Innovation and Enterprise

Innovation and Enterprise

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
MAIN BOODY...............................................................................................................................3
Innovation....................................................................................................................................3
Enterprise.....................................................................................................................................3
Diffusion of innovation................................................................................................................3
Idea generation.............................................................................................................................4
Fundamental importance of innovation.......................................................................................5
Innovation and enterprise on success or failure...........................................................................5
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................1

INTRODUCTION
Innovation is the practical implementation of ideas which result in introduction of new goods and
services for performing business activities. Enterprise is the ability to think of new product or
services within the developed business. Evaluation on the innovative within organization is being
done in this report, also analyses on the innovation theories in terms of implementation of
innovation is also being done within the report. Study of idea generation factors is also being
done within report.
MAIN BOODY
Innovation
Innovation is the practical implementation of creative ideas and improvements within the
developed products. This is done in which the final quality of the finished good is being
improvised, such that the final quality of service can be improved by adding additional features
within the developed product (Shevliuga and Olefirenko, 2017).
Enterprise
Enterprises on the other hand are the approach in which a new venture is being
introduced rather than making improvement within the developed products. This done in such a
way that a high financial growth is being achieved and customers can achieve a different type of
products.
Diffusion of innovation
The diffusion is often being used by organizations for identifying the effectiveness of innovation
life cycle in terms of achieving customer engagement.
Innovators- These are the early customers which tend to have high level of engagement in terms
of using the innovative approach being taken by the organization. These are mostly the loyal
customers of the organization, due to which organization has to make concentrated efforts on the
influencing the customers. Since new product is being provided due to which company tend to
establish premium pricing for achieving high return of investments.
Early adaptors- These are customer base which are less likely to take risk and due to which and
often develop engagement with the organization once they are able to achieve the initial reviews
(Nzomo and et.al, 2020). These are the customers which are often being influenced by the social
media and reviews which are available at online platforms and other means. Therefore,
organization can influence different customers by use of creative advertisement.