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Innovation INTRODUCTION MAIN BODY

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Added on  2021-02-21

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Innovation INTRODUCTION 1 MAIN BODY1 1) Describe in detail innovation theories.1 2) Apply innovation theory in historical development of one or more product basis.4 INTRODUCTION 8 REFERENCES 9 9 CONCLUSION Innovation refer to the process of delivering and translating ideas or invention into a product and services which generate value and for which the client will pay. In context of an organization, innovation refers to the process of make little change in existing products and services by using new ideas and thoughts which add values and

Innovation INTRODUCTION MAIN BODY

   Added on 2021-02-21

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Table of ContentsINTRODUCTION ..........................................................................................................................1MAIN BODY...................................................................................................................................11) Describe in detail innovation theories....................................................................................12) Apply innovation theory in historical development of one or more product basis.................4CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9.........................................................................................................................................................9
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INTRODUCTIONInnovation refer to the process of delivering and translating ideas or invention into aproduct and services which generate value and for which the client will pay. It can be a new idea,creative thoughts and imaginations in form of device and method. In context of an organization,innovation refers to the process of make little change in existing products and services by usingnew ideas and thoughts which add values and offer customers as per their requirement. Thisassignment is related to TransferTarvel.com which is an travel organization and belongs fromtourism sector. It is an online marketplace and bring people with unwanted travel plans togetherwith those who searching for last minute deals. This firm offer travel and accommodationservices to its clients. This assignment will be discussed about the theories of innovation andhow they will be help in explaining the historical development of one or more products andservices and the possible future development pathways of the goods and services.MAIN BODY1) Describe in detail innovation theories.Innovation is the process of translating an idea or beliefs into goods and services thathelps in creating value for that consumer will pay in proper way (Aghion, Van Reenen andZingales, 2013.). For an organization it is very much crucial to bring innovation in their worksand activities so that they remain always relevant into market place and gain larger market share.To bring innovation in organization, they have to apply various kinds of theories and practicesthat guides to follow a definite path to reach at desirable outcomes in positive manner. Diffusion of innovation theory:Diffusion of innovation theory developed by E.M Rogers in year 1962 that is one of theoldest theories in social science theories. It is basically originated with the motive ofcommunication to elaborate how, with time an idea or concept get momentum and diffusion for aspecific population or social system (Amit and Zott, 2012). The ultimate results of thatparticular theory that people is a n important part of social system to get unique ideas or views,behaviour and regarding product. According to that model adaptation refers that an individualand organisation do something in different manner that previously implement in theirorganisation in innovative way to draw attention of large no. of consumer base in positive way.With the new idea or concept diffusion is possible for any organisation to lead in market in1
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innovative way. Adaptation is an new idea or concept, behaviour or product that notsimultaneously happen in an organisation social system but with the help of it people whoconcerned with it can be more apt to adopt innovation in better way. After conducting research itis found that an individual who adopt innovation earlier in comparison to others have differentcharacteristics that helps in getting success (Berry and Berry, 2018.). When an organisationadopt innovation that for a particular target audience that can be only possible after detailedstudy about characteristics of the target population in better way so that products should be buildaccordingly. To categories people on the basis of their characteristics five established should beframed. In context of transfertravles.com organisation to remain always relevant in market theybring new things and attributes that are rare in nature for organisation to deal in effectivemanner. So it can be proved effective when organisation apply various theories and practices thathelps in follow a definite path. At time of promoting innovation on wide scale organisationsadopts various strategies that appeal in various product categories that are as follows:Innovators:Innovators are the people who first try to bring innovation in positive way in organisation. That kind of individuals are venturesome in nature and also keenly interested to bring new ideasinto practice. People are risk takers and move towards to develop new ideas and concepts.Early adopters:Early adopters are people who represents opinion leaders and possess all kinds ofleadership roles and responsibilities with always deliberate to adopt change opportunities toremain always relevant in market (Christensen, Raynor and McDonald, 2015.). Early adoptersare acknowledge about need to bring change and very much comfortable to adopt and implementnew ideas and concepts. They also uses various kinds of strategies that helps to appeal withpopulation included manuals and information sheets to implement innovative idea into practicalway. Early adopters do not need to convince for bringing changes they are very much consciousfor need of change in organisation.While promoting products and services organisation have toevaluate that in which category they come so that they can choose proper strategy before come into market place so that they can bring right kind of output in organisational growth andenhancement.Early majority:2
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