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Project On

Innovation
Presented by
Abinash Das
Aishwarya Bala
Ambika Thapa
Ashish Ku Nanda
Baishali Panigrahi
Bajrang Agrawal
Contents:
 Introduction and Definition of Innovation
 Types of Innovation
 Characteristics of Innovation
 Stages of Innovation
 Inspiring Innovation
 Obstacles to Corporate Innovation
 Overcoming obstacles
 Case Study
 Conclusion
 INTRODUCTION
 The introduction of a new good.
 The introduction of a new method of
production.
 The opening of new market.
 Access to new sources of raw materials or
component.
 The introduction of new forms of organisation.
 TYPES OF INNOVATION
 Product innovation
 Process innovation
 Marketing innovation
FOUR CHARACTERISTICS OF INNOVATION
 Innovation is a uncertain business.
 People closest ti innovation know the most about it, at
least initially.
 Innovation may be controversial.
 Innovation can be complex because it may cause
organisational boundaries.
STAGES OF INNOVATION PROCESS

 IDEA GENERATION AND MOBILIZATION

 ADVOCACY AND SCREENING
 EXPERIMENTATION
 COMMERCIALIZATION
 DIFFUSION AND IMPLEMENTATION
INSPIRING INNOVATION
 MIX PEOPLE UP
 DON’T FEAR FAILURE
 PUT ASIDE EGO
 HIRE OUTSIDERS
 DON’T INNOVATE, SOLVE PROBLEM
 FIGHT NEGATIVITY
 MAKE IT THE NORM
OBSTACLES TO CORPORATE INNOVATION

 Very large organization foster resistance to change

 Innovation may threaten current successes
 The corporate Hierarchy breeds conservative subordinates
 Product / market boundary charters sometimes preclude
innovation
 In a large organization, the separation of power constitutes a
“weakest link” constraint on innovation
 The politics of large organization can lead to compromises that
deceases the effectiveness of attempts at innovation
 CONTINUE…
 The large firm tend to emphasize short run efficiency
 The rotation system of training managers at large
corporation develop a short –run perspective in managers
 Large organization can only get excited about something
big
 Large firms have marketing departments that follow,
rather than lead the market
 For large organization, growth opportunities exit through
acquisition
OVERCOMING OBSTACLES
 Goals are set for innovative achievement
 Managers are encouraged to take a long-term
perspective
 Successful innovation is rewarded
 Failures are accepted as part of the game
 Engineers & Research scientists are encouraged to meet
the customer
 CONTINUE

 Special unrestricted funds are made available to

explore innovative ideas without upper-level approval
 Customers are carefully screened to identify new ideas
 A CASE STUDY
ON

Competing Globally with innovative ideas

 Walmart
• World’s biggest Retailer
Some interesting facts about Walmart

• First store opened at Arkansas in 1962

• Worlds Largest Private employer and third among all
employers (Public and Private) after Department of
Defense USA and Army of China.
 Key Statistics
• Founder Sam Walson &Family – owns 51% of
Walmart

• Headquater at Bentonville, Arkansas, USA.

• Total No. of Stores – 11718

- Stores in USA - 5368
- Outside USA - 6350
Marketing Strategy of Walmart
What Walmart does to achieve those
values?
Current measures of Walmart
Walmart goes Green
Walmart goes Green
Walmart High Efficiency Refrigeration
Unit
High Efficiency Refrigeration Unit
Walmart Bio-Diesel Truck
Walmart Bio-Diesel Trucks
Locally Grown Produce
Locally Grown Produce
Super Sandwich Bale
Super Sandwich Bale
Conclusion