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Assignment on Innovation

   

Added on  2021-02-19

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INNOVATION

Table of ContentsINTRODUCTION...........................................................................................................................1Question 1........................................................................................................................................1Innovation Theories....................................................................................................................1Question 2........................................................................................................................................5Historical and possible future development of products & services...........................................5CONCLUSION................................................................................................................................8Appendixes .....................................................................................................................................9REFERENCES..............................................................................................................................10

INTRODUCTIONInnovation can be defined as a procedure where consist of various activities to uncovernew ways to do things (Bereznoi, 2015) . It should not be confused with creation and act asmaking, inventing or producing something. The statement of innovation may states to bothradical and additive changes to products, processes or services. It is considering on major driverof the economy and their factor lead to innovation which is considering as to be critical topolicymakers. To understand the report selected company, Host makers which is an awardwinning home rentals management company. It was launched in July 2014 to growing at a tripledigit YOY. It can provide services of interior designing and help in smart algorithmic pricingdecision. The company invent and provide services of tinny house which can easily movement.In the report consist of innovation theories which can adopt by companies and understand indeep knowledge. Additionally these theories applied on historical development of one and moreproducts or services and analysis possible future development. Question 1Innovation TheoriesTo get success in business is totally depend on the self evident. It can create differentvalues in reference to market that will expand on the basis of get competition due to competitors.The innovation theories applied by Host makers to analysis of historical and future developmentregarding to their product and it will help to get success to launch new product in market ineffective manner. There are selected innovation theory that will help to invent new product ineffective manner and guide how to deduct their risks. There are discussed theories - Diffusion of innovation theory This theory was formulated by E.M. Rogers in 1962 which is known as one of the oldestsocial science theories. It developed in connection due to define over time and thought orproducts regarding to momentums. These are diffuses for the particular population or socialsystem. In the end of result, the activities relate to which people who is portion of social system,they can follow a new idea, behaviour or good. The meaning of adoption that a person can dosomething different than what they had early. For example – A person purchase new product anduse it, assume and perform a new behaviour (Chesbrough, Vanhaverbeke and West, 2014) . Thekey of acceptance is that the particular people must focus on the thought, action or product as1

new or innovative. It is possible with the help of diffusion. So with the help of particular theoryfocus on the tiny house design which can move easily. Due to acceptance new idea, behaviour or products in reference to innovation of tinnyhouse does not occur at the same time in a social system. The particular process which candefined that where people mainly thinking about the creation and apt to take the invention ratherthan others. To conduct creation need to target population according to product like for tinnyhouse target to single people who can easily stay any where in their house. It is essential toanalysis about the target population and their taste & preference according to their invention. Asa result it can help to modify product according to target people to increase sales. The particulartheory has been classified into five categories and there are general group categorise into middle.It is important to understand of characteristics of target group. At the time of promotion ofinvention there are several plan of action applied to asking to the different adopter accumulation. Originator – According to this category there are consisting those types of people whowant to be the first to try the innovation. Such types of people interest in ventures andnew ideas. They believe to take risk and are often the first to create new ideas. Very little,if anything, needs to be done to appeal to this population. Early followers – Most of the individuals are discreet when it comes to follow choices incompare of innovators (Foxall, 2014). these types of early adopters can present to theirthought in front of leaders and clutch the change opportunities in reference to selectexpected products which may assist in supporting to edge of them in the organisation. Forthis they are highly aware for the need and follow the change at the place of market.There are encouraging for invention ideas, thoughts and appropriate to do new things.The strategies are appealing and consist of how to manuals and also information sheetswhich contain data in relation to execution. Early majority – The particular group consist of those individuals who can selecteffective innovation ideas as well as process in effectively way. It is compared toadopters and innovators to constitute with majority of the market place. These arepersonnel need a proof in reference to get success of in creation due to follow of anyinvention idea or procedure. Different strategies can dhow impact on the peoplebelonging of this group where consist of evidence regarding to their effectiveness ofinvention. 2

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