4 Unusual BUT Unique Ways To Classify Innovations
By recognizing these types of innovations, you will empower yourself to understand the innovation process.
Therefore, in this article, we would examine 4 unusual but unique ways to classify innovations. Let us start with:
Market Pull Innovation:
What do we mean by Market Pull innovation?
By Market Pull we mean that the marketplace is suggesting there is a need or a problem that needs to be solved. Companies and organizations recognize this and then create an innovation to respond to that need, problem, or trouble that is in the in the marketplace.
In one sense, you could say that Market Pull Innovation is a creative response to the questions:
What is missing in the market place?
What can stop the pain we are feeling?
We will look at a second usual/unique innovation type, which is just the polar opposite of Market Pull innovation. It’s:
This type of innovation happens when a company or an organization has a technology breakthrough of some kind and then, uses that technology breakthrough to create an innovation. It then pushes that innovation out into the marketplace, regardless of whether or not they know customers or users will actually buy it or, or use it.
Therefore, technology-push innovation and market-pull innovation are really two ends of the spectrum.
You can observe technology-push innovations where they are- they hit the marketplace with a lot of splash and a lot of attention in the media. However, they do not go anywhere. Market-pull innovations are the ones that last and endure in the marketplace.
An example of technology-push innovation is the almighty Google glass. However, Google glass did not succeed.
A third idea here about a unique but unusual innovation type is what we would call:
Now if you are in the marketing world, you are in the advertising world, whereby this may be the only kind of innovation you look at. However, from a general management point of view, a marketing innovation is seen as rather unique.
Therefore, within the field of marketing management, one type of innovation would be a way in which you overcome a hurdle where people understand how good your product is, or how applicable it is to solve their problem.
An example of marketing innovation is web-based advertising. In other words, you are able to reach people in unique ways. This is typically, what makes marketing innovation unique.
Then we have what we call a:
This is a recent arrival on the scene of innovations, which makes you look at innovation from the perspective of:
How does it help the environment?
How does it help reduce the consumption of resources?
This type of innovation is usually process-based within an organization. It enables the creation of both social and business results. It also enables the creation of value by doing more with less.
Therefore, it is driven by the recent awareness in the marketplace and the cost consciousness and environmentally awareness of customers and governments.
Recognizing unique types of innovation is a key to seeing what might be combined into a business-strategy. Therefore, after considering the familiar innovations, also consider the unique ones.