Introduction
Innovation refers to the commercialization of new ideas. Innovation refers to the process of bringing in new ideas and commercializing them in order to earn higher economic returns. Innovation may exist in the form of a new idea that helps design a new product, a new technology or even a new process that can help improve efficiency or increase utility (Tidd, et.al., 2009).
Approaches
There are several approached for innovation management. Several organizations attempt to bring in innovation in different forms and this helps them achieve better growth and development in all areas (Ahmed & Shepherd, 2010). The most sustainable techniques include integration of innovation in day to day operations of the business and its procedures. Innovation can be a way of life in an organization if employees are motivated by organizational encouragement. Many corporations across the globe recognize talent that innovates (Ahn, 2005). There are competitions for innovations and the winners and participants are recognized by the management. This enables achieve sustainable change and innovation management (Alderson, 2005). Many businesses enter the marketplace with a new innovation that draws customers, and if the innovation is a good one, it can keep the business in a profitable position for several years and in this way sustainability is gained (Crawford & Di Benedetto, 2010). It is extremely important that there be effective understanding of consumer markets in order to understand their rate of adoption.
Conclusion
References
Ahmed, P., & Shepherd, C. (2010). Innovation management: context, strategies, systems and processes.London: Pearson Education Limited.
Ahn, H. (2005). How to individualize your balanced scorecard. Insight from Research. Emerald Group Publishing Limited, 9 (1), pp. 5-12.
Alam, I., (2006). Service innovation strategy and process: a cross-national comparative analysis. International Marketing Review, Vol. 23 (3), pp. 234-254.
Alderson, W. (2005). “Marketing innovations and the problem solver.” In Webster, F.E. (Ed.), New Directions in Marketing. Chicago: American Marketing Association.
Benoit, G. (2010). Developing innovative organizations: a roadmap to boost your innovation potential.New York: Palagrave Macmillan.
Tidd, J., Bessant, J., & Pavitt, K. (2009). Managing innovation: integrating technological, market and organizational change. New york: Sussex. Wiley & Sons.
Crawford, M., & Di Benedetto, A. (2010). New products management. 10th ed. USA: Irwin McGraw-Hill.
