Innovation Diffusion and New Product Growth Models Essay

Innovation Diffusion and New Product Growth Models - Essay Example A number of organizations consider these innovations as a critical driver for economic performance. Researcher Silva, (2009) has agreed that the 21st century is totally based on information, innovation and knowledge-based economy. The success of organizations is hugely depended on the gaining of competitive advantages by effectively 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 marketing needs (Silva, 2009). Â  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 improve their flexibility and adaptability towards the changing demand and preferences of the local as well as a global market 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 leading companies, such as Kodak, Nokia Xerox, Motorola, and Polaroid, has experienced a huge failure due to the acquisition of wrong organizational practices and behaviors, while the market is continuously 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 w ay to secure a successful position in the market (Edmondson, 2011). The lack of expertise to suspect the future has caused for overconfidence in such organization (Edmondson, 2011).