Innovation Management

Topic

Innovation Management

Instructions

  1. Read all lecture notes.
  2. Pick 5 DIFFERENT BUT RELATED TOPICS that interest you from 5 DIFFERENT LECTURES.
  3. For each topic, comprehensively summarize and academically discusses them, making use the Schilling book, the lecture notes, and additional readings. This section totals 2000 words. Write which lecture number you are using in the subheading.
  4. Then pick ONE of the five topics you have chosen, and expand on that for a further 1000 words.
  5. MUST USE CIRITCAL ANALYSIS. This is deliberately a very open question.

Structure:

  1. Introduction (200 words; refer to lecture 1 and related material)
  2. Reviewing Innovation Management (2000 words; refer to lectures 2-9 and related material)
    1. Topic 1 – Each topic from different lecture – write lecture number in subheading
    2. Topic 2 – Each topic from different lecture – write lecture number in subheading
    3. Topic 3 – Each topic from different lecture – write lecture number in subheading
    4. Topic 4 – Each topic from different lecture – write lecture number in subheading
    5. Topic 5 – Each topic from different lecture – write lecture number in subheading
  3. Expand one of the topics above (1000 words)
  4. Conclusion (100 words)

Answer Preview

Innovation entails deliberately engaging in the consolidation and creative use of information and thoughtful imagination and initiative to create new ideas from the knowledge.  It is a process, outcome, and capability and it is varied – it can be incremental or radical, or it could be product or process based (Schilling, 2017). Innovation entails coming to an invention to common use through the adoption of new ideas and businesses.  It entails identifying a problem and then matching a new solution to that need.  The innovation may include creating a need with a new solution to fill a gap. It could also be a new need matching with an existing solution; for instance when products produced 10 years in a different country is introduced in a new country because a new need has arisen and the existing solution can solve it. Still, the innovation could entail matching an existing need with an existing solution (Pisano & Teece, 2007). Innovation is important for many reasons: it reduces waste and environmental damage, creates growth and enhances productivity and avoid economic stagnation, it enhances the living standards by providing better quality goods at competitive prices, it provides an exciting incentive for the employees, and is necessary for survival of businesses in a highly competitive business environment which is being experienced today.

Word Count: 3800