Interview with Philip Kotler |
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<< Previous What exactly do you mean by Innovation? Innovation means “the process of bringing out something new all the way to commercialization.” Innovation is a larger concept than invention. Invention occurs when a person imagines something new and brings it into existence. But this does not mean it will be successful. Innovation involves a managed process, consisting of creating a new idea, testing it, creating a prototype, doing a business analysis, doing a market test, and diffusing it commercially. The skill set needed for innovation is much greater than that needed for invention. Creativity and Innovation seem to be very much interrelated. Your take on that. You need to encourage creative thinking in an organization to find new ideas. Creativity can be encouraged by hiring some creative people, hiring an agency to create new ideas, or training your own people to use creativity techniques. But, just generating new ideas is not enough. They have to be evaluated and the better ones pushed forward in an innovation process. What is the role of innovation in a firm’s survival in this competitive business world? Until now, we tend to mention only a few companies highly regarded as innovative, such as Sony, 3M, Virgin, and Apple. But every company needs to be innovative. Nothing lasts. Competitors are always attacking your weaknesses or coming out with new strengths. All companies need to set aside a budget and a process for improving their offerings and inventing new offerings. |
