Assessment Task 3 Team Project Product Innovation

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Magill College *

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302

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Business

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Nov 24, 2024

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Team Project: Product Innovation A business's continued success and reputation are sometimes dependent on building unique value services or products before its competitors launch them. Product innovation and understanding is a process that can help develop valuable capabilities for companies. It is therefore essential for companies to understand the meaning of product innovation. Every company needs to understand the benefits of collecting customers' feedback and why their opinions matter to the company. Collecting customers' feedback on a product is a powerful guide in helping a company be innovative. This breeds product innovation and leads to the company learning ways to improve its products. Companies improve their products and services and guarantee innovation by listening to and getting feedback from their consumers, which results in the introduction of products that solve consumers' problems. Understanding the customer's opinions through their feedback ensures that they are given the best services they need, bringing customer satisfaction. Product Innovation Definition Product innovation is defined as introducing a new or significantly improved service or product in the market that aids in increasing users by solving problems in new and exciting ways. It can also be defined as improving the version of existing products by enhancing how they functions. It is aided by taking customers' feedback and making improvements by adding features of technologies. Types of Product Innovation Production innovation is of two types, improved products and new products. New innovative products can either be disruptive or radical types of product innovation, but these two can be hard to get right since they have more risks and a low success rate. New innovative products are essential because they can achieve high success and become game changers by causing market shifts when done right. Improved innovative products aim to enhance existing products and services in small incremental changes. It is essential because it is the most lucrative and most successful type of product innovation. Improved innovative products let a company exploit a product's full potential and make them better to meet the customer's needs. One example of innovation that falls under the improved innovation category is a new light bulb. A new light bulb with a slightly different shape is not an innovative product because it doesn't introduce any new use or functionality or improve its efficiency. The change is primarily cosmetic. 1. Increased innovation Incremental innovation, also known as continuous improvement, is defined as an improvement on an existing product or service. It is less 'spectacular' and less disruptive than other types of innovation. But incremental innovation is effective when dealing with change problems within a company. In addition, incremental innovation is especially powerful because of its collaborative and collective nature. Ideas for creating value often come from customer-facing employees. It's the people who talk

to customers on a daily basis. Successful HR leaders also make this an asset in building a culture of overall improvement. In this article, we'll dive into the best ways to do this. in creating such a culture The iPhone is a great example of increased innovation, from iPhone 13 to 14 and beyond. To unleash the value of increased innovation You need an idea management solution in place. Our platform helps organizations Engage with talented people Collect and evaluate ideas centrally and integrate them through APIs. Learn more about how our idea management platform works here. 2. Adjacent innovation Adjacent innovation is a common example of successful business expansion. It means using existing capabilities (such as technology or knowledge) to attract new audiences or enter new markets. This provides a competitive advantage over traditional products or services that allows for differentiation in the market. Let's express the concept of adjacent innovation. Large companies want to incorporate innovative products and services into their portfolio. Instead of developing the solution yourself They will look at their startup ecosystem. They will use startup scouting programs to identify existing technologies. Buy those technologies and integrate it into their own portfolio. 3. Disruptive innovation Disruptive innovation refers to actions taken by small companies to shake up an industry by targeting existing, largely overlooked segments of competitors. As time passes Disruptive innovation divisions will accelerate and begin to take over key segments of the industry. When the adoption of new innovations by the main group occurs We will talk about disruptive innovation. Netflix is a great example of disruptive innovation. The company began by targeting the less important Blockbuster audience with a relatively unpopular DVD rental by mail offer. They then proceeded to improve their service while keeping prices low. which completely captured and won over Blockbuster's core audience. 4. Most innovative Radical innovation is "Another thing" of our article And for good reason. It is creating a brand new product or service that no one expected and is likely to shape the lives of users. Televisions and smartphones are two common examples of radical innovations that are changing our daily lives.

Not all innovation results are easy to measure. The approach proposed in the Oslo Manual from the OECD consists of differentiating the results of innovative activities from the resources invested to carry them out. It is no longer surprising that in large companies The results of the innovation are evaluated in terms of accounting and financial indicators. Measured by profit income growth Change in stock value Market capitalization or work efficiency Interested in trying out this cutting-edge innovation? Consider the importance of two things. You must fully understand or even predict the market. Second, you must be able to develop advanced solutions quickly. Answers to both can be found in external communities. Agorize has seen many global customers co-create solutions based on customer insights with innovative programs. Whether you are in IT Human resources, marketing or CSR, you can create an innovative program tailored to your needs. 5 INNOVATION TIPS FOR BUSINESS LEADERS 1. Identify Your Customers’ Jobs to Be Done In the online course Disruptive Strategy, Harvard Business School Professor Clayton Christensen explains the jobs to be done theory. According to Christensen’s theory, customers don’t just buy a product to meet their needs; they hire it to do a job. The job to be done isn’t always the product’s main function. For example, someone may choose to hire ice cream cones to do the job of making summer memories with their children. Other times, the jobs are more straightforward. For instance, someone could hire a specific running shoe to do the job of reducing knee pain during exercise. Consider what job customers hire your product to do. Are there other jobs they need done that you could solve by improving the product? Conducting market research with existing customers can offer insights into the variety of jobs people are hiring your product to do and highlight opportunities to innovate. The jobs to be done framework also presents a unique way to view competitors. Not only are you competing with other brands that make comparable products, but also anything else that can perform the customer’s job to be done. Returning to the ice cream cone example, the customer

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could choose to hire water balloons, popsicles, or a day at the beach to do the same job of making summer memories as a family. Remember to periodically reassess your customers’ jobs to be done so you can iterate on your product to meet their needs as they arise. 2. Create an Environment That Fosters Innovation Even a company with a clear sense of its customers’ jobs to be done and a stellar innovation strategy can’t be successful without an internal culture that fosters innovation. Options to empower your employees to develop an innovative mindset may include: Creating opportunities for cross-team collaboration Leading with a growth mindset and embracing failures as opportunities to learn Hosting brainstorming sessions and encouraging out-of-the-box thinking Dedicating a team or committee to coming up with innovative ideas without the typical restraints or success metrics as the core business As a business leader, remember the power you have to influence your organization’s culture and use it to empower your employees to think big and take calculated risks in the name of innovation. 3. Determine Your Organization’s Capabilities Before diving into an innovation strategy, ensure your organization has the proper resources, processes, and profit formula to execute it. Resources can include everything from the materials used to make products to technology, cash, and employees. Processes are the ways in which tasks are executed; for example, product development or employee onboarding plans. The profit formula is the criteria used to guide prioritization decisions and can include metrics such as gross margin targets or return on investment thresholds.

In Disruptive Strategy, Christensen describes these three factors as essential to determining your organization’s capabilities, so you can plan realistic innovation and growth goals. “We really need to think deeply to understand what an organization can and cannot do,” Christensen says. “When we recognize what an organization can and cannot do, it doesn’t put us in a straightjacket and constrain us, but it does tell us, if we need new capabilities, we realize where we have to build those abilities. If the market is changing in front of us and our abilities change over time, it tells us what we need to create new and where we can use the old.” Listing your organization’s resources, processes, and profit formula can enable you to gain a clearer picture of what areas need to change to make innovation possible. 4. Keep Disruptive Innovations Separate One key point Christensen stresses in Disruptive Strategy is that businesses can’t disrupt themselves —that is, disruptive innovations need to be kept separate from sustaining ones. “It’s important to realize you can’t disrupt yourself,” Christensen says. “If you have an idea for a new market disruption, for example, and you tried to implement that new technology in your core market, the probability that you’ll succeed is zero. The reason why is that the core company can’t make money with this new product and they’ll either ignore it or they’ll change it so they can implement it as a sustaining technology to help the core business go.” While it may seem counterintuitive, if you have an idea for a disruptive innovation, you should form a separate business unit to execute it so the innovation doesn’t get lost in the company’s existing strategy. 5. Consistently Think One Step Ahead Innovation isn’t a one-and-done project; it’s a commitment to thinking one step ahead for the business’s lifespan. As you hone your resources, processes, and profit formulas, innovation will become easier and a more ingrained part of your company’s culture. Be aware of new entrants emerging into your market, as well as opportunities for your business to disrupt other markets. By understanding the bigger picture, you can prepare for disruption and seize new opportunities as they arise, knowing you have the internal necessities in place to execute.

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Assessment Task 3 Team Project Product Innovation

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