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Value - Coggle Diagram
Value
TMA Stuff
Innovations are a response, furthermore, to the continual demand for such value creation. Indeed, the purpose of change is to make a product more valuable or to create a new process for increasing value generally. However, what actually constitutes value is much more difficult to define. Additionally how you measure value is not always straightforward.
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Different business functions will, of course, have different criteria for judging value. For instance, Marketing departments may associate worth with new social media technologies that allow them to conduct digital advertising campaigns. Human resource managers may emphasise the talent of a company’s workforce and its reputation to new recruits. Finance departments, conversely, may emphasise new capital revenue streams. Operation managers may promote the adoption of technology that makes transportation faster and more efficient.
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add note on virtuous cycle (R2 P9) innovate enough to be a leader then scale back as you will be default good option, reviews will be positive, attracting more business etc
Likewise, companies can’t just import the latest fads in innovation to cure what’s ailing them. Instead, they need to consider their existing processes for creating innovations, pinpoint their unique challenges, and develop ways to address them. In this (harvard business review pg 2)
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Timeframe
Timeframe
Short term – This is often an extension of existing production or ideas. Short-term innovations are very clear in their aims and focused on quick returns on value.
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Medium term – This often involves the relaunch and dramatic recreation of a product or process. It can also be something relatively new to the market or culture. Given the scope of the change it commonly requires a higher degree of investment and resources as well as a greater risk regarding its ultimate success.
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Long term – These are commonly completely new visions for ways of doing things or a totally fresh type of product. It demands a strong organisational commitment and sustainable investment to see it through to completion. The risks are often much higher for these long-term innovations but so potentially are the rewards.
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The leaders who resolve paradoxes follow a predictable path: they accept them, confront them, and figure out how to transcend them.
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