Innovation and Enterprise: Developing an Innovative Idea for Freemans

Innovation and
Enterprise

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
LO2..................................................................................................................................................3
With the help of theories of innovation and idea generation to product, process, or services,
develop an innovative idea.....................................................................................................3
LO3..................................................................................................................................................5
Proposal for an innovative product, process or service for a working organisation and produce
an implementation plan..........................................................................................................5
CONCLUSION................................................................................................................................7
REFERENCE...................................................................................................................................9

INTRODUCTION
Innovation is a term widely used in the modern era which is based on the concept of
practical implementation of ideas into reality that results is development of new products,
services and processes or bringing up necessary improvements into the existing offerings of a
company. With the changes taking place at an exponential rate, there is a need for the business
firm to come up with an innovative business solutions (Aslam and et. al., 2020). They are
significant in meeting the needs of a customer in efficient way meanwhile enhancing the
profitability and performance level of a company. Freeman Plc was founded in the year 1905,
which is an online and catalogue clothing retails store, headquartered at Bradford, England,
United Kingdom. The company offers products related with homewares, footwear and clothing.
Below mentioned report is to develop an innovative idea for the business with the use of relevant
theories and to prepare a proposal and implementation for the innovative idea.
MAIN BODY
LO2
With the help of theories of innovation and idea generation to product, process, or services,
develop an innovative idea
Innovation is a term which is widely used in the context of business which is concerned
with the process of making something new that has not existed before or making improvements
in the products and services. There are several types of innovation such as product innovation,
process innovation, marketing innovation and an innovation of the organisation based on the
nature and requirement of the company. There are several theories of innovation which can be
used as a sources for the development of an innovative idea.
Disruptive innovation is one the significant theory among the three others theories of the
innovation matrix. Disruptive innovation is viewed inferior to the existing product or services in
term of the value derived by these products (Hardey, 2020). Disruptive at initial stages focus on
the small target audience usually not profitable but slowly and gradually focus on serving the
high end customer. Therefore, Disruptive Innovation refers to the innovation that transforms
highly sophisticated products or services into the affordable products with greater reach of the
target audience. The idea behind disruptive innovation is to transform the expensive products