Innovation Diffusion and New Product Growth Models Essay

Innovation Diffusion and New Product Growth Models - Essay ExampleA chip of agreements consider these innovations as a critical driver for economic performance. Researcher Silva, (2009) has agreed that the 21st snow is totally based on information, innovation and knowledge-based economy. The success of organizations is hugely depended on the gaining of competitive advantages by in effect managing the current technologies and work processes while simultaneously creating innovations for the future. Innovation within the organizational processes can be viewed as the proper and efficient application for better solutions for the existing as well as changing and evolving merchandising needs (Silva, 2009).Innovation is the most important tool to success for the organizations in the post-Fordism business era. Post-Fordism elaborates the ability of organizations to correct their flexibility and adaptability towards the changing demand and preferences of the local as well as a global mark et by emphasizing on small batch production, economies of scope and new communication procedure (Amin, 2011). On the other hand, the percentage of failing of organizations is also increasing day by day from 2% in 1960 to 14% in 2008 (Edmondson, 2011). A large number of once lead story companies, such as Kodak, Nokia Xerox, Motorola, and Polaroid, has go through a huge failure due to the acquisition of wrong organizational practices and behaviors, while the market is unendingly reforming and modernizing with new sets of behavior and practices. The organizational design and stereotypical practices are hampering the desired growth for the various leading organization while small firms are making their way to secure a successful grade in the market (Edmondson, 2011). The lack of expertise to suspect the future has caused for overconfidence in such organization (Edmondson, 2011).