Identify and Discuss the Basic Phases of the Innovative Process

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Identify and Discuss the Basic Phases of the Innovative Process Defining Innovation. Merriam Webster online dictionary defines innovation as (a) a new idea, device, or method or, (b) the act or process of introducing new ideas, devices, or methods therefore we perceive that the central meaning of innovation relates to renewal. For this renewal to take place it is necessary for people to change the way they make decisions, they must choose to do things differently, make choices outside of their norm. Schumpeter (1930) suggests that innovation changes the values onto which the system is based. So when people change their value (system) the old (economic) system will tumble over to make room for the new one. When that happens innovation has occurred. The Methodology of the Strategic Innovation Process The strategy innovation process is a method for creating innovative, new opportunities that could become the basis for a new strategic direction for a corporation. Strategic Innovation is a series of phases, not a linear series of steps by carrying out the phases, the company can avoid some of the process pitfalls that arise when doing cross functional work at the strategic level. The specific steps to be taken within each phase must be determined by each company individually. Krajewski & Ritzman. (2005A) state that "a cross-functional team is a group of people with different functional expertise working toward a common goal" The team may include people from finance, marketing, operations and human resources departments. Typically, it includes employees from all levels of an organization. Members may also come from outside an organization (in particular, from suppliers, key customers, or consultants). Phases of the innovative process As previously mentioned the application of strategic innovation is a series of four or five phases and a summary

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