Innovation theory is a process of value creation; it is a new method, idea or product (Yerzersky, 2013). The diffusion of innovations theory is the adoption of new ideas, media, methods, and so on across a social area (University of Twente., 2013). Two different diffusion models for innovations theory are the intensification of globalization and the globalization process itself and the technological changes that are present as a result of scientific advances in various fields.
Globalization stresses the importance of trade within the global economy, working to boost the sale and manufacture of goods. It would allow for cheaper manufacture of components, without sacrificing quality, and proved alternate methods for a company in the manufacturing industry to disburse their products. The technological changes that are a result of scientific advances would offer different methods of creating the manufactured goods, and different methods of improving those manufactured goods themselves. A U.S. company could use globalization to have parts made for their product in another country and shipped to the manufacturing plant at a lower cost than they could make them themselves, and they could in turn ship those goods worldwide as a means of expanding their company’s market and their company’s revenue. The products themselves would become more and more advanced with the advances in the scientific community. The process of globalization provides the challenges of being able to function within a global economy, including a wider knowledge base and a greater entrepreneurial drive. Technological advancements have the challenges of specialization and cost associated with them.
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"Innovation Theory Diffusion Models".
A manager without innovations theory experience, having to decide which one of these two different diffusion models would work best for the company would have to look at whether or not the company would be able to incur the additional cost to go with the greater technological advancements, and whether they would like to specialize in a certain aspect of manufacturing, or whether they would have the knowledge, or the ability to gain the knowledge, to function in a global community and whether or not they have the desire to function on such a large scale.
I would choose the option of globalization, given that in most cities in the United States there is already, to a certain degree, the ability to see how to function within a global economy given the cultural melting pots that are large U.S. cities. Many cities have areas referred to as Little Italy, Chinatown, Little Mexico, and so on, showing the distinct cultural traits of those communities, and there has been an increasing push in recent years towards globalization, so the concept of how to act is not an unfamiliar one, one that would not be hard to build a foundation on. In addition, the ability to branch out allows for the business to grow at a quicker and more profitable rate, without incurring many additional costs, providing it to be the ideal solution for a company in the manufacturing field who does not wish to limit their product line.
- University of Twente. (2013, February 26). Diffusion of innovations theory . Retrieved from http://www.utwente.nl/cw/theorieenoverzicht/Theory clusters/Communication and Information Technology/Diffusion_of_Innovations_Theory.doc/
- Yezersky, G. (2013). An overview of the general theory of innovation. Retrieved from http://www.triz-journal.com/archives/2008/04/06/
