Description
Introduction
What preparations have you made for your final Project presentation? Consider the following:
- What needs, wants, or desires will the innovation meet or exceed?
- Are there any competitors at present, and if so, how will the product or service differentiate itself?
- Estimate the value and possible benefit the innovation would provide, if implemented?
- What barriers or diversions exist to full implementation?
- Who would benefit the most from this innovation and why?
- Does the innovation require special marketing (TV add, printed advertisement) or could it be sold through the internet.
- To protect the intellectual property rights of the innovation, what could be patented?
Directions
Answer these questions to the best of your ability.
For these responses, should outside sources be used to support the content within the postings, proper in-text citations and correctly formatted references should be prepared consistent with the APA (6th edition). The list of references should be physically positioned at the end of the postings.
- Point out what you perceived to be the strengths of the original posting along with supporting rationale.
Identify specific opportunities for improvement about the content in the initial posting. Furthermore, you should provide supporting rationale for your stated position, as well as concrete suggestions and guidance intended to strengthen the effectiveness of the content.
Text books
Title: The Innovation Tools Handbook, Volume 2
Authors: H. James Harrington and Frank Voehl
ISBN-13: 9781498760515
Title: The Innovation Tools Handbook, Volume 3
Authors: H. James Harrington and Frank Voehl
ISBN-13: 9781498760539
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Explanation & Answer
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Running Head: COLLABORATIVE INNOVATION STRATEGY
Tu-Anh
Park University
QM687 Collaborative Innovation Strategy
Project – Unit 6
Gregory McLaughlin
1
COLLABORATIVE INNOVATION STRATEGY
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What needs, wants, or desires will the innovation meet or exceed?
The proposed innovation desires to promote employee motivation thus increasing the
production rates. Motivated employees will be working hand in hand in ensuring their companies
meet the set goals and targets. The suggested innovation will involve implementing a competitive
compensation package in a firm motivate employees to improve thus improving their performance
in the industry (James Harrington and Frank Voehl, 2010).
Are there any competitors at present, and if so, how will the product or service
differentiate itself?
Currently, all industries are fully surrounded by competitors. Moreover, many companies
are implementing similar innovative measures such as a competitive compensation package thus
making the firms to face stiff competition in selling products and services both in domestic and
international markets. To address the competition in the market, the selected product or service
should differentiate itself by lowering prices and increasing product value compared to the
competitors. Alternatively, the companies need to promote employee diversity through hiring
workers from different ethnic groups and backgrounds. Workers from different backgrounds are
rich in innovative ideas that enable companies to outdo their competitors (James Harrington and
Frank Voehl, 2010).
Estimate the value and possible benefit the innovation would provide, if implemented?
A competitive compensation package may yield great profits to the firms when
successfully implemented. It focuses on motivating employees through good salaries, wages and
provision of medical covers. Motivated employees work as a team towards meeting the assigned
goals and targets.
COLLABORATIVE INNOVATION STRATEGY
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What barriers or diversions exi...