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Innovation, Creative and Design Paper

In: Business and Management

Submitted By Huskers06
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Pages 4
Innovation, Design and Creativity Paper
Laura Cuda
University of Phoenix
OI/361
Rebecca Montano
May 13, 2013

Innovation, Design and Creativity Paper
Innovation
The definition of innovation states “The process of translating an idea or invention into a good or service that creates value or for which customers will pay” (Business Dictionary, 2013). For an organization to have an innovative proposal; the suggestion should replicate an inexpensive cost while satisfying a customer need. The fundamental foundation of innovation involves the calculated application of information, imagination and initiative (Von Stamm, 2008). This groundwork adds value on all processes in which new concept are generated and converted into useful products / services. Innovation that is applied in business will result in ideas that are useful by organizations to promote positive performance and consistent clientele. Innovation is categorized by two broad categories (Von Stamm, 2008):
1. Evolutionary Innovations: Organizational Improvements that bring numerous incremental advances in technology or processes.
2. Revolutionary Innovations: Organizational Improvements that is categorized as disruptive and new.
Innovation is associated with taking risk while creating revolutionary products / technologies. There are two levels of innovation: continuous and discontinuous (Von Stamm, 2008). In an example of continuous; Jack Daniels could increase the product life cycle of whisky by adding honey. This honey flavored whisky represents a minor change to a popular product and a continuous profit margin. However, discontinuous innovations like compact disc players or “A” tracks are examples of products where the customer moves to the lasted technology causing social impact. Organizations prefer to use continuous innovation to stay ahead of the competition and to bleed the life cycle of the product...

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