INNOVATION

Innovation at Procter and Gamble



Innovation at Procter and Gamble

Introduction

We have selected P&G for the purpose of this assignment. It also affects the ability of P&G to innovate consistently. The rationale behind writing this paper is to develop a plan to for improving the innovation capability of P&G, in which we will identify innovation strategy, projects along with culture of innovation within the company (Steinberg, 2008, 30). In the end we have identified improvement strategies in each area of the company.

The Concept of Innovation

Flourishing application of methods, ideas, technologies, and various different techniques to produce measures of constructive benefits is known as innovation. Several authors, experts have defined the concept of innovation, there are multiple definitions of a concept that is simple in appearance yet is ambiguous, a large majority of definitions come from the definition promulgated by an economist on innovation which covers the 5 following cases:

Market launch of a new good or service which consumers are not even familiar with.

Introduction of a new production method or organizational method.

Creating a new source of supply of raw materials or intermediate products

Opening a new market in a country.

Implementation of a new structure in a market.

There are 2 points on which all writers converge:

If new products, processes or services are not accepted by the market, there is no innovation.

Innovation is the key element of competitiveness.

Innovation is to create or modify a product and place in the market. Creativity is highly involved in innovation in order to produce different and effective solutions. Innovation is something more than just giving ideas; it is basically a flourishing diffusion and application of creative ideas to achieve greater efficiency in the market (Dyer, 2004, 521). In order to significantly influence the directions of market, grow, or survive an organization should possess an essential element known as innovation. There are different types of innovation, all of which are classified according to their application or their degree of originality:

Innovation Product: Selling a product different or improved technology, innovation occurs when product characteristics change

Process Innovation: Occurs when there is a significant change in production technology of a product or service also occurs when there are significant changes in the steering system and / or methods of organization, process reengineering, strategic planning, quality control, etc

Innovation is important for every business in order to grow, survive and influence other markets but there are very few organizations which recognize the importance of innovation and apply them in their business. Mostly management of the organization fails to observe the impacts of innovations that is why it become the reason behind their failure (Christopher, 2002, 14).

Characteristics of Innovation

Innovation is hard, purposeful, focused work that requires knowledge, diligence, perseverance, commitment: require innovators to use their strongest points and they are induced effect in the economy and society, causes a change in behavior so businesses and consumers.

Innovation is able to facilitate and hinder our life, by constantly complicating the environment. In terms of innovation in the strict sense are omitted innovations associated with changes in social ...