Developing new ideas for international marketplaces offers unlimited progress opportunities for corporations by completely manipulating company presentation. The primary purpose of this text is to determine the various effects that can result in successful innovation and the factors that can as well limit successful innovation. Some of the factors that determine the innovation success have been found out to be a company based rather more than product centered. This paper will evaluate some of the factors that lead to a successful innovation like Sony Walkman and the factors on the other hand that resulted in a flop of an innovation like Apple Newton.
Successful Innovation: Sony Walkman
Sony is a world-renowned manufacturer of audio and video electronic products for consumer and proficient markets. In 1979, Sony transformed the music industry with the world’s ever existent convenient private music player referred to as the Walkman. The Walkman was the right product for the right time. Even though Sony had been known to produce high-priced products, which are of low quality, it found its success in the world markets for its product. The following are some of the reasons for the success of the technological innovation by Sony; Idealistic leadership, forerunner benefit, human resources as well as its capability to provide innovation that is ahead of time. These reasons and some others not mentioned are mostly company centered most especially the factor of leadership. Sony is a perfect example to demonstrate the deliberate significance of a farsighted leader in ensuring a brand achieves dizzying levels in the world market (Sanchez & Sudharshan, 1993). In the course of innovation of the Walkman, the company’s management team together with the CEO was accountable for creating a production environment that supported research and innovation.
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Unsuccessful innovation: Apple Newton
The Apple Newton which was officially called the Message Pad was a palmtop communication assistant that was touch and stylus sensitive that could be used to collect, manage as well as send information. Additionally, the Apple Newton was used to take notes, backup contacts, besides managing calendars, send facsimile as well as translate handwrite to digital text. The innovation of the Apple Newton took Apple Inc. exactly a decade to develop and expenditure of more than 100 Million US Dollars however the product only lasted for five years in the market. The Apple Newton was indeed technologically innovative however some factors, which included its high-price as well as initial problems with its feature of handwriting recognition, diminished its market demands ( Peters and Peters, 1994) . Additionally, leadership pattern was also another factor that led to the failure of this innovation. Apple tried to figure out new ways that could see out the best market conditions for Newton, however , when Steve Jobs resumed activities in the company in 1997, he canceled the product development. He was critical of the feeble performance of the device as well as the organization of the innovation team. Jobs was moreover not for the idea of the use of the stylus as he argued that it prohibited the use of fingers.
From the examples of the innovations provided prior, it can be determined that some of the reasons that resulted in the flop of the Apple Newton innovation were as a result of poor planning. For instance, Newton was facing adverse market challenges to meet high sales because it was having problems with the proper execution of its feature of handwriting encoding into text. Therefore in summing up this text, it is comprehensible that the keys to success in innovation do not fall by the nature of the product but basically success is built upon adequate planning for innovation ( Hunter, et al., 2015) , well-organized leadership for the development team like the case with Sony that endorsed the success of Walkman.
References
Hunter, S. T., Gutworth, M., Crayne, M. P., & Jayne, B. S. (2015). Planning for innovation: The critical role of agility. In The Psychology of Planning in Organizations (pp. 162-181). Routledge.
Laeven, L., Levine, R., & Michalopoulos, S. (2015). Financial innovation and endogenous growth. Journal of Financial Intermediation , 24 (1), 1-24.
Peters, E. E., & Peters, D. (1994). Fractal market analysis: applying chaos theory to investment and economics (Vol. 24). John Wiley & Sons.
Sanchez, R., & Sudharshan, D. (1993). Real-time market research. Marketing intelligence & planning , 11 (7), 29-38.
