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Innovation Types Product Innovation Process Innovation Strategy Innovation
Product Innovation The process of bringing to life a new product/service to solve the customer's problem benefits
Process Innovation Process innovations increase bottom-line profitability, reduce costs, raise productivity, and increase employee job satisfaction. The customer also benefits from this type of innovation by virtue of a stronger, more consistent product or service value delivery.
Strategy innovation is about challenging existing industry methods of creating customer value in order to meet newly emerging customer needs, add additional value, and create new markets and new customer groups for the sponsoring company. Strategy Innovation
McDonald’s Innovation Boston Markets Acquisition New French Fry Cookers Green Milkshakes for St. Pat’s Day Incremental Opening for Breakfast Hamburger University Value Meals Substantial Global Expansion Franchisee Regulations of Quality Big Mac Breakthrough Strategy Process Product INNOVATION
Innovation Model Model 1: The Suggestion System Model 2: Continuous Improvement Teams Model 3: New Venture Teams Model 4: The Incubator Lab Model 5: Innovation Teams
Suggestion programs provide employees an organized system through which to submit ideas and to have those ideas considered by a panel of dispassionate reviewers, who accept or reject them depending on pre-established criteria from management. Model 1 : The Suggestion System
Beneath the hype, the basic idea of incubators was not too different from the skunkworks approach pioneered by Lockheed during World War II to rapidly develop and launch new aircraft by forming small, dedicated teams separate from the bureaucracy.
Model 7: Innovation Teams The gist of this approach is to set up a company-wide network of people with demonstrated skills in innovation and give them very clear marching orders: Go out and find some new ideas that have promise.