Innovation and Enterprise Assessment

Innovation and
Enterprise Assessment
2

Table of Contents
INTRODUCTION.......................................................................................................................................3
Background of organization and situation description.............................................................................3
Discussion related to Literature...............................................................................................................4
Critical analysis of product......................................................................................................................6
Recommendations...................................................................................................................................7
CONCLUSION...........................................................................................................................................8
REFERNCES............................................................................................................................................10

INTRODUCTION
Innovation is the idea which needs to transform in real context for bringing creative as
well as advance product and service in marketplace. In business, innovation is highly important
for creating difference and gaining competitive edge over other competitors. It is stated that idea
generation is crucial for innovation under which unique idea is developed which has not been
present in the market so far (Dang, Wang and Hao, 2020). The present report is based on Zara
which is a renowned company of fashion industry and offers a variety of products such as
clothes, fashion accessories & more at global level. Now, the company is planning to bring an
innovative product for meeting with current market trends in significant manner. The present
report comprises backgrounds of organization along with the detail regarding innovative product
by implying necessary theories of innovation and idea generation. Lastly, some appropriate
recommendations for getting better result in future period of time have also been included in the
following project.
Background of organization and situation description
Zara is a multinational company belongs to fashion industry that deals in variety of
products related to fast fashion industry. It offers range of products such as clothing, accessories,
beauty, perfume and more. It was founded in the year of 1975 and currently has nearly 2270
stores at global level. The company was first introduced in Spain and currently has presence in
different countries such as Brazil, Japan, Singapore and more. Zara deals in different categories
such as me, women, kids and more (Yang, Ying and Gao, 2020). By this way, they are targeting
to a large segment of customers belong from different category. It has association with inditex
which is the largest distribution group at global level. Zara is known for providing designer
clothes to customers and ensure higher sales through their vast retail network. It is considered as
one the luxuries brand which has positioned itself in the premium category. Majority of the
customers of Zara are premium customers who belong from higher income group of society. It
produces product based on the market trend for meeting with requirements of customers in an
efficient manner.
According to the requirement of current market place, company is looking forward for
bringing innovation in terms of smart watch which will help them in establishing remarkable