BUSM4304
International
Operations
Management
Innovation in
Operations
, Management
Week 10
• Define what innovation is
• The importance of goods and services selection strategy •
Describe the stages of the product life cycle • Explain how
companies generate new product ideas • List and define the
steps in the new product development
process and the major considerations in managing
, this process
• Explain the differences between open and closed
innovation models
• Explain the processes of co-creation with customers
What is Innovation?
• Innovation = Invention * Commercialization
“Innovation is the process of creating a product or service solution
that delivers significant new customer value. The process begins wi
the selection of the customer and market, includes the identificatio
and prioritization of opportunities, and ends with the creation of
an innovative product or service.”
International
Operations
Management
Innovation in
Operations
, Management
Week 10
• Define what innovation is
• The importance of goods and services selection strategy •
Describe the stages of the product life cycle • Explain how
companies generate new product ideas • List and define the
steps in the new product development
process and the major considerations in managing
, this process
• Explain the differences between open and closed
innovation models
• Explain the processes of co-creation with customers
What is Innovation?
• Innovation = Invention * Commercialization
“Innovation is the process of creating a product or service solution
that delivers significant new customer value. The process begins wi
the selection of the customer and market, includes the identificatio
and prioritization of opportunities, and ends with the creation of
an innovative product or service.”
