Week 4 Share: Driving Innovation
An innovative product or service turns the corner and is no longer innovative. What have you observed managers might do in response?
What are the key drivers of innovation in your experience?
WELCOME to System Dynamics 101 - Spring Session I - MBA 645
WELCOME to System Dynamics 101. This blog, THE WALL, will be our vehicle to communicate with one another throughout the 7 weeks of this course. First, of all, please introduce yourselves. Second, post your 2 to 3 person teams. Third, post any questions or concerns you might have. That third point is critical: this forum will serve as our way to grow experience and understanding of the models we will be building and interpreting all term. Be sure to encourage one another daily -- while it is still today! Thanks, Bill
Keeping it short this week!
ReplyDelete1. I've literally seen some managers sit down and cry! They never imagined that the best thing they ever did, which they mistakenly believed no one else thought about, was overtaken. Managerial humility might be a response.
2. Starting with the good being served, drivers include relevance, timing, quality, ability to pay, sensitivities of those who buy relative to those who supply.
1. Managers should gather customer feedback to gain a new perspective if an innovative product or service is no longer innovative. Managers need to understand why this product or service is no longer visionary to avoid repeating mistakes in the future. This helps them improve. Additionally, they should work on conducting market research with their team and analyze their findings. Products or services aren’t innovative if others are doing the same thing. They need to get ahead of the curve. Managers should also consider addressing a gap in consumers’ lives to improve their wants/needs. Marketing can also be used to enhance innovation. You can leverage social media to make the product or service trendy or viral. Next, the team can collaborate with another brand or public figure to gain attraction. Additionally, the team can work on research and development to add a new feature or variation to the existing product or service.
ReplyDelete2. In my experience, key drivers of innovation include changes in demographics, culture, or customer wants/needs. As the customer and their environment change, so does their perception of innovation. Additionally, creativity and technological advances, which foster efficiency, drive innovation. At its core, innovation is about doing something unprecedented and imaginative. Efficiency drives innovation because using your time and resources wisely is important to get ahead of the competition. Collaboration, both internally and externally, and passion impact innovation. Communication with others helps generate new ideas. Passion creates an attachment to your work, making you work harder. Lastly, brand perception can enable differentiation.
1. When faced with the challenge of an innovative product or service losing its edge, managers often respond by reassessing market dynamics and consumer preferences. This involves conducting thorough market research to pinpoint the reasons behind the decline in innovation perception. Armed with insights from customer feedback, competitor analysis, and emerging trends, managers can redefine their product's value proposition or target new market segments. Additionally, they may allocate resources to research and development efforts aimed at introducing fresh features or enhancements, thereby revitalizing the product's appeal and reclaiming its innovative status. Furthermore, investing in strategic marketing and branding initiatives can help reshape consumer perceptions and highlight the product's unique selling points.
ReplyDelete2. In my experience, the key drivers of innovation encompass a blend of market demand, technological advancements, competition, regulatory changes, and organizational culture. Market demand and customer needs serve as foundational drivers, prompting companies to continuously evolve their offerings to meet evolving consumer expectations. Technological advancements provide the tools and capabilities necessary for innovation, enabling the development of new products, services, and business models. Competition incentivizes companies to differentiate themselves through innovation, driving continuous improvement and differentiation in the marketplace. Regulatory changes can both challenge and spur innovation, as companies adapt to comply with new regulations or capitalize on emerging opportunities. Finally, organizational culture plays a crucial role by fostering an environment of creativity, experimentation, and collaboration, which are essential for generating and implementing innovative ideas within companies.
ReplyDelete1) When an innovative product or service reaches a point where it is no longer considered innovative, managers might respond in several ways:
• Rebranding or Repositioning: Managers may attempt to rebrand or reposition the product or service to appeal to a new audience or address a different market segment. This could involve changing the messaging, target demographic, or even the product features to align with current trends or demands.
• Diversification: Managers might explore diversification strategies by expanding the product or service line to include complementary offerings or branching out into related markets. This can help offset declining interest in the original innovation by capitalizing on new opportunities.
• Collaboration or Partnership: Managers may seek collaboration or partnership opportunities with other companies or organizations to inject fresh perspectives, technologies, or resources into the product or service, thereby revitalizing its innovative appeal.
2) In my experience, the key drivers of innovation typically include:
• Market Demand: Understanding and responding to customer needs, preferences, and pain points is a fundamental driver of innovation. Identifying gaps in the market and developing solutions to address them drives innovation forward.
• Technological Advancements: Advances in technology often serve as catalysts for innovation across various industries. Whether it's breakthroughs in materials science, information technology, or manufacturing processes, technology plays a crucial role in enabling new products, services, and business models.
• Competitive Pressures: Competition within industries can drive companies to innovate in order to differentiate themselves, gain market share, or respond to disruptive threats from competitors.
1. As innovation leads to production, after a while, the production may not recognize as the innovative product. However, as we have observed in recent years with growing of advanced technology, managers use innovation on recycling for those products to create new line of products.
ReplyDelete2. I think some key drivers of innovation are to be able to create value, find channels distribution and conduct methods to attract consumers that can lead to produce revenues. Meanwhile, the amount of information flow and knowledge within the economic and social environment and the collaboration would help to grow businesses as they make access to new markets. Therefore, creating sustainable innovation is very important in a competitive market.
1. When faced with the challenge of an innovative product or service losing its edge, managers respond by reassessing market dynamics, consumer preferences, and conducting thorough research. Armed with insights from customer feedback and competitor analysis, they redefine the product's value proposition and target new market segments. Allocation of resources to research and development efforts aims to introduce fresh features, revitalizing the product's appeal. Strategic marketing and branding initiatives reshape consumer perceptions and highlight unique selling points.
ReplyDelete2. Key drivers of innovation include market demand, technological advancements, competition, regulatory changes, and organizational culture. Market demand and customer needs prompt continuous evolution of offerings. Technological progress provides tools for new product development. Competition drives differentiation and improvement. Regulatory changes, while challenging, spur adaptation and innovation. Organizational culture fosters creativity, experimentation, and collaboration, essential for generating and implementing innovative ideas. These elements form a complex ecosystem where innovation thrives, enabling companies to stay ahead in dynamic markets.
1. One thing managers might do in response to an innovative product or service not being innovative anymore is creating a new innovation on-top of the previous product or service. For example, I see this a lot with smartphones. Once the newest iPhone is not considered innovative anymore, Apple will innovate a new function on the next version, such as adding another camera lens, to create a new innovation. Another thing managers might do is reposition the product. Here, rather than keeping the product as new and innovative, the product will be viewed as more of a regular product that one just needs to have around the house. If a product or service is no longer innovative because a competitor has copied it, then a manager must differentiate their version of the product based on price, quality, or perceived value. For example, Apple customers perceive that their is something better about having Apple products and using the Apple ecosystem than purchasing a Samsung.
ReplyDelete2. In my experience, there are a few key drivers of innovation. One is simply having a need for a new product. As Plato once said, “necessity is the mother of invention.” For example, during World War 2, there was a need to develop a machine that could decode messages sent by the Germans. This need gave rise to the earliest versions of the computer. A vision is also a key driver of innovation. People who see no need for advancements or are fine with the way things are will never create innovations. Elon Musk is particularly known for asking “why” and challenging the norm, which has helped him be at the forefront of innovation when it comes to electric vehicles and creating demand for them. Thirdly, it often takes a village and multiple minds to come up with something brilliant. Multiple people are needed to help bounce ideas off of and come up with solutions when met with resistance. For example, in sports it took multiple players to come up with and execute what we now know as the modern pitstop in Nascar. Finally, one has to be able to accept failure. Realizing that mistakes are a learning opportunity rather than something to be upset about helps us come up with new ideas. Innovations like penicillin and Post-It notes were happy accidents that would not had been identified if the inventors did not take a second to appreciate their mistakes and find the good in them.
What they do is make the product different in a way. This could mean changing one aspect and honing in on it to make it better than the competition. This way it creates a more niche market for those who want an emphasis on that one component. An example of this could be a car. One might look for more comfort such as a Mercedes while another might look for more durability such as a Toyota.
ReplyDeleteKey drivers for innovation I believe include a self-starter mindset and attitude as well as confidence. You need these two for any idea that is going to be sought out after and it is important that any innovator has these. Other components include teamwork and good verbal skills since eventually if the innovation is super successful, there will be more people involved in the company and not just the innovator.
1) Managers may seek to improve the existing product or service, adding new features or capabilities that keep it relevant and competitive. They might start the innovation process anew, seeking to develop a completely new product or service that can again put the company at the forefront of its industry. They could look for new markets or applications for the product or service, expanding its reach and prolonging its life cycle.
ReplyDelete2) As for the key drivers of innovation, they can vary widely. New technologies often drive innovation, as they enable companies to do things that were not previously possible. Changes in what customers want can also drive innovation. Companies must innovate to meet these changing demands. Changes in laws or regulations can drive innovation, as companies must find new ways to comply with these rules.
1) When a product or service is no longer innovative, I have observed some common management responses. Managers may launch the next generation of the product to regain innovator status. For example, tech companies constantly upgrading devices with newer features. They may also pivot to a platform model and allowing others to innovate on top of the base product such as an operating system company opening up APIs for developers. Managers can identify new target customer segments where the product still presents an innovation by taking a product mainstream after initial innovator success. They can also focus innovation efforts on complementary products, services, or business models. For example, a company with a commoditized product shifting to creative pricing, bundling, subscriptions, etc. Lastly, managers may reduce costs and prices to remain competitive as a value option as innovation advantage declines.
ReplyDelete2) From my experience, key drivers of ongoing innovation include: 1) organizational culture that supports risk-taking and creative thinking, 2) customer closeness, rapid prototyping, and market feedback loops, 3) modular architectures that allow new technologies to integrate, 4) partnerships with universities, suppliers, external startups etc, 5) employee incentivization and rewards for innovative contributions, and 6) R&D budgets and processes that explore blue sky ideas. The most innovative companies instill innovation into their DNA across all these areas.
Absolutely, here's a revised summary with different examples:
ReplyDelete1. When a product or service no longer stands out as innovative, managers have a variety of strategies they can employ. They can collect feedback from customers and carry out market research to understand why the offering is no longer viewed as groundbreaking. This can help them avoid similar pitfalls in the future and enhance their next products or services. They might also consider introducing new features or variations to the existing offering, or even team up with another brand or a well-known figure to draw attention. Marketing strategies, especially through social media, can help position the product or service as trendy or viral. If a competitor has replicated the product or service, managers can distinguish their version based on factors like price, quality, or perceived value. For instance, customers of luxury car brands like Mercedes-Benz often perceive a higher value in owning their products compared to other brands.
2. Innovation is driven by a multitude of factors, including changes in demographics, culture, customer wants/needs, creativity, technological advancements, and efficiency. Collaboration, both within and outside the organization, and passion also play a role in innovation. The perception of a brand can enable differentiation. Innovation often emerges from a need for a new product, a vision for progress, and the ability to view failure as a learning opportunity. For example, the need for efficient communication led to the invention of the telephone by Alexander Graham Bell. Visionaries like Jeff Bezos, who constantly challenge the status quo, have been at the forefront of innovation in e-commerce. The development of brilliant ideas often requires collaboration, as demonstrated in the creation of the modern assembly line in automobile manufacturing by Henry Ford.
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ReplyDeleteManagers may choose to focus on continuous improvement, refining existing features, and optimizing performance to maintain a competitive edge in their industries Another way that managers may respond is to diversify their products. By diversifying their products, this allows them to expand a product to contain new features, different variations, or a completely new product. Another response managers can have been to expand their markets. They can look to enter new markets and/or possibly look for new target consumers to broaden the reach of their products. Managers can also seek out other brands or individuals that they can have partnerships and collaborations with.
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One of the key drivers of innovation is a culture that promotes innovation. In a workplace that promotes innovation, it encourages the workers to experiment, be more creative, and take risk. In order for innovation to exist, risks must be taken and failure will occur. Another driver is collaboration between different departments within a company. Specific departments may be able to make suggestions on a product that might not have been thought of before. Another key driver is an organization that is open to change. If an organization is adaptable and open to change, it is more likely to embrace new and innovative ideas.
These essays are themselves innovative! How would we take your many astute observations and experiences and translate them into working models? This is but one channel of transmission of experience to others -- indeed a key component of "culture."
ReplyDelete1) My most memorable experience with managers adapting to innovation would probably be during my job at the NJ State Assembly. The office I worked for was still using a rolodex and binders to record the contact information of lobbyists and associates of the Assemblyman, and since one of my main projects was overhauling this system into a proper database, I had plenty of experience with managers' reactions. Fortunately in this case, I saw that managers can be fully aware of a system's obsolescence and faults, and investigate all possible avenues to innovate and bring a service up to standard. Work I've had at other locations (most notably Shoprite, ironically) has also showed me the opposite end of that phenomena, where an obsolete system is clung to just due to how disruptive it would be to replace it and innovate.
ReplyDelete2) The key drivers of innovation in my experience are need, capacity and motivation. The first step towards innovating is often recognizing either obsolescence or the potential for development, which then creates motivation to pursue the idea. At that point, it mainly becomes a question of whether the capacity for innovation is present. This can be both materially, and in terms of whether the will or human capital is present to actually carry out the innovation and implement it, not just the material resources.
1. Managers should gather feedback from customers to gain a new perspective if an innovative product or service isn't seen as innovative anymore. They need to understand why this is happening to avoid making the same mistakes again. This helps them improve. Also, they should work on doing market research with their team and study their results. Products or services aren't innovative if others are doing the same thing. They need to stay ahead. Managers should also think about filling a gap in what consumers want or need. Marketing can help with innovation too. You can use social media to make the product or service popular. Also, the team can work with another brand or public figure to get noticed. They can also work on research and development to add something new to the existing product or service.
ReplyDelete2. Innovation is influenced by a range of factors, including shifts in demographics, culture, customer desires, creativity, technological advancements, and effectiveness. Collaboration, both internally and externally, along with passion, also contribute to innovation. Brand perception can facilitate setting oneself apart. Innovation frequently arises from the necessity for a new product, a drive for progress, and the ability to learn from failure. For instance, Alexander Graham Bell invented the telephone in response to the need for efficient communication. Visionaries like Jeff Bezos, who continually challenge the norm, have led innovation in e-commerce. The genesis of brilliant concepts often involves collaboration, as evidenced by Henry Ford's creation of the modern assembly line in automobile manufacturing.
Some managers might respond by thoroughly researching their customer base and understanding why they're no longer considered innovative in their product. By doing so, the company may gain a leg up in their industry and quickly add whatever might be new to their product. They may even be able to highlight the flaws in their competitors' products and create something entirely new that solves all those problems. The company may go in a different direction and enter a new industry or rebrand themselves.
ReplyDeleteThere are quite a few drivers that force innovation. Namely, there has to be a problem, issue, or inconvenience that people would be happy to pay money to solve that problem. It can be virtually for anything. What is popular now is also a considerable measure of how innovative a product can be. You can innovate a product if you market it to the right people. This is why using social media in advertising is so important: if you communicate successfully with the right type of person, they will buy the product.
1. If a product is no longer innovative I’ve seen my managers look at what went wrong and were to look out instead to be more productive. I think it is an important trait to rebound as quickly as possible when things don’t go your way. If you don’t do anything and stay stagnant, you will just drop farther behind.
ReplyDelete2. Understanding of the market is a key driver for innovation. If you don’t know how a field acts, or what the field lacks/needs you won’t be very helpful creating innovation. The managers I’ve had in the past who are the most successful in innovating are the ones who see a clear problem and have a good idea of what strategies could fix that problem.
1. First the managers need to identify the problems by conducting market research, so that can find out the reason behind the decline in the innovative product or service. Gathering customer feedback, competitor analysis, and seeing the trends that are emerging will allow a manager to come up with solutions that can redefine their product or service’s value proposition and see if need to target a new market segment.
ReplyDelete2.The key drivers of innovation in my experience are technological advances, competition, and market demand. Technology advances, usually drive innovation since create new possibilities and opportunities for new development. Competition among companies can help drive innovation as those companies strive to create a product or service that differentiates themselves from their competitors. Market demand allows the company to understand and respond to consumers' needs, which can inspire them to create new innovative solutions that can address the consumers' needs.
An innovative product or service turns the corner and is no longer innovative. What have you observed managers might do in response?
ReplyDeleteI think there are many things that I have observed that managers might do in response. I think the idea of collaborating or partnering with a group is huge. I think it is a good idea to work with other companies, groups, or organizations to try and get new ideas or another groups perspective. I also think having a diverse approach is also a really good and fun idea. This can help to stop people becoming uninterested and allow people to find new opportunities that they may not usually get.
What are the key drivers of innovation in your experience?
The key drivers of innovation in your experience are competitive pressures. I think the idea of having competition in the industry is a good thing because it drives you to be better and continue to innovate. It allows companies to continue to push forward and not stay in their comfort zone. It makes sure that the brand continues to make sure they stand out in the market and gain more of the market share. I also think continuing to make advancements is a main driver specifically in technology. This helps with the idea of new business plans and models and technological advancements within the industry.
1. When an innovative product or service loses its edge, managers may respond by either rebranding and repackaging the product to regain market interest, or by shifting focus towards developing new innovative offerings. Alternatively, they may choose to change the company's strategy towards other aspects such as cost reduction or improving customer service to maintain competitiveness.
ReplyDelete2. In my experience, the key drivers of innovation include a strong organizational culture that encourages creativity and risk-taking, investment in research and development, collaboration with external partners such as suppliers and customers, and a responsive market that values and rewards innovation. Additionally, effective leadership that fosters a supportive environment for experimentation and learning is crucial in driving innovation forward.
1. When a product loses its edge in innovation, my managers prioritize swift analysis of the situation to pinpoint areas for improvement and boost productivity . It's crucial to rebound promptly from setbacks; remaining stagnant only leads to falling further behind.
ReplyDelete2. A deep understanding of the market serves as a crucial catalyst for innovation. Without insight into market dynamics and identifying gaps or needs within a field, one's ability to drive innovation is limited. The most successful managers I've encountered are those who can clearly identify problems and devise effective strategies to address them.
1. When an innovative product or service reaches a point where it is no longer considered innovative, managers have rebranded their products to change the perception of the product. They could also commit to continuous improvement and enhancement of their current product.
ReplyDelete2. Key drivers of innovation in my experience are: market demand and technological advancements