Innovation: What is innovation strategy Essay
Innovation: What is innovation strategy
According to Dictionary. com innovation strategy is a plan made by an organization to encourage advancement in technology or services, usually by investing in research and development activities. An organizations innovation strategy must align with its mission and vision statements, along with aligning with the organizations statements it must also align with outside sources strategies like suppliers and manufacturing. If the process and products strategy do not align this could quickly drive up cost and risk for the organization.
There are three pillars of innovation strategy (1) research and development ideation, (2) Life cycles and product innovation strategy, (3) information/idea transference and customer feedback, using these an organization can focus on to help ensure that it is successful. Innovation: Why pick this type or product? Simple truth is a good innovation because it is a different type of product. It is natural and organic and there are many ways it comes in form from beverages to snacks.
According to the website Simple Truth products are made with methods that mix cultural, biological and mechanical practices that foster the recycling of resources, promote ecological balance and help conserve biodiversity. (The kroger Co, 2013) Using Simple Truth will help households to “Go Green”. Though not everyone likes the organic products because they are more expensive, if everyone can switch to just using one organic product in their household, it will help to show that society cares for what is happening to the environment.
With this type of organic product being used it helps to encourage the preserving of resources that are precious to our world. This will also help future generations to be encouraged to use these organic products so that the world can continue to grow and prosper for many more generations. Evaluation: What makes this a successful innovation? Evaluation: Will this increase the success of the company overall? The success of Simple Truth depends on a trending belief that organic foods are healthier and cleaner.
While there are little arguments or studies that show organic foods being healthier or safer (Smith-Spangler et al. 2012), it is agreeable that organic foods do not use chemical fertilizers to promote plant growth, synthetic pesticides to reduce pests and diseases, synthetic herbicides to manage weeds, or antibiotics and growth hormones for animals to prevent diseases and spur growth (Mayo Clinic, 2013). Simple Truth considers the long-term effect of agricultural interventions on the agro-ecosystem and supports the growth of organic foods while establishing sustainability with our shared global resources such as soil, water, air and climate, and general biodiversity.
Each day, as more people realize how organic foods support the environment, Simple Truth will reap the benefits of a changing societal view on sustainability. According to statistics collected from the Organic Trade Association (2011), 75% of U. S. families purchase organic products at one point or another. 41% of parents in 2010 reported buying more organic foods than previous years. 70% of organic buyers now look for the USDA organic certified seal. Since Simple Truth is USDA Organic-certified, the increase of overall organic purchases across the country is also a positive indicator pointing to the overall company success.
University/College: University of California
Type of paper: Thesis/Dissertation Chapter
Date: 24 November 2016
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