Innovation Design and Planning Jennifer Bunt MGT/411 February 11, 2013 Kelly Wagner Innovation Design and Planning Innovation is the process of using ideas within a company to create new products, services, technology, or processes. Myths used to acknowledge that innovation was the idea of one individual with no support from others. In reality, innovative ideas that become new products and services require the support and knowledge of a significant amount of individuals. The individuals involved in the innovation process become involved in an array of business functions ranging from manufacturing, marketing, sales, and distribution. Companies will
Innovation planning involves activities that are done to identify business mission, long-term objectives, opportunities and threats of the organization, determining alternative strategies and finally choosing the strategies that have to be adopted in order to achieve the company’s objectives (David, 1999). Before a company can begin the innovation planning process, common aspects of the process needs to be acknowledged. The company needs to recognize a few fundamentals that coincide with the planning of internal innovation: 1. The company must acknowledge the goals are for the purpose of leading and outperforming the market competition. Innovation is used to support and accompany the company’s overall strategic plans. 2. The internal innovation process must include many individuals who possess different capabilities. 3. Resources provide the means necessary for the innovation process to take place. It is important for a company to manage the resources in order for the company to acknowledge the capacity of innovation that can be handled. Once the dimensions have been recognized by management, a few steps will need to be followed in the planning process. Five specific activities are part of the innovation planning: setting vision, mission, goals and