Innovation Management : Assignment
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Added on 2020-12-09
Innovation Management : Assignment
Added on 2020-12-09
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MANAGING INNOVATIONIN AIRBNB
Table of ContentsINTRODUCTION...........................................................................................................................1Task 1...............................................................................................................................................1Theories of Innovation...........................................................................................................1Task 2...............................................................................................................................................5Implementation of innovation theories to recognise future pathways in Airbnb...................5CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONA volatile business environment can be a challenging place for an organization that isslow in adapting to changes and implementing them in its daily course of operations. Hence, it isvital for firms to be agile in accommodating new technologies, ideas and procedures byemploying continuous innovative activities across all levels. Innovation can be defined asevolution of existing ideas, thoughts and process in a way that provide better solutions to thecustomers for meeting their existing or newly developed needs. This project report focuses oninnovation models, creative destruction and disruption, and gives a detailed account of theirapplication in Airbnb for managing innovation in the business. In addition, the report alsoprovides a critical analysis of how the business has been managing innovation and recommendspossible future development pathways for Airbnb in regards to its products and services offeredto their customers.Task 1Theories of InnovationAlthough new, the concept of innovation has been relevant and popular among all typesof organisations ranging from small business to large ones and private entities to public orvoluntary ones (Bolaji, A. L. A., and et.al., 2013). Over the years many innovation models havebeen introduced that help in analysing different aspects of this concept. In relevance to Airbnb,following innovation models have been chosen to critically evaluate the managing practicesadopted by the company in regards to innovation: (a)Schumpeter's Creative Destruction: An entrepreneur is one who identifies gaps in existing process, products or servicesoffered by an organisation in relation to evolving customer needs or preferences and develops aswell as implements new ideas that completely demolish existing state of affairs and creates morevalue. The concept of creative destruction heavily depends on this definition of entrepreneurs asthe driving force for any changes in the business. It also aims to provide the reasons behindinnovation and its growing importance in recent times.Propounded by Joseph Schumpeter in 1942, this model defines innovation as aphenomenon of 'creative destruction' where existing enterprise process are replaced with newand innovative dynamics (Brail, S., 2017). These may be related to macroeconomic variables
such as business performance, internal structural changes occurring in the firm and operationalstrategies adopted to target various markets. This model looks at innovation as a type of internalchange in the genesis of existing operational frameworks present in an organisation thatultimately leads to new process, products and services.2
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