Innovation Planning and Design

1197 words 5 pages
Innovation Planning and Design Paper
MGT/411

Innovation Planning and Design
The ever-changing marketplace in the business world imposes greatchallenges for the company to maintain stability, productivity andprofitability in the industry. In order to keep track on the competitiveenvironment, every company should develop innovation to acquirecompetitive advantage. However, acquiring just a competitive advantage willonly be for the meantime due to the fast development of technology, totalmodernization of the market and rapid changes of customer preferences.Innovators shall foresee these factors to combat with its competitors for it tobe successful, making innovation an essential factor for company growth.Innovations do vary in many
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With the tight competition in the business industry, each companyattempts to beat its competitors. Businesses are set forinnovation, however, they often lack focus on innovating their marketing designtechniques. This lack of focus is the reason for short time competitiveadvantage. Recent research reveals that a number of small to medium sizedcompanies in the electronics industry have received governmentgrants in order to promote growth in innovative techniques and processes.Some of these were successful. However this implies that most innovativeprocesses manage to be only temporary solution as most small businessesare unable to continue long term innovative processes (Herrmann & Gunter, 2004).
Innovative processes have to be executed and followed accordingly. Those innovation grants were able to magnify thebusiness with growth to those companies involved. However, it did not result with an increase in profits and productivity. Foreseeing these circumstances,innovation systems show that the entire company should be involved in theprocess and utilizing your assets to fully maximize your potential in makinginnovative products and management styles (Herrmann & Gunter, 2004). Steps to Innovative Process
There certain steps needed during the innovative process when creating and implementing an innovation to any business.1.Determine the Challenge: The start of innovation process isdetermining the challenge, problem, or goal that needs to be

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