Lecture 11 Effective Management, Innovation and Change – Effective management fundamental practices common to effective – organisations. Leadership practices People management practices Customer focus practices Quality and process management practices Innovation management practices Knowledge management practices. Invention is the act of discovery of a new idea. – Innovation occurs when that invention is developed and commercialized for a – market. It is the act of converting new ideas into usable applications that ideally have positive economic or social consequences. Innovation= Invention + Commercial Exploitation. Incremental innovations new products or processes that modify existing ones. – Radical innovations breakthrough products that are new-to-the-world and – offer significant performance solutions to a consumer problem. Product innovation a change in the organisations product or service outputs. – (results in new products or services). Process (technology) innovation a change that pertains to the organisations – production process. (results in better ways of doing things). Social Innovation is a novel solution to a social problem that is more effective, – efficient, sustainable, or just than present solutions and for which the value created accrues primarily to society as a whole rather than private individuals/organisations.
Lecture 11 – Effective Management, Innovation and Change Effective management – fundamental practices common to effective organisations. Leadership practices People management practices Customer focus practices Quality and process management practices Innovation management practices Knowledge management practices. Invention – is the act of discovery of a new idea. Innovation – occurs when that invention is developed and commercialized for a market. It is the act of converting new ideas into usable applications that ideally have positive economic or social consequences. Innovation= Invention + Commercial Exploitation. Incremental innovations – new products or processes that modify existing ones. Radical innovations – breakthrough products that are new-to-the-world and offer significant performance solutions to a consumer problem. Product innovation – a change in the organisations product or service outputs. (results in new products or services). Process (technology) innovation – a change that pertains to the organisations production process. (results in better ways of doing things). Social Innovation – is a novel solution to a social problem that is more effective, efficient, sustainable, or just than present solutions and for which the value created accrues primarily to society as a whole rather than private individuals/organisations.
MGTS1301-Entire-Sem.docx