Ask a question to Desklib · AI bot


(Solution) Innovation and Entrepreneurship

8 Pages2210 Words110 Views

Added on  2020-02-18

BookmarkShareRelated Documents
Running head: INNOVATION AND ENTREPRENEURSHIPManagement and Business Context[Innovation and Entrepreneurship]Name of the student:Name of the university:Author note:
(Solution) Innovation and Entrepreneurship_1
1INNOVATION AND ENTREPRENEURSHIP Innovation is like a weapon to the entrepreneurs, which they use to bring newchanges and represent those changes as opportunities for a prospering business in future(Crumpton, 2012). One of the commonest forms of innovation is bringing up a new productor launching a new service in the market (Onetti et al., 2012). “Blossoms” is a new conceptwith which the owners of the company want to hit the Australian market with Spanish flavourin different food items. It would generally introduce the Spanish tradition in the Australianmarket. The concept looks potentially appealing and so the organisational structure is;however, the real look out would be the extent up to which they deliver innovative ideas. Abusiness can open up good and earn huge success in a very less span of time if it delivers onthe predesigned organisational structure and uses innovative thoughts to bring changes, whichare both competitive and profitable as well (Trimi & Berbegal-Mirabent, 2012). Theassignment has identified innovation and entrepreneurship as a potential choice, which wouldbring competitive changes in the operation and would establish “Blossoms” as a successful,company (Kerr, 2013). The main purpose of this assignment is to analyse the impact ofinnovation and entrepreneurship on the business of the proposed company “Blossoms”. Business structure and strategy are interrelated to each other to some extent such as inthe case of finalising a new business structure with the help of strategies. However, inbroader terms those two might differ considerably. In some cases, strategy making might notproduce any impact on the existing organisational structure (Bock et al., 2012). For example,incepting a new mean of marketing does not require a change in organisational structure ifthe organisation has adequate numbers of marketing personnel. However, both the strategymaking and the organisational structure are entirely related to the term innovation. Innovationis the one most effective factor that encourages for a change, which can be either a majorchange or a minor one (Johnson, 2017). Entrepreneurship skills bring innovation, which hasits high influence on the organisational structure and the strategies. The chosen organisation
(Solution) Innovation and Entrepreneurship_2
2INNOVATION AND ENTREPRENEURSHIPand the identified products to launch is a very good example of innovative thoughts.Innovation encourages for doing something new; however, this is not entirely related to doingunique things all the time but it is rather doing things that are new to a specific company. Forexample, the newly proposed venture “Blossoms” would soon open up its restaurant inAustralia. The Spanish flavours have been planned as offerings to the Australian customers.The management has sensed the urgency of the venture, which is why they have planned anorganisational structure that includes executive management, frontline associates, shiftsupervisors and chefs. This is a very good example of innovation, which the management hasshows (Vaccaro et al., 2012). The organisational structure of the planned venture looks good,as it has smartly identified the required workforce for giving the proposed plan a goodprospect. However, they should also hire an expert who would take care of the marketingstuffs. A proposed plan like this can create a good impact on the market prior to its opening ifit uses a suitable marketing communication mode. It is highly recommended for a new planthat it does a feasible marketing stuff to publicise the concept. This would help in generate abuzz for the concept, which can be highly advantageous if they come out with some goodquality (De Mooij, 2013). The proposed organisational structure for “Blossoms” should also include a marketingexpert who takes care of the required marketing stunt required for successfully launching theconcept in the market. It is also necessary that the hired marketing personal select the mosteffective and the feasible marketing communication mode for the venture. The decision-making in this context would be influenced by the monetary benefits of the differentcommunication modes and their appealing nature in the market. The use of innovation wouldin this context help to make the selection of an appropriate communication mode, whichwould be both feasible to the organisational budgetary capability and profitable as well forpronouncing their reputation in the market. The selection of an appropriate marketing
(Solution) Innovation and Entrepreneurship_3

Found this document preview useful?

Related Documents
Entrepreneurship Assignment - Turning a Vision into Action

Turning a Vision into Action PDF

(PDF) Enterprise & Innovation Assignment

Entrepreneurship and Small Business Management

Innovation and Entrepreneurship: Qualities of Elon Musk and Challenges Faced by SpaceX

(Solution) Entrepreneurship Assignment PDF