Theories of Innovation and Idea Generation for Sugar Free Protein Chocolate Bar

Innovation &
Enterprise

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK ..............................................................................................................................................4
Various theories of innovation and idea generation for the product...........................................4
Evaluation of the product by stating the strengths and shortcomings ........................................5
Proposal for innovative product and the development of implementation plan.........................6
Suggestion to overcome the shortcomings in the product..........................................................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Innovation refers to the creation of something new. In Innovation the entrepreneur brings
a new idea and work upon it to make a whole new product or service. Innovation also refers to
make a new modification, addition of a new feature, to the existing field, service, idea or to any
product. Innovation is a continuous process. Through innovation the lives of people has become
very easy and comfortable as the task are now get done with an ease through technologies. Every
organisation now tries to strive the competitive advantage through innovation. They attracts the
customers by bringing up the new technology which make the lives of people more easy and
comfortable. Bringing the continuous innovation has helped the organisation in surviving into
the market place and not become obsolete. For reference purpose this report has taken an
example of a company, Nestle. Nestle is a Swiss multinational company which has engages its
business in manufacturing of products related to food and beverage. The company was establish
in the year 1866 by Henri Nestle. Some of the major products which company manufactures
include Coffee, chocolates, baby food, confectioneries, ice cream and so on. Nestle has its
headquarters in Vevey, Switzerland (Cao and Zhou, 2018). The company to maintain the
competitive advantage or upper hand into the market always comes up with new and innovative
products. And to maintain the same, Nestle has now come up with a new product in its chocolate
segment. The company has bring up a sugar free chocolate by analysing the trend among the
customers for eating low fat foods.
This report discusses about various theories of innovation along with the various merits
and demerits that product has in it. Apart from this the report also includes some suggestions
which can surmount these weaknesses which are present in product.
TASK
Various theories of innovation and idea generation for the product
Innovation plays a paramount role for any organisation. It is said to be a process through
which an entrepreneur brings up something new and innovate in the market. It also refers to the
process of developing the exiting product in the more better way irrespective to the field,
industry or sector it belongs. Innovation enables the organisation to survive into the market place
and gain the competitive advantage by bringing up the innovative products. Although innovation
is something which is very time consuming process, needs to a lot of investment in R&D's and