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Innovation Assignment - Morrisons

Added on - 23 Nov 2020

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INNOVATION
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INTRODUCTIONInnovation is lifeline for organisation to survive in market for long term. It creates aplatform that provides vast number of growth opportunities to expand. Also, it helps ingenerating more revenue and increasing market value. Innovation can be done in process orproducts. the main aim is to improve business efficiency and productivity (Agrawaland et.al.,2018). the new products are developed to change the taste of people and to raise their livingstandards. this assignment will show innovation and its importance and how it affects culture.Also, it is discussed the role of 4P’s and NPD. At last tools are described that can be used toprotect knowledge and information.For assignment Morrisons is taken. It belongs to retail sector. They provide variety ofproducts like CD, food and drink, clothing, etc. and services to people. it performs various typesof activities such as advertising, production, etc. the market share of company in August 2017was 10.14% a decrease in 0.86% from 2015. in recent time, firm is involved in manycontroversies related to product quality. Also, there are many complaints regarding inpropersolutions of customer issues. This has created a bad impact on customer satisfaction.LO1P1Explain innovation and determine its importanceInnovationInventionIt refers to create a new product.It means to add value to product by addingsome features in it.It is single processIt can be a combined process.It is the role of research and developmentdepartment.It can be done by any department.Here, original idea is generated and workedupon it.Here, idea is implemented practically.For example – innovation of iphoneFor example – iphone X.Innovation is termed as a specific process or method through which products or servicesare produced. It also includes modifying activities or process through which operations areperformed. In this, new features in products are added and offered in market. moreover, methodsare modified so that quality can be enhanced or cost can be reduced. Innovations is done due to2
change in external or internal factor. It allows business to create opportunities for growth. Theimportance for innovation are as follow :-Importance to employees- the major impact of innovation is on employees who works inMorrisons. but it provides a lot of advantages to them as well as business. it allows them toimprove their way of working (Schut and et.al., 2016). Through this, they gain a lot of newknowledge and skills that helps in career growth. Furthermore, the will work in creative way toattain goals and objectives.Providing modern tools –innovations changes method and process. This brings in new toolsand equipment’s to be used. Employees are provided modern tools. They are given propertraining on how to use them. this increases their skills and abilities. It enables in creating a betterwork place atmosphere to work.Building a diversified work force –with innovation team are formed to implement change.This leads to diversified working with different people. through this, employee learn new thingsand implement them. they share ideas and views with each other. with help of it creative workingtakes place.There are several sources of innovation as described below:-Process need –every product is produced through a specified process in Morrisons (Fang,Lerner and Wu, 2017). Thus, it is required that process should be modified to either to reducecost or enhance product quality. This can be done by innovating process or methods.Change in market trends –Due to change in market trends company gets an opportunity toinnovate their goods or methods.Change in customer taste-If there is change in customer needs then products are producedaccordingly. This can lead to innovation for Morrisons to grow in other markets.Thus, in Morrisons innovation is developed by producing new products and services. it ismeasured by evaluating it with set goals. Apart from this, company also uses different waysthrough which innovation is developed.P2Explain how organisational vision, leadership, culture and teamwork can shape innovationand commercialisationInnovation brings new methods or ways of performing business operations. the changecan be implemented at one stage or in overall process. With this the employee’s roles andresponsibilities are modified as well. Business have to develop goals and objectives. This3
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