Importance of SME for the Economy

INDIVIDUAL RESEARCH
REPORT AS1

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK ..............................................................................................................................................1
a).............................................................................................................................................1
b).............................................................................................................................................2
c).............................................................................................................................................4
e).............................................................................................................................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
In a digital era, innovation is believe as an crucial action for firm that leads to new
products, services and business venture to set its positive and competitive image. In a
competitive or crowded business environment, manager and entrepreneurs needs to develop
innovative ways with the aim of creating as well as exploiting new opportunities. It mat
contributes in accomplishing competitive advantage and also assist in heighten positive brand
image at agonistic market (Caneque and Hart, 2017). Mainly, the activity of innovation may also
support in improving customers tending about its innovative aspects. Current report is based on
Rowlinson knitwear, is a medium company that run their enterprise in UK for make larger
profitability. Company offer clothing products to people to fulfil their needs and wants. It
directly contributes in improving the positive brand image at market. The primary centring of
business organisation is to see innovation within their manufacturing process that support in
accomplishing agonistic edge from its challenger. This project is going to discuss about business
opportunities and its centrality to innovation and entrepreneurship. In addition of this, range of
actual pattern within the management of innovation is also mentioned. Furthermore, effective
communication with specialist audience is also discussed that support in evaluating appropriate
information for inclusion.
TASK
SME and entrepreneurial theories
Innovation management is refers to the process that used to handling entire activities that
required by company in introducing something new. As it is related with the practices that
coming up with new ideas, developing, prioritising and implementing the same within the
organisational activities in heighten their positive and competitive image. In this regards,
Rowlinson knitwear also focus in managing their innovation that support them in keeping their
brand unique in market place. As there are some range of current practices within the innovation
management that assist business to capture huge market share from its rival and establishing its
competitive image so that large number of customers get easily attracted towards its services. All
these are as follows:
 Constant improvement: It is one of the essential practices that refers to the regular
improvement within the company and its product line as well. If company needs to attain
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success at competitive market they have to create as well as compare their desire progress
that support them in making better at market. For attaining the same, company set a clear
goals and at the same time also build a plan that support them in keep moving to the right
path or direction (Etzkowitz and Zhou, 2017). This will assist in capturing customers
attention towards the company and its offerings as well.
 Value creation: It is also consider as an essential aspect or practice for innovation
management as it is help in creating values that focus on customers taste and preferences.
In this, Rowlinson knitwear is responsible for undertaking their customers and their
prospectives. By providing services as per customers demand and their taste, firm easily
amend their execution. In this, firm also introduce innovative ways within the production
process to meet customers requirements. It support in establishing its agonistic image at
market place.
 Lean Start up model: Under this practice, company can assess the customers demand and
also find the best product that assist in meeting their needs and wants (Fadaee and Abd
Alzahrh, 2014). It is a technique that includes the speed and urgency in area to address all
the risk instead of planning about new ideas. Along with this, company also take
feedback from the customers in order to improve their services and innovation that
implement within the business and its production activities.
 Resource allocation: In market place, it is crucial for company to find the right and
appropriate areas of focus to effectively allocate the resources. This will assist in
evaluating entire assets like human and financial as well. At the time of growing,
company face greater risk and issues that negatively affect the overall activities of
company. In this, organisation sgould allocate proper resources that support in managing
the risk and also make organisation able to compete their competitors.
 Company culture: Management of innovation is refers to the group that support in
attaining success at market by making their production activities more innovative. In
context of this, Rowlinson knitwear create a culture of innovation wherein employees are
motivated and excited to improve each and every activities. As trust and openness is the
key aspect that support in increasing the possibilities of accomplishing all the set targets
in an stipulated time frame. As workers also share their new and innovative ideas that
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