Existing and Possible Generation Model Essay Example | Topics and Well Written Essays - 2000 words

Existing and Possible Generation Model - Essay Example The paper tells that the first generation which was put into use from the 1950s to mid-1960s and it focused on technological push. This was aimed at swift industrial growth and new technological prospects. The second generation innovation was popular in the mid-1960s to late 1970s. This generation focused on the existing technologies and used them to develop a new brand of products. It took advantage of the balance in the supply and demand chain. The pull on the market was exploited by the highly efficient companies, more like a survival of the fittest analogy. In the early 1970s to mid-1980s, the third generation came into focus. It is known as the coupling model because it integrated the technological push and market pull generations. Companies had to adopt new strategies that involved rationalization and consolidation.5 The fourth generation brought about an emphasis on manufacturing strategies. Manufacturing companies formed alliances and this shortened product life-cycles in the market. It was rampant in the period of early 1980s to early 1990s and was branded, the integrated model. The fifth generation model was a target for survival in the market. Companies focused on flexibility and adaptability to changing times. It was the adopted from the mid-1990s. The companies had to be more competitive so as to keep up with the industrial revolution, fast innovation was, therefore, an arsenal that top companies possessed. The models stated above came with their pros and cons. A ‘one size fits all’ strategy is yet to be innovated. Like all great ideas, the business management novelties followed certain procedures before implementation: the idea generation, concept development, evaluation, selection and ultimately the actualization of the concept through implementation. Innovation can be described as a technological push (like in the case of the first generation strategy) or a market pull (like in the case of the second generation strategy) or a combin ation of both which outdoes the individual strategies. The researcher would, however, adopt a network approach type of model where innovation is approached simultaneously from an internal and external aspect.