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Factory

Unit 5 - Operations management

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Chart Increasing

Unit 1 - Introduction To Business Management

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Briefcase

Unit 2 - Human Resource Management

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Money Bag

Unit 3 - Finance & accounts

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Direct Hit

Unit 4 - Marketing

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Bar-Chart

Unit 6 - Assessment

<ul>
	<li>🌟 Definition: Innovation means adding something new to business, such as improving a product or process to outshine competitors.</li>
	<li>💡 Fun fact: Think of innovation like adding a twist to your favorite recipe. By adding a new ingredient, you make the dish even tastier!</li>
</ul>

<ul>
	<li>📱 Product Innovation
	<ul>
		<li>Creation of a new product or enhancing an existing one.</li>
		<li>Example: Flat-screen TVs or the newest iPhone models.</li>
		<li>Focuses on the &quot;what&quot; a company offers.</li>
	</ul>
	</li>
	<li>🔄 Process Innovation:
	<ul>
		<li>Improvements in manufacturing or service delivery.</li>
		<li>Example: The Just-In-Time (JIT) system that minimizes inventory.</li>
		<li>All about the &quot;how&quot; things are done.</li>
	</ul>
	</li>
</ul>

💼 Service Innovation: This covers both product and process innovation.

<ul>
	<li>E.g., Tracking your Amazon order&#39;s journey online.&nbsp;</li>
</ul>

<ul>
	<li>Adaptive Innovation:
	<ul>
		<li>Minor changes to existing products or processes.</li>
		<li>Think of it as evolution - small, gradual improvements.</li>
		<li>Example: Companies allowing employees to work from home during the Covid-19 pandemic.</li>
	</ul>
	</li>
	<li>Disruptive Innovation:
	<ul>
		<li>A big breakthrough that shakes up an entire industry.</li>
		<li>Example: Budget airlines transforming travel habits in the 1990s. Suddenly, international travel became affordable!</li>
	</ul>
	</li>
</ul>

<ul>
	<li>🏢 Organizational Culture
	<ul>
		<li>Risk-averse cultures might fear innovation, while open-minded cultures may welcome it.</li>
		<li>Imagine a boss saying, &quot;If it ain&#39;t broke, don&#39;t fix it&quot; vs. another encouraging creative brainstorming sessions.</li>
	</ul>
	</li>
	<li>📜 Past Experience
	<ul>
		<li>Previous successes or failures can guide future attempts.</li>
		<li>Ever heard of the saying, &quot;History teaches us&quot;?</li>
	</ul>
	</li>
	<li>💻 Technology
	<ul>
		<li>Tools like Computer-Assisted Design (CAD) and the internet can boost innovation.</li>
		<li>Example: Open-source software like Mozilla Firefox grew due to easy idea sharing.</li>
	</ul>
	</li>
	<li>⏳ Pace of Change
	<ul>
		<li>Some industries, like tech, change rapidly, while others remain relatively stable.</li>
	</ul>
	</li>
	<li>🥊 Level of Competition
	<ul>
		<li>More competitors = More reasons to innovate to stay ahead.</li>
	</ul>
	</li>
	<li>💰 Finance
	<ul>
		<li>No money, no innovation. R&amp;D budgets play a crucial role.</li>
	</ul>
	</li>
	<li>🧑&zwj;🔬 HR (Human Resources)
	<ul>
		<li>You need skilled people to innovate. It&#39;s like needing chefs to cook gourmet meals.</li>
	</ul>
	</li>
	<li>⚖️ Legal Constraints
	<ul>
		<li>Laws can limit innovation.</li>
		<li>Example: Airplane turnaround times might be limited by labor laws.</li>
	</ul>
	</li>
	<li>🌿 Ethical Concerns
	<ul>
		<li>Sometimes it&#39;s not about &quot;Can we?&quot; but &quot;Should we?&quot;.</li>
		<li>E.g., The Body Shop and LUSH avoid animal testing, winning many fans.</li>
	</ul>
	</li>
</ul>

While barriers exist, every business can make minor adjustments for improvement. Think of innovation as the spice of the business world - even a little can make a big difference!

&nbsp;

📢 Remember: Innovation isn&#39;t just about big inventions. It&#39;s also about those tiny tweaks that make a big difference over time!

Unlock Business Success: Mastering Product & Process Innovation

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Higher Level

Business Management HL

Unit 5 - Operations management

Unlock Business Success: Mastering Product & Process Innovation

Table of content

🎨 Introduction to innovation 🎨

🎁 Two main types of innovation 🎁

🐢 Adaptive innovation vs. 🚀 disruptive innovation 🐢

Unlock the Full Content!

Unit 5 - Operations management

Unlock Business Success: Mastering Product & Process Innovation

Table of content

🎨 Introduction to innovation 🎨

🎁 Two main types of innovation 🎁

🐢 Adaptive innovation vs. 🚀 disruptive innovation 🐢

Unlock the Full Content!