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Distinguish Between Product, Process and Organisational Innovation. Which Is Likely to Be the Most Important for the Growth of Your Business over the Next Three Years?

In: Business and Management

Submitted By alexread007
Words 3089
Pages 13
The construction industry is currently in a state of turmoil – as the economic situation begins to improve, we are finding that the challenges of securing contracts and motivating people throughout the recessionary period are being replaced with different challenges including retaining people, maintaining the business ethos and controlling growth in what remains an incredibly competitive industry. Through recession and as we exit, a strategic approach to business management is key to longevity and sustainability of an organisation. In the context of Read Construction Holdings Ltd (the writer’s organisation), there are significant changes currently underway – a new business plan targeting significant growth over 3 years, new directors and ownership and a marketing strategy targeting increasingly large complex projects of a Design and Build nature. To achieve this, some form of change is required and much of this change may come through innovation. This assignment will distinguish between product, process and organisational innovation and discuss which is likely to be the most important for the growth of Read Construction Holdings over the next three years.

In order to distinguish between the different types of innovation, the essay will begin by setting out a clear definition of innovation. The main discussion will go on to discuss limitations, barriers and enablers of innovation and how that might impact on the organisation, summarising which type is likely to be the most important for the business in support of its goals, the essay will also evaluate the potential for consecutive innovative approaches and what limitations and barriers / enablers may be encountered. What is Innovation?
In defining innovation, it is important to clearly differentiate between innovation and invention. Fagerberg (2004) suggests that invention is the first occurrence of an idea...

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