Business Management for Innovations

This study focuses on the internal and external factors that impact the innovation process in FutureMed, a large radiopharmaceutical company. It also explores the business marketing and technical perspectives for bringing innovative products to the market.

Running head: BUSINESS MANAGEMENT FOR INNOVATIONS
BUSINESS MANAGEMENT FOR INNOVATIONS
Name of the Student
Name of the University
Author note

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Introduction
FutureMed is considered as the large business among the radiopharmaceuticals in the
business market the business. FutureMed is considered as the large company in the
radiopharmaceuticals. The company’s operation depends on the production of unique medicinal
formulations that are comprised of the radioisotopes that are mostly used in the clinical areas for
the diagnosis and therapy. This company is required to bring up the innovations in their business
process. This study mainly focuses on the internal and the external factors that create impact on
the innovation process and the business are also required to look after the business marketing and
the technical perspectives for bringing innovative products in the business market.
Internal perspectives
The internal structures of the organization of FutureMed create great impact on the
organization innovation. The recent survey of the latest employee indicated that FutureMed are
comprised of the conservative culture this creates impact on the business operations. The
business will only be able to bring innovations by the collaborations among the co-workers
(Salim, Ab Rahman and Wahab 2018). The organization can easily come up with the new
innovative ideas but the implementation of these ideas can only be possible by the multicultural
corporate environment. For implementation of the innovative ideas, the team members are
required to work in collaborate manner, which is not possible for FutureMed as this company are
comprised of conservative culture.
This is recommended for FutureMed to improve their sales and the customer
relationships as if the company fails to improve the products and services the company are
required more time to produce more innovative products for competing with other business in the

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business market. As stated by Cortimiglia, Ghezzi and Frank (2016), this is highly recommended
to invest more time and money for bringing innovative products as the customers will notice and
appreciate the extra values provided to bring innovations. This study also recommends
FutureMed to create the culture of innovations for establishing a culture where the good, bad and
the ridiculous cultures are encouraged, valued and considered as by the fear of the rejections the
employees lacks the can-do attitude which is used as catalyst. Therefore FutureMed should
follow these recommendations for bringing innovations in the business.
External perspective
The business is requiring analyzing their external factors for any changes in their
business operation process. This is so because the business operations are highly dependent on
the external factors. FutureMed are required to determine the external factors like their
stakeholders, shareholders, suppliers and others. As stated by Simao, Rodrigues and Madeira
(2016), the implementation of the innovative ideas will bring changes in the business operation
like the business are required to choose the efficient staffs for involving them in the innovative
projects. Not only this the business will require investments for any innovative projects and for
this the business are required to take decisions from the stake holders and the shareholders, the
stakeholders and the shareholders are required to know the profit involved by the production of
the innovative product. They will be investing for such products and services by looking at the
benefits of the products and its usefulness in the society.
This is recommended that the business is required to determine the benefits and the uses
of the innovative products they are going to launch in the business process. The business should
also determine that whether it will be accepted by the customers and while making the
innovative project the business are required to keep in mind the demands of the existing

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customers as involvement of such factors will make the product and services more accepted in
the society (Clauss 2017)
Marketing perspective
The marketing perspective that the business are required to keep in the mind that is how
the business will let the people know about that products and services. Before launching any
product and services in the business market the business are required to make the people know
about the products and services they are coming up with. According to Jansen (2017), they
should rely on the marketing strategies such as using up of the social platforms will helps the
business to focus on the business to reach huge amount of people and they can clear the
clarification sofa different people in that platforms and their suggestions will help the business
sot include in the production process. The business is also required to advertise the product and
the advertisement through SEO content are one of the easiest cost effective marketing strategies.
This is recommended for the business to follow the marketing strategies and they should
invest a huge amount for making the people know about the new product characteristics they are
going to bring in the business market (Lam and Harker, 2015). This is also recommended for the
business to implement the suggestions made by the peoples or the existing customers in the
innovation process as that will increase more acceptance of the product in the business market as
well as the business will be able to gain the perspectives of the peoples.
Technical perspectives
The business should focus on the important factors while focusing on innovative products
is during the production process of the new product the technology should remain updated as the

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technical issues will hamper the production process. Antikainen and Valkokar (2016), stated that
this may also cause the business’s innovative product to sacrifice some characteristic thus for this
the technology should remain updated in the business process. The business is also required to
look after the technology required for coming up with the new product.
This is recommended for the business to recheck the technical equipments that is after the
production process they may not get the desired result. Thus it is always recommended to use the
best technical equipments for making any new products or services (Maritz and Donovan 2015).
After the production the product are required to be rechecked if it reflects any technical
ignorance or any other issues, then only it should be launched in the business market.
Conclusion
Therefore from the above discussion it can be concluded that whenever the business are
coming up with any innovative products, the business should analyze the internal factors of the
business. This study also provides some recommendations that are how to handle the internal
factors before launching any innovative product. The business is also required to focus on the
external factors as the entire process of the innovative product’s production process is dependent
on the external factors. The business are required to make the people and the other business
know about the product and the services they are coming up with what type of new characteristic
product and the services they are going to provide in the society. Therefore this can be stated the
proper marketing techniques will help the business to advertise regarding the product. The
business should focus on the technical issues that may arise in the production process. This study
also provide recommendations that is how the business are required to handle the business’s
external factors and what type of marketing strategies they needs to implement in the business
process and the technical issues the business should be aware of before the production process.

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Transcript
0.00: The internal analysis will be made on FutureMed for determining the impact on the
organization’s innovation capacity.
0.20The internal perspectives will involve some new recommendations for increasing more
innovations of product. The analysis will provide various factors that the organization can
introduce more innovations in the business strategies.
0.50 The secondary analysis will involve the external factors of the organization that creates
impact on the organization’s innovation capacity. This analysis also involves various factors that
would provide more recommendations increasing the organization’s production of innovative
products.
1.05 Nextly there will be marketing analysis that will include the customer related factors which
mostly creates impact on the organization innovative capacity.
1.20 The technology perspective will involve the organization’s processes that will enhance the
organization’s innovative capacity.
1.50 The overall recommendations for enhancing the organization’s innovative capacity and for
competing in the business market.

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References
Antikainen, M. and Valkokari, K., 2016. A framework for sustainable circular business model
innovation. Technology Innovation Management Review, 6(7).Clauss, T. (2017). Measuring
business model innovation: conceptualization, scale development, and proof of
performance. R&D Management, 47(3), 385-403.
Cortimiglia, M.N., Ghezzi, A. and Frank, A.G., 2016. Business model innovation and strategy
making nexus: evidence from a cross‐industry mixed‐methods study. R&D Management, 46(3),
pp.414-432.Jansen, W. (2017). New business models for the knowledge economy. Routledge.
Lam, W. and Harker, M.J., 2015. Marketing and entrepreneurship: An integrated view from the
entrepreneur’s perspective. International Small Business Journal, 33(3), pp.321-348.
Maritz, A. and Donovan, J., 2015. Entrepreneurship and innovation: Setting an agenda for
greater discipline contextualisation. Education+ Training, 57(1), pp.74-87.
Salim, N., Ab Rahman, M.N. and Wahab, D.A., 2018. A systematic literature review of internal
capabilities for enhancing eco-innovation performance of manufacturing firms. Journal of
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Simao, L.B., Rodrigues, R.G. and Madeira, M.J., 2016. External relationships in the
organizational innovation. RAI Revista de Administração e Inovação, 13(3), pp.156-165.