Capturing the Benefits of Innovation

1. Factors that contributes to economic and social benefits

1.1. Environmental factors

1.1.1. AirAsia implemented environmental protection sets; operate and minimize negative impact of pollution (e.g. noise)

1.2. Legal factors

1.2.1. AirAsia is more emphasis on domestic flights because government does not have a clearly written policy for commercial air transport

1.3. Technological factors

1.3.1. AirAsia provide AirAsia's website and AirAsia's mobile app - travellers can easily book air ticketing, hotel and etc

1.4. Social factors

1.4.1. AirAsia has a wide diverse cultural and language aspects which is useful to operate in 18 countries

2. Tools used by organizations to acquire knowledge

2.1. Qmarket

2.1.1. is an enterprise software that is designed to work as a complete innovation management package for larger organizations

2.2. Ideawake

2.2.1. is designed as a precision innovation management tool that is good for beginners

2.3. Viima

2.3.1. Viima is an all-in-one innovation management tool which can easily be used by from startups to larger organizations. Viima stands out of the bunch in its ease of use and visual appearance that help keep participants motivated and intrigued.

3. Steps for new development

3.1. Stage 1; Idea Generation and Mobilization It is the starting line for new ideas. Successful idea generation should be fuel both by the pressure to compete and by the freedom to explore

3.2. Stage 2: Advocacy and Screening. This stage is the time for weighing an idea’s pros and cons.

3.3. Stage 3: Experimentation. It’s important to determine who the customer will be and what he or she will use the innovation for

3.4. Stage 4: Commercialization. The organization should look to its customers to verify that the innovation actually solves their problems and then should analyze the costs and benefits of rolling out the innovation.

3.5. Stage 5: Diffusion and implementation. Diffusion is the process of gaining final, companywide acceptance of an innovation, and implementation is the process of setting up the structures, maintenance and resources needed to produce it

4. The importance of marketing for innovative new products

4.1. Market research comprises the identification of customer needs, on the one hand current and future market needs.

4.2. Marketing also plays a strategic role. Based on the corporate strategy, marketing plans are drawn up. In many cases, marketing also plays a leading role in the development of strategies, as they are able to identify strategically important markets on the basis of market information, for example.

4.3. 4P is the marketing mix for marketing products. Four levers are available for this purpose: product design, pricing policy, communication and the type of distribution and sales.