Management of Innovation Case Solution
Background:
Innovation management is based on some of the ideas presented by the Austrian economist JOSPEH SCHUMPETER working during the 1930s.
Introduction:
The main purpose of the management of innovation is to analyze and manage the new products along with the implementation of new innovative strategies. It is the process by which innovation is managed for the vision of new opportunity. Its helps the organizations to compete against their competitors. In addition to this, innovation management helps in generating new innovations (new product, technologies) by providing value to customers and solution of their needs in both existing and new ways. It also helps in capturing the new opportunities.
The article we chose for this topic focuses on innovation, its nature, its management, types, and on the innovation aspects of Philips Corporation.Philips established its first research laboratory, with its first innovation in X-ray and radio technology (X-ray discovery was first made by German physicist Wilhelm Conrad Rontgen in 1895). Philips Corporation is famous for its management of innovation. Philips not only launched the new product in the market according to market demand but also focused on its management as well.
Industry Dynamics of Technological Innovation:
A product is a combination of one and more ingredients, attributes, benefits,features and etc. Philips’ innovation includes Healthcare, consumer life style, and lighting. Validating in Philips’ research enables to fit best to the existing needs of the market. Philips’ research focuses not only on meeting global demands but also at the same time fulfilling the local needs along with maintaining the standards of innovation such as Rotalix X-ray tube, high-pressure mercury lamp, the triple headed dry electric razor, the compact cassette, the Brilliance 40 slice CT scanner, CD, DVD and Ambilight TV
The most recent innovation of Philips’ Research includes the world's most energy efficient LED lamp at 200 lumens per watt – the TLED prototype lamp which shows that how the management of the Philips is concerned about managing the innovation in its products and services.
This article also focuses on how innovation meets the needs of people and for this the author studied about the innovative products of Philips and innovation according to local market demand and global demand such as Philips Innovation Campus in Bangalore, India which is the example of this manner they provide end-to-end innovative solutions to their local consumers and global consumers as well....................
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