Business Management for Innovations

Running head: BUSINESS MANAGEMENT FOR INNOVATIONS
BUSINESS MANAGEMENT FOR INNOVATIONS
Name of the Student
Name of the University
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1BUSINESS MANAGEMENT FOR INNOVATIONS
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

2BUSINESS MANAGEMENT FOR INNOVATIONS
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