INNOVATION

Innovation: Coin Cash Machine

Innovation: Coin Cash Machine

SECTION 1

1. INTRODUCTION

Innovation is an essential element for any organization in order to survive, grow and significantly influence the direction of any industry. Development does not; however, guarantee success, but most be followed up with successive streams of innovation and change, from the incremental to the radical. The most reliable way to be successful in the industry is to innovate better and longer than the competitor, leading companies develops innovation portfolios that they can use to help sustain growth over the long term (Uljin 2009: 19). Innovation and change is an essential part of any business activity, but only some people recognize its importance and significance. Often, management fails to notice the implication of innovation and change, which becomes the reason of the change failure (Sutton 2010: 94).

This paper describes the marketing of an innovative technological product i.e.

Coin Cash Machine. Companies keep competing against each other using products and services, making competitive intelligence (CI) an important tool in the development of strategy in the organizations. The importance of competitive intelligence is attributed to its contribution to technological knowledge and intelligence, and it use for the analysis of information systems innovation in organizations. It should be pointed out early that innovation and technology are often taken in a similar light as asserted by Rogers (2009: p12) that 'we often use the word “innovation” and “technology” as synonyms.' And as such CI is primarily intended to be used for the state of the art, technological trends and challenges, with a strategic vision for competitiveness and customers (Ashton & Klavans, 1997: 45; Fleisher & Bensoussan, 2009: 181).

1.2. DEFINE INNOVATION

The new and improved techniques of doing things right at work is known as innovation (West et al 2009: 102). Peter Drucker said, “Innovation is the specific instrument of entrepreneurship... the act that endows resources with a new capacity to create wealth (Drucker 1909: 177).”

1.3. DEFINE INVENTION

It is the act of developing something new. It usually involves creativity in the form of conception and development. It need not involve any commercialization. Indeed, most of the patents that are registered each year are not developed further. However, where there is subsequent communication, the process of invention transmutes into innovation and/or new product development. (Adair, 2009: 68)

The act or process of devising a new machine, technique, etc. As such, invention is sometimes presented in science, in historiography, and especially in popular thinking, as an individual matter and as a catalogue of discrete events associated with named persons, e.g. Watt's steam engine or Arkwright's spinning jenny - a phenomenon of individual genius, individual psychology and individual creativity, rather than something to be explained sociologically. (Holbeche, 2008: 305) In fact, however, inventions are often collective products, tending to occur as part of general waves of cultural and economic development (as in the industrial revolution in the UK), in association with particular scientific paradigms, or craft traditions guided by 'scientific discoveries', rather than as isolated ...