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1.
Basic Concepts: Discussing Issues
Define innovation management Innovation Management
Evolution of Innovation Management
Comparison innovation, Invention and Creativity
Sources of innovation new product development
• Key Issues in Innovation Management
Why innovation is important innovation matter"
Role of leader manger in innovation management
Challenges of innovation management
Key success factors in innovation management
Imovation and Competitive Advantage
Dimensions and Degrees of Innovation
Innovation and Business Functions
2.Defining Innovation
Innovation is defined as the process of making an idea or invention into a
good or service creates value and or for which customers will pas
Innovation is often also viewed as the application of better solutions that the
new requirements, unarticulated needs. or existing market needs
Innovation management involves the process of managing an organzation's

innovation procedure, starting at the initial stage of ideation, to its final stage
of successful implementation
It encompasses the decisions, activities and practices of devising (planning

and implementing an innovation
3. Evolution of Innovation
Over time, the understanding of innovation has evolved The importance of

understanding of innovation was recognised in the 1930s by Austrian
economist Schumpeter. Her work on innovation strongly influenced the field
of economics
Schumpeter considered different aspects of innovation and, although it was

developed 80 years ago, his definition bas five components that are still
relevant today
- The introduction of a good (product), which is new to consumers, or one of

increased quality than was available in the past.
2. Methods of production, which are new to a particular branch of industry
3.The opening of new markets
4. The use of new sources of supply.
5. New forms of competition

3.Evolution... Contid
Schumpeter's view of innovation was broader new products: for example, it

indicated the importance of manufacturing methods.
Michael Porter-defined innovation using both improvements in technology

and better methods of ways of doing things. It can be manifested in product
changes, process changes, new approaches to marketing, new forms of
distribution, and new concepts of scope
Both Porter and Schumpeter use the word 'new' in their definitions, but it
should he noted that many commercial innovation are not totally new
Everett Rogers an expert on how innovations spread through markets,

showed that innovation is an idea, practice, or object that is perceived as
new by the individual or other unit of adoption So the perception of newness
as important as originality.
4. Key Issues in Innovation Management
The elements, or success factors to Innovate effectively are structure in 7

key areas -leadership. Planning, support, operation , evaluation and
improvement.
• The following figure and details give clear idea about it
Innovation Management System

Creativity and Innovation
Creativity is a mental process involving generation of new ideas or

concepts, for new applications of the creative mind between existing ideas of
concepts’
• An alternative conception of creativity is that it is simply the act of making

something new
#Creativity can be used when confronted with a decision making problem
#People differ in their inherent creativity
Innovation is about creating value and increasing efficiency and therefore

growing your business
Without innovation , new products, new services, and new ways of doing
business would never emerge, and most organizations would be forever
stuck doing the same old things the same old way.
6.invention versus innovation

7.Sources of new product ideas
Maverick are those people who are unconventional and independent and do
not think as the same way as other people.
9.role of innovation to develop entrepreneurship
Role of innovation to Develop Entrepreneurship,
Innovation refers to creating more effective processes, product , and ideas.

For a business , it could roman implementing or creating dynamic products .
By innovation we mean changing your model and making changes in the
existing environment to deliver better products or services.
Importance;
.It can act as a catalyst that can make your business grow and can help you
adapt in the marketplace.
.Successful innovation should be a part of your business strategy. It can also

Increase the likelihood of your business succeeding.
. It can create more efficient processes that can result in better productivity
and performance
.business owners need innovation and creativity to find new things
.it helps in adopting and creating new ideas that will help you grow beyond
your competition
.Along with this, creativity will help you figure out the right marketing
techniques that will help your business grow.
10.Contd (how innovation is helping in business)
1. Solve Problems Easily
You need to come up with creative answer to solve problems. You need to
think outside the box to find an answer you have never come up with. This
way you can make your product, store your inventory and find the creative
solution to make your business better
2. Increase Your Productivity
In order to work smarter think creatively . Focus on what things you should
streamline and what things you need to cut out. Also, focus on the programs
and workflows that you can use to increase productivity
3. Market Your Business
You can use various creative ideas and innovation to make your business
stand out from the crowd. Jusst innovate a marketing plan that suits your
business personality Stand out from all other business and this will help you
make unique identity among customers
4. Beat Your Competitors
When you think innovatively , it becomes very easy to beat out your
competition You just need to put m a little creativity and you can easily come
up with better ways to design products and connect with customers
11.dimensions of innovation in the manufacturing sector
12.degree of innovation
13.Innovation and business function
Innovation and Business Functions
Any organization that wants to be innovative must ensure that all business
functions actively contribute. Innovation should not only originate in the R &
D department, or the strategic planning up. Managing innovation cuts across
functional boundaries. The following functional areas should be involved in
product innovation
Research and development
Industrial design
Marketing management
Sales and promotion
Operations management
Finance and accounts
Human resource management
Semor management
Outside resource
15.
16.innovation models

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1.

Basic Concepts: Discussing Issues

Define innovation management Innovation Management

Evolution of Innovation Management

Comparison innovation, Invention and Creativity

Sources of innovation new product development

• Key Issues in Innovation Management

Why innovation is important innovation matter"

Role of leader manger in innovation management

Challenges of innovation management

Key success factors in innovation management

Imovation and Competitive Advantage

Dimensions and Degrees of Innovation

Innovation and Business Functions

Innovation management involves the process of managing an organzation's

It encompasses the decisions, activities and practices of devising (planning

Over time, the understanding of innovation has evolved The importance of

Schumpeter considered different aspects of innovation and, although it was

- The introduction of a good (product), which is new to consumers, or one of

2. Methods of production, which are new to a particular branch of industry

3.The opening of new markets

4. The use of new sources of supply.

5. New forms of competition

Schumpeter's view of innovation was broader new products: for example, it

Michael Porter-defined innovation using both improvements in technology

Everett Rogers an expert on how innovations spread through markets,

4. Key Issues in Innovation Management

The elements, or success factors to Innovate effectively are structure in 7

• The following figure and details give clear idea about it

Innovation Management System

Creativity is a mental process involving generation of new ideas or

• An alternative conception of creativity is that it is simply the act of making

#Creativity can be used when confronted with a decision making problem

#People differ in their inherent creativity

Innovation is about creating value and increasing efficiency and therefore

6.invention versus innovation

9.role of innovation to develop entrepreneurship

Role of innovation to Develop Entrepreneurship,

Innovation refers to creating more effective processes, product , and ideas.

.Successful innovation should be a part of your business strategy. It can also

.business owners need innovation and creativity to find new things

10.Contd (how innovation is helping in business)

1. Solve Problems Easily

2. Increase Your Productivity

3. Market Your Business

4. Beat Your Competitors

Innovation and Business Functions

Research and development

Sales and promotion

Finance and accounts

Human resource management

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