1. 1 visit: www.studyMarketing.org Managing Innovation Strategy

2. 2 visit: www.studyMarketing.org Innovation Types Product Innovation Process Innovation Strategy Innovation

3. 3 visit: www.studyMarketing.org Product Innovation The process of bringing to life a new product/service to solve the customer's problem benefits

4. 4 visit: www.studyMarketing.org Process Innovation Process innovations increase bottom-line profitability, reduce costs, raise productivity, and increase employee job satisfaction. more consistent product or service value delivery. The customer also benefits from this type of innovation by virtue of a stronger, more consistent product or service value delivery.

5. 5 visit: www.studyMarketing.org challenging existing industry methods of creating customer value Strategy innovation is about challenging existing industry methods of creating customer value in order to meet newly emerging customer needs, add additional value, and create new markets and new customer groups for the sponsoring company. Strategy Innovation

6. 6 visit: www.studyMarketing.org Innovation Levels Incremental Innovation Substantial Innovation Breakthrough Innovation

7. 7 visit: www.studyMarketing.org McDonald’s Innovation INNOVATIONProductProcessStrategy BreakthroughBig MacFranchisee Regulations of Quality Global Expansion SubstantialValue MealsHamburger University Opening for Breakfast IncrementalGreen Milkshakes for St. Pat’s Day New French Fry Cookers Boston Markets Acquisition

8. 8 visit: www.studyMarketing.org Innovation Model Model 1: The Suggestion System Model 2: Continuous Improvement Teams Model 3: New Venture Teams Model 4: The Incubator Lab Model 5: Innovation Teams

9. 9 visit: www.studyMarketing.org to submit ideas Suggestion programs provide employees an organized system through which to submit ideas and to have those ideas considered by a panel of dispassionate reviewers, who accept or reject them depending on pre- established criteria from management. Model 1 : The Suggestion System

10. 10 visit: www.studyMarketing.org Continuous Improvement ModelUnlike suggestion programs that focus on motivating individual contributors to come forward with their ideas, Continuous Improvement Model systems rely on team collaboration. Model 2: Continuous Improvement Teams

11. 11 visit: www.studyMarketing.org Sometimes called Kaizen Teams, (kaizen is the Japanese word for continuous improvement), they mostly focus on incremental, rather than substantial or breakthrough process on product improvements. Model 2: Continuous Improvement Teams

12. 12 visit: www.studyMarketing.org substantial in their bottom- line impact.Nevertheless, when these seemingly small, continuous tweaks produced by firm's rank and file workers are added up, they can be substantial in their bottom- line impact. Model 2: Continuous Improvement Teams

13. 13 visit: www.studyMarketing.org Model 4: New Venture Teams The goal of the New Venture Team Model is decidedly not cost-saving ideas, not incremental improvements, and not process innovations. the potential to be breakthroughs.Rather, the goal is more apt to be surfacing (and funding) unconventional product, service, or strategy ideas that have the potential to be breakthroughs.

14. 14 visit: www.studyMarketing.org Model 5: The Incubator Lab The Incubator Model of Idea Management gained popularity along side the dot-corn bubble of the late 1990s and lost favor just as fast.

15. 15 visit: www.studyMarketing.org Model 5: The Incubator Lab the skunkworks approach small,dedicated teams separate from the bureaucracy.Beneath the hype, the basic idea of incubators was not too different from the skunkworks approach pioneered by Lockheed during World War II to rapidly develop and launch new aircraft by forming small, dedicated teams separate from the bureaucracy.

16. 16 visit: www.studyMarketing.org Model 7: Innovation Teams company-wide network The gist of this approach is to set up a company-wide network of people with demonstrated skills in innovation and give them very clear marching orders: Go out and find some new ideas that have promise.

17. 17 visit: www.studyMarketing.org Innovation Strategy Scan and monitor the sources of innovation opportunity. Create a personal future-scan system. Integrate future scanning with your company's idea management system.

18. 18 visit: www.studyMarketing.org Innovation Strategy Assault industry assumptions. Broaden your company's vision. Strategize your place in the first mover, fast follower race.

19. 19 visit: www.studyMarketing.org Study previous breakthrough products. Focus relentlessly on value creation throughout the development process. Design and implement a new product development process. Producing Innovative Products

20. 20 visit: www.studyMarketing.org Producing Innovative Products Use a learning strategy for more radical ideas. Use cross-functional teams. Use rapid prototyping.

21. 21 visit: www.studyMarketing.org Source of Reference: Driving Growth Through Innovation Robert B. Tucker, Driving Growth Through Innovation, Berrett-Koehler Publishers. You can obtain this excellent book at this link : http://www.amazon.com/Driving-Growth-Through-Innovation- Transforming/dp/1576754952/ref=pd_bbs_sr_1?ie=UTF8&s=books&qid=1219804049&sr=1-1