Innovation in Business

Innovation in Business

Executive Summary

Innovation can be considered a very important ingredient for business, the proof that is applied in different companies is the set of new and refurbished products that are on the market and, to a greater or lesser degree, have innovation. The word innovation tells us "new", for this reason it is understood that innovation is to create something different from what exists. This applies in different scenarios; one of them is the business, where you can devote to change different areas, including: products, service concepts, design marks, competitive strategies or processes and activities of the executive. The employer should be aware of the need to produce ideas to develop innovations, one of the sources of these ideas is creativity, but you should consider that it is the only trigger to generate innovative thinking, it's just all thought or technique creates value and seek to apply all that exists to develop something new or improve what we already have so that they can meet the needs and wants of different customers that the company pursues. Keep in mind that the innovation of a thing or process gives the possibility to generate new innovations, such as the United Kingdom's Social Security Institute changed its care scheme seeking to prevent diseases before generating a major health problem, which meant a change in the whole scheme of the rightful attention.

Introduction4

Discussion5

Business Model Innovation5

Epicenter of Business Model Innovation6

Powered by resources6

Powered by supply7

Powered by customers7

Powered by finance8

Innovational Strategies9

Procter & Gamble innovations in the world of soap9

The Innovator's Dilemma12

The Example of Toyota and General Motors14

Conclusion15

References16

Innovation in Business

Introduction

Traditional economic models that we know are in constant motion and transformation. Societies, customs, fashions and companies themselves act quickly looking for new adaptations to the changing demands and to the high demands of the markets. We react differently to situations increasingly complex and competitive. The achievements are ephemeral and competition is fierce in all sectors. The victory is reserved for those who can risk in business and you are able to take risks and make the right decisions at all times. But we must not forget that in this complex world in which entrepreneurship develops, born every day new business opportunities, which arise from the synergies that exist between the marketing, innovation and restless spirit of entrepreneurs, managers, employees and prospective entrepreneurs (Teece, 2010, 172-194).

The best businesses are those that seek economic returns sustained over time, ie they are not volatile. Besides those returns must be appropriated, must go to stop our pockets to reinvest in the business, and it is better to be scalable in order to make contributions to fund a gradual growth. Good businesses are then: economically profitable, sustainable over time, non-volatile, scalable and socially responsible.

They must know how to detect opportunities and seize them. Marketing, innovation and new business show all necessary keys to success in business and commercial activity. There are many interrelationships between marketing and innovation: tools can integrate marketing and R & D actually reduce the budget, ...