This module examines the strategic importance of innovation for sustaining growth in organisations. It uses a combination of theory concepts, application processes and case analysis to develop decision making processes and apply them to business situations. Specifically the module aims to address the contribution that technology makes to innovation, the sourcing of innovation opportunities at both macro and micro levels, new product /service design, development and commercialisation process, the importance of a multi-disciplinary approach to new product development and how innovation is managed within organisations on an ongoing basis.
Overview of Innovation
Definition of innovation; technology driven innovation; market driven innovation; strategic importance of product and process innovation; product/service management; the changing business environment towards a high tech environment.
Systematic Innovation
Principles of Innovation - product, process and business model innovation; sources of innovative opportunities; opportunities in BRIC and other emerging economies; critical success factors for innovation - developing competencies, adopting a multi-disciplinary approach and collaborating with relevant external organisations.
New Product Development Process
Stages in NPD - adopt a multi-disciplinary approach to each of the following stages - Idea generation, idea screening, concept design, development and testing, marketing strategy and development, business analysis, product development, test marketing and commercialisation; speeding up new product development; the new product adoption process; diffusion of innovation; product life cycles; smooth transition from R&D to production /operations to commercialisation.
Building an Innovative Organisation
Factors that stifle innovation; the problems of change; building responsiveness and flexibility; the use of cross functional teams; incentives for innovation; the importance of devloping a culture which fosters innovation; how to maintain innovation as a competitive advantage.
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Other Assessment(s) | 40 |
| Formal Examination | 60 |