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Running head: INNOVATION 1

Innovation

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INNOVATION 2

Innovation

Innovation is a crucial aspect of any company in the ever-changing and competitive

business environment. A firm that has innovative people can easily develop products that give it

a completive edge over other companies in the market. Innovation in any firm helps the

management to come up with noble ideas that can help the company penetrate the unexploited

market. Companies that innovate can gain an advantage of over other firms. Ideas evolve and can

be recombined with other ideas with time. Innovation can take place in different forms. The

essay identifies sources of innovation, assesses trends and forecasts that are affecting the industry

and evaluates possible disruptive innovation.

The common sources of innovation listed by Peter Drucker in his book “Innovation and

Entrepreneurship include, the unexpected, the incongruity, process need, industry and market

structure, demographics, changes in perception, and new knowledge. Great opportunities exist in

the market and thus a good manager should try to exploit this unexpected success. The

unexpected success can be converted into opportunities. The incongruity is another source of

innovation, customers unsatisfied needs and wants are the best sources of innovation

(Incremental innovation 2017). Customers can give you a hint of what they are lacking and thus

you can use them to come up with an innovative solution.

Process needs is another source of innovation in a company. The gaps that exist in an

industry can be used to come up with innovative ideas. The source of innovative ideas comes

from your existing capabilities of doing business rather than the exiting market. Industry and

market change, firms should be on the look on the changes that occur in the market because they

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can lead to new ideas which may act as solutions to problems that result from the changes.

Innovative firms also pay attentions to demo graphs in the market. Changes in perception and

mood and new knowledge in the ever-changing world is the last source of innovation. To have a

competitive advantage over others, a firm must develop unique products that are of high quality

through the process of innovation (Kahn, Barczak, Nicholas, Ledwith, & Perks, 2012).

I interviewed Linda Boff, the chief marketing officer of general electric to understand

trends and forecast that are affected the industry and possible disruptive innovation. One of the

questions that I inquired from her were the trends and forecast that are affecting the industry. The

marketer said that the industry had put in place strategies that are aimed at ensuring that they

remain the best in the market. She said that the industry has great machines that help to power

the world by helping in the creation of renewable energy. The current market trends are some of

the things that are affecting the industry as it is evident from the responses of the chief marketing

officer of the industry. Different stakeholders within the industry have tried to come up with

different strategies that are aimed at ensuring that they remain one of the best industries in the

world.

The changing preferences among internet users who are the consumers of products of the

company is another market trend that affects the industry. The need for applications that solve

the current problems provides an avenue for more innovation in the industry. Innovation is

needed to provide solutions to the existing problems. Gaps that exist in services that are provided

by the industry can only be filled with innovative ideas.

Disruptive innovation has become so rampant in the contemporary society. Many firms

across the globe have been either positively or negatively affected by disruptive innovation.

Disruptive innovation creates a new market thus disrupting the existing market. The activities of

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industries that operate in the existing market are adversely affected by disruptive innovation.

Firms that aim at withstanding disruptive innovation should make mid-course modifications.

Disruptive innovations are made possible because actors within existing markets overlook some

things. Existing industries pay attention to demanding customers and give less attention to those

customers who are considered to be less profitable. Assuming customers that are less demanding

provides an avenue for a disruptor to come with a product that is affordable to those customers

that are considered to be less profitable to the incumbent industries. Some of the attributes of

possible disruptors in any existing market include: experiment and innovate, take informed risks,

take bold changes, invest strategically, foster open innovation, are adaptive and set clear goals

(Roland, 2016).

Possible disruptors within the market experiment and innovate. Disruptors provide

solutions to existing problems in the market through their experimentation and innovation.

Disruptors also take risks through investing in ventures which are aimed at providing solutions

and filling the gaps that exist in markets. Most incumbents hesitate to make bold changes that

can enable them to adapt to the dynamic markets, and thus disruptors take such changes.

Disruptors foster innovation and set clear goals. Clear goals make the company be stable and

able to withstand disruption either from new companies are incumbents in the existing market.

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References

Incremental innovation (2017), The 7 Sources of Innovative Opportunity, innovation

management community for practitioners,

http://www.incrementalinnovation.com/innovation-management-development/7-sources-

innovative-opportunity

Kahn, K. B., Barczak, G., Nicholas, J., Ledwith, A., & Perks, H. (2012). An examination of new

product development best practice. Journal of product innovation management, 29(2),

180-192.

Roland, (2016), The 7 habits of highly effective disruptors, https://insights.hpe.com/articles/the-

7-habits-of-highly-effective-disruptors-1612.html

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