Multi CubesInnovation generally refers to changing or creating more effective processes, products and ideas, and can increase the likelihood of a business succeeding.
Innovation is about introducing change into relatively stable systems.
Innovation can be a catalyst for the growth and success of your business, and help you adapt and grow in the marketplace.
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New “things” that you can sell to customers.
Aim to solve an unmet customer needs.
Increases revenue.
Doing what is already done, but in a better way.
Cheaper, quicker and easier ways to run a business.
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It involves new venture or complete business restructure.
Ex:Apple that has evolved its customer offers of personal computers to music delivery devices and service that ultimately included cellular phones.
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Attributes of Innovation
Attribution of innovation is a variable that determine the adoption of innovation.
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Relative Advantage
Degree to which potential customers perceive a new product as superior to existing substitute.
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One or more distinguishable elements of technology that are perceived as being interrelated.
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Complexity
Degree to which a new product is difficult to understand or use
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Compatibility
Degree to which potential consumers feel a new product is consistent with their present needs value and practices.
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Trialability
Degree to which a new product is capable of being tried on a limited basis
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Observation
Degree to which the results of an innovation are visible to others. The easier it is for individuals to see the results of an innovation, the more likely they are to adopt
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“Innovation distinguishes between a leader and a follower.” Steve Jobs
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