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Creativity, Innovation, and Market Performance
Creativity can be defined as problem identification and idea generation whilst innovation can be defined as idea selection, development and commercialisation.
There are other useful definitions in this field, for example, creativity can be defined as consisting of a number of ideas, a number of diverse ideas and a number of novel ideas.
There are distinct processes that enhance problem identification and idea generation and, similarly, distinct processes that enhance idea selection, development and commercialisation. Whilst there is no sure fire route to commercial success, these processes improve the probability that good ideas will be generated and selected and that investment in developing and commercialising those ideas will not be wasted.
Creativity, Innovation and Market Performance
In the broadest terms, strategy is about growth. Decision makers are constantly looking for growth, in fact, in listed firms, shareholders demand it and at ever increasing rates.
Decision makers have therefore to decide how to grow. There are a number of growth models and one of them is the Ansoff Model, which is useful for this argument:
a) Market penetration ? existing products in existing markets
b) Market development ? existing products in new markets
c) Product development ? new products in existing markets
d) Diversification ? new products in new markets.
The strategies above suggest, at least, that:
a) There should be a strong correlation between new products and market performance. This is proved correct (Tidd et al, 2005).
b) Innovation is required consistently no matter what strategy is chosen. Existing products in existing markets must consistently improve their cost / performance mix to beat off rivals and innovation is required to find new markets for existing products. It is more obvious that innovation is required when new product strategies are engaged in.
These and other topics are covered in depth in the MBA dissertation on Managing Creativity & Innovation, which can be purchased (along with a Creativity and Innovation DIY Audit, Good Idea Generator Software and Power Point Presentation) from http://www.managing-creativity.com.
You can also receive a regular, free newsletter by entering your email address at this site.
Kal Bishop, MBA
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You are free to reproduce this article as long as no changes are made and the author's name and site URL are retained.
Kal Bishop is a management consultant based in London, UK. He has consulted in the visual media and software industries and for clients such as Toshiba and Transport for London. He has led Improv, creativity and innovation workshops, exhibited artwork in San Francisco, Los Angeles and London and written a number of screenplays. He is a passionate traveller. He can be reached on http://www.managing-creativity.com
Seattle Post Intelligencer - 10 hours ago
... Speedy trembled below on the table and endured poking and prodding. Catch me if you can! What ways do your cats show their creativity and resourcefulness?
La Vista Sun, Ne - Nov 22, 2008
She was awarded the scholarship for her leadership and creativity in bringing entrepreneurship education to the schools. The conference in Austin brought ...
Louisville Courier-Journal, KY - 48 minutes ago
But creative coping is going on in Louisville's art world. Sculptor Brad Devlin has started producing smaller works and smaller price points to keep sales ...
Hindu, India - 14 hours ago
We are seeing a lot of creativity, though it is still not marketable enough for local collectors. But I definitely would like to introduce more new media ...
Minneapolis Star Tribune, MN - 8 hours ago
"Commuter Creativity" might be a better name. The annual ceremony was held on Thursday, and Roadguy had the privilege of serving as emcee. ...
MarketWatch - Nov 21, 2008
"This year, it's all about quality, safety, and depending on your creativity as much as your credit card." 1. Pick toys that have staying power over toys ...
Blogcritics.org, OH - 18 hours ago
To be precise, every one of us can become involved in any forms of creative art. The irony is such that people conclude too early in their life, ...
Daily Californian, CA - Nov 21, 2008
The Stanford tree was relieved of its duties at Stanford by a group calling itself the "Phoenix Five" in 1998, spending two weeks as a "hostage" at Cal ...
Martinsburg Journal, WV - Nov 21, 2008
By Jillian E. Kesner / Journal Staff Writer MARTINSBURG - The creative juices were flowing at Orchard View Intermediate on Friday as Cheryl Ware, ...
MarketWatch - Nov 21, 2008
"We are delighted to collaborate with Crayola in developing wonderful creativity software products for children," said Core Learning President & CEO Doug ...
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