Innovation and Business Development in the University of Cyprus

Running head: INNOVATION AND BUSINESS DEVELOPMENT
Innovation and Business Development
Name of Student
Name of University
Author Note

1INNOVATION AND BUSINESS DEVELOPMENT
Table of Contents
Introduction................................................................................................................................2
Problem......................................................................................................................................2
Generation of a new business idea.............................................................................................4
Benefits......................................................................................................................................4
Strategic responses.....................................................................................................................6
Option analysis of the project....................................................................................................6
Recommended solution and feasibility......................................................................................7
Conclusion..................................................................................................................................7
References..................................................................................................................................9

2INNOVATION AND BUSINESS DEVELOPMENT
Introduction
Issues related to customers and marketing can be related to the problems faced by the
organisations. Due to these issues faced, it is essential that the organisations develop
innovative technique that is essential for the production of unique products. The innovation
can help in enhancing the production of the companies along with the services. Collaboration
as well as the communication that are present at work can help in analysing the performance
and promote the innovation tactics that exist in an organisation. Creativity and innovation are
required so that the functioning of the business organisations can be considered. Constructive
ideas such as brainstorming and fishbone analysis can help in generating ideas that can be
effective for innovation. The systems help organisations to progress in the business market.
The aim of the report is to focus on the innovation of consumer goods that can help in
the development of an industry as well as an organisation. Sustenance in the market need to
be developed so that the capabilities of the organisations can be developed. In this regard, it
can be said that the idea generated for developing a pen structured water purifier can be
applied in the market. This can be used to assist customers that travel around the globe. This
is mainly because the water purifier can be carried around and the level of salinity or toxic
contained in the water can be analysed. At the same time, the heavy metal contents of the
water can be analysed so that the pen structured water purifier can be easily applied. The
industries can benefit by identifying the needs of the customers so that effective changes can
be made in the organisations and at the same time, the business can continue with help of
generating new business ideas.

3INNOVATION AND BUSINESS DEVELOPMENT
Problem
The problems that the industries may face while developing and promoting the
product can be related to the customers as well as the market. The biggest threat that can be
faced by the managers of the organisations is that convincing the customers about the
viability of the products. The promotion of the products requires financial challenges that
may be faced by the companies. The convincing of the products in the market is to ensure
that the base of the products are utilised in a proper manner. According to King and
Baatartogtokh (2015), the issues may be mainly due to the lack of identification of the target
markets. Every organisation need to identify target markets so that the effectiveness of the
products can be maintained. At the same time, meeting the needs of the customers is also
another important aspect that the manufacturing companies need to undertake.
Therefore, in order to ensure a sustainable position is maintained in the market,
organisations adopt disruptive innovation. This can be achieved with artificial intelligence
and application of machines that can help in enhancing the brand experiences of the buying
behaviours. As stated by Pisano (2015) the application of such innovative process can help
new markets to develop value and ensure that the network of the customers is maintained for
the effective conducting of the business. Therefore, loyalty of the customer as well as the
profitability of the business can be maintained with the application of the innovative process.
At the same time, the key resources that is available for executing the plan is another
important factor for developing the innovative product.
Therefore, it is necessary to resolve the issues that exist in the organisations. The
promotion of the activities helps in the smooth functioning of the business and ensures that
the innovation process can help in increasing the reputation of the company in the market.
Risk factors that are required to be identified provide an opportunity to plan and mitigate the
factors that help an organisation to develop their business. According to Reinhardt (2013), the