Managing Innovation Assignment - Terracycle company
Added on 2020-10-05
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MANAGINGINNOVATION
INTRODUCTIONInnovation is a plan to increase market profits or share through service and productinnovation, it also indicates whether products improvement. It is one of the best strategy thatgrow business profitability and productivity more than others in business world. Managingcreations is very essential for organizations that build their image in marketplace and set uppositive position in customers mind (Saunila, Pekkola and Ukko, 2014). They manageinnovation successfully by focus on clients, be exemplary, open up etc. The present report isbased on Terracycle company which is a private organization in US. It is an innovation recyclingfirm that has become global leader in recycling hard to recycle resources. In this study explainsabout the concepts and theories of innovations and clarify their helps in future development orsuccess of business. It will justify the historical development of one or more service and goods. TASK 1Innovation theoriesTerracycle is recycling organization that runs volunteer based curbside collection systemto collect non recycling, post consumer waste and pre- customer, and then spouse with corporatedonors to turn it into raw materials to be using in new products. Firm licenses their name tomanufactures of roughly 200 goods made using their raw assets. The main products of companyis fertilizer made form vermicompost which is make by feeding organic waste to worms. Theyalways make innovation and creation in their business that build its position in marketplacebetter than another (Lakemond and et.al., 2016). By following some theories of innovationcompany develop their business and increase profits.Diffusion of innovations theory-This theory explain why, how and at what rate new thoughts and technology spread, inthis process innovation is communicated with among participants in social system. Diffusion ofcreations theory are span and varied multiple disciplines (Karakaya, Hidalgo and Nuur, 2014).This model is based on four basic elements such as, innovation itself, time, communicationchannels and social system. Maintain quality of products is not enough for the organizations,they have to focus about market value. This theory provide greater detail and concentrate onwhat rate new ideas and product spreads through certain group. 1
Innovation: Innovation is an idea, object and practice perceived as new by person orindividual. It also is impulse to do something different and unique or bring some socialchange.Communication channels: CC is one of the best way that take message form one personto another, it helps to spread general information across individual. This process has beendone form like word of mouth, social media platform and SMS. Time: It refers to duration of time which takes form individual to get except toinnovations in society. In another words this stage explains time period of people whichthey take to get using new and different ideas or creation. Social system: It refers to interrelated network unit that are joint together to resolveissues for common goal. Social system mean all types of components that constructsociety like institution, religion, group of people etc. In this cycle distinguishes five stages in which products may find itself with five varioususer unit that accept idea or product. Through this theory Terracycle becomes clear how idea orproduct develop among users. Innovators: Innovators are group of people that needs to be first buy or try new productsand they are willing to take risks. They play role as trend setters that help to increaseproduct popularity and maximise sales. Innovators just not create some innovation inexisting product, but get interested in new concepts or products leads them out of localcircle of peers into social relationships that is more cosmopolite than normal. Usually,they have substantial financial assets and ability to understand and use complex technicalknowledge. Early adapters: Just like innovators, early adapters like to try out some new things andnot afraid to invest money in new goods. This group is larger than other groups of peopleand often they already know about new product or service. They integrated into localsocial program more than pioneers. They are considered to be versus, localities andcosmopolite creators. EA usually respected by their peers and discrete using of new ideasand has reputation for successful. Because of their knowledge or understand they areplaying essential role in word of mouth promotion with respect of new ideas as result ofwhich business sales will maximize strongly.2
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