Innovation Management

Most firms making efforts to gain competitive advantage build their marketing strategies on product improvements as innovations to attract consumers and wider society. A true innovation is a product or service that has unique consumer value, affordable cost, and high competitive advantage. Many companies recognize that their dispersed global operations are a treasure chest of ideas and capabilities for innovation. But most firms find it harder than expected to uncover those ideas or exploit the process of transforming ideas into innovations. Part of the problem is that companies manage global innovation in the same way as they manage traditional business projects. This chapter explains the role of managers to successfully bring innovations to an enterprise and expand them at a global scale. Arguments are illustrated with examples in reference to phases of innovations, innovation metrics, the innovation cycle, critical success factors, opportunities, threats, disruptions, and chain reactions of innovation. The chapter also addresses the concept and practice of conceiving ideas and nurturing innovation in a competitive marketplace, and suggests ways to increase effectiveness in managing innovation and corporate goals.