innovation

Examples of innovation in the following topics:

• The Rate of Adoption

  • Have an innovation adopted by a highly respected individual within a social network, creating an instinctive desire for a specific innovation.
  • Inject an innovation into a group of individuals who would readily use an innovation.
  • Rogers defines several intrinsic characteristics of innovations that influence an individual's decision to adopt or reject an innovation:
  • Trialability: How easily an innovation may be experimented.
  • Discuss the factors leading to adoption of an innovation, and the strategies for making innovation sustainable

• The Diffusion of Innovation

  • The diffusion of innovation theory seeks to explain how, why, and at what rate new ideas and technology spread through cultures.
  • The origins of the diffusion of innovation theory are varied and span multiple disciplines.
  • The innovation - According to Rogers, an innovation is "an idea, practice, or object that is perceived as new by an individual or other unit of adoption. "
  • Time - Rogers wrote that "the innovation-decision period is the length of time required to pass through the innovation-decision process.
  • Diffusion of innovations manifest themselves in different ways in various cultures and fields and is highly subjective to the type of adopters and innovation decision process.

• Stages of Adopters

  • Diffusion of an innovation occurs through a five–step process.
  • An individual might reject an innovation at any time during or after the adoption process.
  • Knowledge: In this stage the individual is first exposed to an innovation but lacks information about that innovation.
  • Decision: In this stage, the individual takes the concepts of change (switching cost), weighs the advantages and disadvantages of using the innovation, and decides whether to adopt or reject the innovation.
  • This chart depicts the five stages of the diffusion of innovation.

• Applying the Diffusion of Innovation Theory

  • Innovators: Innovators are the first individuals to adopt an innovation.
  • These individuals approach an innovation with a high degree of skepticism.
  • Laggards: Individuals in this category are the last to adopt an innovation.
  • Indirect costs may be social, such as social conflict caused by innovation.
  • Categories of innovation adopters include innovators, early adopters, early majority, late majority, and laggards.

• Idea Generation

  • While innovation is crucially important to any forward-thinking organization, developing and evaluating innovations is a challenge.
  • Where do innovative ideas come from?
  • Serendipity plays a role in product innovation.
  • A summary of different sources of innovation, as described in this section.
  • Being innovative is key to generating new ideas in product development.

• Marketing as an Entrepreneurial Force

  • Likewise, marketing can influence various parts of the organization to help drive brand awareness, strengthen market positioning, encourage product innovation and, ultimately, increase sales.
  • The practice of intrapreneurship represents corporate management styles that integrate risk taking and innovative approaches, as well as reward and motivational techniques traditionally aligned with entrepreneurship.
  • Likewise, marketers attempt to use innovative and creative promotional elements (e.g., flash mobs, crowdsourcing) to develop clever and relevant campaigns.
  • Some of these brands also have policies in place to fund these projects, as well as create an innovation-friendly atmosphere and intrapreneurial reputation in the marketplace.
  • Marketing best practices can be used to encourage innovation within organizations.

• Growth

  • While Apple has often been a market leader in innovations, it has lagged behind in the case of mini tablets, and this may cause it lose out on market leader status and instead play catch up.
  • During this stage, the product or the innovation becomes accepted in the market, and as a result sales and revenues start to increase .
  • Because of this, the manufacturing company can look at ways to introduce new features, alterations, or other types of innovation to the product according to feedback from consumers and from the market in general.
  • In fact, the growth stage is seen as the best time to introduce product innovations, as it creates a positive image of the product and diminishes the presence of competitors who will be attempting to copy or improve the product, and present their own products as a substitute.

• The Need for New Products

  • A 'continuous innovation' introduces a new entrant into an existing category, and does not challenge established patterns of consumer behavior.
  • A 'discontinuous innovation' may alter existing consumption patterns, and even create new ones.
  • Discontinuous innovation has the potential to radically shift consumer habits and thus create new demand for a whole category of products and services, but understandably entails more risk for the organization.

• Brand Ownership

  • His clear vision and leadership attracted the best talent, which then yielded some of mobile technology's most innovative products to date.
  • As a result, the brand image and reputation has attracted some of the world's best talent which, in turn, has yielded an variety of innovative mobile products that will undoubtedly be marked in the history of popular consumer culture.

• Nonprice Competition

  • Common practices in the competition between firms (such as supermarkets and other stores) include the following: traditional advertising and marketing, store loyalty cards, banking and other services (including travel insurance), in-store chemists and post offices, home delivery systems, discounted petrol at hypermarkets, extension of opening hours (24 hour shopping), innovative use of technology for shoppers including self-scanning, and internet shopping services.
  • Non-price competition may also promote innovation as firms try to distinguish their product.