Innovation and Organizational Vision for Oven-fresh Bakery

Unit 8

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Background of the company and challenges it is facing.............................................................3
Differences between invention and innovation along with their importance to Oven – fresh
Bakery..........................................................................................................................................4
How organizational vision, leadership promote teamwork to develop innovation culture in
organization.................................................................................................................................5
Explain 4P’s of innovation and how it supports capability and management of innovation and
advice Oven – fresh Bakery which form of innovation is suitable..............................................6
Discuss approaches that Oven – fresh Bakery for developing innovative ideas including the
innovation funnel and frugal innovation with its application......................................................8
Evaluate process of innovation to develop new and innovative product...................................10
CONCLUSION..............................................................................................................................13
REFRENCES.................................................................................................................................14

INTRODUCTION
Innovation means the practical implementation of ideas for the new products and services
which helps in offering services and goods to the customers (Kahn, 2018).
The report will analyze the background and challenges faced by Oven – fresh Bakery.
Importance of creativeness and innovation in comparison with the invention. Organizational
vision statement, leadership promote teamwork to develop innovation culture will be described
and evaluated in brief. Four P’s of innovation will also be analyzed and evaluated with the use of
innovation funnel which will help in examining and innovating ideas along with the capability
and management of innovation while advising the best form of innovation suitable for the
company. Developments which are made in frugal innovation and its examples of how it is used
for the organization will be analyzed and evaluated. Importance of commercial funnel and New
Product Development (NPD) concepts will be analyzed for commercialization and innovation
along with the approach of innovation for Oven – fresh Bakery. An innovation Business Case
will be described for Oven – fresh Bakery which will include the sources of funding. Different
tools will be also analyzed for the development, retain and protecting knowledge and intellectual
property to be described significantly on large scale.
MAIN BODY
Background of the company and challenges it is facing
Oven – fresh Bakery started its business 5 years ago by providing the customers with only
one type of bread which was white bread. And by having only this item and product to be served
to the customers, the company is facing many problems and challenges and pressure which have
created difficulty for the company in diversifying and expanding its business and the product
lines to address the need of the consumers who are more health conscious. This problem has
reflected on the turnover which is failing (Martins and et.al., 2017). Along with this, the retailers
are constantly putting pressure on Mr. Wilbur the founder of Oven – fresh Bakery to expand the
product lines and upgrade the business on large scale. Therefore, this is the major challenge
which the company Oven – fresh Bakery is facing and this helps in knowing the scale through
which all the aspects are being considered as prior to what can be done to improve the business
and expand it effectively and efficiently.

Differences between invention and innovation along with their importance to Oven – fresh
Bakery
Innovation is the process in which the implementation of plan results in the introduction
of the services and the goods or in their improvement. It is basically related to formation and
development of new product on the scale of how the new services and the new products follow
different process and procedures in which effective and efficient development is taken into
consideration which helps the company or the organization in innovating something new in their
product line or in their services (Bag and et.al., 2018).
Innovation is important for the organizations as it leads to attract the market and the
customers on large scale which helps the company in analyzing what are the various aspects in
which all the things are taken into account such as the target market and the perspectives of
customers. This helps the business in attracting and facilitating the innovative products and the
services in the market and thus helps the organizations in knowing what actually is being formed
and framed on the scale of reaching the customers through this perspective of initiating new
products and services in the market (Meissner and et.al., 2017). It is essential to involve the
marketplace with various innovation techniques and trends which are being followed in the
market and through this the organizations achieve great helps on the scale through which all the
aspects of growth and development of the new product or the service and this also inculcates the
marketing trends and techniques on the scale that all the aspects of business are being achieved
through this.
Importance of innovation in comparison with invention – Invention is the unique method and
the composition of the whole process of how the organizations takes concern of inventing new
products or service in the market and through this the main concern which the organizations
initiate is that there is scope of how the products and services can be placed in the market and
through this process all the essential elements which are important for the company are to be
placed in the market which helps in knowing the major competition in the market among other
organizations or companies (Tajeddini and et.al., 2020). With the help of invention the company
is able to make necessary changes which initiate the growth and development of new services
and products which are to be initiated in the marketplace. Invention is the process which leads to
the quality management of product and this helps in facilitating the business on large scale.