Penalties: The total marks designed for an examination is reduced by 15% for work posted up to one week late. The full total marks available are reduced by 30% for build up to two weeks late. Assessment work received more than fourteen days late will receive a mark of zero. [Happenings of alleged plagiarism and cheating are handled in accordance with the Institute's Assessment Regulations. ]
Plagiarism: Showing the ideas etc. of someone else without proper acknowledgement (see section L1 paragraph 8).
Cheating: The usage of unauthorised materials in a test, exam etc. , unauthorised access to test matter, unauthorised collusion, dishonest behaviour in respect of assessments, and deliberate plagiarism (see section L1 paragraph 8).
Continuous Diagnosis: For students duplicating an examination, marks awarded for constant evaluation, shall normally be taken forward from the initial exam to the duplicate examination.
Question 1:
"Creativity is a key ingredient for success in the marketing place. There is absolutely no simple procedure for companies to try successfully innovate. Research indicates they need to overcome barriers to be serial innovators"
Innovation is. . . . . .
the process that an idea or invention is translated into a good or service for which people will demand or need, (Heyningen, 2011). It really is something that is new. People confuse innovation with technology but they are extremely wrong. Invention can be an idea. Advancement is about the launch of this idea. Innovation was developed from a Latin word innovatus, defines to improve or renew, produced from in-(into) + novus-(new). Description of invention research started firstly 1903 by experts Gabriel Tarde.
Innovation is an integral ingredient set for success in the market place because of many reasons. One major reason is that of the creativity life pattern. Inventing a concept is one job, bringing that idea to life is another. It really is all about marketing, good timing and support it to the very end of its life circuit. Shown below in shape 1 we have a graph that shows versus life cycles. Life cycles change scheduled to demand and competition. As everyone understands you never listen to two big brands introducing similar products at the same time.
Graph of advancement life cycle
http://ars. els-cdn. com/content/image/1-s2. 0-S0883902699000488-gr1. gif (Romana et al. , 2001)
An exemplory case of two well known brands with similar products is the apple i phone and the samsung galaxy. These businesses are launching cell phones every half a year. However, this never occurs at the same time.
Dr. Jesus Perdomo Ortiz said "Some answers may lay in innovation literature and in the understanding of innovation as palimpsest. Professors Pavitt and Malerba taught that innovation can be an activity subject to taxonomy-grouping things into different categories. In other words, forms of development are different according to the sector and the product. The telecommunications sector is itself specifically unique. Apple's iPhone and Samsung's Galaxy are a representation of advancement as palimpsest. It could be grasped as an creativity of improvement, but it's perhaps better called the fruit of the accumulation of successive layers of interpretation. In total, in this culture of multiple meanings, the patent controversy should focus more on interpretation alternatively than discovery", Jenson, (2012).
What is serial innovator???
Serial innovators look for opportunities. They look for reasonable problems that cause possible customers cogent pain, issues with solutions which the customers would be happy to pay. Serial innovators know themselves when they have got a fascinating problem that can be fixed, when it fits three benchmarks:
Solving the condition is genuine and has significant financial result.
A solution are available easily.
The problem and solution are admissible to the customers and management (it unfolds problems and fits set up).
"Serial Innovators approach product development nonlinearly, " and their approach involves "a lot more overlap, iteration and reviews" between stages than is typical of more formal new product development operations. For instance, a serial innovator may go back and forth between aspects of developing the merchandise and creating market popularity for this, or between understanding the challenge and inventing and validating answers to it", (Griffin et al. , 2012).
Barriers to Technology:
There are lots of barriers that prevent invention from taking place. Recognising and working out these barriers will help you to develop a culture that is progressive in your organisation and enable you to make an effective business, Shavinini, (2003). The most frequent barrier to technology is a innovator or administrator not open to a fresh idea. This has a negative effect on the company throughout as employees aren't bothered to include new ideas as they know they either will not be paid attention to or the supervisor or leader will not take their ideas any more. Any new ideas put forward should be paid attention to and the manager should permit the worker to justify their idea. Normally the administrator says 'no' as a result of past activities which is wrong. Although the theory may be something not done before or it generally does not meet with the business regular operations, it generally does not mean that this can be a bad idea or not worth permitting the employees justify it (NSW federal government, 2012).
Often, employees do not have the time to generate new ideas as they are so occupied doing their day to day work that they don't feel they may have period to be thinking about new ideas. Also, they may think of new ideas but they may hesitate to place them forwards to the supervisor in the event they aren't heard or the chance of it not working.
Innovation may be seen too expensive for small businesses to carry out especially in times like now, an economical recession. However, professionals need to think about the potential profit that advancement could bring to the business. There's also cost effective ways of carrying out advancement, IBM GLOBAL BUSINESS SERVICES (2006).
There may be considered a lack of competent personnel in a company with a lack of home elevators technology which results in invention not taking place. The employees may also have a lack of information on markets.
The biggest barrier is companies with the shortcoming to put into action and commercialise new ideas. After spending time, resources and work to develop a thought, the final step is a failure and the product is never successful on the market. This often triggers companies to be negative with regards to new ideas plus they tend to commence focusing on the barriers as opposed to the positive outcome ideas may have, (D'Este et al. , 2009).
In my opinion this statement creativity is essential for success in the marketing place. There is absolutely no simple method or conditions for companies to check out to successfully innovate. Research shows companies must triumph over barriers to become serial innovators which I believe that is significantly true. It is clear from researching and reading about the successful businesses it is one of the key aims that each individual should have. The entire world wouldn't be where it is today without so many serial innovators taking their companies throw the barriers and to successfully innovate.
A great example of advancement is that of the mountain bike. A lot of the credit for pile bike would go to a north Californian group which were around in the 70's. Among the earliest sources around for off street bikes is in the 1890's. These bikes were single rate bikes which were revised for long distance travel.
Their two biggest outings noted at the moment were a nearly 800 mile and a 1900 mile trip.
Another well-known band of bikers is at the 1950's. These bicycles had some wonderful changes because of their time including: they had handlebar shifters, excessive fat tires, and even some suspension. John Finley Scott is another man well renowned for his revised cycle "The Woodsie" in 1953 for trips in the outside. His improvements included: moving gears, excessive fat tires, flat handlebars, Metcalfe and Canter (2003).
All these bikes do illustrate similarity to the present day day mountain motorcycle, however nothing ever before developed from it. The Marin County, California gains most of the credit for the present day day mountain motorcycle.
Although this group weren't the group to introduce big tires, flat handlebars, cantilever brakes, or even derailleurs, on a cycle built for the mountains, these were the first to create all of pile biking as we know it today. Several members of this group completed the marketing, improvements and systems that tipped mountain biking into becoming popular.
Since then, it's just been one creativity after another for nearly 30 years. As the general structure of mountain bicycles such as chiseled handlebars, derailleurs, big tires, and powerful brakes, have never changed there were immense changes over the years which has upgraded and changed the activity tremendously. The largest changes that happened in mountain biking have been with the launch of leading and rear suspension system. Other innovations have come in materials and production that has led to increased performance, part life, and significant fat loss. Big breakthroughs include: framework materials such as carbon fiber content and advanced aluminium alloys. There have been many more improvements such as indexed shifting, the thread less headset, and better lower part brackets, have made bicycles easier to work on and longer lasting.
Mountain bikes today are much faster, lighter, reliable, plus much more expensive than the bikes of the past.
Our bicycles and the parts on them are engineered to execute flawlessly and will last much longer than anything we had even 10 years ago. The trust is that there will be many more of improvements in suspension and materials in the future, which again will improve the sport and the motorcycle itself. For me, this clearly demonstrates the importance and the advantages of innovation.
Fig 2: O'Neill and Bessant, (2008)
Question 2: New Product Development (NPD) at Eirlock.
New product is the process that is employed in business and engineering whenever a new product is being brought to the market. This is an activity to ensure the product as the best potential possible and will be worth wile. There exists many ways of developing a new product but finding the best isn't possible if an effective process isn't set up. Below is a sample of stages that should be in a NPD.
Test market
Prototype development
Launch
Final adjustments
Concept development and testing
Business analysis
Idea screening
Idea Generated
Fig 1. Test of NPD
A SWOT examination is employed to help develop a New Product Development. It can help to analyse the strengths and weaknesses of the company or product. In addition, it looks at the opportunities and treats of company or product.
In the next I'd like to comment the company that I have studied (Eirlock) and the key reason why products that they developed and launched were not a success.
The family seem to be great at producing ideas but it looks like they have got not the data to bring it to life. That they had great success with the first product "Eirlock". In 1994 it come to its peak of 468, 000 value of sales. When you consider the product was made in 1988 and only made a peak of 468, 000 isn't great when you take recycleables and salary of 28 employees out of this figure. When computed if each product will probably be worth 9 and their total is the amount above thus giving a total of 52, 000 products sold that current season. Their market was through Ireland and North Ireland, this is quite a tiny market. As they were distributing in North Ireland it would have made the united kingdom more accessible for market which might have expanded their distribution and earnings.
Eirlock was sold through wholesalers' these wholesalers offered the merchandise to the retail retailers. It was the wholesalers that promoted the product. This if you ask me was priced at money for an activity that could have been done by the business itself therefore if the 'middle man' have been cut out, revenue would have increased for the company.
ISO: In 1991, the company were offered a licence to manufacture a security lock for ISO pots and semi - trailers. These were offered this by an North american Security Product maker at an exhibition. Mr Mc Carthy and his company chosen to purchase original stock of 10, 000 units to test industry of the product. In my opinion, this is a substantial amount of models without research carried out about the demand in Ireland because of this product. It had been a large decision made with no loan consolidation or thought. It resulted in that they found out it could not be sold with a earnings and they weren't able to compete with the price tag on their opposition. In accordance with the NDP, if the product was properly conducted through the procedure that needs to be laid out, the outcome could have illustrated how successful the merchandise was for the business preventing what took place.
Security shutter: Joseph Mc Carthy (the owner's son) created a security lock for stock windows in 1992. The development of the product cost him 25, 000. After spending this amount, the business found that there have been similar products which have already been trademarked with a UK company. This resulted in them having to withdraw the product from the market. This again depicts a lack of research with a large amount of cash being invested with no thought given for something. This cost the business 15, 000 price of stock plus the 25, 000 that was previously used to develop the security shutters. This shows too little NDP resource. That's where the requirement 'Level Get Model' by Robert Cooper should be completed. This model creates gates among the stages. This is commonly found in modern companies to avoid situations like the main one in the case study developing. In these gates a group of individuals critically analyse the prior stage to prevent failure.
Control Cabinets: THE BUSINESS expanded their part of electronics by developing and building control cabinets. In 1995, this developed a sales of 294, 000. For a product that they did not seem too highlight in the case study, it appears to possess been a successful product. You can question why this product wasn't described in great information as it seems to possess been a big success, requesting was the negative products centered on. In my opinion, this is the next product in the merchandise life cycle. I think concentration should be focused on the product as it is increasing yearly in the sales performance which gives a huge gain to the business. I believe this is actually the best NDP by far for this particular company and how it was carried out should be concentrated on for future product advancements.
Following these product failings Mr Mc Carthy (Senior) has become negative with regards to technology and has lost all desire in developing services. This is explained in the case review where he expresses "the devil you know is preferable to the devil in you do not know". This assertion shows how strongly he is convinced that the technology of products is worthless which ultimately shows a negative frame of mind.
Action Plan: My report to Eirlock Small would include the pursuing action plan and activities -
First and foremost research is one of the primary areas that must to be carried out prior to 'concept development and trials' (NDP). This ensures that the products launched are worth of testing, stopping lack of money. This will likely also help against opponents'. Eirlock presently pay others to handle researches. The company and its own employees should become more aware of the price effective means of innovating products through research. Also, the Stage Gate model should be included in the process of each product. I believe Joseph Mc Carthy or another employee should be sent to enhance their skills in neuro-scientific research.
In my estimation, employees should be low in the making of the Eirlock product itself and concentrate more on new electric security devices. Expanding the market is also a major area that needs to be considered, e. g UK.
The Control Pantry as one of the main products currently and time, possibly if it was advertised in more areas, sales could increase. Shown in the sales performance accounts the sales have increased for the prior three years. This is positive and should be observed as an opportunity for the business.
It is important that Mr Mc Carthy (Senior) is innovated and is constantly on the manufacture new products. If he continues to be negative, it is time that he should take a step back and allow Joseph Mc Carthy the possibility to innovate new products.
Another area I really believe should be centered on is the campaign in marketing of the merchandise. It is important that the merchandise are all marketed well to ensure that customers are aware of the product. I believe it is important to have a successful, innovated, market worker.
It also declares that the company has recently involved in re-equipment program financed by grants and a loan the ICC. However, there are still lots of bought in components, e. g. four bought in injection mould components and the locks themselves for the Eirlock. Since this was one of the main products and ten employees processing the product, this appears to be a large sum of money.
Overall, I believe that there may be significant probable in the corporation if products follow the New Product Development process correctly. Eirlock gets the employees and resources to develop and sales products that'll be very successful.
