Innovation Planning Process: An identification of goal/problem is the first step of an innovation plan. In this step, it is analytically determined that how innovation is going to create or add value to the strategic elements. It helps to identify the potential areas that have high potential to provide strategic advantage through innovations. On the basis of strategic thinking, a portfolio management and metrics is formulated in the second step of innovation planning process. In this step, the new ideas are analyzed by considering the negative and positive aspect of each idea with organizational process and structure. This step determines a balance between inherent risks and rewards of new ideas. This step of innovation planning is quite important to realize the realities that are associated with the ideal initiative in terms of learning, possibility, failing etc. as per marketing assignment help experts, designing ideal innovation portfolio, research is carried out to determine the applicability of this in current business environment. In this step, one is enabled to understand the gap between current and exiting knowledge in terms of ideal innovation portfolio. Research step facilitates a significant knowledge in regard to unknown factors including consumer values, emerging technologies, societal change etc.
It will further provide an effective floor to identify new opportunities for innovation. The findings of research step align the data of strategic intent as it is concluded through establishing a direct connection among strategy, portfolio design and research. The preceding processes and activities provide an effective floor to make significant insights. The above dedicated process of examination and development offers insights for innovation. This step identifies the best ways to approach future possibilities and opportunities. In this way, it clarifies the innovation and the value that likely to create in its proposition. The all above steps leads to develop innovation. In innovation development step, organizational process is designed and different areas are integrated, while considering their multi-disciplinary nature. In next step, innovation implementation and control processors are determined, so that sustainable competitive advantage could be created through the innovation.
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