Management of Innovation: Theories and Practice

“Incremental Innovation”

Incremental Innovation lies in the era of business management, where the business requires reinventing itself in order to make business successful. In this plan, the ideas of implementation have to be unique so that the company can thrive among the clients as well as the employees. This is a particularly smaller series of improvements in order to make the existing products or services more attractive and effective. This innovative program is generally a low-cost program in order to generate low-margin profits. Companies added different features or upgrades to a particular product or service in contemplation of adding new customers. As per the view of O’Reilly and Binns (2019), the importance of incremental innovation is that this method allows the company or the organisation to grow the business by getting feedback from their customer base and which will further change the landscape of marketing. Therefore, to mitigate this problem, companies should use a different campaigning program so that they can use that campaign as a promotional method which saves time and cost.

“Sustaining Innovation”

Sustainable innovation is mainly involved in bringing the habitual usage of the “idea”, “concept”, “practice”, and “Products”. The contributions of these attributes to the “ecological environment”, “social cohesion”, and “economic viability” are primarily based on the sustainable innovation of management. This is an intentional way for companies to make the change by initiating long-term social and environmental benefits. This method also includes the economic benefits of the company so that the organisation can further assist significant changes in society. Taking the idea of Stubbs (2019) into consideration, it can be stated that with sustainable innovation, the company tries to increase customer strength by giving a minimal price range while concentrating on the environment by reducing effective products such as plastic. However, on the other hand, it is a costly method, and sometimes companies do not have supplements for doing this. Thus, to mitigate this company is valuing society as well as the well-being of their customers by generating sustainable innovation in their organisation.

Figure 1.

Types of innovation within different industry settings

The above figure showcases the influence of different types of market settings within the process of obtaining innovation within firms. Disruptive and radical settings have the potential to incorporate technological advancements easily, whereas sustaining and incremental innovation can be incorporated gradually.