Innovation Report Essay Example | Topics and Well Written Essays - 2500 words - 1

Innovation Report - Essay Example This paper will examine the impact of innovation on Apple, Microsoft, Nike Inc. and describe how each company’s strategy, processes, products, and or services have been affected by innovation. To understand the impact of innovation on strategy, processes, products and services the definition of innovation needs to be understood. Innovation is not about designing new products, innovation is about creating or delivering to customer’s products or services they don’t even know they want but now they must have (Harvard Business Review 2009). Innovation is the thought of a new creative method; process or idea to a service or product already in existence and that has worked well but now has been changed or modified to fulfill a different need, market or demand. The change or modification will then bring additional revenue to the organization as a result of the innovative process. (Burns, T., and Stalker, 2006, 02) Strategy refers to how the organization will obtain the ends it seeks to achieve; strategy refers to a position taken by the organization. Processes are the learning, designing and planning of the strategy. Products are the results of goods through manufa cturing or a service. Services are the efforts or work by one person or group of persons who benefit another person or group of people, services are considered to be intangible (Betina, 2003). The impact of innovation is clear when looking at how any organization reacts and interacts with the changes of the market. The first organization that will be evaluated is Microsoft. Microsoft is one of the most profitable, most innovative and successful organizations in the world. Microsoft has successfully used innovation to maintain a competitive advantage and market share. Founded in 1975 Microsoft is the world leader in software services, solutions, applications and services that help business operate and stay competitive (Human resource management 2008). Microsoft is at the forefront of innovation and