Innovative Products vs. Functional Products How Innovation in Small Business Can Make a Difference

To generate creative business ideas, breakthrough innovators must be fiercely tested and wisely deployed.- – Jeffrey Cohn, Jon Katzenbach and Gus Vlak (2009)

Companies who -play it safe- in a product/production focused market can lose opportunities for innovative product development. For example, many small businesses involved in creating technology products have to choose between supporting functional or developing innovative products. Functional products can be best described as products that satisfy basic needs. Innovative products are typically cutting edge, highly improved or revolutionizing in nature. To ensure future success and revenue, managers or key decision-makers within an organization choose to remain loyal and focused on functional products. Although this may seem like a safe idea, disruptive change in the technology industry can swiftly eliminate the need for some of these types of products. Instead, small companies who seek to claim a stake in the highly competitive technology market must devote the time and energy to produce innovative products. In fact, the innovative products are often the disruptive catalysts that change an industry and create solid products for a company’s future. In a research article by Cotterman, Fusfeld, Henderson, Leder, Loweth and Metoyer (2009), companies with high internal approval for innovation in product development have higher rates of information retention, clearer performance indicators and a speedy development process. (pp. 16 )

Furthermore, innovators within company ranks must be recognized, fostered and groomed as integral pieces of a company’s success. Otherwise, companies will rest on their previous laurels and depend on success from aging products and technology. Cohn, Katzenbach and Vlak (2009) go further to recommend four steps companies should heed when seeking innovation in their products and companies. First, innovators should be given flexibility in the workplace, access to resources and managerial support. Second, mentorship programs should be made available to further develop innovative spirit among employees. Third, peer networks need to be established to help innovators cope with the pressure to perform and to bounce ideas off fellow employees. Fourth and lastly, place the innovators in the place where they can make to most difference in the company, the middle. In the middle, innovators are directly between front line operations and executive decision-making. (pp. 5-7) Innovative products are consistently being sought by ambitious businesses. A proven method to develop products is to foster, develop and implement innovation in employees. Companies will build their customer bases on functional products and continue to keep and grow customers throughout the future with innovative ones.

References

Sethi, R., & Sethi, A. (2009). Can Quality-Oriented Firms Develop Innovative New Products?. Journal of Product Innovation Management, 26(2), 206-221. doi:10.1111/j.1540-5885.2009.00346.x

Cotterman, R., Fusfeld, A., Henderson, P., Leder, J., Loweth, C., & Metoyer, A. (2009). ALIGNING MARKETING AND TECHNOLOGY TO DRIVE INNOVATION. Research Technology Management, 52(5), 14-20. Retrieved from EBSCOhost

Cohn, J., Katzenbach, J., & Vlak, G. (2008). finding and Grooming Breakthrough Innovators. Harvard Business Review, 86(12), 62-69. Retrieved from EBSCOhost.

Aquilano, N.J., Chase, R.B., Jacobs, F.R. (12Ed.). (2009). Operations & Supply Management. New York, NY: McGraw-Hill/Irwin.

Find A Franchising Business For Sale Now And Become Your Own Boss

Starting your own business can be nerve wracking, there are a million and one things that you will need to take care of, from the quality of your product or service through to your branding and marketing, from your front of house to your supplies and logistics. Generally speaking when you start your own business you need to take care of all these different areas yourself and there will be an area, or areas, where you struggle. There is a better way: franchising. With franchising you get all the benefits of running your own business with far less risk, many of the secondary tasks and areas are taken care for you when you run a franchise, from marketing to supply, leaving you to focus on your primary business tasks. You can find great franchise businesses for sale right now.

You will find that there are some incredible franchises available right now. You can find one that suits your talents and passions. Running a business under a franchise means that you get all the advantages of being part of a big business, such as the name recognition, the power of bulk buying and the massive advertising budget all while still being your own boss.

When you start a franchise you get a proven business model, you get to open your own business yet you have the support and guidance of a successful team that will help you at every step of the way, which means that you are far more likely to succeed.

Starting a franchise also means that a you will have a shorter time to opening, you will be give both initial training and ongoing support and you will benefit from having a network of peers (fellow franchisees) who can provide advice and moral support through annual conferences, and franchisee associations; and, increasingly, assistance with securing funding.

If you want to find some great business franchises in Australia then you need to work out what kind of work you want to do. Many people who want to start their own franchise are keen to become more free in their work lives, meaning that a good franchise is one where they are mobile and can pick and choose which clients or customers to pick up.

Take a pool cleaning franchise, you can work in the area near your home and can choose how much you work. You can find some great pool business for sale right now.

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Business Franchising Online

Franchising is a partnership between two parties. One fully owns the company and is responsible for protecting the franchise or branch. The franchise manager is responsible for maintaining the standards of the original. Both parties benefit from this partnership. The party who owns the company is called the franchisor, while the other party is called the franchisee. The franchisee has the responsibility to uphold the franchisor’s established industry standards.

The important thing about franchising is that the original business owner has to have the means to provide the franchise with the necessary equipment. That also means that the original company has also had significance in the community it serves. This can be achieved by using the Internet for marketing. Online marketing may take the form of search engine optimization (SEO), online banners, or pay-per-click ads.

Business websites are effective in introducing the company’s products, services, and standards to potential clients. Business websites are also great for attracting employees, managers, and fellow businessmen interested in franchising. It is good to make the business website aesthetically attractive, easily navigable, and extensive with information.

A business that has become famous in its original location and that has gained enough recognition can expand by franchising. A franchise is a branch, another establishment that is basically the same company but in a different location. This franchise then has a right to be known as an establishment in itself. This is where the need for franchise websites takes place.

The franchise websites act as a link to the original while being an individual entity. Web developers can make these franchise websites as individual websites equipped with links to the original business website. The original website shall also be equipped with links to its affiliates, the franchise websites themselves.

franchise websites similarly benefit from attracting customers, employees, and potential businesspeople who would like to make try their hand at a new business venture. The chain always has potential to grow. That is comparable to a tree with roots that grow so extensively that new plants can grow from it. Life goes on, and businesses keep growing. The possibilities for business growth always have the potential to flourish like a forest.