Impact of Innovation on Economic Growth

This assignment delves into the crucial relationship between innovation and economic development. Students are tasked with examining how innovations contribute to economic growth, analyzing relevant case studies, and reviewing scholarly research on the topic. The analysis should provide a comprehensive understanding of the multifaceted impact of innovation on various aspects of economic development.

Innovation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK ..............................................................................................................................................1
1) Product for innovation............................................................................................................1
2) Background, history, characteristics and features of the product and service........................2
3) Evaluation of innovation.........................................................................................................3
4) Conclusion and recommendations for future improvement and development.......................5
REFERENCES ...............................................................................................................................7

INTRODUCTION
Innovation is an effective process which implement in business with new ideas in order to
success higher success at marketplace. In this process the organization translate their ideas into
the goods and service which assist in creating value and customers will pay that specific service.
Innovation introduced something new and different which assist in defining customers needs and
wants. Company implement the innovative ideas and things to develop the customers service and
satisfy their needs in effective manner (Innovation’s Impact on Economic Development). It
define the best solution that meet new customers requirements and also define the market needs.
Innovation define the creative process in existing products to attract large number of customers
and increase their sale volume at market place. Present report is based on the Elfin Sports Cars
Company, it deals in auto mobile sectors. It manufacture sports cars and racing cars. In this
report product background, characteristics and features are mentioned. Evaluation of innovation
is also discussed in their assignment. Along with, marketing issues, commercialization is also
mentioned in their report.
TASK
1) Product for innovation
Elfin sports cars company manufactured racing car and the recent product of this
company is Elfin Type 3 Clubman Car, this product introduce in the 1998- 2007 (Ayeni and
Dada, 2011). the main reason behind choosing the car is it is very innovative and attractive sport
car and having 4AG ZE engine that is strong and plus point of this product. It company involved
many innovative techniques to manufacture best and innovative products to its customers in
order to achieve higher satisfaction by them. This company currently produce V8 powered sport
cars. The name of these are MS8 Streamliner and another one is MS8 Clubman. Auto mobile
company use various process and strategies to develop and improve their business at market.
They also wants to expand at international market so that they define innovation in their process
and successful products to its customers (Chari, Golosov and Tsyvinski, 2012). This company
start their business at local area and introduce sports care that having front engined but now days
they make and set innovative process in this business in order to identify customers needs and
wants so that they can easily manufacture variety products to its clients and get satisfaction by
them. Innovation is more important for the company to active higher success at market place and
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take place in competitive market which assist in capturing larger market share (Spencer III,
Vaidya and Frontier, 2013).
2) Background, history, characteristics and features of the product and service
Elfin Type 3 Clubman Car is a sport car which founded by the Elfin sport cars. From
1998 to 2007 it produce in Australia. The company produce variety of products in their process
in order to attract more customers and increase their profitability at market place. The body style
of this car is that it having open body 2 seat roadster and layout is front engine and rear wheel
drive which is more effective to the customers while driving. The sport car having more speed
that is based on the engine of the car. The engine of this care is Toyota 4A DOHC 1.6 (1600 cc)
4 cylinder. That is very powerful engine which assist in convenient driving and also safe for the
driver for smooth drive. Cube weight of this car is 600kg which is more convenient for the
customers. This product of Elfin Sports car company is more attractive so that they easily
influence and attract more and more customers in order to achieve higher success at marketplace.
For attain customers satisfaction the company use best system and process in their manufacture
process so that they deliver effective product in front of customers and marketplace also. They
make more innovative cars and get best end results by the service users (Hwang and Wu, 2012).
Company collect relevant and effective information about the customers and evaluate their needs
and requirement in order to fulfil them easily and achieve more success. In this process of
delivering best products and service to its clients they use more effective strategies and policies
and make innovative cars. They set their process in innovative way and implement new ideas and
information which assist in achieving its goals and objectives in appropriate manner. The main
characteristics of the Elfin Type 3 Clubman that is it is fully weather proofing which include
door covers and hood fitted. It is a known performer which is maintained by immaculately. It
give low mileage which is more convenient and enjoyed by the customers and they surely
appreciated with this design and quality of the car. This product having more respected brand in
Australia and also having national registration by the government as well as compliance. It sport
car is more attractive because of its colour and quality of the body. The colour is also innovative
which is maroon and burgundy (Karakaya, Hidalgo and Nuur, 2014). Company introduces this
colour because now days it is highly requirement of the customers so that they easily implement
in their process and introduce innovative design and colon in order to invite and attract more
customers and buy its car.
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3) Evaluation of innovation
Innovation is more important process in every business to define creative and different
products in order to achieve higher success at marketplace. Evaluation of innovation is very
difficult for the organisation because it just not like gathering innovative ideas but it also
assembling and reviewing the ideas in business to get positive results (Ratten, 2014). Some time
innovative ideas give negative results because many organization make mistakes in their process
of reviewing ideas so that they achieve negative results of innovation. Some time reviewing of
ideas is very simple for the manager. They match and select those ideas which provide effective
results for the business. Evaluation process is very essential for the organization in order to
achieve higher success at marketplace:
 Define best innovation ideas which is most likely to get success.
 Ensure about the ideas which is implement in the company process and maintain the
complex ideas which is reviewed by the people.
 Make and evaluate appropriate process to do review process of the ideas.
 Identify the implementation process which assist in improve the ideas and define
effective process for overcome of the problem (Schubert, Van Langeveld and Donoso,
2014).
These steps are more effective which is used by the Elfin Sports Cars company in order to
identifying all the obstacles in their process and tries to overcome of the problems in appropriate
manner. SWOT is effective process to evaluate the overall performance of the company as well
as products that they serving to its customers at marketplace.
Strength Weakness
 Elfin Type 3 Clubman having attractive
features.
 It define strong and innovative parts
which implement in the car (Hwang
and Tsai, 2011).
 This product owned by the race driver
who would like to drive in racing.
 Colour is big strength of this car.
 Not know outside of the Australia
about Elfin Type 3 Clubman.
 The company having and offering
limited products.
 Increase price of fuel.
 Less safety features.
 Negative impact on environment by
pollution.
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 Maintenance is effective and
affordable.
Business development are more effective because it is a process of forward thinking, self
motivation, dedicated, and problem solver. This is more important for the every business which
assist in achieving overall performance of the company. But some time innovation creates more
problems and issue which impact on firm in negative way. In order to effective implementation
of innovation products they get more talented workers in their process of innovation so that they
easily promote their products effective manner and get higher success by them. There are some
points which helps in identifying the business development which are as follows: Hire the right person at the right time: The main issue of innovation in the Elfin
company is some time they can not select right person at the right seat so that they are
face many problems (Ellis, 2014). It is more important for the company to recruit best
candidates at right profile. In this process of business development the company include
three steps form complementing the commercialization process which are scouting,
testing and last one is scaling. These stages are more effective to set the right candidates
at right job. Understanding the difference between business development v/s sales: It also an
important factor of the business development that the person and owner of the business
should be able to differentiate between development and sales of the business. It helps in
increasing the productivity of the product as well as employee at the workplace. Consider post deal management: In this process all successful business deals with
effective management of the business in this they introduce the account manager to
maintain their financial process in order to attain success. Focus on quantitative, not qualitative: The main and important factor of the business
development is they should be focus on qualitative method which assist in gathering the
appropriate and relevant data. But some time they focus on qualitative process which
affect the business performance because they doest not gathered data and information
about the company. Assess the opportunity: In this stage the company asses the best job opportunity to its
local people so that it assist in increasing the growth of the company (Jamshidi, 2011). It
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is more important for the company to set clear goals and objectives which is measurable
by the company so that they can attain higher success at marketplace and improve their
goodwill in effective manner.
 Make deals carefully: This factor is more important for the company that they are deal
carefully. The deals makers should be good and more experience so that they make better
deal with other party. Some time deal maker define grater opportunity by making better
deals with another party and it assist in achieving higher success.
All these features are more important for the Elfin company in order to develop their
business and overcome for issues (Maroda, 2013). These are more effective for the company in
order to attract more and more customers and buy its cars in large number which helps in
capturing larger market share.
Impact of innovation:
Innovation is important for the organization because it assist in achieving positive results
and it impact on human behaviours because it define creative process which increase the job
opportunity for the human. So that it assist in overall growth of the economy because it increase
the GDP rate of the country. Society is also influence for the innovation because the Elfin
company make innovative cars and implement new ideas ion it to make featured cars which
attract more and more customers to buy its cars. It helps in increasing the society growth by
delivering quality products in order to get higher satisfaction level. For complementing more
effective process the company needs more experienced workers and employees who know about
the auto mobile process that are more beneficial for the business activities in order to delivering
best car features (Rogers, 2010). Last but not least, innovation is more effective process for every
type of organization in order to attain higher success and increase their market share and
profitability in appropriate manner.
4) Conclusion and recommendations for future improvement and development
For future improvement and development Elfin Sports Car Company make and define
creative process and implement in their business to attract more customers and provide effective
information so that customers get influenced and buy its cars which assist in increasing the
overall profitability of the company. According to future development they also deals in ordinary
cars and include more innovative process in their activities according to the time. They should
manufacture electronic cars so that they can maintain healthy environment. They should also
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include effective features and focus on safety features so that they will attract more customers
and expand their business at global area.
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REFERENCES
Books and journals
Rogers, E. M., 2010. Diffusion of innovations. Simon and Schuster.
Maroda, K. J., 2013. The power of countertransference: Innovations in analytic technique.
Routledge.
Jamshidi, M. ed., 2011. System of systems engineering: innovations for the twenty-first century
(Vol. 58). John Wiley & Sons.
Ellis, A. K., 2014. Research on educational innovations. Routledge.
Hwang, G. J. and Tsai, C. C., 2011. Research trends in mobile and ubiquitous learning: A review
of publications in selected journals from 2001 to 2010. British Journal of Educational
Technology. 42(4).
Schubert, C., Van Langeveld, M. C. and Donoso, L. A., 2014. Innovations in 3D printing: a 3D
overview from optics to organs. British Journal of Ophthalmology. 98(2). pp.159-161.
Ratten, V., 2014. Behavioral intentions to adopt technological innovations: the role of trust,
innovation and performance. International Journal of Enterprise Information Systems
(IJEIS). 10(3). pp.1-12.
Karakaya, E., Hidalgo, A. and Nuur, C., 2014. Diffusion of eco-innovations: A review.
Renewable and Sustainable Energy Reviews. 33. pp.392-399.
Hwang, G. J. and Wu, P. H., 2012. Advancements and trends in digital game‐based learning
research: a review of publications in selected journals from 2001 to 2010. British
Journal of Educational Technology. 43(1).
Spencer III, W. T., Vaidya, T. and Frontier, A. J., 2013. Beyond the divinyl ketone: innovations
in the generation and Nazarov cyclization of pentadienyl cation intermediates.
European journal of organic chemistry. 2013(18). pp.3621-3633.
Chari, V. V., Golosov, M. and Tsyvinski, A., 2012. Prizes and patents: Using market signals to
provide incentives for innovations. Journal of Economic Theory. 147(2). pp.781-801.
Ayeni, M. A. and Dada, M. A., 2011. An exploration into the education innovations in Nigeria in
the last two decades. Journal of Emerging Trends in Educational Research and Policy
Studies. 2(4). pp.199-205.
Online
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Innovation’s Impact on Economic Development. 2017. [Online]. Available
through.<http://businessmagazinegainesville.com/innovations-impact-economic-
development/>. [Accessed on 31st August 2017].
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