The Importance of Innovation and New Product Development for Oven-fresh Bakery: Overcoming Market Challenges

Student Declaration
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except acceptable support from my lecturer. It has not been copied from any other person’s
work (published or unpublished), and has not previously been submitted for assessment either
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Practice and Academic Misconduct: Policy and Procedure’ available on Moodle.
I confirm I have read and understood the above Student Declaration.
Student Name (print) Suhel Ahmed
Signature
Date
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Introduction
The world is moving forward day by day with some necessary and unnecessary change. In the
business world, management faces several challenges for the change of customer taste and
preference. Oven-fresh Bakery, a well-known company needs to make something new for its
consumer. This study helps the company to move forward to sustain its market share by new
product development. Oven-fresh has to follow several processes. Besides the management and
the staff of the company needs to analyse the market and then according to the market response,
it should handle the challenge. This study makes the company understand the necessity of
innovation and invention and the difference between them, new product development process,
threats of the process, and the ways to recover the challenges.
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To,
Mr Wilbur
Subject: Developing Innovation Model for Oven-fresh Bakery
Dear sir,
Section 1
Background to the company and the challenges it is facing.
Oven-fresh Bakery is a renowned UK-based company in the food and beverage industry. It has
been operating its business with its goodwill for 5 years. But its operation is very narrow as it
produces only one type of food. Although its product is very quality full and popular, nowadays
Oven-fresh Bakery is facing some threats. Every day people search for something new. They
cannot be satisfied with one type whatever it is good or bad. This nature of humans badly affects
this Oven-fresh Bakery. The consumer of Oven-fresh Bakery wants something new. If the
company cannot modify its existing product or cannot launch a new product line, the consumer
will probably move to other bread and it is a tremendous challenge for Oven-fresh Bakery.
The differences between invention and innovation and their importance to
organisations such as Oven-fresh Bakery.
Differences between invention and innovation
According to Despa, (2017), invention and innovation seem to be the same but there are some
basic differences between them. The main point of difference is existence. The differences
between invention and innovation are shown below through the table:
Invention Innovation
According to Gokhberg and Meissner, (2015),
when a new idea that is not existing is
introduced, it is called an invention.
When a new thing is introduced using existing
ideas, it is called innovation.
In invention, scientific knowledge is required. In innovation, knowledge of modification is
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