This study is divided into two main bodies; the first section will provide the reader with a theoretical framework, where an explanation of the theories used in the paper will give an understanding of the main concepts and the current literature available in relation to product innovation approaches and strategies. The second part Of the paper consists of an introduction of the Nixon 1 Series product innovation, which provides an overview of all the specifications of the
VI and Jell cameras, a delineation of the specific target group for this innovation and an analysis of the industry competitiveness and the internal capabilities of the company. The presentation of the case study is then followed by the analysis of the application of the different theories to the Nixon 1 Series case. In this second part of our study, the paper gives a detailed insight of how Nixon implemented several new technologies and innovations throughout every step of the product development. The significance of this paper lies in the revelation of the strategies adopted by
Nixon in order to bring to the market state-of-the-art products in a complex industry, characterized by a fast-pace innovation rate. 3 croup 9 1. Introduction In order to remain competitive, firms must constantly create new strategies and develop new products and features. The process of new product development can serve as a promoter for the self-renewal of an organization and in the specific case of companies operating within capital and knowledge intensive industries, the pace of technological change implies that corporate strategies must be aligned with the management of innovation and genealogy.
In his paper “Corporate Strategy and the Management of Innovation and Technology’, Jensen FRRёsleeve Christensen underlines the importance of understanding that the management of innovation and technology is not solely confined to the R activities of a firm, but it involves the strategy and organization of what he defines the corporate tech oenology base, that is the portfolio of existing and prospective technological capabilities underlying product and process innovation), in order to build a coherent strategy of technology diversification, exploration and exploitation, ND accommodating technology integration (Christensen, 2002).
The main concern about innovation is that, despite the fact that it is key to modern competition, many executives still struggle to enhance internal capabilities in order to enable the next phase of business growth. This paper is a case study analysis which will critically assess the suitability Of an innovation strategy pursued in a high-changing environment, characterized by competition based on prices, profitability challenges and technological enhancements on features and components coming at an ever- increasing pace. The electronics industry is in fact one of the most diversified industries in the world.
Given the mentioned setting, the business development challenge lies around how companies can enhance market share and product innovations by deploying proficient R activities and optimal innovation strategies; in this sense the paper will employ a case study of a recently released product innovation series by one of the market leaders in optics and imaging products, Lethe Nixon Corporation. In 2011, Nixon released the Nixon 1 Series, which are highnesses mirror interchangeable- en’s cameras, a product series that is characterized by a new system development of lenses and lens mounts.
The use of a case study will enable us to identify and illustrate the key mechanisms in order to gain insight in to the efficient innovation processes and management tools which companies can use to foster product innovations, profitability and increase market share. While we do not aim at assessing the financial performance of Nixon, the scope Of the project is to evaluate whether this particular product innovation has been appropriate given the context and the internal capabilities assessed by Nixon.
Based on the research conducted, and the application of This project contains several specific technical terms which refer to imaging products and components. For this reason, a glossary list and explanation has been provided and can be found in the Appendix. Our theoretical framework to the Nixon 1 Series, our analysis shows that the strategy deployed by Nixon is in fact aligned with the procedures and practices suggested by the contemporary literature and theories on innovation strategy. There are two main parts to this study.
The first section (Section I) of this paper will outline the theoretical framework applied to this project in order to delineate the parameters, or boundaries, of our study. The theoretical framework will consist of the description and review of the relevant literature used to define such theories; theories of appropriately, modularity, collaboration, and organizational ambidexterity and market entry strategies are examined in order to answer the research question. The second part (Section II) of this paper consists of the case analysis and the discussion of theories.
The case analysis aims at presenting the Nixon Group and the recently released Nixon 1 Series; furthermore, there will be an examination of Nixon from a standpoint business strategy, with the application of a SOOT and Porter’ s Five Forces analysis. The last part of Section II is then dedicated to the application of theories to the innovation case of Nixon 1 series, and a consequent discussion of the relevance to the analysis conducted to other players operating in the same industry.