Managing Innovation in Business docx.

Running Head: INNOVATION 0
Managing Innovation
in Business
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INNOVATION 1
Executive Summary
In today’s time, it is essential to make changes in the business while competing in the market
with innovation. The purpose of this report is to know about managing innovation in business
by discussing the operations of the company based on the industry. This research is
conducted from various website and academic sources such as journal articles and books.
There are issues faced in managing innovation as well where the success is possible by
making right decision for better outcomes. The result based on findings of processes and
systems implementation as per the company’s performance along with knowing its
capabilities. The innovation of the company is from the global perspective related to the
customer expectations with the help of supportive workforce. It resulted in the production of
new ideas and products in the industry where the company is based in for better innovation
through performing operations and activities.

INNOVATION 2
Contents
Introduction................................................................................................................................3
Company and its Industry Overview..........................................................................................3
Virgin Group and its Innovation History...............................................................................3
Virgin Group’s existing Innovation Capabilities and Performance.......................................5
Industry in 2016.....................................................................................................................7
Conclusion..................................................................................................................................7
References..................................................................................................................................8

INNOVATION 3
Introduction
In today’s competitive business world, every company works on managing innovation
effectively. Instead of managing, innovation can build processes and systems for creating
something new. This practice can be implemented, developed, prioritized and come up with
ideas while introducing new internal processes, or new products. The combination of
innovation management consists of marketing, product, business process and organisational
innovation. In business, managing innovation consists of aspects that are capabilities, culture,
strategy, and structures (Nieminen, 2018). The purpose of this report is to analyse the
company’s innovation covering its existing capabilities and performance in the market. The
company taken to discuss this report’s topic is the Virgin Group based in the UK.
Company and its Industry Overview
In the UK, Virgin Group is at vast within a global perspective along with its different
businesses covering various industries where the company’s business leader is Richard
Branson. Virgin Group is a whole big family focusing on making its investment in the sectors
of Telecoms & Media, Health & Wellness, Travel & Leisure, Financial Services, and Music
& Entertainment (Virgin, 2020). Here, the company’s innovation is highly in the UK’s
aviation industry named as Virgin Atlantic. It is one of the international airlines utilising
Boeing and Airbus fleet as broad-body aircraft operating a network of services
internationally. The company introduced by holding the travelling public imagination with
products and services innovation. In business, Richard Branson being an enthusiastic
chairman wanted to make the people’s journey experience exciting by giving exceptional
service within new markets emergence (Pantazi, 2014). Accordingly in case of innovation,
Virgin Atlantic is the best airline considered in airline industry across the globe. It provides
entertainment, service, and style options for meet the expectations of individuals with
desirable comfortable in economy seat. Thus, the company is a survivor even after facing
various challenges under the Virgin Group where one is the competitors. There is no risk for
the journey where people arrive safely with providing proper security (Zhang, 2018).
Virgin Group and its Innovation History
According to Richard Branson, there is a change in environment rapidly that requires
innovation as a consistent challenge to keep up with for serving customers and making their