Innovation Products -combining Social And Business Challenge

Innovation is defined as the process by which an idea or invention is translated

into goods or services for the benefit of the consumers and replicable at an economical cost. In the business scenario, innovation is the result of application of technical ideas to decrease the gaps between expectation of the customers and the performance of the enterprise. In a social level, this relates to devising collaborative methods, alliances, joint ventures leading to increase in the buyers purchasing power.

Innovation products is a combination of information, imagination and intuitive thinking along with a number of processes making it different from the resource. Innovative products can either be a new product or an improvement made on an existing one, by using new components or materials . Nevertheless, it is based on ideas that are captured from various sources.

Further, todays aggressively competitive market, challenges for every enterprise to gain maximum market value. To meet this challenge, enterprises take up initiatives such as branding, advertisement, social media marketing to promoting 'out of box' thinking, strategies for innovative product development and idea management techniques. Such initiatives may lead to development of products that can handle environmental issues, energy conservation or even bring about simple changes to make a product or service more comfortable and competitive.

To generate profitable growth of the enterprise and improve the consumer structure, Billerud- the Swedish packaging designer came up with an innovation product Fiberform a by-product of petroleum that helped in reducing the consumption of plastics. 'Fiberform'- a biodegradable and recyclable packaging material took plastic out of all products; from food to cosmetics. Made of renewable, fossil-free raw material, this innovative product confirmed a reduction in carbon emissions in production by 39%, paving way for increased market share for 'Fibreform' as a climate smart packaging solutions. This initiative contributed to the companys profitability, while at the same time benefiting the global climate.

With 72 manufacturing and technology research centers and 73,000 employees, Whirlpool Corporation promoted the concept of designing innovation products and redesigning business processes by building an idea management system to capture ideas from its employees. This not only changed the culture of the company but also brought out products such as the revolutionary 'Smartcook' pizza oven, that can cook a pizza in less than one and half minutes, the Duet Steam laundry pair that helps to save enough water in a normal wash cycle to fill a 16 x 20 x 6 swimming pool over the course of a year or the Fabric Freshener which uses only nine ounces of water and 10 cents of electricity per cycle and removes odors from clothing while relaxing wrinkles without using chemicals or detergents.

All these innovation products helped the company attract large number of consumers and generated more than $2.5 billion of worldwide revenue. This also gave Whirlpool a competitive advantage and the generation of a robust innovation pipeline of about $20 billion. Innovative products are the result of bringing together a diverse group with a common goal and applied processes with the right combination of tools and techniques.

by: Gladeyas

POST COMMENT

The Importance Of Choosing An Effective Business Database Why Mobile Commerce Is Good For Your Business Few Tips To Find A Business Attorney That Can Handle Your Case Web Design Small Business: Target Audience, Simple Design And No Stale Content Postcard Printing- A Traditional Way For Business Printing Why Use Social Networking To Grow Your Business? 5 Unconventional Businesses That Are Doing Well 4 Bookkeeping Tips For Small Businesses Backup And Disaster Recovery Solutions For Business Critical Information And It Infrastructure Business Class Flights- A Boon To The Entrepreneurs Advantages Of Php Platform For Your Online Business The Value Of The Right Ppc Services For Your Business Improve Profit In Your Business With The Help Of Strategic Business Consultant Services