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Innovation Strategy

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Managing Innovation Strategy
You can download this presentation at: www.studyMarketing.org Visit  www.studyMarketing.org   for more presentations on Marketing, Strategy, Innovation, and Branding
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

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Innovation Strategy

  • 2. You can download this presentation at: www.studyMarketing.org Visit www.studyMarketing.org for more presentations on Marketing, Strategy, Innovation, and Branding
  • 3. Innovation Types Product Innovation Process Innovation Strategy Innovation
  • 4. Product Innovation The process of bringing to life a new product/service to solve the customer's problem benefits
  • 5. 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.
  • 6. 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
  • 7. Innovation Levels Incremental Innovation Substantial Innovation Breakthrough Innovation
  • 8. 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
  • 9. 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
  • 10. 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
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  • 17. 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.
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  • 22. Source of Reference: Robert B. Tucker, Driving Growth Through Innovation , Berrett-Koehler Publishers.