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PESTEL Analysis of Honda
Innovation may occur due to effort from a range of different agents, by chance, or as a result of a major system failure. According to Peter F. Drucker , the general sources of innovations are changes in industry structure, in market structure, in local and global demographics, in human perception, in the amount of available scientific knowledge, etc. In the simplest linear model of innovation the traditionally recognized source is manufacturer innovation. This is where an agent person or business innovates in order to sell the innovation. Another source of innovation, only now becoming widely recognized, is end-user innovation. This is where an agent person or company develops an innovation for their own personal or in-house use because existing products do not meet their needs.
MIT economist Eric von Hippel has identified end-user innovation as, by far, the most important and critical in his classic book on the subject, "The Sources of Innovation". The robotics engineer Joseph F. Engelberger asserts that innovations require only three things:. Investigation of relationship between the concepts of innovation and technology transfer revealed overlap. Information technology and changing business processes and management style can produce a work climate favorable to innovation. Both companies cite these bottom-up processes as major sources for new products and features. An important innovation factor includes customers buying products or using services. As a result, organizations may incorporate users in focus groups user centered approach , work closely with so-called lead users lead user approach , or users might adapt their products themselves.
The lead user method focuses on idea generation based on leading users to develop breakthrough innovations. Sometimes user-innovators may become entrepreneurs , selling their product, they may choose to trade their innovation in exchange for other innovations, or they may be adopted by their suppliers. Nowadays, they may also choose to freely reveal their innovations, using methods like open source. In such networks of innovation the users or communities of users can further develop technologies and reinvent their social meaning. One technique for innovating a solution to an identified problem is to actually attempt an experiment with many possible solutions. This technique is sometimes used in pharmaceutical drug discovery. Thousands of chemical compounds are subjected to high-throughput screening to see if they have any activity against a target molecule which has been identified as biologically significant to a disease.
Promising compounds can then be studied; modified to improve efficacy and reduce side effects, evaluated for cost of manufacture; and if successful turned into treatments. This is used by major sites such as amazon. Programs of organizational innovation are typically tightly linked to organizational goals and objectives, to the business plan , and to market competitive positioning.
One driver for innovation programs in corporations is to achieve growth objectives. As Davila et al. Innovation is the key element in providing aggressive top-line growth, and for increasing bottom-line results". These goals vary between improvements to products, processes and services and dispel a popular myth that innovation deals mainly with new product development. According to Andrea Vaona and Mario Pianta, some example goals of innovation could stem from two different types of technological strategies: technological competitiveness and active price competitiveness.
Technological competitiveness may have a tendency to be pursued by smaller firms and can be characterized as "efforts for market-oriented innovation, such as a strategy of market expansion and patenting activity. Whether innovation goals are successfully achieved or otherwise depends greatly on the environment prevailing in the organization. Conversely, failure can develop in programs of innovations. The causes of failure have been widely researched and can vary considerably. Some causes will be external to the organization and outside its influence of control.
Others will be internal and ultimately within the control of the organization. Internal causes of failure can be divided into causes associated with the cultural infrastructure and causes associated with the innovation process itself. Common causes of failure within the innovation process in most organizations can be distilled into five types: poor goal definition, poor alignment of actions to goals, poor participation in teams, poor monitoring of results, poor communication and access to information.
Diffusion of innovation research was first started in by seminal researcher Gabriel Tarde , who first plotted the S-shaped diffusion curve. Tarde defined the innovation-decision process as a series of steps that include: . Once innovation occurs, innovations may be spread from the innovator to other individuals and groups. This process has been proposed that the lifecycle of innovations can be described using the ' s-curve ' or diffusion curve. The s-curve maps growth of revenue or productivity against time.
In the early stage of a particular innovation, growth is relatively slow as the new product establishes itself. At some point, customers begin to demand and the product growth increases more rapidly. New incremental innovations or changes to the product allow growth to continue. Towards the end of its lifecycle, growth slows and may even begin to decline. In the later stages, no amount of new investment in that product will yield a normal rate of return.
The s-curve derives from an assumption that new products are likely to have "product life" — ie, a start-up phase, a rapid increase in revenue and eventual decline. In fact, the great majority of innovations never get off the bottom of the curve, and never produce normal returns. Innovative companies will typically be working on new innovations that will eventually replace older ones. Successive s-curves will come along to replace older ones and continue to drive growth upwards. In the figure above the first curve shows a current technology.
The second shows an emerging technology that currently yields lower growth but will eventually overtake current technology and lead to even greater levels of growth. The length of life will depend on many factors. Measuring innovation is inherently difficult as it implies commensurability so that comparisons can be made in quantitative terms. Innovation, however, is by definition novelty. Comparisons are thus often meaningless across products or service. They categorized these measures along five dimensions; ie inputs to the innovation process, output from the innovation process, effect of the innovation output, measures to access the activities in an innovation process and availability of factors that facilitate such a process.
There are two different types of measures for innovation: the organizational level and the political level. Whether this is a good measurement of innovation has been widely discussed and the Oslo Manual has incorporated some of the critique against earlier methods of measuring. The traditional methods of measuring still inform many policy decisions. For example, an institution may be high tech with the latest equipment, but lacks crucial doing, using and interacting tasks important for innovation. An Australian academic developed the case that national comparative cost-effectiveness analysis systems should be viewed as measuring "health innovation" as an evidence-based policy concept for valuing innovation distinct from valuing through competitive markets, a method which requires strong anti-trust laws to be effective, on the basis that both methods of assessing pharmaceutical innovations are mentioned in annex 2C.
Several indices attempt to measure innovation and rank entities based on these measures, such as:. Common areas of focus include: high-tech companies, manufacturing , patents , post secondary education , research and development , and research personnel. The left ranking of the top 10 countries below is based on the Bloomberg Innovation Index. John Smart criticized the claim and asserted that technological singularity researcher Ray Kurzweil and others showed a "clear trend of acceleration, not deceleration" when it came to innovations.
Patent Office data. The United States has to continue to play on the same level of playing field as its competitors in federal research. This can be achieved being strategically innovative through investment in basic research and science". Given its effects on efficiency , quality of life , and productive growth , innovation is a key driver in improving society and economy. Consequently, policymakers have worked to develop environments that will foster innovation, from funding research and development to establishing regulationd that do not inhibit innovation, funding the development of innovation clusters, and using public purchasing and standardisation to 'pull' innovation through. For instance, experts are advocating that the U.
Because clusters are the geographic incubators of innovative products and processes, a cluster development grant program would also be targeted for implementation. By focusing on innovating in such areas as precision manufacturing , information technology , and clean energy , other areas of national concern would be tackled including government debt , carbon footprint , and oil dependence. Economic Development Administration understand this reality in their continued Regional Innovation Clusters initiative.
Russia's innovation programme is the Medvedev modernisation programme which aims to create a diversified economy based on high technology and innovation. The Government of Western Australia has established a number of innovation incentives for government departments. Landgate was the first Western Australian government agency to establish its Innovation Program. Some regions have taken a proactive role in supporting innovation. Many regional governments are setting up innovation agencies to strengthen regional capabilities. From Wikipedia, the free encyclopedia. Application of better solutions that meet new requirements, inarticulated needs, or existing market needs.
For other uses, see Innovation disambiguation and Innovators disambiguation. See also: Innovation economics. Main article: Diffusion of innovations. The theory of economic development : an inquiry into profits, capital, credit, interest, and the business cycle. Opie, Redvers,, Elliott, John E. New Brunswick, New Jersey. ISBN OCLC Arts in society. Retrieved 10 September Business Insider.
Business Cycles. Innovation is possible without anything we should identify as invention, and invention does not necessarily induce innovation. Towards innovation measurement in the software industry. Journal of Systems and Software 86 5 , — Management Decision. ISSN Diffusion of innovations 5th ed. New York: Free Press. Brookings Inst Pr. The Leadership Quarterly. Harvard Business Review. August Retrieved 13 October Research in Organizational Behavior. Retrieved 16 August Harvard Business Review January—February Harvard Business Review December Christensen Institute. January Harvard University. Retrieved 17 January March Administrative Science Quarterly. JSTOR Innovation contested : the idea of innovation over the centuries.
New York, New York. Early American Literature. S2CID Camden, New Jersey: Rutgers University. Retrieved 19 February The New Yorker. The word 'innovate'—to make new—used to have chiefly negative connotations: it signified excessive novelty, without purpose or end. Edmund Burke called the French Revolution a 'revolt of innovation'; Federalists declared themselves to be 'enemies to innovation.
The Atlantic. Oxford English Dictionary Online ed. Oxford University Press. Subscription or participating institution membership required. The invention of technological innovation : languages, discourses and ideology in historical perspective. Edward Elgar Publishing. Cheltenham, UK. Capitalism, Socialism, and Democracy 6 ed. The Economic Way of Thinking. Prentice Hall, 12th ed. Retrieved 14 March Academy of Management Journal. Health Care Management Review. PMID Applied Psychology. Innovator's Guide to Growth. Harvard Business School Press. Center for American Progress Report. Rubin, Tzameret The Journal of Innovation Impact. Archived from the original PDF on 12 October Retrieved 3 December Procedia - Social and Behavioral Sciences.
Forbes India Magazine. Archived from the original on 18 September Retrieved 7 September Networks of Innovation. Innovativity and cooperative learning in business life and teaching. PhD thesis. University of Turku. The financial data in the study illustrates the market position of specific firms. Both external and internal variables are examined in the companies. External variables include product approval laws, economic changes, per capita income, industrial success in certain locations, and a variety of other socioeconomic characteristics. The research and development base, customer base, supply chain, labour force, market share in certain areas, and technology availability are all internal variables.
Furthermore, country import-export mapping aids in evaluating manufacturing capacities as well as demand and supply characteristics. This report can be customized to meet the client's requirements. Please connect with our sales team sales marketsandresearch. ISSN : Australia to continue prohibition on foreign tourists until Fauci says American families can gather this Christmas. Russia test-fires hypersonic missile from submarine. Customization of the Report: This report can be customized to meet the client's requirements.
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