Innovation & Technology Management Essay Example | Topics and Well Written Essays - 2750 words

Innovation & Technology Management - Essay Example Innovation done in a cost effective manner can lead to greater competitive advantage for business. Companies that fail to innovative themselves can suffer and face huge losses. Rapid innovation in a cost effective manner is needed for all the companies that intends to sustain in the market in the long run (Baregheh, Hemsworth and Rowley, 2014, pp. 147-158). Marketing, incremental, radical and technological innovations are primarily four types of innovation which can be a beneficial to a company. Marketing innovation refers to the innovation in the research, strategy, communication, analysis and operations of a business (Amores-Salvadà ³, Castro and Navas-Là ³pez, 2014, pp. 32). Innovation in marketing can take the form of development of new products or applying fresh advertising strategies that can result into the increase in the sales of a product. Incremental innovation refers to measures taken by company to reduce the cost of the products or innovating the goods and services offered to the consumers. Incremental innovation can be carried out through suitable improvements in the existing technology or business frameworks. Radical innovation on the other hand relates to the exploration of fresh technologies. The game changing new innovations can bring in more growth and launch a company in new market as compared to the improvements in the existing business technologies. Radical innovations lead to greater performance and cost saving in a business. Technological innovations relates to the constant invention, innovation and up-gradation in business technologies to increase the margins of profit, competitiveness, value from consumers and decrease excess cost. Technological innovations can be carried out radically or incrementally by a company to earn maximum benefit in the long run. The successful companies like Google, Apple, Samsung, IBM, Microsoft and Toyota understood the need for innovation