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Evaluation of a Product or Innovation

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Introduction

Innovation is an idea or invention which is converted into a product or service and this process is extremely important for the growth and survival of a firm. It provides extraordinary opportunities for a firm to increase sales (Kastelle, 2012). The word creativity is often mixed with innovation due to very few differences between the two. Creativity is not the source of innovative processes but it is the environment where innovative processes are most likely to occur. Creativity is that background where innovation might develop (The Relationship between Creativity and Innovation). However, there are chances when any innovative product may fail to make its mark in the industry.

The present report deals with the innovation and development of a new technology i.e. Bluetooth which helped in eliminating the requirement of a large number of problematic cable attachments. The following reports take into account a critical analysis and evaluation of the development of this new technology that changed the picture of data transfer.

Evaluation of a Product or Innovation

The term innovation is defined as the development of new customers by providing solutions that meet new needs or capturing old customer and market needs in new ways. It can be applied to products, services, technologies or ideas. Innovation is very different from invention which results in the creation of a new idea by itself but innovation is a part of invention which creates scope for success or failure. According to Peter Drucker, there are seven sources of innovation which can be explained by the following figure. He termed these different sources of innovation as the unexpected, Incongruities, Process needs, Industry and market structure, demographics, changes in perceptions and new knowledge both scientific as well as unscientific. The first four sources lie within enterprise, industry or service sector and are highly trustworthy indicators of changes that have already occurred or can take place with little effort.

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There are basically three types of innovation

  • The introduction of a product or service from one sector to another sector.
  • Creation of a new product by bringing changes in the existing one.
  • The development of new technology.

In the present case, Bluetooth technology has been chosen as a new and innovative technology in the electronic market. It falls into the third category of innovation wherein a completely new technology has been developed. The technology marked the debut of its first standard version in the year 1998. It was initially developed in the year 1994 by Sven Mattisson and Jaap Haartsen when they were employed with Sony Ericsson and working on the concept of using a wireless network to connect devices (Jacobs, n.d). However, it was only in the year 1998 that Bluetooth was synchronized by an association of technology enterprises that tied hands to establish the Bluetooth Special Interest Group. Bluetooth can be defined as a wireless modus operandi for the exchange of information over a short distance from portable and stationary devices forming private area networks. This technology is capable of connecting various devices conquering impediments such as that of synchronization. It makes use of the “frequency hopping speed spectrum” which is a kind of radio technology.

Success factors that have been identified for the mounting popularity

  • It is very reasonable for organizations to incorporate resulting in cost efficiency in manufacturing.
  • It doesn’t consume excessive power and energy.
  • It involves a simple configuration process.
  • It is compatible with almost every device as a standardized technology has been used in it.
  • It is very convenient to use and provides consumers with a hassle-free experience.  
  • Although it has a particular range, still it can be accessed up to quite an extensive range.

Even though it has experienced enormous success, still there are certain concerns and risks associated with it. The radio technology employed in Bluetooth headsets is vulnerable to threats from hackers who attempt to extract confidential information from user’s devices. Those who are attuned to mainframes are also exposed to safety threats. In addition to this, there are certain health-related issues as well connected with the usage of this technology, though not much research has been conducted on health issues arising out of the radio signals used in this technology. One of the major drawbacks of Bluetooth is its small range. It covers a distance of only 15-30 feet based on the device. This is a shortcoming for those who might wish to use their devices outside a radius of 30 feet. The highest transfer rate of data is one megabyte per second. Apart from this, data can be transferred between only two Bluetooth devices at a time.

The future of Bluetooth looks quite opportune and this technology is here to stay. Its new and improvised versions can compete with other wireless technologies such as infrared and Wi-Fi. There are many factors that result in the success or failure of any innovation but in order to be the best, any firm should be able to innovate. It has been observed that organizations that have been successful in innovations have placed great importance on principles of managing and investing. The need of the hour is to work according to rapid changes in technology. Being aware of the changing needs and preferences of consumers is also required.

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Conclusion

Thus, it can be concluded from the above paper that for a new product or technology to survive it is very important to identify its critical success factors and points where it can fail. Bluetooth has witnessed worldwide popularity owing to its reformed technologies and good publicity. Thus a company must perform proper market research and product testing before it launches any product in the market. Moreover, it is good to bring creativity in the present innovations but the creativity should appeal to consumers so that it is accepted by people on a global basis.

For people to innovate there should be freedom to make mistakes. This should be considered as a part of the learning process. The pace of changes and innovative ideas that are taking place all over the world is very fast. Any response to a proper innovative idea is the need of the hour to gain a competitive advantage over competitors. Any firm must not resist innovation just due to fear of failure as innovation if successful may lead to opportunities.

References

  • Hendon, D. W., 1992. Classic failures in product marketing: marketing principles violations and how to avoid them.
  • Roffe, I., 1999. Strategic planning for the development of a training innovation, Industrial and Commercial Training.
  • Saul,  J., 2010. Social Innovation, Inc.: 5 Strategies for Driving Business Growth through Social Change. John Wiley & Sons.
  • Shavinina, L. V., 2003. The International Handbook on Innovation.
  • Bluetooth Technology Tutorial.
  • Bluetooth Technology. 2003.

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