Essay Questions (15 points each) 1. Innovation is the process of making changes

Question

Essay Questions (15 points each) 1. Innovation is the process of making changes to something established by introducing something new. As such, it can be radical or incremental, and can be applied to products, processes, or services and in any organization Often associated with terms such as creativity, design, invention, and exploitation innovative concepts have the ability to affect behind innovation; detailing the different types of innovation that affect growth and their affect on the organization if implemented radically or incrementally. (Lesson 5) 2. An organization's ability to adapt to meeting the emerging needs of the environment is the basis for its survival and one of its main sources of insight in defining goals and innovative ideas. In defining these goals, which can be called statements, requirements, objectives, and indicators, the organization ust decide which techniques it will utilize in analyzing the external environment. Referencing LIRN and internet resources, describe the various techniques an organization can choose from in conducting its analysis of the external environment. Ensure your description articulates the requirements for each technique and the benefit those techniques provide in assisting the organization in their goal refinement. (essose

Explanation / Answer

1. Main concepts behind innovation

Effect on the organization - Radical implementation

Radical innovation makes major changes and the focus is on established processes. Change at the technological level represents radical innovation. At the organization level, this change may be incremental but the change may come from radical innovation at another level.

Incremental Implementation

These are small or incremental innovations to processes, products, and, services. Incremental innovation may be seen as the one over radical innovation when the organization is keen on innovation with less associated risk, and, the scope and potential for returns are not as high as in case of radical implementation.

Different types of innovation

2. Techniques for Analysis of external environment

This macro-environmental framework, earlier known as PEST Analysis, used to understand the impact of the external factors on the organization and is used as the strategic analytical technique. This technique examines the state of external factors that are categorized as Political, Economic, Social, Technological, Legal, and, Environmental factors. This framework scans the business environment. The importance of factors depends on the sector. Political and economic for banking; environmental for banking are the factors that are looked at in case of external environment analysis for these areas.

Assessing Segments of the General Environment

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