Earning Outcomes: LSPU Self-Paced Learning Module (SLM)
Earning Outcomes: LSPU Self-Paced Learning Module (SLM)
4. What is innovation?
The definition of innovation can be defined as a process that involves
multiple activities to uncover new ways to do things …. Innovation create a
bigger opportunities and are critical for survival, economic growth, and
success of a company.
Note: The insight that you will post on online discussion forum will receive additional scores in
class participation.
Lecture Guide
ISO 9001:2015 Certified
Innovation is not reserved for the few; it is something we will all need to
embrace if we are to move forward.
~ George Couros
What is Mindset?
Offline Activities • A fixed mental attitude or disposition that
(e-Learning/Self- predetermines a person's responses to and
interpretations of situations. (2002, Houghton Mifflin Co.)
Paced)
• The ideas and attitudes with which a person
approaches a situation, especially when these are
seen as being difficult to alter (2012, Collins English Dictionary)
• Habits of mind formed by previous experience
(2010, Douglas Harper)
Mind-sets are those collection of beliefs and thoughts that make up the
mental attitude, inclination, habit or disposition that predetermines a
person’s interpretations and responses to events, circumstances and
situations.
Belief
It was
Talk back to it with a growth
3 mindset voice something or
someone else’s
4 Take the growth mindset action fault.
What Mindset do you have?
4 Innovation
5 Developing an
Innovator’s Mindset
Source: Couros, G.T. 2015. The Innovator’s Mindset
Performance Tasks
Level I Institutionally Accredited
PT 1
Directions: From the problems being identified by the class, list down at least five (5) situations that
the business should focus on creating a PRODUCT DEVELOPMENT that can be discuss. Specify the
attitudes and behavior of each customer.
Today’s market is much dynamic as compared to the past. Due to increased education, borderless
marketing, severe competition, and availability of a number of substitutes have posed tremendous
challenges for today’s marketers. Market fashion, preference, and habits are constantly changing and
marketer finds no option except to respect such market changes, by positive response in terms of
innovation. Thus, consumer behavior is one of the dominant reasons for innovation.
Due to continuous technological development, new production methods are invented. Old technology
and production methods are replaced by newer ones. A company spends a large amount of money for
technological research. To match the technological changes, new products are developed.
3. Increasing Competition: OBSERVANT (Great ideas often spark others great ideas)
Increasing competition is one of significant reasons leading to go for innovation. Every company
struggles to attract and maintain consumers by offering superior products. To offer more competitive
advantages and to satisfy consumer more effectively and efficiently, the product innovation seems to
be necessary.
4. Diversification of Risk: RISK TAKER (Openly show your willingness to take risk or try new
things)
In many cases, a company develops new products just to diversify risk. Existing products may not be
capable to match with market needs and wants. By offering more varieties, a company can minimize
the degree of obsolescence. Thus, the need for continuous innovation arises because older products
are thrown out of market.
5. Growth and Development: CREATORS (Develop new and better products and services)
Innovation is an effective way to win more market share or sales. Marketer can exploit emerging
opportunities by innovative products.
ISO 9001:2015 Certified When it is not possible to accelerate growth rate by the existing
products, a company prefers to develop new products to expand its market, maximize sales, and earn
Level I Institutionally Accredited
more profits.
PT 2
Directions: From the above problems in Market positioning, choose three (3) and give the advantages
and disadvantages of each identified problem for customer engagement.
1. Changes in Market:
ADVANTAGES DISADVANTAGES
Better understanding of customer needs, Riskiness. New products come with a world
wants, and characteristics of uncertainty, from ironing out unfamiliar
Responsiveness to slight changes in what production processes to introducing
target customers want customers to offerings that they may or may
Discover and explore new potential not want.
market segments and opportunities Extra cost. A product market and
(niches) development strategy can be expensive,
Decisions are based on effective market especially if the marketer is thorough and
research invest in processes such as market research
and advertising.
Evolving markets. Although new product
development is a proactive response to a
continually changing landscape of customer
tastes, those same tastes will continue to
evolve even as the business are developing
new products.
Competition. At the same time the business
is scrambling to come up with the next
exciting product that customers will
embrace, competition is also working hard
to solve the same problems.
2. Diversification of Risk:
ADVANTAGES DISADVANTAGES
-As the economy changes, the spending -Entities entirely involved in profit-making
patterns of the people change. segments will enjoy profit maximization.
Diversification into Certified
ISO 9001:2015 a number of industries However, a diversified entity will lose out
or product line can help create a balance due to having limited investment in the
Level I Institutionally Accredited
for the entity during these ups and downs. specific segment. Therefore, diversification
-There will always be unpleasant surprises limits the growth opportunities for an
within a single investment. Being entity.
diversified can help in balancing such -Diversifying into a new market segment
surprises. will demand new skill sets. Lack of
-Diversification helps to maximize the use expertise in the new field can prove to be a
of potentially underutilized resources. setback for the entity.
-Certain industries may fall down for a -A mismanaged diversification or excessive
specific time frame owing to economic ambition can lead to a company over
factors. Diversification provides movement expanding into too many new directions at
away from activities which may be the same time. In such a case, all old and
declining. new sectors of the entity will suffer due to
insufficient resources and lack of attention.
-A widely diversified company will not be
able to respond quickly to market changes.
The focus on the operations will be limited,
thereby limiting the innovation within the
entity.
ADVANTAGES DISADVANTAGES
-Increase your resources and Shortage of cash - may need to borrow money to meet
U
stock nderstanding Directed expansion Assess
costs, e.g. buy new premises or equipment
-Generate more sales and Compromised quality - increasing production output
profits may lead toRUBRICS
a decline in quality, which can lead to loss of
-Reach new customers or Accumulated
CRITERIAcustomers or sales Max. Points
Points
markets Loss of control - as the business grows, it may need to
Simplicity 5
-Put more money back into delegate management duties or divide the workloads
Clarity
your business between different locations 5
Impact market price
-Influence increased capital requirements 5 - a larger business means
-Reduce external risks (eg
Completeness a larger workforce, more facilities
5
or equipment, and
from competition, market or more investment
Relevance 5
technology changes) Increased staff turnover - for example, if staff are given
TOTAL 25
extra work, their morale could drop, their productivity
could decrease or they could leave the business
Rubric for Designing Lesson Plan (PT 2)
Learning Resources
Level I Institutionally Accredited
References:
http://en.wikipedia.org/wiki/ECRM
http://www.crminfoline.com/crm-articles/crm-customer-retention.htm
http://www.haas.berkeley.edu/Courses/Spring2000/BA269D/HaublTrifts00.pdf
https://www.econjournals.com/index.php/irmm/article/view/8151
https://www.omniconvert.com/blog/consumer-behavior-in-marketing-patterns-types-segmentation
https://www.brandwatch.com/blog/how-understand-influence-consumer-behavior/
https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan
https://articles.bplans.com/a-standard-business-plan-outline/
https://www.classmarker.com/
https://edtechnonprojectedmedia.wordpress.com/2015/07/16/non-projected-media/
https://prezi.com/kbt1rwdhgyph/real-object-as-your-instructional-materials/
https://openlibrary.org/works/OL4968439W/Real_objects_and_models
https://en.wikipedia.org/wiki/Still_photography
Mohammed Peeru H,Sagadevn A ,Customer Relationship Management-A step by step approach,Vikas
Publishing House Pvt Ltd.
Mohannad A. M. Abu Daqar, Ahmad K. A. Smoudy
Singca J. START UP A BUSINESS Workbook 1st edition,