THE IMPLICATION OF CREATIVE IDEAS TO AN ORGANIZATION

  • Type: Project
  • Department: Marketing
  • Project ID: MKT1342
  • Access Fee: ₦5,000 ($14)
  • Pages: 40 Pages
  • Format: Microsoft Word
  • Views: 191
  • Report This work

For more Info, call us on
+234 8130 686 500
or
+234 8093 423 853
ABSTRACT

New product development (NPD) projects are typically managed through a series of screens, or gates, where ideas compete for resources. Ideas are carved into projects, and these projects are reviewed, and approved or terminated through the screening process so that only the best performing projects continue to subsequent stages of design, development and testing, are released into the market place (Krishnan and Ulrich 2001; Terwiesch and Ulrich 2009). Most large innovative organizations deal with more than one NPD project at a time and typically engage in product pipeline management (PPM), where a set of active projects are evaluated together while they traverse through a sequence of such screens. Key decisions in a R&D pipeline are: screen thresholds, complexity of projects, resource allocation and capacity adjustment biases. We explore the impact of structural and behavioral aspects of these decisions through a simulation based analysis of a implication creative data set. Results establish concave relationships between value created at the end of implication creative and the resource allocation and complexity allocation biases, indicating optimizability and a limit for front loading practices.

INTRODUCTION

Innovation is a crucial process for the well-being of an organization. IN the pursuit of it, organizations face strategic choices on the focus of resources. One method of categorizing the strategic option is on the basis of product-market analysis (Ansoff and McDonnell, 1987). The alternative directions of development comprise: market penetration; product development; market development; and diversification. The latter three directions each require a degree of innovation, the extent of which is bounded by the scale of the development plans. 
The portfolio approach to strategic analysis is criticised by Porter (1986) for leading to unwarranted diversification. He proposes a competitive model as an alternative that gives specific attention to the current and potential environment of an organization. In this context, the basis on which an innovation would compete long-term can be selected from three generic strategies: cost leadership, differentiation and focus - cost leadership, in which it aims to be the lowest cost supplier in the market; differentiation, in which a unique dimension is determined; focus, in which the service is aimed at a particular buyer group or geographical area to the exclusion of others. 
Few competitive advantages are long lasting, according to Hamel and Prahalad (1989), who advocate a policy of 'strategic intent' in which the ends are clear but the means of achieving them are flexible. They consider that an organization's capacity to improve existing skills and learn new ones is the most defensible competitive advantage of all.
Furthermore, in order to create new competitive advantages, top management needs to: create a sense of urgency; develop a customer focus at every level; provide employees with the skills they need to work effectively; allow the organization to absorb one challenge at a time; and establish clear milestones and review alternatives. In their view, the goal for smart companies is not competitive imitation but competitive innovation and four approaches to this are evident from the global expansion of Japanese companies: building layers of advantage; 'searching for loose bricks' - that is searching for the base to attack competitors just outside the market territory that the industry leaders currently occupy; changing the terms of engagement; and competing through collaboration.
Another insight into a Japanese perspective on strategy is provided by Ohmae (1987), who argues that much Japanese strategy was due to creativity, customer care, intuition and innovation. He reports that at the heart of a business there is often a single, talented and forceful strategist with a way of thinking in which company, customers and competition merge. In his writings he cites four ways to achieve an effective strategy:
1.a clear focus on the critical success factors;
2.build superiority by employing technology not currently exploited by rivals;
3.pursue aggressive initiatives that challenge normal rules;
4.use strategic degrees of freedom to focus on areas where competitors are not involved.
Kay (1993) considers that innovation can be competitive advantage and the key to sustained innovation, rather than one-off, arises from the architecture of the organization. Informal structures, speed of response and free sharing of information form part of these foundations. Managers should be able to protect, exploit and appropriate innovation and create time for individuals and groups to consider change and fund the staff resources, familiarization and training needed to turn ideas into implementation. He believes that reputation is also important for the commercial success of innovations, since new ideas by highly reputed companies are more likely to succeed.
Clutterbuck (1994) deals with issues of strategic innovation and how technologies, and the companies that support them, are displaced by newer technologies and new companies. He provides histories of various product developments and how organizations have dealt with declining markets. The relationship between product innovation and industry life-cycles underpins much of his thinking. He asserts that existing organizations must consistently abandon past successes and embrace innovation, even when it undermines their traditional strengths. However, he considers core competencies important in designing new products to meet changing demands and advises managers to increase the quality and robustness of the product architectures that are the foundation of their product families.
The importance of innovation to organizational performance has led to a growing interest in the topic by the European Commission (Commission of the European Communities, 1995) and the UK government (DTI and CBI, 1994). The DTI state that in nine out of ten 'winning' UK companies studied, the characteristics of innovation best practice are: leadership by visionary, enthusiastic champions of change; knowing their customers; constantly introducing new, differentiated products and services; delivering products and services that exceeded customer expectations; and unlocking the potential of people by good communications, team work and training, flattening organizational pyramid and creating a customer focused culture. The relevance of innovation to business success led the UK government in 1993 to support the development of modules for the teaching of innovation on continuing education and Master's programmes in business schools. The resulting curriculum analysis and design led to a framework for innovation management training, comprising five core areas: product innovation; process innovation; technology and strategy; creative problem solving; and implementing technological innovation.

THE IMPLICATION OF CREATIVE IDEAS TO AN ORGANIZATION
For more Info, call us on
+234 8130 686 500
or
+234 8093 423 853

Share This
  • Type: Project
  • Department: Marketing
  • Project ID: MKT1342
  • Access Fee: ₦5,000 ($14)
  • Pages: 40 Pages
  • Format: Microsoft Word
  • Views: 191
Payment Instruction
Bank payment for Nigerians, Make a payment of ₦ 5,000 to

Bank GTBANK
gtbank
Account Name Obiaks Business Venture
Account Number 0211074565

Bitcoin: Make a payment of 0.0005 to

Bitcoin(Btc)

btc wallet
Copy to clipboard Copy text

500
Leave a comment...

    Details

    Type Project
    Department Marketing
    Project ID MKT1342
    Fee ₦5,000 ($14)
    No of Pages 40 Pages
    Format Microsoft Word

    Related Works

    THE IMPLICATION OF DAVID HUME’S PHILOSOPHY OF IMPRESSIONS AND IDEAS   CHAPTER ONE 1.0     Introduction Are we not often at times shocked by the discovery that what we thought was certain is later proved dubious and false? If this be a regular occurrence, is it not the case that we may become suspicious of all claims to certainty? But then,... Continue Reading
    CHAPTER ONE 1.0     INTRODUCTION           Majority of the humans in the world are born into one religion or the other.[1] The environment in which we live is densely religious. As a result, one starts to hear, see and touch things... Continue Reading
    TABLE OF CONTENT CHAPTER ONE INTRODUCTION 1.1BACKGROUND OF THE STUDY 1.2STATEMENT OF THE PROBLEM 1.3OBJECTIVES OF THE STUDY 1.4STATEMENT OF HYPOTHESIS 1.5SIGNIFICANCE OF THE STUDY 1.6SCOPE OF THE STUDY 1.7HISTORICAL BACKGROUND OF UNILEVER NIGERIA... Continue Reading
    MANAGEMENT OF FRAUD AND WASTAGE IN A BUSINESS ORGANISATION; IMPLICATION FOR INTERNAL AUDITION ABSTRACT This study is on management of fraud and wastages in business organizations: implications for internal auditor. Many objectives were set among which are: to identify the nature, types and major causes of fraud and wastages. Two Hypothesis were... Continue Reading
    ABSTRACT Creative accounting has emerged and developed consequent upon the managers wish to present a certain financial image of an entity in the financial statements. It complies with the accounting rules and regulation which makes it different from fraud. Falsification of corporate... Continue Reading
    ABSTRACT This study examined creative accounting and corporate financial reporting in Nigeria. In light of the empirical review and other discussions, a number of questions arose as to whether there is significant relationship between creative accounting, return on asset, earnings... Continue Reading
    CHAPTER ONE INTRODUCTION Entrepreneurship has to do with the conceptual approach of doing new things within a new philosophy of value, of purpose, of utility and of quality and use, which satisfies needs. It is the practice of starting new organizations, particularly... Continue Reading
    ABSTRACT The study examined the effect of firm characteristics on creative accounting in Nigerian Quoted companies. Creative accounting is the use of accounting knowledge to influence the reported figures, while remaining within the jurisdiction of accounting rules and laws... Continue Reading
    CHAPTER ONE 1.0   Introduction         Creativity appears to have become positioned as a panacea for a wide range of problems. The development of creative cities (Landry, 2000), creative clusters (Mommaas, 2009), creative industries (O‟Connor, 2010) and the creative... Continue Reading
    ABSTRACT This study investigated An Examination Factors Affecting Students‟ Behaviour in Cultural and Creative Artsin Junior Secondary Schools in Nasarawa State, Nigeria. The aim of the study was to identify the significant factors that affect students‟ behaviour in Cultural and Creative Arts among some selected secondary schools in Nasarawa... Continue Reading
    Call Us
    Get this work
    whatsappWhatsApp Us