Innovation Plan Assessment 2022

Running head: INNOVATION PLAN
INNOVATION PLAN
Name of the Student:
Name of the University:
Author Note:

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Table of Contents
ASSESSMENT 1 –Written Questions:...........................................................................................5
Answer 1:.........................................................................................................................................5
Answer 2..........................................................................................................................................6
Answer 3..........................................................................................................................................7
1. Autocratic leadership style:.........................................................................................................7
2. Democratic leadership:............................................................................................................7
3. Laissez-Faire Leadership:........................................................................................................7
4. Strategic leadership:.....................................................................................................................8
5. Transformative leadership:......................................................................................................8
Answer 4..........................................................................................................................................8
Answer 5..........................................................................................................................................9
Political factors:...........................................................................................................................9
Economic factors:........................................................................................................................9
Technological factors:.................................................................................................................9
Social factors:..............................................................................................................................9
Legal factors:.............................................................................................................................10
Environmental factors:...............................................................................................................10
Financial strength of the concerned firms:................................................................................10
Talent acquisitions:....................................................................................................................11

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Market presence:........................................................................................................................11
Answer 6........................................................................................................................................11
Risk management policy formation:..........................................................................................11
Risk identification and reporting:..............................................................................................11
Risk management strategy formation:.......................................................................................12
Risk management strategies implementation:...........................................................................12
Risk monitoring:........................................................................................................................12
Supporting strategies:................................................................................................................12
Answer 7........................................................................................................................................12
Answer 8:.......................................................................................................................................14
ASSESSMENT 2 – Written Report:..............................................................................................15
Introduction:..................................................................................................................................15
About L’Oreal and the innovation:................................................................................................15
Execution of the innovation:..........................................................................................................16
Step 1.........................................................................................................................................16
Step 2.........................................................................................................................................16
Step 3.........................................................................................................................................16
Step 4.........................................................................................................................................16
Step 5.........................................................................................................................................17
Step 6.........................................................................................................................................17

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Step 7.........................................................................................................................................18
Evaluation of innovation thinking and creativity ideas:................................................................18
Drivers, enablers and conditions at L’Oreal:.................................................................................19
An Innovative practice to be implemented in L’Oreal:.................................................................19
Conclusion:....................................................................................................................................19
Report 2:........................................................................................................................................20
Introduction:..................................................................................................................................20
Step 1 and 2. Identifying the relevant stakeholders for implementation the innovation and
determination their requirements as well as introduction of information about innovation:........20
Step 4. Promote team working approach:......................................................................................24
Step 5. Resources:..........................................................................................................................24
Step 6:............................................................................................................................................24
Step 7. Identifying and establishing mechanisms at systems and process levels to support
innovation:.....................................................................................................................................28
Report 3:........................................................................................................................................29
Step 1.............................................................................................................................................29
Appendix A....................................................................................................................................29
Appendix B....................................................................................................................................29
Step 3. Self-assessment:.................................................................................................................29
References:....................................................................................................................................31

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ASSESSMENT 1 –Written Questions:
Answer 1:
The approach of people towards innovations have undergone a positive change over time,
especially in the last few years. People or stakeholders in this case, hold innovation positive in
several aspects. Chang and Taylor (2016) point out that consumers, the primary stakeholders
today hold innovation an essential part of new product development. The discussion to study the
change of perception among consumers and other stakeholders regarding innovation can be
initiated by taking a leaf out from the article ‘Green Marketing”: an analysis of definitions,
strategy steps, and tools through a systematic review of the literature’ by Dangelico and
Vocalelli (2017). They introduce the product concept which the manufacturing companies used
to apply in the past to a large extent. These companies at that time manufactured goods by
considering that consumers would buy products if they are easily available, affordable and of
superior quality. The next concept as mentioned by Terho et al. (2015) is the sales concept
which takes into account that products would sell into the market if they are available, affordable
and of superior quality. These two concepts which were are not prevalent today did not take into
account the requirements and expectations of consumers. These two approaches functioned in
situations which consumers owing to limited knowledge about new products, forced to consume
products available in local markets. They were as a result either not aware about innovation or
were reluctant about it. The companies at present use marketing concept holds consumers’
expectations as parameters of manufacturing and selling products (Merrilees 2016). Companies
today carry out innovations to manufacture products to create value for customers. The
customers today perceive innovations as gateways to create more values to them. The
companies today gain participation of consumers by gaining feedbacks from them which the

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former use in making product strategies. Thus, consumers today thus perceive innovations as
integral components of product manufacturing processes which would create value for the
amount they spend to purchase products.
Answer 2.
The theory and thinking of innovation have great role in the business organisations.
Innovation is not only necessary to bring about customer satisfaction and revenue generation but
also to ensure that the business organisation operate in ways so as to minimise expenses in order
to retain a major portion of the revenue earned in the form of net profit. According to Alexander
and Jaakkola (2015), the first role which innovation plays in business organisations is leading
them towards manufacturing products (goods and/or services) which would create value and
satisfaction to customers, thus paving ways for revenue generation. The second role can be
considered as the continuation of the second role. Business organisations in order to ensure
customer value creation and revenue generation by manufacturing appropriate products,
concentrate on acquiring raw materials and work-in-progress inventory as per customer
expectations. This means that business organisations apply innovation theory and thinking not
only in product manufacturing but in supply chain management as well. The third
implementation of the innovation in business operations is selling. The companies in order to
make products available to customers as per their convenience use wide networks of distributors,
retailers and their own outlets as well as ecommerce platforms (Torres, Singh and Robertson-
Ring 2015). This generates high revenue which innovation theory and implementation in
business operations lead to financial sustainability. The fourth way in which companies
implement innovation even in disposing wastes which are the bye products of their production
process by recycling a portion of the same to the feasible extent. Thus, in other words innovation

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theory and planning has paved ways for business organisations to encourage environmental
sustainability and establish themselves as socially responsible corporate citizens.
Answer 3.
The following are the five of leadership styles explained in brief:
1. Autocratic leadership style:
Autocratic leadership style is the leadership style in which leaders make decisions
without consulting their subordinates and followers. The leaders following this style of
leadership expect prompt execution of command from their subordinate and do not expect any
feedback. This style of leadership provides limited flexibility of operations and inhibits
innovation. The employees operating under autocratic leadership style experience low level of
involvement in their job and suffer from low job satisfaction.
2. Democratic leadership:
Democratic leadership consists of leaders involving the entire in forming decisions and
usually give importance to the opinions of the followers. This type of leadership enables the
junior employees to express their feedback on the decision taken by the leader which in turn
creates a positive impact on the latter (Iqbal, Anwar and Haider 2015). Khan et al. (2015)
mention that this style of leadership allows a great of leader and follower collaboration and
enables greater degree of flexibility.
3. Laissez-Faire Leadership:
This style of leadership is characterized by the lack on control of intervention and control
of leader over the employees. According to Wong and Giessner (2018) this type of leadership is
appropriate in situations when followers are fully to their respective performances. However, in