Innovation and Transfer
Added on 2021-02-19
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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1Types of Innovation theories...........................................................................................................1Transfer travels historical development and the role of Disruptive Innovation and sustaininginnovation :......................................................................................................................................4CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONInnovation can be defined as the process of translating an idea into finished product orservice in order to increase their value. Innovative ideas are replicable that are developed in aeconomical way. The main agenda of innovation is to develop new product that satisfy the needas well as demand of customers. It undertakes effective information, imagination that leaddifferent resources into formulating an effective idea that are useful to develop a new product.The organisation chosen for present assignment is Transfer travel is a medium organisationwhich is operating their business in UK (Tidd and Bessant, 2018). They allow sellers to listunplanned tours that includes flight tickets, hotel reservations and package holidays. Moreoverthey provides travel services such as accommodation, flight, rail-coach etc. In this task differentinnovation theories with its whole details will be mention in this report. Further they are writtento understand the all development stage that are related with organisation. Types of Innovation theoriesIn present scenario innovation is the essential need of all organisation as it helps them tosustain in the market for longer period. Innovation works by developing existing product of theorganisation which governs that they work with to increase the value in its product or services.Moreover it helps organisation to gain an competitive advantage in the industry. In this task twotheories of innovation are mention that helps to understand the process of innovation. Sustaining innovationA sustaining innovation accomplish their objective by targeting high end consumer. Itprovides products that are able to perform better as compare to the productivity of previousproduct (Patti, Yanes and Siuzdak, 2012). This innovation works in a systematic process due towhich there is increase in their performance on day to day basis. It results that it helpsorganisation or companies to improve their performance at peak level. Main motive of sustaininginnovation is to bring positive results by creating a unique update in their existing product.In present scenario travel industry is growing with rapid face which determines that thereis a huge scope in market. Apart from this it helps established organisation to gain competitiveadvantage in the organisation because they are already aware about the market conditions. Themajor benefit that is provided by sustainable innovation is that they helps an organisation to sell1
their products with high profits. As existing organisation are more motivated to capture high areaof market by giving tough competitions to its rivals. While on the other hand they had enoughresources that help them to develop more products.Advantages of sustaining innovationTheir are several types of benefits are provided by sustainable innovation when they areimplemented by the organisation. First benefits which is achieved by organisation is to earn moreamount of profits as innovation increases the value of their products (Owen and et. al., 2013). Itresults that there is increase in the demand of their products due to which more revenue isgenerated by them. The another benefit which is gained by sustainable innovation is thatcompany spend less on the promotion of product. So they are able to cut their cost that increasestheir unnecessary expenses. Some giant companies such as apple, amazon etc. that usessustainable innovation in order to wide their market area by increasing their profits also. Furtherthis organisation also stated that they it improves their productivity due to which there is increasein market awareness of their products. Some methods of sustaining innovationLot of ideas are developed by sustaining innovation that helps them to increase the valueof their products. But to implement them effectively some methods are present that ensure thedevelopment of product and its profits. In this task ways to execute sustainable innovation aremention as follow:Sentiment monitoring- It is an another effective system that is used to collect data whichleads to contain useful information that brings positive results for the organisation. In thisprocess sentiment works as an analysis that allow different brands to monitor their regularperformance (Jensen and et. al., 2016). So it is easy to for them to identify the loopholes thatgenerates barrier in achieving their goals or targets. Product offering- In order to get more number of ideas it is essential for organisation tolisten their customers. It determines that it is mandatory for organisation to listen the feedbackand review of their product. This helps them to improve their product by adopting the essentialchanges that are suggested by customers. Communication channel- The channel defines the way by which an organisation interactwith their stakeholders. Along with this it helps them to approach their customers withineffective way. Like according to present market conditions social media, phones, online portals2
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