Modern innovation applications (Sony) Coursework

Modern innovation applications (Sony) - Coursework Example It is by means of new combinations of existing factors of production, embodied in new combinations of existing factors of production, embodied in new plants and, typically, new firms producing either new commodities, or by a new, i.e. as yet untried, method, or for a new market, or by buying means of production in a new market. What we, unscientifically, call economic progress means essentially putting productive resources to uses hitherto untried in practice, and withdrawing them from the uses they have served so far. This is what we call 'innovation.".Innovation is a premise prevailing in modern business with different concepts and labels. Now innovation is not only changing the appearance of things, its some thing deep inside the products, organizations and markets.This comparative study is aimed at reflecting innovation portfolio of modern business by discovering different facets of modern business including product management, implementing it as corporate philosophy and exercisi ng the whole process in different geographical markets differently.Business world has evolved from the phase where breaking the mould philosophy was the extreme success of innovation. Innovativeness is boundary less and all business empires try to battle their product, marketing, and market place issues in their own way, i.e., their innovative ways.This report covers the whole discussion and research is in different parts of the text content. Step by step coverage goes in a logical manner i.e., innovation defined, modern philosophy of innovation, and different perspectives of innovation in business world with various variables. Next part of report is grouped in three portions; seemingly separate three parts but discussing the oneness of innovation in three ways for one Business Empire. These three steps are Product innovation, Organization innovation and Geographical or market place innovation. Product selected is Walkman, company is Sony and geographical place is USA. In short the report covers innovative spheres applied by one company in developing product, in organization and it marketing the same product in a different market place. Report, though reflects various innovative approaches, and reviews the whole process from 'Open Innovation' concept. "The creative act is not an act of creation in the sense of the Old Testament. It does not create something out of nothing; it uncovers, selects, re-shuffles, combines, synthesizes already existing facts, ideas, faculties, skills. The more familiar the parts, the more striking the new whole. Man's knowledge of the changes of the tides and the phases of the moon is as old as his observation that apples fall to earth in the ripeness of time. Yet the combination of these and other equally familiar data in Newton's theory of gravity changed mankind's outlook on the world". (Koestler - 1964): Task 1: Case Example: Product, Process or Strategic Innovation: Case Example: In March 2007, Sony extended the Video Walkman brand by launching its first digital, flash-based video Walkman, the NW-A800. Walkman is a very popular Sony brand used to market its portable audio players, and is synonymously used to refer to the original Walkman portable personal stereo player and as a generic term for similar devices from other manufacturers. The original Walkman introduced a change in music listening habits, allowing people to carry their own choice of music with them. The original Walkman was released in 1979 as the Walkman in Japan and Soundabout abroad. The device was created by audio division engineer Nobutoshi Kihara for Sony co-chairman Morita, who wanted to be able to listen to operas during his frequent transpacific plane trips. (Hormby) Morita hated the Walkman name so much that he asked it to be changed. But he was told by junior executives that a promotion campaign had