Free Essay

Discussion - Innovative Product

In: Business and Management

Submitted By gdot80
Words 710
Pages 3
Grade Received - "A -"

What is your product, and why do you feel the product you have selected is innovative within its industry?
How was the product introduced to the market, and which approach was used—entrepreneurship or intrapreneurship?
Give a brief description of some advantages, disadvantages, or challenges resulting from using the particular approach?

In this discussion I will attempt to define the term innovation, pick an existing product and why I feel the product was innovative within its industry, how the product was introduced to the market and whether it was the entrepreneurship approach or intrapreneurship approach, what the advantage and disadvantages were resulting from using this particular approach and what challenges were faced in bringing the innovation into the market. According to dictionary.com, innovation is the introduction of something new or different or the introduction of new things or methods. But innovation can have a different meaning to different people. For people in the business world innovation can mean turning ideas into money, creating a value for users, opportunities that can create jobs, or an improvement of something that already exists. We have to remember that without innovation companies can die. There are many innovative products that have been introduced throughout the years. Digital cameras, MP3 players, the Internet, Kindle, Nintendo Wii and sliced bread are among many innovative products that have been introduced. The product that I have chosen that I believe was an accidental innovative product in a Godsend for many individuals is Viagra. I say that this was an accidental innovative product because the original intent of Viagra was to treat hypertension but was found to be a very effective treatment for men that suffered from erectile dysfunction. It allowed man to take control of their sex life, but only with the help of the "Little Blue Pill". If that is not innovation, then I do not know what is. During the first phase of clinical trials, Viagra showed little effect on what it was intended to be used for, but did induce penile erections. During the second phase of clinical trials, they decided to pursue the use of Viagra for erectile dysfunction. After the drug became patented in 1996, and was introduced in the U.S. when it became approved for the use of erectile dysfunction by the United States FDA on 27 March, 1998 (Parnham). The approach that was used to introduce Viagra was intrapreneurship. Peter Dunn and Albert Woods were employees of a pharmaceutical company, Pfizer, who created this product. A few advantages for using the intrapreneurship approach are that the development of the drug was well funded by the company. Having more than one person on the team reduced the fear of risks that were being taken after the first two phases of the clinical trials failed when it came to deciding on having this particular drug treated for impotence. The third advantage of this approach is that it gave the pharmaceutical company a bigger name for itself and brought in an enormous amount of capital once this drug was approved for sale. A couple of disadvantages for this approach is because more than one person was working on this drug, they have to be sure that they were in constant communication on what was going on in order to make this product successful on the market. Managers for this pharmaceutical company were dependent on their employees in order to create a successful drug to treat a specific type of medical condition which in turn put them out of their comfort zone during day-to-day operations. The only challenge that Pfizer faced when bringing this drug into the market was having it approved by the US FDA. I say this because the intent of this drug was not to treat erectile dysfunction. It is to be considered innovative during that time period because Viagra was the first drug that was able to treat impotence by taking a pill orally and nothing else like this on the market.
REFERENCES
Dictionary.com

Lambing, Peggy A. and Kuchl, Charles R. (2007). Entrepreneurship (4th Edition). Upper Saddle River, New Jersey: Prentice-Hall

Parnham, Michael J. (2004). Viagra: A Chronology. Viagra.MD. Retrieved April 21, 2012 from: http://www.about-ed.com/viagra-history

Similar Documents

Premium Essay

Oi361

...innovation for competitive advantage. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Rowe, A. (2004). Creative intelligence. Discovering the innovative potential in ourselves and others. Upper Saddle River, NJ:...

Words: 1446 - Pages: 6

Premium Essay

Oi361 Syllabys

...organizational innovation for competitive advantage. Policies Faculty and students will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Rowe, A. J. (2004). Creative intelligence: Discovering the innovative potential in ourselves and others. Upper Saddle River, NJ:...

Words: 1711 - Pages: 7

Premium Essay

Innovation Process

...requires a creative innovative approach to problem-solving. Innovation is a process organizations engage to gain a competitive advantage. The following discussion focuses on the innovative process. Discussion begins by indentifying each of the four steps of the innovation process. Steps include generating new ideas, researching new ideas, development of a product or service, and distribution, or delivery of products or services. Additionally, this portion of the discussion will focus on the application of the innovation process as it pertains to Nokia’s cellular phone battery problem. The discussion concludes with identification of appropriate tools for use regarding the four-step process and an explanation for their selection. Also, the discussion concludes with a focus on measuring results, monitoring, and controlling to ensure continual improvement. Innovations Process The four basic phases of the innovative process are generating, conceptualizing, optimizing and implementing. Innovation begins with generating. This phase is where brainstorming leads to viable solutions for customers. Generating can also entail some designing and modeling. Conceptualizing is the phase in which ideas accepted from the generating phase are passed along to research and development. Ideas are designed and tested in this phase along with planning the product development process. This is also the phase where consumer needs and wants are researched and addressed while the product is still in......

Words: 940 - Pages: 4

Premium Essay

Response to Week 7 Dq

...Week 7 Discussion Question What are the advantages and disadvantages of involving supply chain partners in the development of new products and services? Response to Week 7 Discussion Question The development of new product and services is the most integral part of strategic operations management of a company which the global competitive factors of the market trend has force manufacturers to develop an innovative quality product(s) with speed and efficiency for the sack of the product becoming acceptable to customer demands and universally excellent which is achieved by the help of integration of supply chain activities that brought speed and efficiency in the flow of developing processes as part of the strategic operations required for developing new product and services by taking into considerations, resource capability to create and deliver the innovative product to the expectations of the customer/consumer demands. The contribution of strategic design of operations resources can be defined as “a supply chain network with an interconnection of organizations which synchronize through upstream and downstream linkages between flow of different processes and activities which produce value in form of products and services to the ultimate customer”. Slack & Lewis (2008, p. 100) However, to better synchronized flows of information for all the innovative deliverables required for the development relationships, there exist a need to involving a supply chain partner as a...

Words: 861 - Pages: 4

Premium Essay

Mfg. Trends in 2020

...Trends in manufacturing to 2020 A foresighting discussion paper Future Manufacturing Industry Innovation Council i Date: 30 September 2011 For more information, or to comment on the paper, please contact: Manager Future Manufacturing Department of Innovation, Industry, Science and Research GPO Box 9839 Canberra ACT 2601 Phone: (02) 6213 6000 Facsimile: (02) 6213 7000 Email: Futuremanufacturing@innovation.gov.au ii Future Manufacturing Council discussion paper: Trends in manufacturing to 2020 Table of Contents Executive summary ....................................................................................................................................1 Background.................................................................................................................................................2 Future Manufacturing Council................................................................................................................2 Defining manufacturing...........................................................................................................................2 Profile of Australian manufacturing........................................................................................................4 Trends to 2020 ... and beyond: Issues and opportunities for Australian manufacturing...................12 Terms of trade driving value and volatility of the Australian dollar and structural changes in the economy – an......

Words: 14303 - Pages: 58

Premium Essay

Dippin Dots Case

...Teaching Notes – Dippin’ Dots Ice Cream, as of October, 2004 Case Uses & Objectives This case can be used to augment discussions of strategic analysis, specifically both internal and external environmental analysis (Chapters 2 & 3 in Dess, Lumpkin & Eisner); and strategic formulation, specifically business level strategy (Chapter 5), with an additional focus on strategic implementation, specifically entrepreneurial development (Chapters 12 & 13). The case is written in a style that overviews the situation but intentionally avoids guiding students through any analytical framework or specific application question. In so doing, it provides the instructor with the latitude to adjust class discussion and thereby accommodate the abilities of a wide-range of students. Specifically, the instructor can invite students to reason through a situation where uncertainty exists and speculation may be required. In terms of environmental analysis, this case connects a discussion of external environmental forces and Porter’s five-force model, and how such forces affect the opportunities for growth in an industry (referencing concepts covered in Chapter 2). In terms of internal analysis of the firm, (referencing Chapter 3), the value-chain and resource-based VRIN analysis provides a case for how distribution challenges across the value-chain activities could affect value. The stakeholder perspective can also be analyzed using the balanced scorecard. As a business-level......

Words: 3860 - Pages: 16

Premium Essay

Business

...Teaching Notes – Dippin’ Dots Ice Cream, as of October, 2004 Case Uses & Objectives This case can be used to augment discussions of strategic analysis, specifically both internal and external environmental analysis (Chapters 2 & 3 in Dess, Lumpkin & Eisner); and strategic formulation, specifically business level strategy (Chapter 5), with an additional focus on strategic implementation, specifically entrepreneurial development (Chapters 12 & 13). The case is written in a style that overviews the situation but intentionally avoids guiding students through any analytical framework or specific application question. In so doing, it provides the instructor with the latitude to adjust class discussion and thereby accommodate the abilities of a wide-range of students. Specifically, the instructor can invite students to reason through a situation where uncertainty exists and speculation may be required. In terms of environmental analysis, this case connects a discussion of external environmental forces and Porter’s five-force model, and how such forces affect the opportunities for growth in an industry (referencing concepts covered in Chapter 2). In terms of internal analysis of the firm, (referencing Chapter 3), the value-chain and resource-based VRIN analysis provides a case for how distribution challenges across the value-chain activities could affect value. The stakeholder perspective can also be analyzed using the balanced scorecard. As a business-level strategy case,......

Words: 3861 - Pages: 16

Premium Essay

Innovation

... Innovation Process Paper: Comcast Introducing new and innovative ideas and strategies to a company is a process. This process must not be taken lightly to ensure that these ideas and strategies are successfully implemented in the organization. Comcast can ensure success by making certain that they observe each of the four phases in the innovative process and using tools and techniques to their full advantage. One thing that must not be ignored is how to measure these implemented innovations and make certain there is continual improvement toward success. Comcast has what it takes to be successful if they can successfully implement the innovative process in their future ideas and strategies. Four Basic Phases of the Innovative Process There are four basic phases in the innovative process; utilizing these phases will ensure success for Comcast in their future endeavors. Von Stamm (p. 39, 2003) asserts that, “While structured processes for the development and management of new products are no guarantee forimproving innovativeness, they are nevertheless an important part in an organization’s armory to improve newproduct introduction rate and maximize the benefits from a company’s product portfolio.” Observing the process alone will not prove success but certainly will increase the odds of having a successful introduction of innovative strategies and products in the future for Comcast. The innovative process has four basic phases; they are preliminary analysis,......

Words: 1858 - Pages: 8

Premium Essay

Innovation Managament

...INTF 355 International Technology Management Course Book: Paul Trott, Innovation Management and New Product Development, 5.th Ed Learning objectives and Some Discussion Questions for Mid Term Exam • Recognise the importance of innovation • Explain the meaning and nature of innovation management • Provide an introduction to a management approach to innovation • Appreciate the complex nature of the management of innovation within organisations • Describe the changing views of innovation over time • Recognise the role of key individuals within the process • Recognise the need to view innovation as a management process. Discussion questions A number of chapters have several Pause for thought questions to help the student reflect on what they have just read to check their understanding. Examples: Not all firms develop innovative new products, but they still seem to survive. Do they thrive? This question attempts to get the students to recognise that while innovation is important it is possible to survive especially in the short term by focusing on traditional concerns such as minimising costs and generating sales. In the longer term, however, few firms will survive for long without the need to change; and that means introducing new ways of working and new products and services. If two different firms, similar in size, operating in the same industry spend the same on R&D, will their level of innovation be the...

Words: 2315 - Pages: 10

Premium Essay

Mktg

...Essentials of Marketing by covering three broad concepts: 1)  Evaluating marketing As indicated in Chapter 1, there are two levels of marketing: •  the micro (managerial) level—concerns the marketing activities of an individual firm; and •  the macro level—concerns how the whole marketing system works. 2) The key components of an innovative marketing plan. 3) Challenges facing marketers. Multimedia Lecture Support Package to Accompany Essentials of Marketing Lecture Script 20-2 This slide relates to material on p. 498. Summary Overview This chapter suggests that satisfaction and costs serve as criteria for evaluating the impact of marketing. Key Issues •  A nation’s objectives affect the evaluation of marketing. •  The social and economic objectives of a nation may differ depending on that nation’s socio-political structure. •  Consumer satisfaction is the objective in the United States. •  This objective is derived from a market-based economic system, and it implies that political freedom and economic freedom go hand in hand. •  In the U. S., people have the right to live as they choose and to satisfy their economic and social needs as they choose. Discussion Question: How is the marketing concept related to the marketing objectives and realities that characterize the United States? Multimedia Lecture Support Package to Accompany Essentials of Marketing Lecture Script 20-3 This slide refers to material on p. 499-501. Summary Overview Since consumer......

Words: 3096 - Pages: 13

Premium Essay

Innovation Stategy Development

...Singapore Management University Maters of Science Innovation | Core Module MGMT 661 By Associate Prof. Adel F. Dimian My Definition, Understanding and Response of the Lecture Topic & Discussions. Innovation Strategy Development Part 1&2 When the need of wanting to be different arises, the need to innovate takes a strong hold in one’s mind to bring about new changes that are often challenged in many different styles, manner, methods and modes. To my understanding different types of innovations requires and employs different innovative strategy or strategies. Which in turn determines the growth phase of the organization and its strategic approach and desired outcome of the innovation. Developing an Innovation Strategy Frame Work The Innovative ideas and strategy plans and developments can only take valuable shape and growth with the right leadership and driving force. Therefore with the discussions developed and generated, I have come to an understanding that successful innovation strategy is determined by the true leadership of an innovative leader with an innovative mindset who wants to achieve success for his organization, employees and himself. Instead of being comfortable and clustering around a few achieved strategies, a successful innovative leader begins by setting high targets and aspirations for the organization. Followed by recruiting qualified candidates and instilling tremendous positive energy, spirit and enthusiasm in the work environment.......

Words: 1608 - Pages: 7

Premium Essay

Leveraging on Line Consumer Communities to Innovate

...26, 2009 Copyright DBA Apparel – All rights reserved DBApparel : The company  Global Designer, Marketer and Manufacturer of Branded Women's and Men's Apparel Products.  14 brands, 3 categories including:    Intimates (50%) Underwear (20%) Hosiery/Socks (29%).  Wants to stay the European leader    With strong brands Focusing on customers and consumers Known for its ability to Innovate. aca – jan 09 2 DBApparel : Innovation When related to lingerie and hosiery technical products, the criteria for innovative offerings are: - new materials/processes - new product construction - new presentation/packaging that - do not exist in competitive products - bring added value to consumers - could be protected by intellectual property aca – jan 09 3 Innovation Board Sponsored by the CEO and composed of business VP’s, Operations VP, R&D and Brands Directors Ship Products IDEA MANAGEMENT TOOL BOX SHAPING / PROPOTYPING PRODUCTS CONCEPTS PORTFOLIO EXECUTION TECHNICAL PROJECTS PORTFOLIO Brainstormi ng Incubate ideas Screening Gate 0 Development  Provides a forum for firm wide 1. Trends exchange of innovative ideas Outsourced if no IP Autun or Manila if IP 2. Market needs studies  Tracks and cultivates Product Concept Projects Portfolio innovative ideas across the BU’s Removable cups Disposable Underwear Glued edges Silicone for stay in place Comfort Flexible wires Crinoline cup/Corolla and......

Words: 963 - Pages: 4

Premium Essay

Cavinkare Marketing Strategy

...CLBS-004 Cavinkare’s Innovative Marketing Strategies CavinKare’s Fairever fairness cream, with the USP of ‘a fairness cream with saffron’ op y acquired a 15% share, and F&L’s share fell from 93% (in 1998) to 76%. Within a year of its launch, Godrej’s FairGlow cream became the third largest fairness cream brand, with a 4% share in the Rs. 6 billion fairness cream market in India. The other players, including J.L. Morrison’s Nivea Visage fairness cream and Emami Group’s Emami Naturally Fair cream, had the remaining 5% share. During 2000-01, with tC major players entering the market, the existing products were promoted with renewed vigor through price reductions, extra volumes, etc. Many products were marketed aggressively. While Fair & Lovely (F&L) advertisements projected fairness No comparable to the moon’s silvery glow, FairGlow offered the added benefit of a blemish-free complexion. Fairever, which sold at a higher price, did not initiate any promotional activities. B. Nandakumar, President (Marketing) CavinKare, explained, “We will not tailor our product to the competition. We’ll do so for the consumer. Freebies are not the only Do way to garner sales.” However, analysts believed that CavinKare did not undertake any promotional activities due to lack of financial muscle. CavinKare’s Fairever was available only in tubes of 25gm and 50gm, and was also priced higher than its competitor’s products. A 25gm Fairever tube was priced at Rs...

Words: 1064 - Pages: 5

Premium Essay

Innovative Widgets Customer Service Plan

...Innovative Widgets customer service plan Vision • This is a statement of how you envision customer services being delivered in the future In five years’ time, Innovative Widgets will be the leader in customer service satisfaction, providing timely, responsive service with integrity, simplicity and a passion for excellence, while meeting or exceeding the customer’s expectations. Mission statement • This defines what a company will do to achieve its vision. It may include the company’s functions, goals and philosophies The mission of Innovative Widgets is to always convey a passion for the customer and to consistently deliver the best service experience. Innovative Widgets defines customer service as any activity provided by an Innovative Widget employee that enhances the ability of a customer to realize the full potential value of an Innovative Widget product or service before and after the sale is made, thereby leading to Customer Satisfaction and repurchase. Product standards • Provide a clear description of the product standards or specifications (page 27). • Use the information provided in the case study. • If the information for one aspect of the product is not available in the case study, use your own judgement to outline a reasonable standard. Product (widget) aspect Product standard or specification Dimensions Mean widget size = 10mm Tolerances +/- 3% variance (0.03) = all widgets including tolerances = 9.7mm –......

Words: 1096 - Pages: 5

Premium Essay

Business Analysis

...diversified well-knownbrands of Entertainment Company. Itdeals in different segments of entertainment industry in terms ofanimated films, theme parks, resorts and studios etc. (The Walt Disney Company, 2012).In context of Walt- Disney, several strengths, weaknesses, opportunities and threats are associated with the company that are presented as below: Strengths: Walt Disney is a well-known brand of entertainment industry that has unique positioning around the world. It is the key strength of the company as global customers know the company for innovation and creativity (Ungson& Wong, 2008). At the same time, the company has portfolio of diversified products and services as it deals in studios, animated films, theme parks and resorts, media networks and consumer products etc. (Grewal& Levy, 2008).With the help of diversified products and services, the company is able to generate broad and diversified revenue base by dealing in...

Words: 2186 - Pages: 9