As we know that innovation is the key to gaining competitive advantage and it should be focus on developing new-to-the world or new-to-the market products that provide consumers with totally new perceived benefits and satisfied them.
The company that place new products as their core competencies in business strategy which also working at innovation and committed to it would probably enjoy a consistent financial rewards from it.
When this innovation should start in a company? It should start at the top level of management which is CEO must serve as the catalyst for sparking an innovation mindset throughout a company. It must be a leadership responsibility of any CEO.
The recipes for successful innovation:
· an optimistic, buoyant, and positive CEO
· a CIO (Chief Innovation Officer) committed to the leading the innovation effort
· a commonly agreed-upon new products strategy
· a balance new product and technology portfolio
· a consumer-driven development process
· several dedicated teams
· a reward structure for new product participants
· a set of innovation norms and values
· a measurement system for assessing innovation
Sources:
Kuczmarski, Thomas D. (2003). What is innovation? And why aren’t companies doing more of it?. Journal of Consumer Marketing, 20(6), 536-541
The company that place new products as their core competencies in business strategy which also working at innovation and committed to it would probably enjoy a consistent financial rewards from it.
When this innovation should start in a company? It should start at the top level of management which is CEO must serve as the catalyst for sparking an innovation mindset throughout a company. It must be a leadership responsibility of any CEO.
The recipes for successful innovation:
· an optimistic, buoyant, and positive CEO
· a CIO (Chief Innovation Officer) committed to the leading the innovation effort
· a commonly agreed-upon new products strategy
· a balance new product and technology portfolio
· a consumer-driven development process
· several dedicated teams
· a reward structure for new product participants
· a set of innovation norms and values
· a measurement system for assessing innovation
Sources:
Kuczmarski, Thomas D. (2003). What is innovation? And why aren’t companies doing more of it?. Journal of Consumer Marketing, 20(6), 536-541
3 comments:
And what are your own thoughts on this?
Are you an innovator?
Regards,
Leona
I would say that the role of leadership of CEO would reflect in innovation process. CEO could be the innovator of new invention too. I can be innovator if i can reflect my self to create something new even thoght its not some radical innovation.
Regards,
Alis
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