Innovation and Business Development
Added on 2021-06-18
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Running head: INNOVATION AND BUSINESS DEVELOPMENTInnovation and Business DevelopmentName of Student:Name of University:Author Note:
1INNOVATION AND BUSINESS DEVELOPMENTTable of ContentsIntroduction................................................................................................................................2Activity 2....................................................................................................................................2Identification of Innovation....................................................................................................2Activity 3....................................................................................................................................3Activity 4....................................................................................................................................4Activity 5....................................................................................................................................6The Problem the Innovation can solve...................................................................................6Benefits of the Innovation......................................................................................................7Strategic Response or Plan.....................................................................................................7Project Options Analysis........................................................................................................8Delivery of Recommended Solutions..................................................................................15Conclusion................................................................................................................................15References................................................................................................................................16
2INNOVATION AND BUSINESS DEVELOPMENTIntroductionInnovation and business development can be referred to as an immensely importantaspect, which every organization needs to consider. Companies are required to mitigate themajor issues in the businesses by taking the innovative approaches into consideration. Theseinnovative approaches are highly important for the overall development of the business in themarkets. In the words of Johnson (2016), innovation highly assists in developing the entiremarket and this in turn, provides competitive advantages to the business itself. The reportthrows light on the innovation and development model, which Domino’s Pizza Company canadopt, in order to provide the best services to its target customers. The developed product,which has been kept into focus, is the creation of mobile applications that will help thecustomers choose their favorite item and select the ingredients which they want in theirfoods, just by sitting at their homes. Mobile application ordering system is nothing new but inthis ‘Pick your Ingredients’ innovation strategy, the customers will be able to select theingredients they want to be in their food items, as per their health choices. Activity 2Identification of InnovationIt is immensely crucial for each organization to maintain the sustainability of thebusiness. If a business is not sustainable, it will not be able to gain credibility or trust withintheir community. Thus, the innovation should be made by keeping into account thesustainability of the business. The idea that is generated by Domino’s Pizza Company willsurely enable the business to maintain its sustainability. The idea of introducing mobileapplications order for food can surely assist the company in grabbing the attention of themost number of customers. Moreover, now a day, individuals are becoming extremely health
3INNOVATION AND BUSINESS DEVELOPMENTconscious and therefore, keeping this into consideration, Domino’s Pizza Company canimplement the strategy of ‘Pick your Ingredients’. The way in which the customers, ordertheir food from Domino’s can be changed, if this innovation is introduced (Dominos.co.in,2018). The uniqueness of the mobile application food ordering system can be utilized by thecustomers and order their favorite items from any part of the region. They can choose theirfavorite foods or beverages without waiting or standing in the queue for hours. Moreover,they can pick their own ingredients, depending on their healthy choices. This will help theconsumers in identifying their favorite items, which is suitable for them (Tukker et al., 2017).Therefore, Domino’s Pizza Company has emphasized their focus upon the customers’satisfaction level and developed this mobile application ‘Pick your Ingredients’ system,which can be utilized by the customers anytime, anywhere. The new idea generated by the Domino’s Pizza Company can assist in theircontinuous development. The basis of innovative strategy is the customers’ needs and in amanner in which these constraints can get solved. One of the major constraints is that themobile applications can only be downloaded in smartphones. Therefore, those who do nothave a mobile phone, with high specifications have to visit the physical stores in order to grabtheir orders. There is a method of ordering foods via calling, but it takes much time. Thus, forinstant delivery of foods and beverages, the customers may only have to rely on the fast foodordering mobile application (Wirtz et al., 2016). Hence, this can be considered as an externalfactor, which might affect the business. Domino’s Pizza needs to undertake some measures inorder to continue with their product development procedure.
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