What are the two advantages of an innovation management system for developing new products? Provide four strategies for a company to use to establish a successful system
What will be an ideal response?
The first advantage of an innovation management system is that it helps create an innovation-oriented company culture. It shows that top management supports, encourages, and rewards innovation. The second advantage is that it will yield a larger number of new product ideas, among which will be found some especially good ones. As the system matures, ideas will flow more freely.
To establish a successful system a company can do the following:
1. Appoint a respected senior person to be the company's innovation manager.
2. Create a cross-functional innovation management committee with people from each department.
3. Set up a Web site for anyone who wants to become involved in finding and developing new products.
4. Encourage all company stakeholders to send their ideas to the idea manager.
5. Set up formal recognition programs to reward those who contribute the best new ideas.
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What will be an ideal response?
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Fill in the blank(s) with the appropriate word(s).