Discuss six approaches that are used by companies now to stimulate innovation

What will be an ideal response?

ANSWER: Build scenarios: Some firms use teams of writers with diverse perspectives to create complex scenarios of what future markets may look like.Enlist the Web: Some companies have created Web sites that act as literal marketplaces of ideas. Talk to early adopters: Early adopters tend to be innovators themselves. They are risk-takers and look for new things.Use marketing research: Find out what customers like and dislike about your product and your competitors' products. Find out what would make their lives and jobs easier if they had ...your product.Create an innovative environment: Let employees know that they have the "freedom to fail." Without risk, there is no innovation. Create intranets so people can share knowledge and skills within the organization. Management should lead by example by creating an environment where innovation is encouraged and rewarded.Cater to entrepreneurs: Clear policies that reserve blocks of time for scientists or engineers to explore their own ideas have worked well at some companies, which allow employees to schedule a certain percentage of their time to "play," pursuing their own ideas and projects.