MM 13 Innovation Management

Innovation management is a fundamental activity within a company that strives to establish innovations in various fields of activity. These activities are not inventions, but rather adaptations of previously developed technologies, etc. Innovations are also not exclusively related to products. An innovation can, for example, also mean the adaptation of a service, the introduction of more environmentally friendly processes, or the introduction of a new corporate structure. Innovation management provides methods that ultimately all aim to keep a company up to date, interesting, and competitive.

According to Schumpeter, innovation management is a means of increasing a company's value. Innovation is achieved through a "new combination" of means and ends. These can be:

• The design of a new product;
• The design of a new process in the sense of a technical procedure;
• The creation of a new sales market;
• The development of new sources of raw materials or semi-finished products;
• The reorganization of the market position, e.g. creation or breaking of a monopoly;
• (The design of a service);
• (The design of a new internal and external organization, such as a corporate network);
• The design of a combination of the above
  

In the context of:

Q: Q08, Q09, Q15, Q18

E: E01

T: T11, T14