Contemporary Management Essay Example for Free

Contemporary Management EssayTrivia Did you k no that 280 years ago, the British government announced if not the realisms first, then certainly the worlds largest prize for foundation at 20,000 pounds reward for anyone who can discover the longitude- gibe to John Brandt.What is first appearance? why do organizations pay so much on research and development just to develop to a greater extent of these?In a nutshell1. Innovation is something that is created as vernal. * According to Marion Hembrick Deliberate use of resources to create something new whether a new product, process, policy or procedure. Ex An example of an innovation is that of a three-wheel simple machine in 1886 by Mercedes Benz.* People use innovations for competitive advantage or to increase market shargon or ta have a let out system, but is innovation alone essential in an existence of an organization?2. Innovation is a game changer Something that is perceived to be different and could leave to a change i n lifestyle. As said by Sheremata in Strategy in Network Markets in that location are two types of innovation topic and incremental. -In competing with market leaders, challengers do innovations to gain market shares. * Radical* provide large improvements, costly and risky. Challengers hoping to gain monopoly power.* high possible return and embodies new knowledge* whitethorn affect competitive outcome* DISRUPTIVE-can penetrate and be wide accepted or it can fail and may bring about signification redness/cost an organization according to Christensen * Example radical innovation of a 3-wheel petrol car to a 4-wheel petrol car which change lives and made it so easy with the convenience of driving or riding. * The move of a four wheel car was a game changer because it was an radical innovation that was widely accepted, where it changed lives. * Combined, adapted and improved and introduced as a new and independent innovation replacing the new from the old. * In technology, progress has been achieved through small incremental innovations that kind upon each other Jeff Lill of Microsoft said A competitor comes in and does something interesting, then we come in and basically clone it and do it marginally better and nurse some marketing clout behind it and then relentlessly make it better through the years. That is our strategy and it has worked.* Incremental* Small or minor improvement.* Sustaining according to Christensen.* Market leaders merely do incremental innovations* Cheaper, doesnt give impact in market share, but still done for sustainability* Ex a minor change in a cars dashboard, door or design.According to Everett RogersInnovation has five stages1. Knowledge stage- awareness stage2. feeling stage- gather interest through be informed about the dimensions of the innovation3. Decision- adopt or reject4. Implementation- using the innovation5. Confirmation- continue using or acceptance of innovation/ market penetrationInnovation comes a long way not on ly with products. There are lots of successful innovations and there where those that failed as well. Innovation comes in different forms with the hope of improvement in shares, systems, and process. It may be changing the policies in your workplace to gain a more conducive environment. Is innovation classical in your industry, because in this fast changing world, innovation plays a very big role in technology, but is it the analogous with other industries? With your confederation perhaps?Today the group is going to show you different views of different situations where innovation came distinct. Listen and Decide.Angelmar, R. 1990, Product innovation A motherfucker for competitive advantage, European Journal of Operational Research, vol. 47, no. 2, pp. 182-189.den Butter, Frank A. G, Mhlmann, J.L. Wit, P. 2008, Trade and product innovations as sources for productivity increases an empirical analysis, Journal of productiveness Analysis, vol. 30, no. 3, pp. 201-211.Hambrick, Mari on E. Diffusion of Innovation. Encyclopedia of Sports Management and Marketing. Ed. Linda E. Swayne and Mark Dodds. Thousand Oaks, CA SAGE, 2011. 388-90. SAGE Reference Online. Web. 2 Feb. 2012Innovation as a Strategy In Network Markets 2008, , Sage Publications.Jon Hughes 1999, The Innovators Dilemma.Neal Wyatt 2009, A History of Innovation and a Future of Possibility, Reference User Services Quarterly, vol. 48, no. 2, pp. 116.Product Innovation and Development in UK, German and Irish Manufacturing, 1997, Long Range Planning, vol. 30, no. 2, pp. 315-315Richard Gray, Stavroula Malla Peter W.B. Phillips 2006, Product innovation in the Canadian canola sector, Supply Chain Management An International Journal, vol. 11, no. 1, pp. 65-7Sheremata, W.A. 2004, Competing through Innovation in Network Markets Strategies for Challengers, The Academy of Management Review, vol. 29, no. 3, pp. 359-377..Quality of PresentationPurpose* to make audience think whether innovation is eventful or not * to prove that innovation, solely, doesnt necessarily prove success nor failure * examples shown gave wide perspective and opened awareness to audience that there are different ways of achieving success depending on the industry and situation of the fraternity innovation may be or may not be important for pick * the intro portrayed different scenarios to give the audience an overview of the different situations to gauge the risks on the success and failures innovation can give. * To some extent, the group agrees with the survival innovation can bring about, but there are other factors that should be put into consideration with bringing innovation in the market much(prenominal) as compatibility of innovation in the industry, marketing, and timing * Why?-* Because innovation is dependent on the company or industry that it may give a cocksure or negative effect on. In conclusion, it depends whether a company needs innovation to live because with the different scenarios and exampl es presented, it showed that it does not necessarily follow that a company dies because there is no or weak innovation.Structure and Content* Introduction- a brief overview of the definition of innovation and the introduction of the different views of situations where innovation and none innovation helped or failed in different companies. Answers the question why battalion or companies innovate. * Why?- proposing different views on whether innovation is needed in a companys survival or existence * shortened examples* Innovate and Live- (Apple, Google, 3M, Toyota, Microsoft)* Discussion of the Culture of Innovation* Senior Management Innovators Steve Jobs* New and well designed products* even innovation in technology and tools where there is tough competition* Empowers innovation and balance products to cost requirements* Successful production (TPS) with instruction hybrid* Take animated products to improve* Didnt innovate and Live- (COKE)* Not innovative* Used 4 Ps in Marketing -Product, Place, Price, Promotion* Acquisition and Risks of Acquisition* Innovate and Died- (KODAK)* Brief definition and situational examples of disruptive and sustaining innovations* Middle management resistance/CEO whether to innovate or not * Culture, core competencies- core rigid* Didnt Innovate and Died- (Onetel, Fletcher Jones, Borders)* Reselling Optus-corporate brass failure* High cost of production (producing) compared to import* Not embracing technologyWrap up* Reiterating of the definition of innovation, how innovation is perceived in the presentation* How innovation is accepted in the society* Historical innovations* modeling the different examples and the stands of each of the previous examples presented* going behind the culture of innovation* Today and innovationsurvival, acceptance* Globalization in the market place and the build of innovation* The success and decline of different innovations short term and longterm like facebook, networking, etc.* What affects inn ovations and how people accept or reject innovation* By-products synergy, networking what waste is produced by the company and finding a market place for the waste produced* Philanthropy* Dynamic managementDeliveryMiddle and Senior Management Individuals* Make them think whether they need innovation in their company or not may it be in the innovation of products manufactures, process, policy and procedures in the system. * Show them risks of innovation and make the audience aware that innovation may be beneficial for some and may be a cause of bankruptcy for others like KODAK * Why should you care?