There are many ways that innovation types are defined. In this article, we will discuss the 4Ps of Innovations with Examples. So, these types are called 4ps because all these four types are namely started with the letter “P”.
First of all, we need to know What innovation is? what does innovation mean?
What is Innovation
Innovation is a creative process which introduces a new solution to the world by enhancing entrepreneurship. Innovation is per term or a combined term of entrepreneurship or an entrepreneur. Because it is the spark process of entrepreneurship or an entrepreneur. It is a changing process that ends with some world-changing creation. It makes a solution to the problem. In this article, we are going to talk about some popular Definitions of innovation and the importance of innovation.
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What are the 4Ps of Innovations
4ps of innovations include,
- product innovation
- process innovation
- position innovation
- paradigm innovation
Let’s discuss those innovation types one by one.
Product is the most generally thought of innovation type, in fact when most people talk about innovation they are rational product based. Product innovations include changes in the product or services the start-up or organization has to compromise. Product innovation can contain a change in the design of a current product or changing the complete product or service.
Product innovation doesn’t continually involve the construction of a completely new product that challenges a completely new issue. For instance, the initial computer that was launched was established for a non-existent market aiming at the audience who previously did not have access to such technology.
Post the initial computer, the generations of computers we have been seeing and consuming are only added changes and improvements in technologies and designs. For example, computers were made more lightweight and extra time-efficient post and laptops were announced to make them more convenient.
Therefore, innovation may occur when you advance a current product or you add a new feature to a current product. Innovation is not restricted to products, it also contains services, processes, or business models.
product Innovation Examples
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Process innovation emphasises renovation in operational processes and is often internal to a company. It can greatly affect the efficiency and profitability of a business and there are several tools and outlines to help stimulate this type of innovation. For instance, the Flow Process Chart. But it’s a good instance of the Process Innovation life cycle: the first companies to use this method was department stores in the early twentieth century.
There has been a shift in the innovation environment due to factors like liberalization and deregulation of rivalry, the globalization of markets, increasing demand from customers and growth in technology. This led to an alteration in the process of manufacturing within organizations.
Process innovation refers to innovations serving companies in aligning their processes in a customer-oriented manner to safeguard their business is fruitful in the long term. Processes contain the following four elements: process deliverables, process flow, process management, and technologies.
The production process is reformed based on market and tech-related changes in the market.
The benefits of a process-oriented organization are that firms can adapt more quickly to changes in the business environment. The change in the process might be problematic but has high earnings once introduced.
Process Innovation Examples
One of the best examples of Process innovation is AliExpress along with others applied a disruptive innovation to the process of online selling – dropshipping. The manufacturer sends the product to the purchaser. Also, Spotify and other music-streaming services and Ford motors belt systems are examples of Process innovations.
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Positioning Innovation is about repositioning, captivating a product or service and offering it in a novel market, or with a novel slant. A recent worthy example would be AirBNB, originally positioned around conferences before moving into the general holiday and traveller industry.
Position innovation is how all other types of innovation are made possible. The initial stage in doing something novel is creating space for yourself to do it, and that’s what position innovation does.
Positioning Innovation is principally about repositioning. Another such example is AirBNB which first started related to conferences and late moved to the general holiday and traveller business.
Position-centred innovations also relate to conversion in how a specific process or product is perceived or used.
Position Innovation Examples
Online home rental marketplace Airbnb, Low-cost Tata Nano cars and Low-cost airlines opening are some examples of Positioning Innovations.
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Paradigm Innovation is the shifting of a fundamental conceptual model via a change, a common example this Henry Ford and the motorcar. The most common misconception about innovation is that it’s similar to invention. But society has always required new things, and so there’s a continuous requirement for the innovation mix: to make current things improved.
Paradigm innovation isn’t just the most mutual method of innovation; it’s also the most significant. You can argue that all key economic development comes from paradigm innovations. These are innovations like electric cars, which don’t simply make existing products improved but change primarily what’s potential within that innovation space.
The aim of paradigm innovation is so vital is not just that it allows economic growth, but that it makes new wealth. Businesses are continuously shifting paradigms particularly when they find other subdivisions more profit-bearing.
Paradigm Innovation statuses to the shift in the vital theoretical model via a change in the business status quo. An important example in the case of paradigm innovation is the initiation of the iPhone and smartphone progress. Before these came up the way consumers absorbed the data in a very dissimilar way, be it in newspaper advertisements, TV advertisements, websites, magazines, etc. As smartphone technology grew, most people switched to consuming data via their phones.
Brands faced a move in the paradigm of digital consumption as they shifted businesses to offer to the newly developed market.
Paradigm Innovation Examples
Smartphone growth and Google advertising are some examples of Paradigm Innovation.
4Ps of Innovations Summary Chart
|Product Innovation||Product innovations contain changes in the product or services the start-up or business has to a concession.||Toyota Prius’s hybrid engines.|
Tesla high-performance electric car. LED-based lighting.
|Process Innovation||Process innovation emphasises renovation in operational processes.||AliExpress – dropshipping model. |
Spotify and other music-streaming services.
Ford motors – introduce belt systems.
|Position Innovation||Repositioning, taking a product or service and proposing it in a novel market, or with a novel slant.||Online home rental marketplace Airbnb.|
Low-cost Tata Nano cars. Low-cost airlines opening.
|Paradigm Innovation||A shift in the fundamental mental model via a change in the business status quo.||Smartphone growth. |
We discuss 4p’s of innovations. Product innovations include changes in the product or services the start-up or organization has to compromise. Process innovation emphasises renovation in operational processes and is often internal to a company. Positioning Innovation is about repositioning, captivating a product or service and offering it in a novel market, or with a novel slant. Paradigm Innovation is the shifting of a fundamental conceptual model via a change.
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