Innovation in Transfer Travel Assignment

Added on - 21 Feb 2021

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INNOVATION
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31 Describe the innovation theories and difference between innovation and invention...............32 Historical development of product and services with help of innovative theories anddifferent pathways for future development of these products.....................................................8CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONInnovation helps in providing better solutions and meet customers' requirement accordingto different market needs. Transfer Travel is UK based firm founded in 2016 which bring peopletogether and provide them amazing travel packages to consumers (Dubois and Barbosa, 2018).The study is based on Innovation and its theories which help the organisation to compete inmarket. Difference between innovation and invention is also explained briefly. Further study willdescribe innovation theories and will apply it to the chosen firm. With help of innovationtheories historical and future development of products and services become easy and it providesdifferent pathways for the same.TASK 11 Describe the innovation theoriesInnovation-it is a process of introduction as well implementing new ideas or methods. Itis a method that involves multiple activities to produce something new with lots of creativity. Itcreates bigger opportunities. Through innovation Transfer Travel company can recognize newopportunities and take methods to solve the current existing problems.. Uncertainties is commonaspect as well as leaders are more curious and optimistic to take risks and dare to accept theirconsequences (Vovk Korže and Zeman, 2017).It refers to the phenomenon of occurrence of new ideas of Transfer Travel or product thathas never been made before, basically it is phenomenon of creating new product. It refers to theadding value to the product that is already exist in the market or it is an implementation of thenew idea or product to the first time (Blândul, 2015). Here collective sets of marketing andtechnical skills required with practical implementation of working in Transfer and Travel.Amazon, Uber where good and services can be exchanges as well of online selling or purchasingis also there. A need of improvement in the existing product for increases its sales as compare toother products in the market. It is related to different product and process.Factors that need to be considered for innovation- following factors are considers forinnovation:Management commitment to creativity-there is lack of creativity in innovationmanagement than the leaders of the innovation management will always fight with each otherand this led to conflicts and create turmoil .there is always commitment to creativity all themangers of Transfer Travel company because as per the requirement of the outside innovations
happening day per day there is need of time, specified budgets as well as necessary supportwhich can only get through commitment to creativity. (Setiawan, 2017)Value Creation- Continuous improvement with individual oneself as well Transfer Travelcompany . it is well said “you have to become better than yesterday”.it doesn't mean to run fastit means to work in smart way by improving strategies. Here in value creation an individual aswell organization focuses to become better each day by improving all the strategies related toinnovation. Another area which need to focus is the infrastructure which has the abilities to makequick changes as per the requirement of environment as well people. Such as testing new ideascreates value creation for people that what works or what doesn't. This enables faster growth aswell development of the organization as it enables new features and also guarantees that businesswill run more smoothly in right direction (Putra, I Sugiartha and Sariada, 2017).Disruptive Innovation theory:Disruptive innovation creates new market by destroying existing market and inventingnew markets and value networks by producing new products. These innovations are produced byentrepreneurs and other start-up business and not from existing companies. It also refers to aconcept of good and service that produce a new value network likewise by disruptive an existingmarket or generate a new market. In the starting of the life cycle of an innovation, disruptiveinnovation normally assigns lower performance, and during these types of innovations frequentlyare not that much good to satisfy the current customers. The term means use of technology thatchanges the structure of company. It affects Transfer Travel company functions.(Source: What is disruptive innovation,2019)
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