Table of Contents
2.0 Definition of innovation.
3.0 Classification of innovation.
3.2 Other types of innovation.
Business model innovation.
4.0 Difference and critical analysis of incremental innovation and radical innovation.
6.0 Best Innovation for an organization like Samsung.
In this present unpredictable and unstable marketing world, the companies need to update and enhance themselves through innovative activities. Innovations or innovative activities make the company competitive and sustainable during economic catastrophe and vacillating economic situations. Innovations have now become a part of a business system. All the companies’ strategies, cultures, technological sides, and management areas are organized depending on innovation. Nevertheless, there are many types of innovations implied by companies.
However, which specific type of innovation is proper for the company, depends on the framework and culture of the business and the area of the company where it operates. In this paper, the term innovation is mainly discussed elaborately. There are four sections in this essay. The first section explained the definition of innovation. The second section explains the classification of innovation. The third section gives a critical comparison between incremental and radical innovation. The last section gives ideas for the best innovation process for Samsung.
2.0 Definition of innovation
With the period of time, many scholars and experts have defined innovation in various ways. Innovation can be defined as a new concept of products and services different from previous products and services. Innovations are done to create value for the customers (BD, 2017). New innovations of business aid the business to fulfill their consumers’ continuously changing demands and expectations (Littman, 2013). According to Gibson (2014), innovation can be referred to as combine the implication of creativity, knowledge and various resources that provides greater values.
Our Recommended Resources:
Innovations can also consider as techniques of converting new concepts into fitting products and services for the customers. Innovation can also be defined as modification that creates a new and different quality of performance (Govindarajan, 2016). Innovation is a fundamentally new technological inventions (Davila, 2011). These new technological inventions apply new knowledge and invent new goods and services……………
3.0 Classification of innovation
According to the 4P’s model of Bressant and Tidd’s, innovations are classified into four main groups. They are process innovation, product innovation, position innovation, and paradigm innovation (BizExcell, 2017).
Process innovation can be defined as presenting fresh and latest creations or ideas to enhance the standard of the business through gaining maximum attention from the customers and increase sales (Littman, 2013).
In terms of Samsung, as process innovation, they improved their commoditization, creations and research activities in the market of North America. However, the new concepts for innovation are mainly innovated in their headquarters which is the situation in Korea………………