Innovation Management Assignment: Understanding Innovation & New Product Development (INPD)

Question

Task: The innovation management assignment is designed to test the understanding and application of the concepts, frameworks, processes and skills of Innovation and NEW product Introduction by the participants. The following questions are required to be answered:

Question 1. Please describe the most impressive and useful concepts, frameworks, and skills (learnings) you acquired during the 4 sessions of the INPD course.
Question 2. What impressed you in these concepts, frameworks, and skills Where would you apply these learnings in your work or self-development context
Question 3. What additional insights and impressive learnings (beyond the content), about Innovation and new offering development, you gained from the ‘process of delivery’ / ‘learning experience’ of the course Where could you apply these process and experiential learnings

Hints / Guidelines –
i) You do NOT need to write exhaustively about all the concepts, frameworks and skills covered in the entire course – only the most important learning from your perspective. There is no restriction of what you can include in your learning, but typically, you could highlight around 5/7 concepts, frameworks, and skills.
ii) Please briefly describe your learnings (the concept, framework, and skills selected by you) – do not list just the topics / themes.
iii) Your answers can be brief and to the point – you could use bulleted text phrases and illustrations to express your points.

Answer

Answer 1:
The INPD course mentioned in the present context of innovation management assignmentrightly points out the significance of innovationto develop new products and services to sustain in the market(Coccia, 2018).

Incremental innovation –
It is the most popular sort of innovation exploiting the prevailing technology to enhance the customers’ value through its features and designs as(Anzola-Román, et al., 2018). For instance, Google is continuously updating its design to suit the customer’s convenience.

Disruptive innovation –
Thenew processes or technologies are applied to enhance the current market scenario of the business like the innovation ofthe Apple iPhone to get the attention of the niche market segment(Zhang, et al., 2019).

Architectural innovation –
Architectural innovation implements the skills, comprehensive methodology in a new market to acquire more customers as such markets seem to be welcoming such technologies(Kiantoa, et al., 2017). This sort of innovation is comparatively safer as it has already proven its mettle like aircraft cushions are used to produce comfortable mattresses.

Radical innovation –
Radical innovation paves the way to revolutionary technologies which ultimately lead to the birth of industries such as the potter’s wheel led to the innovation of wheel steering the growth of transportation segment(Coccia, 2018).

Product innovation –
Product innovation takes place when a new product is developed to provide greater value and satisfaction to the targeted customers(Anzola-Román, et al., 2018). Fitbit, Amazon’s Kindle are certain examples of product innovation in the current scenario.

Process innovation –
Process innovation takes consideration of the combined factors of skills, advanced technologies, and facilities to develop new products and services. Ford’s innovation of the moving assembly line is a ground-breaking example of process innovation.

Business model innovation –
It is the most challenging aspect of innovation that drives a massive transformation for the business. Companies like Uber, Spotify, and AirBnbhave resorted to business model innovation to bring a radical change in the business process.

Answer2:
The concepts learned through the INPD course are unique and eye-opening as it shows how innovative trends can be categorized to have a suitable understanding of each concept. The most amazing thing isthe conceptualization of the innovative trends that paved the effective liberty of creative ideas and knowledge. In this spree, technological advancement played a crucial role in the past and is supposed to continue its influence in the upcoming years as well. In every aspect, technology is the common thread that is rightly upheld by the creative imagination of the innovators(Zhang, et al., 2019). The amalgamation of technology and creativity is supposed to deliver a suitable business outcome.

The innovation aspect will be plausible owing to nurturing of the creative insights that an individual can apply in his or her workplace. The phenomenon will help to attain professional growth and the attention of the management in pursuit of excellence(Coccia, 2018). Creativity alongside wide imagination is effective to developenablingthe individual to have an insight into the matter and conceive a rightful solution. It is also the responsibility of the managers in the workplace to encourage their colleagues to implement their innovation for a satisfying outcome. So irrespective of how weird the idea may be, it can be pursued to have an innovation spree.

Answer 3:
The INPD course provides a unique doorway for the students to led open their wild imagination and creative pursuits that may lead to a supposed innovation in the upcoming future. So students need not hold them to present an idea in the classroom and resort to unique ideas for discussion. It will lead to a creative ambiance in the classroom as students are encouraged to present their thoughts without any hesitation(Kiantoa, et al., 2017). This kind of encouragement will help the students to run their presentations effectively and gain knowledge in various spheres to feedtheircreative instincts.

Thus it will be effective to gain knowledge from various academic literature and scholarly inputs beyond the INPD curriculum to develop a theoretical framework. It will help in developing a new idea that can be rightly implemented to have a unique concept in place. Such knowledge will be required as a reference to resolve the issues that one comes across in the complicated workplace scenario. Moreover, one needs to be vigilant to the changes in the market like the technological advancement that can be suitably used to bring an innovative change in the business scenario like cloud computing to store important documents and information.

BIBLIOGRAPHY
Anzola-Román, P., Bayona-Sáez, C. & García-Marco, T., 2018. Organizational innovation, internal R&D and externally sourced innovation practices: Effects on technological innovation outcomes. Journal of Business Research, Volume 91, pp. 233-247. Coccia, M., 2018. Theorem of not independence of any technological innovation. Journal of Economics Bibliography, 5(1), pp. 29-35. Kiantoa, A., Sáenzb, J. & Aramburub, N., 2017. Knowledge-based human resource management practices, intellectual capital and innovation. Innovation management assignmentJournal of Business Research, Volume 81, pp. 11-20. Zhang, Y., Khan, U., Lee, S. & Salik, M., 2019. The influence of management innovation and technological innovation on organization performance. a mediating role of sustainability. Sustainability, 11(2), p. 495.