Essay Sample Innovation On The Cheap

Essay Sample Innovation On The Cheap Essay Sample: Innovation On The Cheap The article is widely aimed to discredit the traditionally held notion concerning the true meaning of innovation concept. Initially, innovation was understood to be a process of introducing new products and technologies in organizations. In a broader sense, innovations must always be perceived to be new even to the incumbent company. Nonetheless, the message that the writer gives here is that most firms normally have existing products that only need a little improvement and these products when improved can easily pass for greater innovations, giving credence to the old adage “a bird in hand is worth two in the bush.” The simple meaning to this is that companies need not to look further than the existing products as they pursue newer products.  Businesses seek to gain advantage in markets by ensuring that they constantly supply innovations into the markets. This article is meant for those managers who are faced with challenges of uncovering the hidden possibilities of discovering these new products. This article is a vital tool for budding innovators, and business managers, since it offers them six techniques to help make their searches for new opportunities more systematic.  Although money supply is currently tight in the economy, the article suggests that innovators can still launch products that serve the n eeds of the new customers. These products are held in hand by the company and can always be easily launched into the markets with hardly any efforts and using equally as fewer resources. The article suggests six strategies that can be used by managers for whom this message is primarily addressed, and these are; earlier innovations that were never launched but were all the same developed should be considered, they need to incorporate features of past products that may address customer needs into current products, repositioning existing offerings that customers may like due to reasons that are unforeseen will also help, making sure that elements that are bundled stand alone, trying to establish new combination of products where customers get greater values and establishing offerings that are overdesigned and could be paired with those segments that are demanded less by customers would also appear strategic. For companies to satisfy their main functions, which according to Peter Drecker, are just ensuring that the marketing and innovation components are adequately met, then it will need to keep their innovation practices always operational. This enables organization to win more customers while at the same time staying ahead in market competition. The search for fresh innovations should never overlook those offerings that currently exist in the business, which have an advantage in the sense that they are cheaper to launch than those ideas which are still under construction.  It is now an acceptable fact that innovation must not be allowed to delve in forcing managers to think of products that are entirely new, both to them and their customers considering that customers are always reluctant to embrace such new products. The results have indicated that financial returns associated with such endeavors are often not impressive and takes fairly longer times to realize. This paper easily convey s that any reader of this passage will receive value in that he or she is not forced to think so much into the abstract to create products that have never been developed per se. Value addition alone creates new innovations.