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Introduction to the Concept of Innovation

   

Added on  2020-06-04

13 Pages4238 Words184 Views
Innovation

INTRODUCTIONInnovation is an effective activity of producing as well as delivering something newwhich may lead in satisfy customers’ needs and demand. With the help of this firm create Byusing this concept business organization easily enhance their performance level by add valueswithin their existing products and services. larger customers base in which they provide thembetter convenience. Along with this, it also aids in capturing customer’s attention towards thecompany products and services (Donate and de Pablo, 2015). This concept also retainsnumber of customers for longer time period. As per today’s business environment, useinnovation concept is more important for business in order to make their competitive place inmarket place. In absence of this firm fails in attaining better results. Present report is based onplan.com, is mobile communication provider to its customers. Plan.com is a small companyas they have less than 50 workers within their business. The turnover of this company is notmore than €10 million. This is the research we choose this company. This report discussedabout concept of innovation with its importance which aid in improving existing product line.Along with this, 4ps of innovation also mentioned in this report. In addition of this, use offrugal innovation in business is also mentioned here.TASK 1P1. Innovation and its significance in enterpriseIn current scenario, innovation is an effective concept of adding new and value methodswithin their process in order to satisfy customers’ needs and demand in effective manner.Basically, innovation know by developing a new product with more efficiency in whichcompany easily create better customers and attain competitive place in market. Byimplementing this concept firm easily offer variety of products and services to its customersfor satisfying their needs. It also defines various ways to enhance their image. Thus byimplementing innovation, plan.com easily offer variety and features services to its targetcustomers. In this, there are some importance of this concept in business organization. Allthese are as follows:Increase productivity level of company: It is considering as an important benefit inwhich firm serve their services at affordable price. This will save time and cost aswell because it helps company at the time of producing better services. Along withthis, new and innovative ideas define various ways to enhance overall productivitylevel at market place. Innovation aid in capturing market share from its rivals.Maintain better communication process: Effective communication is more importantfor every business organization at the time of implementing innovation concept. It isbroad concept and complex as well so that it required effective communication whichmay leads in reducing the chances of arising obstacles in overall innovation process(De Massis And et. al., 2015). It assist in increasing profitability of the company atmarket.Aid in effective utilization of resources: By implementing innovation concept, firmuse all the available resources in effective manner. This will enhance their betterproduction process in which company maintain their quality services and offer to theircustomers at affordable price. This will contribute in enhancing overall performancelevel.

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