Managing Innovation Business & Marketing Essay Paper (Essay Sample)
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ASSESSED SUMMATIVE ESSAY
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Radical and Incremental Innovation
Innovation is a major factor that determines the success and longevity of modern enterprises. Organizations use innovation theories in order to stay in the competition. There are different types of innovation models and theories that are used according to the business structure, and products nature. Most of the firms tried to invent a new product but they failed due to the lack of resources and capital. However, many companies developed unique products such as Google, and Apple. These firms conduct extensive market research and develop a product according to customers’ needs and expectations.
The cumulative assessment report contains an explanation of two innovation theories that are used by multinational organizations. The selected theories are the bottom of the pyramid and incremental & radical innovation. Both theories have been used by different organizations especially Google. Organizations alter strategies according to the business structure and needs. Companies encourage an innovative culture in the workplace and motivate employees to achieve their professional goals.
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