As an executive of an organization, how do you innovate the new product or service ?

-The managed effort of an organization to develop new products or services for existing products or services is known as innovation. An organization requires to be innovative to get sustainable competitive advantages. As an executive of an organization I shall follow the following process:

Innovation Process
Development
The organization evaluates, modifies, and improves on a creative idea.

Application
The organization uses the developed idea in design, manufacturing, or delivery of new products, services, or processes.

Launch The organization introduces new products or services to the market place.

Decline
Demand for an innovation decreases, and substitute innovations are developed and applied.

Maturity
Most competing organizations have access to the idea.

Growth
Demand for new products or services grows.

Describe the various forms of innovation. How do you promote innovation? -Innovation can be of various types which are given below: 1. Radical innovation: Innovation which completely replace the existing products or technologies in an industry. 2. Incremental innovation: It develops new products or process that modify existing product. Firms that implement this type of innovation, they just modify the product but do not change fundamentally. 3. Technical innovation: It changes in the physical appearance or performance of product or services.

4. Managerial innovation: - The change in management process by which product and services are built and delivered to the customers. - It may not affect the physical appearance or performance of the product directly. Like; reengineering. 5. Process innovation: - A change in the way a product or services is manufactured, created or distributed. - It directly affects manufacturing.

 Organizational innovation can be promoted through the following ways: - The reward system: - it encourages or discourages certain behavior of employees. - Financial and non-financial reward to employees encourages to employees to develop innovative ideas. - Relating the provision of reward with innovation. - Organizational culture: - A well managed culture can communicate a sense that innovation is valued and will be rewarded.

 What is leadership? Do you think leadership is rationale to an organization? Explain. - Leadership is the personal quality of an individual who organizes the efforts of the followers and directs their activities towards the attainment of the goals. - It is the manager in his leadership role who has to stimulate and inspire the employees to contribute willingly, cooperatively and zealously to the optimum achievement of organizational goals. Leadership is essential to an organization for the following works:

Determination of goal Providing guidance Inspiring employees Achieving coordination Facilitating change : Convince workers about the need for change - Building employees morale: Develops good human relations and facilitates interactions among the members of the group. - Representation of workers.