Business Innovation: Strategies for Growth, Competitive Advantage

This report explores the crucial role of innovation in business development, emphasizing its importance for growth, competitive advantage, and sustainability. It delves into the process of idea generation and highlights how innovation enables companies to adapt to market trends, differentiate themselves from competitors, and reduce costs. The report also discusses how innovation fosters creativity, reinforces brand development, and helps businesses identify future opportunities. Using Amazon as an example, the report illustrates how companies are leveraging innovation, such as drone delivery services, to meet evolving customer needs and address challenges like the COVID-19 pandemic. Ultimately, the report concludes that innovation is a key driver of success, enabling businesses to maintain relevance, achieve long-term survival, and stay ahead in a competitive market. Desklib provides students access to similar reports and solved assignments.

Innovation

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY ..................................................................................................................................1
Innovation and its importance for business ................................................................................1
CONCLUSION ...............................................................................................................................2
REFERENCES ...............................................................................................................................3

INTRODUCTION
Innovation is a process of introducing new product, service, idea, technology and concept
in business which is not existed previously (Barro and Davenport, 2019). Innovation require
marketing research as it helps managers of company to understand needs of customers and allow
them to identify problems faced by customers as with innovation company provide solution to
these problems of customers. This project report includes discussion of innovation and process of
idea generation. It also includes discussion of importance of innovation in business.
MAIN BODY
Innovation and its importance for business
Innovation refers to introduction of new idea, process, product and service in organisation
or made improvement in existing products and service (Harper, 2018). This innovation can be
adopted by company by introducing new products and service in market or by improving
existing products and service in market. Business focus on various activities like design thinking,
innovation lab as well as brainstorming. Innovation is important for business for various reason
which is promoting creative development. Innovation is important for business in today
competitive environment. With innovation and creativity in business, company can achieve
growth in heir organisation. It is one of business skills which helps to make things more valuable
in market with creativeness of company. This skills helps company by providing them various
opportunity as well as potential in new market and helps company to stay updated as per current
trend in industry.
Innovation in organization provide sustainability to company as they are making
continuous improvement and also providing rebranding of their products. Effective managers
understand needs of innovation in an organisation and helps in growth of business skills by
increase creativity in organisation (Kwan, Leung and Liou, 2018). This innovation also helps
business by reinforcing their brand by brand development. This process helps leaders by
revealing information which helps them to be more and more innovative. Innovation is one of
main driver of success and provide sustainability in company by maintaining brand.
Development of creative ideas and innovation helps organisation to see various
opportunity which can occur in near future. In order to be successful, business adopt current
trends of customers and also predict future trends in order to meet demands of product and
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service of company. This also helps company to stay updated with change in market, technology
as well as marketing trends. Innovation is introducing something different in compare to other
market players and also helps to saves time, money and other resources (Nardelli, 2017).
Innovation also helps to differentiate products of company from other marketing players in
market. Differentiation is important in order to get competitive advantage in market which helps
company to overcome of competition.
Idea generation refers process of forming various ideas required for innovation and
consist generation, development, communication in order to develop new ideas and concept. Idea
generation is important in business as it helps business to be relevant in market by providing new
products and also making improvement in existing product as per requirement of customers
(Ratten, 2019). It also helps business in making positive change in heir organisation. These
change are important for business to implement as it ensure long term survival of business. For
implement innovation in an organisation, business require to develop various ideas. There are
various ideas which can be develop by organisation, their employees and customers. In this step,
firm develop more and more ideas which provide various choice to organisation. In next step,
business needs to conduct group discussion in which they are discussing advantage and
disadvantage of each ideas to company and which idea is more suitable to situation of company.
In next step, company choose one of alternative among available alternative and implement in
real business situation. This helps business to adopt innovation in their organisation and provide
various benefit to company.
For instance, Amazon is one of organisation which is adopting innovation as per
requirement of their customers. Due to covid-19, people are avoiding physical touch and
government is also trying to reduce physical touch which helps people to protect from spread of
diseases. For this company is using drones for delivery of their products and service. This service
helps to avoid physical touch in delivery process of products and service.
CONCLUSION
From above mentioned project report it can be concluded that innovation in business is
important as it provide various benefits to business. Innovation provide competitive advantage to
business as it provide differentiation to products of company. Innovation helps to reduce cost of
company and also make firm more competitive in market. It also make products of company
updates as per current trends in market.
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REFERENCES
Books and Journals
Barro, S. and Davenport, T.H., 2019. People and machines: Partners in innovation. MIT Sloan
Management Review, 60(4), pp.22-28.
Harper, D.A., 2018. Innovation and institutions from the bottom up: an introduction. Journal of
Institutional Economics, 14(6), pp.975-1001.
Kwan, L.Y.Y., Leung, A.K.Y. and Liou, S., 2018. Culture, creativity, and innovation.
Nardelli, G., 2017. Innovation dialectics: An extended process perspective on innovation in
services. The Service Industries Journal, 37(1), pp.31-56.
Ratten, V., 2019. Sports technology and innovation. Cham: Springer Books.
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