Innovation Planning and Design

Topics: Innovation, Management, Entrepreneurship Pages: 4 (1206 words) Published: July 20, 2013
Innovation Planning and Design Paper

Innovation Planning and Design
The ever-changing marketplace in the business world imposes greatchallenges for the company to maintain stability, productivity andprofitability in the industry. In order to keep track on the competitiveenvironment, every company should develop innovation to acquirecompetitive advantage. However, acquiring just a competitive advantage willonly be for the meantime due to the fast development of technology, totalmodernization of the market and rapid changes of customer preferences.Innovators shall foresee these factors to combat with its competitors for it tobe successful, making innovation an essential factor for company growth.Innovations do vary in many aspects. It may take the risk of combiningdifferent types of innovation. Determining businesses whether they are mayresult to hiding their significant distinctions. The most importantcategorizations one may consider among the many developed are aclassification according to innovation type, the innovation degree and courseof sustainability (Zakić, Jovanović, & Stamatović, 2008). Companies may decide which part of the businessdesign needsinnovatingsuch as products or processes or a combination of both.Single approach can be simple, less time consuming process compared to combinedapproach which is more involved, complicated and may be time consuming and requires substantial effort for it to be effective. Whatever process that is chosen, it will always create specialization which is advantageous to have specialized kind of innovation. Moderncompanies carefully apply options advised by experts that are suitable forits position and business model. Innovations shall be thoroughlyinvestigated and studied in order to achieve and meet the company’sobjective. Creating and developing their potentiality, designating theresources, and creating partnerships in accordance with this choice are vitalto success (Zakić, Jovanović, & Stamatović,...

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