Effectiveness of Innovation in Business Assignment

Added on - 21 Feb 2021

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To determine effectiveness of innovationin business(Research Proposal)
Table of ContentsINTRODUCTION...........................................................................................................................3Background of the study............................................................................................................3Overview of organisation...........................................................................................................3Aims and objectives of research................................................................................................3Research questions......................................................................................................................4Rationale for selecting the topic..................................................................................................4Importance of the topic..............................................................................................................4Literature review.........................................................................................................................5Research methodology................................................................................................................7Time scale...................................................................................................................................9REFERENCES..............................................................................................................................12
INTRODUCTIONInnovation can be defined as the procedure of translating ideas into useful products orservices. The main purpose of innovation by companies is to provide high value proposition tocustomers. In addition to this, the other intention of innovation by firms is to gain competitiveadvantage. Effectiveness of innovation can be measured in terms of satisfaction gained by targetcustomer group by consuming unique goods or services developed by firm (Witt, 2016).The research will be conducted for measuring the effectiveness of the innovationfacilitated by John lewis company. It will emphasize on analysing the perceptions of differentauthors about the topic. The different methodology which will be used for performing theinvestigation on particular topic will be highlighted in the research report(Tidd and Bessant,2018).Background of the studyIn today's dynamic and continuous changing business environment, it has become verymuch crucial for companies to facilitate innovation in order to sustain in the market. But justfacilitating innovation is not enough new product or procedure developed should be competentenough that it could fulfil needs of both customers and business. It is required by organisation tofacilitate the innovation in business procedure, products or services considering the demand ofcustomers. In simple words, customer oriented approach can be adopted by firm for facilitatinginn ovation as it will help them in meeting customer expectations and assist organisation inearning high profit.Overview of organisationJohn lewis is basically a UK based organisation that operates departmental store. It isthird largest private enterprise in terms of sales. Business entity offers wide range as well asvariety of products as well as services. Some products offered by an organisation are clothes,watches, cosmetics, bedding etc. In addition to this, firm also provides financial services to itsclients. Business entity consist of approx. 8300 employees working at different location for anenterprise. Revenue earned by an organisation during the year 2018 was£172 million(Tidd and Bessant, 2018).
Aims and objectives of researchAim of investigation– To determine the effectiveness of innovation in business – A case studyof John lewis Partnership.Objectives:To develop the understanding about the innovation in business.To determine the challenges faced by John lewis company in facilitating innovation.To analyse the effect of innovation on business performance of John lewis.To suggest the ways through which the effectiveness of innovation can be enhanced.Research questionsWhat is innovation ?What are the challenges faced by organisation in facilitating innovation ?What effect innovation have on the business performance of John lewis partnership firm?What are the ways through which effectiveness of innovation can be increased ?Rationale for selecting the topicThe ration for selecting the specific topic for investigation is that John lewis company iscontinuously facilitating innovation but still an enterprise is not getting good rate of return oninvestment done on producing new products or services. In addition to this, many customers ofJohn lewis organisation are still not satisfied by goods or services offered by enterprise.Therefore, researcher by conducting the researcher on particular topic intends to identify thereason for low rate of return on investment by measuring effectiveness of innovation done bycompany. Other rationale for choosing the specific topic for research is that investigator want toaddress the various issues faced by enterprise as such problems have significant influence on theeffectiveness of innovation done by organisation. In addition to this, by performing theinvestigation on particular topic researcher want to help John lewis company in identifying thesuitable ways through which effectiveness of innovation can be increased and high level ofsatisfaction can be provided to customers.
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