BA 850 Lesson 8 - Ten Types
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May 7, 2024
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MONDAY 16TH
Lesson 8 – The Ten Types of Innovation
Process Innovation
Process innovation is the application or introduction of a new technology or method for doing something that helps an organization remain competitive and meet customer demands. Process innovation comes into play when a company decides to
find a way to improve or solve a problem with an existing process.
Channel Innovation
Channel innovation refers to a company's various methods to connect its products or services with its customers. This can include both traditional channels, like physical stores, and modern channels, like e-commerce. The goal of channel innovation is to provide customers with a seamless and delightful purchasing experience, allowing them to buy what they want, when and how they want it, with minimal friction and cost.
Customer Engagement
Customer engagement refers to the process of interacting with customers through various channels to strengthen the relationship between them and the business. It is a crucial aspect of sales as it helps to retain customers and foster loyalty. The importance of customer engagement is often overlooked, with some companies focusing solely on sales pitches rather than meaningful interaction. Successful brands understand that customers value peer interaction and learning something valuable.
The Strategic Path (identified/highlighted on your Map)
Identify one strategically interesting path or cluster of concepts
on your Map
o
It should be clearly highlighted or identified on the Map in its entirety
o
You may choose to use or build on a path identified by a colleague on your Map or elect to create your own
o
Take a stand
The Rationale (about one page)
Explain your logic for choosing that path/constellation
o
Bring in any outside resources or articles that you feel will substantiate your case
o
You may also draw parallels to other successful cases or industries
o
Feel free to lean on your own experiences and intuition to walk us through your choice
The Ten Types (about one page)
Craft a strategy for innovating your path using the Ten Types of Innovation
o
Identify the Type(s) of innovation you are applying to the path
o
Sketch out how you would seek to apply those types of innovation to the path in practice
o
What could be the potential approach/business model?
o
Are there parallels to other innovations or business models
you are leveraging?
o
Are there any other Type(s) which you consciously chose to avoid in the path?
Did you choose to take a more white, gray, or black space approach?
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