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INNOVATIONS IN MARKETING
- 2. CREATING AN INNOVATIVE CULTURE ORGANISATIONAL STRUCTURE FOR INNOVATIVE MANAGEMENT ROLE OF MARKETERS MANAGING THE INNOVATION 2 AIMIT
- 3. WHAT IS THE GREATEST INNOVATION OF ALL TIMES? 3 AIMIT
- 5. FURTHER INNOVATIONS DEFINING OUR LIFESTYLE TODAY AUTOMOBILES ELEVATORS MACHINES TURBINES 5 AIMIT The list is endless…..
- 6. WHAT IS INNOVATION? 6 Innovation is the specific instrument of entrepreneurship (or business)... the act that endows resources with a new capacity to create AIMIT
- 7. In Simple •Innovation may be defined as exploiting new ideas leading to the creation of a new product, process or service. •It is not just the invention of a new idea that is important, but it is actually “bringing it to market”, putting into practice and exploiting it in a manner that leads to new products, services or systems that add value or improve quality. •It possibly involves technological transformation and management restructuring. •Innovation also means exploiting new technology and employing out-of-the-box thinking to generate new value and to bring about significant changes AIMIT 7 in society.
- 8. Need for Innovation “If an established organization, which in this age necessitating innovation, is not able to innovate, it faces decline and extinction” Peter Drucker 8 AIMIT
- 9. Drivers for innovation Growth sustainability • Wealth creation • Responsibility to the society • Financial pressure to reduce cost & increase efficiency • Increased Competiion • Shorter Product Life Cycles • Stricter Regulation • Demographic, social & market changes • Rising customer expectations regarding service & quality • Greater availability of potentially useful AIMIT 9 technologies coupled with a need to exceed the •
- 11. Innovation Is one which results in the evolution of new methods of marketing with enhancements in product design or packaging, its promotion or pricing, among others. 11 AIMIT
- 17. Inception of Innovative Culture – At an Individual Level •PASSION •ATTITUDE •KNOWLEDGE •ROLE MODEL 17 AIMIT
- 19. Company’s Role – Creating an innovative culture The internal potential of an organization measures how much of employees' creativity is exploited. The ideas generated by talented individuals and groups need a receptive environment in which to flourish and become real innovations. The system openness measures how far ahead an organization can see and whether it is capable of scanning the “business periphery,” exploiting relevant but weak signals in the environment. The overall capacity for innovation is a function of both system openness and internal potential. Internal potential with poor system openness leads to a paradoxical case of “missing the train” or being closed into the “follower's corner” even if the human resources and the work environment support innovation. 19 AIMIT
- 21. 5 Best practices that create innovative culture •Select the most promising innovators, but encourage unexpected surprises •Create “buffer zones” for the most innovative people •Give innovators room to “play:” •Resist the temptation to look for immediate results •Commit to driving the best ideas through to implementation: Innovators are seldom the best salespeople for their ideas. The business leader who want to encourage innovation must act as the first-line filter to test the best ideas and solutions, choosing which ones are the right ones to see through to fruition. •Leaders who want to encourage business creativity must be sure also to build talent driven, positive cultures that place a value on learning. AIMIT 21
- 22. Organisational Structure for Innovative Managment Can the organizational structure of a company contribute to the acceleration of the innovation management? 22 AIMIT
- 23. Organisational Structure for Innovative Managment •In addition to an effective and efficient innovation process, companies have started adopting an organizational structure of innovation that enables them to launch innovations faster. •In the context of innovation management the innovation process and its optimization received maximum attention, above all also in relation to the question how innovations can be launched into the market-place more rapidly in the spirit of Fast Innovation. •The innovation machine Toyota as well as Procter & Gamble , GE, 3M, IBM, Google, Microsoft, Sony, Hewlett-Packard, DuPont, Honeywell and Whirlpool have adopted an oranizational structure of innovation that significantly facilitates Fast Innovation thus answering the question in affirmative. 23 AIMIT
- 24. management and organisation for Fast Innovation – Those following by major companies which are considered Innovative Champions 1. Delegation of Decisions to Innovation Teams 2. Integration of R&D in the business unit (product innovation) 3. Co-location of Teams and Departments 4. Central Innovation Teams (product innovation) 5. Central Innovation Funds (product innovation) 6. External Interface for Open innovation 7. M & A Dept (product innovation) 24 AIMIT
- 25. MARKETERS "Innovation (product or otherwise) … is directly proportional to the attitude of the marketer” “Innovations and inefficiencies are persistent anomalies in organizations." "… The real question revolves not around whether the marketers have the vision, but do they have the courage and fortitude to stand before the board and defend the opportunity to explore and fail?" 25 AIMIT
- 26. ROLE OF MARKETERS •CUSTOMER FOCUSED •WATCH COMPETITION •BE CREATIVE BUT COPY & MODIFY IF NECESSARY – (SUSTAIN GROWTH) •TAKE INITIATIVE •CHANGE BEFORE YOU ARE FORCED TO •ALWAYS EXPLORE NEW OPPORTUNITIES •SHOULD BE A RISK TAKER 26 AIMIT
- 27. ROLE OF MARKETERS SMART PHONES, RETAILERS ETC ETC 27 AIMIT
- 30. MANAGING THE INNOVATION PROCESS – ANOTHER FACET 30 A MARKETER CANNOT REST AFTER AN INNOVATIVE IDEA IS EXECUTED. HE SHOULD PREPARE HIMSELF FOR…. AIMIT
- 31. MANAGING THE INNOVATION PROCESS – ANOTHER FACET 31 AIMIT 1. MAKING THE PRODUCT AVAILABLE TO THE CUSTOMER AT THE RIGHT PLACE AT THE RIGHT TIME. E.G:MOVIE
- 32. MANAGING THE INNOVATION PROCESS – ANOTHER FACET 2. COLLECT FEEDBACK 3. LOOK FOR DEFICIENCY AND 32 AIMIT
- 34. MANAGING THE INNOVATION PROCESS – A PRACTICLE APPROACH •INNOVATE •QUANTIFY •ORCHESTRATE/IMPLEMEN T •DOCUMENT 34 AIMIT
- 35. OPEN INNOVATION The idea of bringing customers into the process of defining the products and service of your organization is one that is gaining a lot of steam. In this scenario, companies engage their social customers for feedback and marketing purposes 35 AIMIT
- 36. OPEN INNOVATION •Open innovation is about integrating external partners in the entire innovation process. •This should happen not just in the idea or technologydevelopment phase but also in all other phases toward market acceptance. •User-driven innovation is great because it directs your innovation efforts toward market needs. Open innovation takes you to the next step by providing more opportunities through external partners as you address those market needs. 36 AIMIT
- 37. OPEN INNOVATION •Procter & Gamble illustrates the benefit. •In 2000, P&G CEO A.G Lafley set a goal of having 50% of the company’s products derived from external sources. •To accomplish this, the company consciously engaged external parties through its Connect + Develop initiative. •Through Connect + Develop, P&G conducted a two-way exchange of ideas and feedback with industry, leveraging a dedicated staff of over 50 AIMIT 37 people.