Enterprise and Innovation: Theories, Proposal, and Implementation

Enterprise and
innovation

INTRODUCTION
The term innovation refers to an idea which helps them to convert into reality. In
business, the process and procedure that is to develop business process and activities of
organisation in order to gain new profit and success of company (Ali and Soar, 2018). To update
and implement the new as well as existing ideas for the introduction of products or services to
attract customers towards their brands to make purchasing decisions. It is essential to explore
business opportunities to improve process by bringing new goods in market place which
maximize efficiency in enterprise. When any company launch new items then it take less time
and process to compete with the rivals in market. They react to changing business environment
and bring new ideas to foster competitive advantages. Crave grocery store is considered in this
report. They are innovating self stirring mug which is made of stainless steel in the inner part and
have a snap lock lid. It change the style of drinking coffee. This report covers theories of
innovation, idea generation to products or services to develop an innovative idea and proposal
for launching goods for a working company.
TASK 2
Apply theories of innovation and idea generation to products, processes or services to develop an
innovative idea.
The term innovation signifies launch new goods and services in order to meet the
requirement of customers which helps them to satisfy customers need and wants. In addition to
this, it improves productivity, brand recognition and value by reducing costs which lead to
increase in profitability and turnover. There are many theories of innovation such as disruptive,
sustaining, diffusion and Schumpeter theory of innovation. Mentioned below are some theories
which are as follows:
Diffusion theory: This is developed by E.M. Adoption in year 1962 which signifies
about the new idea, attitude or goods which does not continue in a social system. In this theory
explains about the awareness about the new thoughts and technology which is adapted by the
organisation. If company adapt this theory for their launching of items then it helps them to
demonstrate various features who have followed this theory (Grigoryan, Lebedeva and
Breugelmans, 2018). Management of Crave Grocery store can adapt this innovation theory as to
introduce their item in order to build brand awareness and reputation of business which help
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