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Metrics for Innovation of Product – the Basis for Continuous Improvement of an Organization

Received: 15 June 2013     Published: 10 July 2013
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Abstract

Innovation is becoming more and more important in modern society. There are a lot of researches on different kinds of innovation, product innovation is one of the most studied types of innovation and it refers to the development of goods or service characteristics or with intent to use which differs significantly from previous products made by the company. Innovative product includes significant changes in the technical specifications in components and materials, incorporated software, user friendliness or other functional characteristics. The study shows some key elements of product innovation that are worth paying attention when implementing product innovation projects. Examples of such key elements are the characteristics of new products or strategic options for launching a new product. Beside the key elements of product innovation, we also present some risks that may occur, such as cost, market uncertainty, information leakage, imitation and over depending on experience. By proposing a set of indicators to measure product innovation, the article offers solutions for product innovation implementation so that any organization can have a base for continuous achievement of optimal results.

Published in Science Journal of Business and Management (Volume 1, Issue 1)
DOI 10.11648/j.sjbm.20130101.15
Page(s) 26-30
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2013. Published by Science Publishing Group

Keywords

Innovation, Product Innovation, New Products, Performance in an Organization, Management Systems

References
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[3] S. Mohini, "E-Business Innovation and Change Management", Idea Group Publishing, 2004
[4] V. Robu, „Instrumente pentru dezvoltarea de solutii inovative in IMM-uri in vederea asigurarilor competitivitatii acestora", Seminar "Interferente Economico- Sociale la Frontiera Inovarii" – Editia 1 "Inovarea şi competitivitatea în sectorul IMM din România", Bucureşti, 2008.
[5] I. Arpaci, „E-government and technological innovation in Turkey", Transforming Government: People, Process and Policy, vol. 4, nr. 1, 2010.
[6] A. Hidalgo, "Innovation management techniques and tools: a review from theory and practice", R&D Management, vol. 38, nr. 2, pg. 113- 127, 2008.
[7] R. Lin, „Customer relationship management and innovation capability: an empirical study", Industrial Management & Data Systems, vol. 1, pp. 111-133, 2010.
[8] M. Butlin, „Developing Innovation: A Practical Approach For Medium- Sized Businesses", 2004.
[9] P. Drucker, „The discipline of innovation", Harvard Business Review, vol. 80., 2002.
[10] P. Sweezy, "Professor Schumpeter's Theory of Innovation", The review of Economic Statistics, vol. 25, nr.1, pg. 93-96, 1943.
[11] J. Zhang, Empirical study on the impact of market orientation and innovation orientation on new product performance of Chinese manufacturers, Nankai Business Review International, vol. 1, nr. 2, pag. 214-231, 2010.
[12] Organisation for Economic Co-operation and Development (OECD), Oslo Manual: Guidelines for Collecting and Interpreting Innovation Data, The Measurement of Scientific and Technological Activities, 2005
[13] J. Buijs, "Modelling Product Innovation Processes from Linear Logic to Circular Chaos", Creativity and Innovation Management, vol. 12, nr. 2, pag. 76-93, 2003.
[14] S. Brad, „The Product Manager's Handbook of Engineering and Management of Innovation", Editura Economică, București, 2006.
[15] S. Brad, "Multilayer innovation", A Key Driver towards a Rapid Growth of Economic ompetitiveness: Challenges for Romania, Proceesings of the International Conference on Quality – Innovation - European Integration – QIEI 2008 "Special issue of the Journal "Calitatea- acces la success".
[16] F. Damanpour, W. Evan, „Organizational innovation and performance: the problem of organizational lag", Administrative Science Quarterly, pp. 392-409, 1984.
[17] L. Anastasiu, "How the Changing of Technology Can Become a Motivating Factor in Human Resources Management", Proceedings on the 5th International Seminar Quality Management in Higher Education, Alexandroupolis, Greece, 2009
[18] L. Anastasiu, "The Impact of E-Learning on Human Resources Effectiveness in Higher Education", Proceedings on the 7th International Seminar Quality Management in Higher Education, Iasi, Romania, 2012
[19] R. Cooper, "The Strategy-Performance Link in Product Innovation", R&D Management , vol. 14, nr. 4, pag. 247–259, 2007.
[20] A. Maier, D. Nicoară, D. Maier, M. Suarasan, A. Anastasiu, „Achieving performance in an organization through marketing innovation", International Conference on Innovation and Marketing, International Journal of Social and Human Sciences, Veneţia, Italia, 2013
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  • APA Style

    Marieta Olaru, Andrei Hohan, Andreea Maier, Dorin Maier. (2013). Metrics for Innovation of Product – the Basis for Continuous Improvement of an Organization. Science Journal of Business and Management, 1(1), 26-30. https://doi.org/10.11648/j.sjbm.20130101.15

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    ACS Style

    Marieta Olaru; Andrei Hohan; Andreea Maier; Dorin Maier. Metrics for Innovation of Product – the Basis for Continuous Improvement of an Organization. Sci. J. Bus. Manag. 2013, 1(1), 26-30. doi: 10.11648/j.sjbm.20130101.15

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    AMA Style

    Marieta Olaru, Andrei Hohan, Andreea Maier, Dorin Maier. Metrics for Innovation of Product – the Basis for Continuous Improvement of an Organization. Sci J Bus Manag. 2013;1(1):26-30. doi: 10.11648/j.sjbm.20130101.15

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  • @article{10.11648/j.sjbm.20130101.15,
      author = {Marieta Olaru and Andrei Hohan and Andreea Maier and Dorin Maier},
      title = {Metrics for Innovation of Product – the Basis for Continuous Improvement of an Organization},
      journal = {Science Journal of Business and Management},
      volume = {1},
      number = {1},
      pages = {26-30},
      doi = {10.11648/j.sjbm.20130101.15},
      url = {https://doi.org/10.11648/j.sjbm.20130101.15},
      eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.sjbm.20130101.15},
      abstract = {Innovation is becoming more and more important in modern society. There are a lot of researches on different kinds of innovation, product innovation is one of the most studied types of innovation and it refers to the development of goods or service characteristics or with intent to use which differs significantly from previous products made by the company. Innovative product includes significant changes in the technical specifications in components and materials, incorporated software, user friendliness or other functional characteristics. The study shows some key elements of product innovation that are worth paying attention when implementing product innovation projects. Examples of such key elements are the characteristics of new products or strategic options for launching a new product. Beside the key elements of product  innovation, we also present some risks that may occur, such as cost, market uncertainty, information leakage, imitation and over depending on experience. By proposing a set of indicators to measure product innovation, the article offers solutions for product innovation implementation so that any organization can have a base for continuous achievement of optimal results.},
     year = {2013}
    }
    

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    AU  - Marieta Olaru
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    T2  - Science Journal of Business and Management
    JF  - Science Journal of Business and Management
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    AB  - Innovation is becoming more and more important in modern society. There are a lot of researches on different kinds of innovation, product innovation is one of the most studied types of innovation and it refers to the development of goods or service characteristics or with intent to use which differs significantly from previous products made by the company. Innovative product includes significant changes in the technical specifications in components and materials, incorporated software, user friendliness or other functional characteristics. The study shows some key elements of product innovation that are worth paying attention when implementing product innovation projects. Examples of such key elements are the characteristics of new products or strategic options for launching a new product. Beside the key elements of product  innovation, we also present some risks that may occur, such as cost, market uncertainty, information leakage, imitation and over depending on experience. By proposing a set of indicators to measure product innovation, the article offers solutions for product innovation implementation so that any organization can have a base for continuous achievement of optimal results.
    VL  - 1
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Author Information
  • University of Economic Studies, Bucharest, Romania

  • University of Economic Studies, Bucharest, Romania

  • Technical University, Cluj Napoca, Romania

  • Technical University, Cluj Napoca and University of Economic Studies, Bucharest, Romania

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