Difference between innovation and change

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Difference between innovation and change

Difference between innovation and change

Introduction[ edit ] Product innovation is defined as: Product innovation, alongside cost-cutting innovation and process innovation, are three different classifications of innovation which aim to develop a company's production methods.

Growth, expansion and gaining a competitive advantage: A business that is capable of differentiating their product from other businesses in the same industry to large extent will be able to reap profits.

This can be applied to how smaller businesses can use product innovation to better differentiate their product from others. Product differentiation can be defined as "A marketing process that showcases the differences between products.

Differentiation looks to make a product more attractive by contrasting its unique qualities with other competing products. Successful product differentiation creates a competitive advantage for the seller, as customers view these products as unique or superior.

Businesses that once again are able to successfully utilize product innovation will thus entice customers from rival brands to buy its product instead as it becomes more attractive to the customer.

Disadvantages of product innovation include: Counter effect of product innovation: When a business attempts to innovate its product, it will inject lots of capital and time into it, which requires severe experimentation.

Difference between innovation and change

Constant experimentation could result in failure for the business and will also cause the business to incur significantly higher costs. Furthermore, it could take years for a business to successfully innovate a product, thus resulting in an uncertain return.

For product innovation to occur, the business will have to change the way it runs, and this could lead to the breaking down of relationships between the business and its customers, suppliers and business partners. In addition, changing too much of a business's product could lead to the business gaining a less reputable image due to a loss of credibility and consistency.

Product development New product development is the initial step before the product life cycle can be examined, and plays a vital role in the manufacturing process. To prevent loss of profits or liquidation for businesses in the long term, new products have to be created to replace the old products.

This can be done in the form of primary and secondary market research where the business will gather as much information as possible about the present tastes and preferences of its potential consumers, and the gaps filled in the business's particular industry. Secondary market research involves gathering data that has already been collected by another party, and is primarily based on information that has been founded from previous studies.

One advantage of secondary market research over primary market research is that it is low-cost, thus enabling the business to be able to invest its time into other more important matters and new potential business ventures.

Primary market research involves the business gathering data individually, and this can be done via various sampling methods. Other forms of primary market research include focus groups, interviews, questionnaires, etc.

One advantage of primary market research over secondary market research is that it delivers much more specific results than secondary market research, and is only available to the business itself, rather than secondary research which is made globally available, as data has already been collected.

This stage involves creating a test product called a prototype. The prototype ensures the business that its product is functioning properly, and all the necessary arrangements are made to enhance the product as much as possible.

Creativity Versus Innovation: What's the Difference?

The business will now look at the legal and financial restrictions of launching the product into the market. This is where the business will create sales forecasts, establish the price of the product, the overall costs of production and profitability estimates.

This will provide benefits to both the company and the consumer in different ways; for example, increased revenue benefits the company cheaper costs benefits the company and consumer or even benefits the environment by implementation of 'green' production methods.

While there are different dimensions to consider whether it is a product innovation rather than e. For example, compared to a business model innovation, a product innovation often has:In the past, on Twitter, I’ve gotten into disagreements with some people on the difference between the role of a manager and the role of a leader.

facilitation of change and innovation facilitative questions for change and innovation decision-making.

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These Facilitative Questions have been designed by Sharon Drew Morgen specifically to help you begin the process of change and innovation decision-making. This modern Facilitative approach is central to Sharon Drew Morgen's concepts, which can be applied to all sorts of personal and.

What's the difference between technological change and innovation?

The Organization and Architecture of Innovation: Managing the Flow of Technology [Thomas J. Allen, Gunter Henn] on pfmlures.com *FREE* shipping on qualifying offers. Building on his pioneering work on the management of technology and innovation in his first book, Managing the Flow of Technology. Mar 27,  · People are sometimes confused about the difference between innovation and disruption. It's not exactly black and white, but there are real distinctions, and it's not just splitting hairs. What's the difference between technological change and innovation? I have been studying innovation and I can't understand what is the difference between these topics.

I have been studying innovation and I can't understand what is the difference between these topics. Change and innovation are not synonyms, but unfortunately these terms are mistakenly used in practice by professionals and business leaders as if they.

Discussions about innovation are often made difficult because people are unclear about the exact meanings of some key terms. In particular there is confusion about the difference between creativity, innovation and invention. Jul 12,  · I am often asked about the difference between “change management” and “change leadership,” and whether it’s just a matter of pfmlures.com terms are not interchangeable.

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