialised because the financial

Alternative Courses of Action Essay Example | Topics and Well Written Essays - 500 words - 1

Alternative Courses of Action - Essay Example An example one has gone through in gathering and evaluating information from a number of sources prior to making a decision would thereby be presented as follows: As one was pursuing a Business Management Degree from 2007 to 2011, it was deemed crucial that to assist in supporting one’s academic requirements, there is a need to find employment where one’s knowledge, abilities, and skills would be appropriately used and developed. Finding the preferred job according to one’s academic background, competencies and skills that would fit the requirements of the position is an example of a situation that necessitates gathering and evaluating different options and where ones decision would actually depend on the organizations which would relay a positive response to one’s job application. After two years of studying, one sought possible employment in fields seeking positions that do not require specific educational qualifications but where minimum criteria could be immediately met. There were positions open for Care Assistants or for Customer Service Representatives. Since these two positions were preferred, these became one’s alternative courses of action: to choose applying for a Care Assistant job or to select a Customer Service Representative Job. To gather pertinent information needed to analyze these options, one searched online sources of job descriptions, average annual income, locations of employer, the skills and educational requirements. Both positions offer basically the same salary ranges ( £15,000 per annum) but the job descriptions and responsibilities are contrasting. Care assistants focus on â€Å"provides help and support to people with limited mobility or other care needs.