The paper "Business Plan Guidelines" is a great example of management coursework. There are many types of product or service innovations, which any organization, can adapt in order to foresee its growth and development. Therefore, there are guidelines, which an individual or a company can follow in order to identify the most appropriate line of innovation to adapt. This could be a service innovation or product innovation. The sources of these innovations are obtained from the previous successes or the attempt by an organization to try to find out where these new products or services are in the future.
The more the product or service innovations in the future, the more it demonstrates that the benefits of these innovations are not limited to the new product development (Altmann, 2007). Additionally, the process of categorization also helps in identifying a suitable product or service innovation for an organization. It also assists in allowing for the comparison of the performance of these innovations and evidence-based choices. These can provide guidelines on where various improvements and advances might generate the highest return for a certain investment.
Therefore, the chosen product innovation should be able to provide an adequate return on investment (Blyth, 2009). In addition, alternative frameworks for innovations could lead to different types of innovation, and this would be based on the approach and the objective inherent in the framework. In any organization or business, innovation is usually considered in the context of different categories of life as a service or product. This is used by various organizational or business clients and differentiates their purchases. The different types of innovations are disruptive, life extension, marketing, application, integration, acquisition, organic, service, or product innovation.
Additionally, there are innovations patterns, and they could take many types. They include networking, product performance, channel, customer experience, product system, core processing, and product (Bouwman, 2008). On the other hand, there are those types, which consider change, scope, and change impact, and they include breakthrough innovation, incremental innovation, and transformational innovations. In a manner that is extremely similar, an alternative approach always considers an impact to the present business as the leading categorization of innovation into market creation, competitor disruption, and cannibalization.
ReferencesThe paper "Business Plan Guidelines" is a great example of management coursework. There are many types of product or service innovations, which any organization, can adapt in order to foresee its growth and development. Therefore, there are guidelines, which an individual or a company can follow in order to identify the most appropriate line of innovation to adapt.