Innovation, Funnel, Strategy
This model demonstrates the way in which innovations start, are assessed, and finally come to fruition.
Innovation is a very important process within businesses, it leads to flexibility in the marketplace and an ability to meet changing customer requirements.
The concept of an innovation funnel is be useful wait of looking at the development all innovative processes and products within business. Firstly, we must appreciate that innovation is extremely important that markets are constantly evolving, and customers’ requirements are changing and therefore companies need to develop their product line and also change their methods of production.
The video will look at innovation as an important part of the considerations of the business, developing cost saving methods introducing new products, and introducing new methods of production and distribution. The purpose of innovation is related to business survival and it is pushed along by the competitive process.
The video focuses on the innovation funnel. This concept sees how innovations come about in a process of refinements , starting with some general idea, subjecting it to criticism and analysis, then refining it and improving its features, perhaps prototyping the item, again subjecting it to appraisal and criticism from staff within the company. Finally producing the product and launching it on the market in full cooperation with the marketing team.