Product Innovation Aid of Technology

Question: Discuss about Product Innovation for Aid of Technology. Answer: Deliverables of the assignment: The company to be considered for innovation is Nike. Contact number is 1-503-671-6453 and the headquarters are at Beaverton, OR 97005 (Nike.com, 2016). The assessment of the features of the organization which are used in facilitating the process of innovation. The strategic approach to the organization innovation management which will include the organization culture as well the role of the individuals in the process. Plan detailing program with the activities and tasks which will help in the establishment and maintenance of the innovative environment in the organization. Approach towards the solution Since its founding, Nike has focused on using highly innovative products with the aid of technology. This has been the major goal of the company, as it aims at providing the athletes with footwear and apparel and they have focused on innovation (Rothberg, 2011). As such, the solution on this paper will be based on the innovative process and goals of the organization. This will be aimed at identifying the processes and the organization culture, as well as the innovative environment. Potential risks foreseeable Some of the risks which may be experienced in the course of doing the assignment include the challenges of analyzing the information on the organization. Establishing the effective and reliable sources of information may be a challenge for an individual while undertaking this assignment. As such, there is the risk of establishment of the correct information. The solution for this challenge is ensuring that one uses the sources which are verified to be accurate. This will ensure that all the information is accurate and up-to-date. Timeline and work breakdown Task Completion time Innovation process Evaluation Week 1 Innovation management strategy establishment Week 2 Innovative Plan Establishment Week 3 Critically evaluate the organizational characteristics that facilitate the innovation process in one of the organizations mentioned in the article Nike is engaging in some activities and has characteristics which facilitate the innovation process. First, the organization is surrounding itself with innovation. This can be seen by the fact that they embrace innovation while establishing new products. This can be seen by the invention of the first ever self-lacing shoe by the company (Livermore, 2016). This is a shoe which will be made available in the market this year. The company also prizes innovation, just like it is seen in the investment in the Rio Olympics. The organization is set to introduce the shoes they have made by the application of innovative techniques at the Rio Olympics of 2016. This is a project which will cost the organization money, and the company is ready to part with it. This can also be seen as incubating itself in innovation. Nike also understands itself during the innovation process as it carries out initial investigation before engaging in the innovative processes. This is seen in the production of the app which is incoming where the company intends to produce the Nike app. Prior to this decision, some background check had been done, and it was established to be a viable project. As such, the organization can be referred to be innovative. The innovativeness of the company can also be established by the fact that the organization is always on top of the innovative processes in the industry. It is involved in the introduction of the high-technology products. The organization has, therefore, been on top in the terms of market share as compared to other companies such as Adidas. As such, the tech-based approach has been a success, and this can be illustrated by the Discontinuation of the Nike Fuel Bands. Company strategic Approach One of the strategies which are applied by Nike to stay innovative is the focus on customer satisfaction. A lot of resources are invested on the research and development of products, and it puts focus on the production of better products (Wilson, 2016). As such, the organization combines customer needs with the emerging technology to stay relevant on the industry development. Other than the provision of high quality products, the company is involved in ensuring that the new products are affordable for the customers. As such, the customers are offered the products at an affordable price. The company innovation is also managed by the use of employees in an effective manner. The organization is involved with the employees who assist in the development of high tech products, and as such, the company recognizes the importance of the staff. The employees are, therefore, motivated so as to stay loyal to the organization leading to better productivity (Utterback, 2013). The board of director s in the company is also involved in the establishment of the economic conditions at the current times. As such, the organization bases its innovation on the situations of the economy, making sure that the new products are affordable to the consumers. This, therefore, ensures that all the new products introduced by the organization into the market are highly demanded. The organization is also entrepreneurial in the sense that it has the ability to match the need for new products, as well as the maintenance of the talent in the company (Hargadon, 2013). The other strategy by the organization is the promotion of entrepreneurial spirit. This is ensured by introducing products which have not been seen in the market. As such, the customers have confidence on the products from Nike, as they are always the originals in the market. This is as opposed to the me too perception which is used by most organizations that have poor innovative techniques. The company also gives time, as well as spa ce to innovation hence the perfect production of products. The company involves itself with research on the products to be introduced in the market, and hence the introduction of products which are practical in fulfilling consumers needs. As a result, all the products established are suitable for a particular set of the market, and hence the success in the innovative processes (Kosaka Shirahada, 2014). The strategies adopted by Nike shows that the company has the ability to become a global supplier of sportswear. It is, however, important for the company to address issues regarding the competition. In spite of the competitive advantage of the organization, the market is flooded with other companies which produce similar products. As such, the competition is stiff, and the firm has to work hard towards ensuring that it maintains the competitive advantage. This can be done by reducing its prices so as to ensure that the products are affordable to more customers. The issue of patent p rotection should also be focused at so as to prevent other companies from taking advantage of the companys innovativeness. Nike Company Plan for creating and/or maintaining an innovative environment Strategies Program Activities Tasks Resource Allocation The first strategy adopted by Nike is the focus on customer satisfaction. Market research Some of the activities which are done during the market research include gathering information about the market. The company is also involved in gathering statistics about the nature of the market. The other activity is analyzing the information to identify the way in which the needs of the clients can be satisfied. Customer interaction is also done so as to learn of the needs and interests of different people. The tasks which are used in the identification of the needs and interests of the clients include communication with the customers. The other task is gathering the feedback from the clients on the products that are produced by the use of the new technology. The resources to be allocated will be shared amongst all these tasks so as to ensure all the activities are carried out effectively. Some of the resources should be allocated in market research, and gathering of information, as well as in the process of gathering information about the customer needs and requirements. Employee motivation Introduction of reward systems and incentives The activities in this case include providing positive feedback to the employees due to their effective work. The company should also ensure that the correction to be done to the employees is done privately. The company should also believe in their employees and show them confidence. It should also make the rewards provided in the organization to be achievable to the company. The praises should be done publicly so as to make the employee feel appreciated. The employees should be given monetary rewards so as to maintain motivation amongst them. Incentive programs should also be introduced so as to appreciate them in other forms. The company should also engage in ensuring that the employees goals and objectives are met. The resources should be given to the human resource department so as to carry out the activities here. As such, the rewards system program should be attained by investing more resources to the employees. Other than the rewards, some of the funds should be introduced in providing training programs. This is important in ensuring employee development and appreciation. Entrepreneurial spirit Establishment of unique plans and ideas The entrepreneurial spirit can only be maintained where the organization is involved in the introduction of unique products. As such, the company should engage in research on the new technology and the development of new ideas. This ensures that the organization is able to come up with new and more innovative products/. Further, the company should be involved in the study of the technology changes so as to know the trends that are expected in the future. The tasks include research of the new changes in the market. The company should also be involved in establishment of the new technology. The organization should also gather new ideas from the employees as well as other external sources. This aspect is important in maintaining the innovativeness in the company. As such, enough resources should be allocated to this sector so as to ensure that the new ideas are gathered. Moreover, the new ideas need to be made into reality by introducing new products to the market. This, therefore, explains the need for a lot of resources. Recommendations: As a result of the completion, the company needs to work hard to ensure the innovative process ensures the market is retained. As such, the new products should put into consideration factors such as the purchasing power of the target market (Bradbury, 2009). The organization should, therefore, use the level of innovation which does not heighten production cost to the extremes. This will ensure that the products prices are in a level that all the customers can afford. Further, the organization should produce products with different price ranges so as to meet the needs for all the customers in the market. References Top of Form Bradbury, J. A. A. (2009). Product innovation: Idea to exploitation. Chichester: Wiley.Bottom of Form Top of Form Hargadon, A. (2013). 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