Home > Free Essays > Business > Management > Technology and Innovation Management in Organizations

Technology and Innovation Management in Organizations Presentation

Exclusively available on IvyPanda Available only on IvyPanda
Updated: Jun 22nd, 2022

Introduction

Research and development, popular referred to as R & D, is a word used to refer to a number of things. In business, it refers to the stages that a product goes through in order to gain popularity in the market. In other words, it refers to a product’s conception. For a product to be taken to the marker, baseline research should be performed to determine the viability of the proposal. Development phase refers to implementing the proposal about the new product.

In this paper, the new product to be developed in the market is fish care, which is a new phenomenon in business. To implement the proposal about introducing the product, a number of things are to be performed including research, testing the market, evaluation, and implementation of the proposal.

Technology has redefined the way aquariums are structured. From water supply, aquarium design and building, to water treatment, aquatic plant care, algae treatment and fish treatment, the new inventions have come to dictate the way it should be restructured. New designs of aquariums are coming up with better means of managing fish under such environments. As a firm in this industry, the best way to manage competition would be to ensure that new innovations and inventions are embraced in order to remain competitive.

New Product Development Procedure

Aquariums have gained popularity in the near past as a way beautifying homes, offices and other places of social gatherings. As Bailey (1996, p. 42) notes, flowers have been popular for a long time but as things stand currently, aquariums are fast replacing flowers as means of beautifying places of social gatherings. This is because aquariums, unlike flowers, are safer when kept indoors. Fish inside them are also more fascinating to watch as they move smoothly inside glass containers.

As a firm, it would be necessary that new designs of the aquariums are developed, which would facilitate improved fish care system. This would help to manage market competition. This would call for new product development procedures to enhance productivity.

Introduction

Financial Needs

Aquarium is a system that is complex . It requires proper financing in order to produce a competitive product in the market. New products should be made based on the idea that the product did not exist before. This means it is new in the industry. The process of coming up with a new product has several stages. The first stage is always the generation of an idea. The process of generating an idea of how to develop a new aquarium is complex. It begins with understanding the needs of the market. A new product must be in line with what the market requires. In order to be in a position to understand market needs, proper research must be conducted in the targeted market.

From this research, some few facts must come out clearly in order to determine the market needs. One such fact would be the current state of existing aquariums, their beneficial and detrimental characteristics. The researcher should also gather information on the expectations of the market concerning the services offered . It is upon this understanding that an individual would be in a position to design a new product that is able to address the current market needs.

As is always the case, it would be very expensive to conduct such a research. The process involves movement from one location to another, which would demand for transportation fees. It also involves designing the questionnaires and other necessary research tools, which would also demand substantial cash to realize success. A comprehensive research that would yield expected results in any study would call for proper financing. This would ensure that all the procedural steps in the research are taken. It would also demand that the research process meets all the criteria set by the researcher and other beneficiaries of the research report.

After the research, the next stage would be formulation of the new product itself. The researcher and the development team would then be required to bring out an item that is to be introduced. This complex laboratory procedure would result to numerous breakages. This may be unavoidable because for the final impressive product to be made, several attempts have to be made whose final products would be rejected in one way or the other. This stage must therefore be properly financed to realize success.

The next stage would be testing the market. In this stage, a sample of the product would be taken to the market to be tested for market viability. It would require a number of sales assistants to explain how the new aquarium works. The aquariums must also be sold at a relatively cheaper price because this process is entirely meant for testing the viability of the market. The revenue made from such sales are not enough to break even the cost of producing them. For this reason therefore, this stage must be financed in order for it to be successful.

If the above process is successful, the next process would be commercialization of the new product. During the commercialization phase, the new product would be produced in mass. It would demand for a lot of money to be successful. As Ahmed and Rafiq (2002, p.41) state, commercialization stage would require that the firm makes heavy initial investment without expecting profits. As such, the firm should set aside funds that would help facilitate this process.

The three main stages of new product development are very crucial in ensuring that a firm succeeds in bringing the product into the new market. Each stage has its expenses. Although it may not bear fruits immediately, new product development would be a sure way of ensuring sustainability of the firm in the market For this reason therefore, the research and extension departments should enough finances to enable them undertake all the necessary procedures as stated above.

Financial Needs

Rationality for the Selection of New Products

It is very important to note that the market is changing very fast. With emerging technologies, the market is very dynamic and it would be very important to change in order to suit the current world. According to Andreson, Narus, and Rossum (2010, p. 56), to remain competitive in the market, it is important to be creative enough to provide the market with new products at a given interval. This industry is relatively young. Competition is not very stiff because there are limited number of players in the market. However, this condition may not be permanent.

Companies that operate in a near monopoly market should always brace for competition, which can come at any time. Having developed a niche as the preferred manufacturer of aquatic systems, this company should ensure that it provides the market with desirable products. Once a product is introduced in the market, it is important to note that it would undergo a full product cycle at a particular point. During growth and at maturity stages, sales from such products are always very attractive.

The firm would earn much from during such time. However, this would end the moment the product reaches the decline stage. At this last stage, the product would be very unproductive and the sales would significantly fall. At this stage, a company may not depend on such products to continue generating income. Companies have learnt this and have designed ways through which their current products can be replaced the moment the current products reach the decline stage.

New product development is therefore a continuous process that a firm is expected to embrace if the firm hopes to manage market competition. It would help ensure that at no moment would there be a total phase out of all products.

Rationality for the Selection of New Products

Role of Various Officers

  • Research and development is concerned with doing extensive research regarding water treatment strategies that enhance the aquatic life.
  • The department is also concerned with researching on the aquatic plants that are suitable for various aquatic species in different environments.
  • The marketing department ensures the aquatic equipments are made popular in various markets
  • The department also ensures the aquatic devices are sold at cheap prices at the lower end market in order to continue attracting diverse, potential customers
  • The sales department makes concerted efforts to distribute various products to various markets. It also offers various services such as water treatment and algae treatment at affordable fees.
  • The Manufacturing department is a crucial department for the Fish care Company since it ensures the products for water and algae treatment are of superior quality It also ensures nutrients that are of high quality are manufactured at low cost
  • The quality department ensures Fish care products meet the standards provided at the fish industry. This include all chemicals that are used to treat water and aquatic plants.
Role of Various Officers

Speeding up the Development Phase

To speed up the development phase, it would require the team involved in designing the new product development to adopt new technologies in the production process, as well as in the management. This team should have a comprehensive understanding of the market requirements. This is to be balance with the emerging technologies in order to provide the market with desirable products at the required time.

General Product Development Procedure for a New Product

New products always undergo several stages before they can be availed in the market. Atkinson (1990, p. 78) says that the producer may not know many stages that a product would undergo before it is availed in the market. According to this scholar, for a product to be accepted in the market, it must undergo several stages successfully. This would also facilitate commercialization. By the time a product is commercialized, a firm is always certain that it would meet or even exceed customers’ expectation.

To exceed customers’ expectation, it would require that the product is made with a conscious understanding of the market. The following are the general stages that any new product is expected to go through before it can be commercialized in a given market. It is worth noting that not all products have this complete procedure.

The first step is idea generation

New products that are availed to the market are a creation of man however unique or sophisticated they might be. According to Barnes Blake and Pinder (2009, p. 32), new products are always generated after careful observation of the market trends. The company would then come up with innovations of how to improve the product before taking it to the market once more. The market has its needs, which it expects to be provided. An innovative mind would go to this market and identify what this requirement is. To do this, market research would be necessary. The market should be researched to identify what it requires. Of interest to the researcher would be what the market has currently and how these current products meet customer needs.

Customers’ need would have to be understood so that the researcher would be in a position to understand the differences between what the current products provide and the expectations of customers. The new product would be aiming at providing this need The new product should first be able to meet the current and future needs. It should then provide customers with satisfactions that existing products could not provide. At this point, it would be said that the new product has an improvement as compared to existing products. This means that the new product goes beyond customer satisfaction.

Speeding up the Development Phase

Product Development

They would comprehensively analyze the idea to determine if it is able to meet what it claims to meet within the market. This team would understand market needs and compare them closely with the specifications of the suggested ideas. From this, it would be easier to know if the idea is worth implementing. This stage would also determine if the financial consequences of the idea were within the reach of the firm. It also checks whether the idea would compensate the expenses within the desirable time.

Idea generation is therefore a very important stage product development. When an idea has been generated, it would not be taken in immediately. New ideas are always generated quite often. However, not all of them are viable. Some ideas are too ambitious to be implemented while others are practically impossible to implement. For this reason, a product would undergo proper screening to ascertain its viability. Within the research and extension department, there is always a team of experts who would screen the new ideas that are made available to them.

If the idea passes the testing stage, it would go to the next stage, which would be concept development and testing. Several activities would be carried out at this stage. These would include investigation of intellectual property. This entails checking whether the idea is original and that no one claims patent to it. This would ensure that no one claims to own the idea at the advanced stage. This would eliminate chances of the firm facing litigation. Furthermore, this team would analyze the targeted market to ascertain its reaction to the new product, as well as its purchasing pattern. The product features would also be analyzed, as well as how the product can be produced in a cost effective manner. This stage would involve proving the feasibility of the idea and how well it can be implemented.

If a product undergoes the above stage successfully, it would move to the next stage, which would be market strategy. As quoted above, a business idea starts and ends in the market. Market strategy is a very advanced stage of any product development. It always takes place after the project evaluation team has confirmed that the new idea is viable and that no one claims its ownership. The team would therefore need to develop a market strategy for the product. It would need to know how this new product would be introduced in the market in order to receive the necessary attention that would ensure sales are created and maintained within the specified markets. At this stage, the team would devise procedures that would help ensure that the products availed to the market occupy a special niche. This would help products gain a competitive edge in the market.

Business analysis would be the next stage in new product development. In business analysis, the concerned team would determine the possible selling price of the product. Pricing strategy is very important because it allows the company to affirm that the new product would be able to meet the expected targets in revenue generation. The price should be set in a way that it would give the firm maximum profits without exploiting customers. This way, a customer would have a positive attitude towards the product.

The price should be set with the current pricing strategies. It is at this stage that the team would be able to ascertain the profitability of the new product. It would be able to know when the product would reach a break-even point after its introduction in the market.

The next stage would be test marketing. At this stage, a sample of the product would be taken to the market in order to understand its viability. Test marketing would require that the product be taken to the real market where the idea came from to determine its acceptance. The companies can liaise with the supermarkets or other major outlets where the product can be sold.

The product can be availed in the shelves just like any other product within the supermarket to ascertain the rate at which customers would identify and pick it. At times, products at this stage would be sold at relatively lower prices in order to attract the attention of customers. Fifield (2007, p. 75) advices that when testing the market, the product should be priced at the rate that is expected to sell under normal circumstances. However, other promotional products that would make customers believe that the product comes with an increased value should be attached to the product..

The final stage would be the commercialization of the product. After an idea has undergone all the stages stated above, it would then move to the commercialization process. At this stage, a product would have undergone all the testing procedures and only requires full production, sales and marketing. The product is to be manufactured in mass and availed to the earlier identified markets at predetermined prices. The new product would then begin its life circle in the market

Product Development Product Development

Stage Gate Process

Stage Participants and leader Gate Decision makers
Description Who Code Who
Scoping The project members and their leader Idea screening The team leader
Building a business case The researcher Second Screening Project members
Development The project members and their leader Go to development The project members and their team leader
Testing and validation The project members and their team leader Go to testing Director of research ad development
Launch All the organization’s team led by the CEO Go to Launch The CEO
Stage Gate Process

Types of Research and Development Procedures

In research and development process, there are three types of projects that can be undertaken by a researcher. The project can be on new technology, new product, or improvement of an existing product. The three types of research and development projects are different in a number of ways as shown below.

New Technology

Technology has redefined production process. As Fifield (2007, p. 78) notes, technological advancements has seen firms design new methods of production. In the construction of aquariums, technology plays a vital role.

Technological evolutions have seen many changes take place in the market. Just like products, technology has a life cycle. When technology has undergone a complete life cycle, it is always recommended that new technologies be introduced in order to ensure sustainability. When the focus of research and development is on new technologies, the research and development team would be interested in finding new technologies that would best handle the current production needs.

Technology should be adopted at an early stage in order to ensure that the firm reaps maximum benefits from it. Five categories of technology adoption exist.

The first category is the innovator who adopts the usage of such emerging technologies as soon as they are availed in the market. They are also known as technology enthusiasts. The early adopters or visionaries are those who would take the usage of technology in a short while after it is introduced into the market. Early majority or pragmatists are those who would wait for others to adopt the new technologies before they do the same after a short while. The other category is the late majority or technology conservatives.

These individuals would adopt technology after some time, having known both positive and negative consequences that it comes with. The last category is the laggards or technology skeptics. These individuals are indifferent towards technology.

New technologies cannot be assumed. In aquarium development, technological breakthroughs would always dictate the new product designs. The graph Gantt chart below can be used to plan for the program in terms of time.

Types of Research and Development Procedures

Gant Chart for Technology Acquisition (weeks)

Task 1 2 3 4 5 6 7 8 9
Idea x x
Data collection x x
Evaluation x x
Analysis x x
Decision making x x
Testing x x
Application x x x
Gant Chart for Technology Acquisition (weeks)

New product

Research and development project can also be based on the new product. Unlike in the new technology, the research and development team would be interested in developing new products using existing technologies.

New products would be produced because of the existing need to ensure that the firm remains relevant even if the current products are faced out of the market. As Fifield (2007, p. 74) states, new product means bringing into the market a product that never existed before.

In the case of fish care industry, it would mean coming up with ways of caring for the pet fish that never existed before. This may include coming up with new aquariums, new methods of feeding fish in the aquarium and new ways of water treatment. The product taken to the market should stand out as unique from the existing products.

Its uniqueness should provide positive differential change. New product development procedure has been discussed above.

New product

Gantt Chart (Months)

Task 0 3 6 9 12 15 18 21 24 27 30 33 36 39 42
Idea x x x x x
Design x x
Certification x x
Commercialization x x
Prototyping x x
Marketing x x
Industrial x x
Incremental x x x
Gant Chart (Months)

Improvement of an Existing Product

Research and development can also be based on improvement of an existing product. Atkinson (1990, p. 45) observes that the lifecycle of a product can be prolonged if it is modified. When research is based on improvement of existing product, the team should conduct market research to ensure that it has a comprehensive understanding of the levels of satisfaction of the product in the market. This way, the team would now identify the gaps that needs to be filled by this improvement. The product should then be modified to the level in which it would still be identical to the original product, but with an improvement. As such, the product should provide customers with new and positive experience besides offering initial satisfaction. The following Gantt chart shows how the ne product can be improved. It is a matter of time since some steps should be take as shown in the Gantt chart.

Improvement of an Existing Product

Product Improvement (Months)

Task 1 2 3 4 5 6 7 8 9
Collect primary information x x
Analyze the weaknesses x x
Identify customer priorities x x
Strength of competitor x x
Set the priorities x x
Test the market x x
Adopt the new policy x x
Product Improvement (Months)

List of References

Ahmed, K & Rafiq, M 2002, Internal Marketing tools and concepts for customer-focused management, Butterworth Heinemann Elsevier, Oxford.

Andreson, JC, Narus, AJ & Rossum, W 2010, “Customer Value Propositions in Business Markets”, Harvard Business Review, Vol. 1, no. 3, pp 91-99.

Atkinson, P 1990, The Ethnographic Imagination: Textual Constructions of Reality Routledge, London.

Bailey, A 1996, A Guide to Field Research, California, Forge Press, Pine.

Barnes, C, Blake, H & Pinder, D 2009, Creating & Delivering your Value Proposition, Kogan Page, London.

Fifield, P 2007, Marketing Strategy: The Difference between Marketing and Markets, Elsevier Butterworth Heinemann, Oxford.

This presentation on Technology and Innovation Management in Organizations was written and submitted by your fellow student. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly.
Removal Request
If you are the copyright owner of this paper and no longer wish to have your work published on IvyPanda.
Request the removal

Need a custom Presentation sample written from scratch by
professional specifically for you?

801 certified writers online

Cite This paper
Select a referencing style:

Reference

IvyPanda. (2022, June 22). Technology and Innovation Management in Organizations. https://ivypanda.com/essays/technology-and-innovation-management-in-organizations/

Reference

IvyPanda. (2022, June 22). Technology and Innovation Management in Organizations. Retrieved from https://ivypanda.com/essays/technology-and-innovation-management-in-organizations/

Work Cited

"Technology and Innovation Management in Organizations." IvyPanda, 22 June 2022, ivypanda.com/essays/technology-and-innovation-management-in-organizations/.

1. IvyPanda. "Technology and Innovation Management in Organizations." June 22, 2022. https://ivypanda.com/essays/technology-and-innovation-management-in-organizations/.


Bibliography


IvyPanda. "Technology and Innovation Management in Organizations." June 22, 2022. https://ivypanda.com/essays/technology-and-innovation-management-in-organizations/.

References

IvyPanda. 2022. "Technology and Innovation Management in Organizations." June 22, 2022. https://ivypanda.com/essays/technology-and-innovation-management-in-organizations/.

References

IvyPanda. (2022) 'Technology and Innovation Management in Organizations'. 22 June.

Powered by CiteTotal, free citation maker
More related papers