Innovation within the Consumer Market

Running Head: INNOVATION WITHIN THE CONSUMER MARKET
Innovation within the consumer market
Name of the Student
Name of the University
Author’s Note

1INNOVATION WITHIN THE CONSUMER MARKET
Table of Contents
1. Drawing on a wide range of literature on innovation...............................................................2
2. Develop a framework that you could use to assess an organisation in terms of innovation....4
3. Describe your framework and justify the critical elements (with reference to the literature)..5
4. The next step is to apply this framework to a particular organisation of your own choice.....7
5. Where are the gaps? What is being done well, what areas need to be improved?...................8
6. Finally, develop a plan to address areas of weakness. You may choose to focus on a few key
areas and discuss them in detail.....................................................................................................10
References......................................................................................................................................13

2INNOVATION WITHIN THE CONSUMER MARKET
1. Drawing on a wide range of literature on innovation
According to the author Slater et al., (2014), innovation is the key towards the business
undertaking of any concerning the business firm. The business firm achieves a competitive
advantage over other firms by making use of the innovation. It is the innovation that transforms
the business firm into a qualitative business firm. Innovation is not only about making the use of
new technology and new ideas to in order to generate a new set of commodities or products.
Innovation is much more beyond that; innovation is not to be compared and addressed with that
of the new creations. Innovation can be better understood as an act and practice of making,
inventing, or producing something. However, innovations can be realized with creativity.
People has to innovate their thinking ability such that they are required to think outside of
the box in order to create incremental enhancements. Innovations result in bigger opportunities
and are vital for the survival, economic growth, and for the success of the company. Innovating
helps in the key driver for optimizing operations. Companies that make use of the innovation are
successful in making the organisation place at a different paradigm in order to identify new
opportunities and best methods to solve current problems. For a better understanding of the
innovation, the qualitative leaders should be open-minded and collaborative in nature. The fact
of feeling comfortable with uncertainty, and manage the changes are some of the behavioural
aspects towards the innovation. Innovative leaders are very risk bearing body that understands
the level of risk and uncertainties that are associated with that of the huge opportunities.
Innovation does not clearly state whether it will lead to huge success or not but it will
surely result in effective business operations. Besides, everyone in the universe is an innovator
because the innovative potential that exists within us. Since we were born, we innovate by
learning by doing. The pitfall is that school have formatted by proving us knowledge us and has

3INNOVATION WITHIN THE CONSUMER MARKET
diminished our ability to innovate, while the ability to innovate is higher valued because
innovation cannot be learned or taught.
Another author Vivarelli et al., (2014), another meaning of innovation stands for the
vision and the aim of one particular business firm. The change of these visions and plans into the
end goals and objectives are is termed as the innovation. The process of conversion of these
ideas and thoughts into realities is referred to as innovation. There are some of the qualitative
factors that are required to be present in order to be an effective leader. It is the leadership vision
and qualities that contribute towards an innovation activity.
Some of the qualitative factors are as follows; they are:
 Should be a leadership body, should possess leadership vision.
 Should be a risk-bearing body.
 Should understand the dynamic changes that take place within the business environment.
The majority of business professionals agree to the fact that innovation is a long term goal
process and requires huge planning and focus. A recent study was conducted by the brand
Accenture, they claimed that more than 90 percent of executives has faith that within the long-
term success of their organization's strategy relies upon the ability to develop new ideas and
concepts (BusinessNewsDaily, 2019).