Managing Innovation in Business Cw2

This report discusses the future of the cosmetic industry, innovation requirements, and capabilities for Rimmel. It highlights the importance of stakeholder engagement and knowledge management for future innovation. The report recommends expanding the line of organic products and building capabilities for research and development. Course code and college/university not mentioned.

Managing Innovation
in Business
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Executive summary:
The following report is able to effectively highlight the various factors that pay a crucial
role in promoting innovation for the chosen organisation. In addition to this, it also outlines
factors that are emerging in the environment that require innovation to be solved. The report also
provides vital information relative to innovation process and its effectiveness for the
organisation. Moreover, the report helps in understanding the importance of stakeholder and
knowledge management for developing future capabilities relative to innovation along with the
impact of appropriate culture as well as leadership in order to promote innovation. The below
report suggest that the organization should main its innovation of organic products and try to
instil them in their various existing as well as new products as well.
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Table of Contents
INTRODUCTION...........................................................................................................................4
Purpose of the report and structure..................................................................................................4
MAINBODY....................................................................................................................................4
The future of the industry 2021 and beyond...............................................................................4
The organisation innovation requirements 2021 and beyond.....................................................6
Building future innovation capabilities for the organisation.......................................................8
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................13
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INTRODUCTION
Business innovation refers to an organization's overall process which includes
introduction of new ideas, products and services along with structured workflow and
methodologies. Innovation is business is crucial as it improves existing processes and help to
solve organisational issue (Ibarra, Igartua and Ganzarain., 2019).For the following report
Rimmel is taken into consideration which is a British cosmetic brand which was established in
the year 1834, London, UK.
Purpose of the report and structure
This report will include future of the industry as well as innovation required in 2021 and beyond.
In addition tot his the report will focus on building future innovation capabilities for the chosen
organisation.
Brief outline of key findings from coursework 1:
The analysis of coursework 1 was able to highlight that Rimmel has focused on product
innovation through the introduction of their organic lipstick. Moreover, innovation can be seen in
their indirect distribution. The coursework 1 was also able to outline how various external
environment interacted with the organisation and can have both positive as well as negative
impact on its operations. Furthermore, the use of Porter's five force model allowed to evaluate
competitiveness in the market along with SWOT framework to determining overall internal
environment. The coursework 1 was able to highlight essential resources of the organisation
along with vale chain analysis.
The future of the industry 2021 and beyond.
The cosmetic industry is under innovation process as various organisations are focused upon
utilizing new technology in order to develop products that are highly effective at least cost
possible. The organisation in the industry has also focus on the innovation of organic products to
attract customers.
Business innovation allows an organisation to implement new process along with products and
service with the primary goal of enhancing their bottom line. This can involve launching new
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innovative products and service in the market which can result in higher revenue and solve
existing business problems (Yun., 2017). In context to Rimmel, innovation is a key factor in
order to adapt with dynamic market trends and ensure to stay competitive in market. Innovation
will also allow the organisation to attract as well as retain loyal customers and generate high
level of profitability (Bø Lyng and Brun., 2020). There are various key possible factors that are
driving the innovation in cosmetic industry and need to be considered relative to future. Given
below are few drives of innovation in context to Rimmel:
Technological innovation:
The concept of advance technology is a key driver for Rimmel as it will allow them to
develop new products in effective manner while reducing cost. This will provide the ability to
offer products to customers at lower prices and grab larger market share) (Trapp, Voigt and
Brem., 2018).
Customer trend:
The changing tread of customers has been focuses on using cosmetic products with no
chemical additives. This is advantageous for Rimmel as their innovative organic products can
cater to the changing trend and ensure to attract loyal customer base in an optimal way (Leyden
and Menter., 2018).
Environmental innovation:
The role of environment has been a crucial driver for innovation as it is forcing various
cosmetic organisation to stop production of products that harm the environment. This driver of
innovation is in favour of Rimmel due to their existing like of organic products. In addition tot
his environment innovation allows the organisation to build positive brand image relative to
customers (George and Schillebeeckx. eds., 2018).
Social media marketing:
The trend in marking has been altered which has forced organisation to pay emphasis on
online marketing in order to attract larger customer base. The marketing at Rimmel will have to
focuses on enhancing their online presence in order to have effective marketing which in not
only essential for current situation but for the future as well (Boons and McMeekin. eds., 2019).
Emerging issues in cosmetic industry:
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There are various issues that are existing within cosmetic industry which can be solved
through implementation of innovative ideas as well as products and service. Given below are
various issues within cosmetic industry that Rimmel solve through innovation:
Market shift:
The overall cosmetic market has shifted in recent times and have been more forces upon
online sales. This can have a negative impact on the sales of organisational outlets. In context to
Rimmel, it can solve this issues through utilization of technological innovation and focuses on
developing online stores in order to attract large customers base and generate high profitability
(Spieth and MEISSNER NÉE SCHUCHERT., 2018).
Customer awareness:
The customers within the cosmetic industry have become aware of the ingredients used in
the production of cosmetic products and have altered their trend towards products with organic
ingredients (Van Looy., 2019). In context to Rimmel, the organisation has a line of organic
product which will allow the business to negate this emerging issue in the industry with relative
ease.
Sustainability:
The factor of sustainability has been an issue for the cosmetic industry as production of
products require sourcing of material that are harmful relative tot he environment. In context to
Rimmel, development of organist products through sustainable technique will allow to promote
innovation which will be beneficial in current situation as well as in the future (Szambelan, Jiang
and Mauer., 2020).
The organisation innovation requirements 2021 and beyond.
The identification of factors that promote business innovation is crucial in order to
develop new products and services which will ensure high level of profitability as well as
customer satisfaction. Although its is also vital for an organisation to identify how it is going to
respond to the factors and instil innovation in order to be successful in future (Chatzoglou and
Chatzoudes., 2017). In context to Rimmel, there are various factors that are promoting not only
the organisation but the cosmetic industry to instil and accept innovation. The implementation of
innovative ideas will ensure high level of growth as well as profitability for the organisation
(Linder and Williander., 2017).
Recommended areas of innovation:
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The recommend are of innovation is already in progress within the organisation. The
company if offering innovative organic lipstick that is produced through new technology in order
for the product to be sustainable and effective:
Innovation gaps or innovation opportunities:
The organization has the innovation opportunity to expand their line of organic products
in other items of their portfolio in order to expand their offering within the market.
In order to understand the implementation of innovation Pentathlon framework along with
Simple model of innovation are utilized and elaborated below in context to Rimmel:
Pentathlon framework:
This framework focuses on identifying five key elements in order to enhance
performances. This framework allows an organisation to work upon the idea of innovation and
ensure that it is successful in its implementation. In context to Rimmel, this framework will be
the key to successful innovation and eliminate the changes of failure (Chesbrough., 2017)
(Chandler., 2020). Given below are the five elements of the framework:
Idea:
This element of the framework included creativity and ideation along with the R&D
process. It consists of understanding process related to creativity and tool required for assistance.
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Moreover, it included traits and characterised of people along with creating new products and its
characteristics. In context to Rimmel, the organisation is able to effective understand the
changing trend of customers and developed organic products. This innovative idea is supported
by the business strategy of product differentiation which allows the business to have competitive
advantage in the market and be innovative. In addition to this, the overall idea will help in
expanding the portfolio of products enabling the organization to expand its offering within the
markets which will help in expanding the business along with increasing it market share
Mangelsdorf and Posner., 2017).
Prioritizing:
This element focuses on prioritizing as well as selecting essential aspects such as strategy
relative to innovations. It also included understanding competitive differentiation along with
capabilities required to implement innovation (Clegg, Pitsis and Mount., 2021). In context to
Rimmel, the organisation has to prioritize the innovation aspect of developing new products and
utilizing technology as primary components for effective achievement of innovation. The overall
idea that has to be prioritized is to develop organic products in order to expand the current
portfolio of products which will help in gaining completive advantage within the market and
ensure widening of customer base as well.
Project management:
The following element of the framework pays emphasis on effective management of the
project involving innovation in order to ensure its success in implementation. This element
allows managing of essential elements required for innovation. In context to Rimmel. The
various resources of the organisation such as its financial and human resources are effective in
managing changes related to innovation. This can provide high level of performance to the
organisation and ensure success of innovation.
Innovation strategy:
This element is concerned with developing innovation strategy in order to guide and
influence idea selection along with implementation. In context to Rimmel, the organisation been
in the market for a substantial amount of time which has provided them with experience as well
as effective understanding of their target audience. This will allow the organisation to develop
optimal innovation strategy that will assist the implementation of innovative ideas.
Enterprise culture:
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This element if focused upon people and the organisation that can effectively manage
strain relative to taking on risk and business imperative to minimise failure of products and
services (Rendtorff., 2021). In context to Rimmel, the organisation has a well established work
force along with aligned business operations that will allow them to effectively implement
innovative ideas for their products. This will allow in ensuring that the organisation is able to
gain competitive advantage in market relative to future.
Building future innovation capabilities for the organisation.
It is vital for an organisation to develop and enhance its capabilities in order to promote
future innovation. This ensures that the organisation is able to adapt to changes and develop
suitable strategies that are aligned with innovation. In addition to this, it allows to have effective
understanding of experiences and gain vital information that is necessary to introduce innovation
within an organisation. In context to Rimmel, structured building of capabilities is essential for
future innovation as it will allow the organisation to develop innovate strategies than will provide
assistance to the business in future. The organisation can focus in instilling innovation within its
research and develop of new products as the aspect of organic items can further be developed in
other products. This will lead to expansion of organic product portfolio and boost brand image of
the company. The area of innovation can consist of make-up line, eye lines along with face
creams that focus on the element of organic items.
Given below are various future innovative capabilities for Rimmel:
Engagement with stakeholders:
The engagement with stakeholder is essential for an organisation in order promote future
innovation capabilities. It allows an organisation to ensure that their stakeholder is aligned with
their innovation strategy which will provide high level of performance as well as satisfaction
(Grasser, Loufrani-Fedida and Oiry. eds., 2021). In context to Rimmel, the engagement with its
various stakeholder will allow the organisation to instil innovation for the future and build
structured relations what are essential for growth. Given below are various stakeholders of the
organisation:
Suppliers:
The positive relations with suppliers allow the organisation to promote innovation within
their products as they are able to acquire raw material that is necessary for innovation such as
organic good. This enables the business to innovates its existing and new products (Ahn., 2020).
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Customers:
The customers have a massive impact on the future innovation of Rimmel as the
changing trends and customer behaviour force the organisation to instil future innovation relative
to products. The innovation of organic products will allow the organisation to establish a positive
relation with their customers (McMurray and De Waal eds., 2019).
Employees:
The employees of Rimmel are essential to instil future innovation within the organisation
they will help in development and production of innovative products for the organisation and
will ensure that organisation is able to maintain high level of performance along with
productivity (Brand and et. al., 2019).
Community:
The organisation has to implement future innovative in order to ensure that Is is able to
adapt dynamic changes of community relative to their preference and trends. This allows the
organisation to develop specific innovative products that are optimal in developing vital relations
with the community. Although there can be challenges within communication such as difference
in goals and objects that can lead to ineffective communication and negatively impact the overall
aspect of innovation for the organization as well as stakeholders. (Meng and Brown., 2018).
Knowledge management:
The concept of knowledge management is vital for future development of innovation at
Rimmel as it allows for the creation and maintenance of competitive advantage through effective
utilization of knowledge as well as collaboration practices. The knowledge management will
allow the organisation to develop structures innovation program which can be complex due to
the changing needs of customers along with extensive pressure from rapid technological changes
(Buenechea-Elberdin, Sáenz and Kianto., 2018). In addition to this, the knowledge management
in future innovation is vital as it is a resource that can be utilized in order to reduce complexity in
the innovation process and overall managing of other resources. Moreover, innovation is highly
dependent of availability of knowledge and therefore the complexity created by the saturated
reach of knowledge has to be recognized and managed. The high level of knowledge and its
effective management allows for the development of innovative products (Jayakumar., 2017).
The overall application of knowledge management is highly beneficial for Rimmel as it
will improve their innovation process and effectively integrates both internal as well as external
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knowledge to the organisation. Although there can be various issues and challenges in
knowledge management as well such as issues in collection of valuable as well as credible data
along with complexity of analysing the data which the organisation has to consider in order to
have effective knowledge management. (Evans and Bosua., 2017).
Knowledge management activities:
Collection activity:
This knowledge management activity allows the organization to gather valuable data
from their customs as well as their competitions in the markets relative to product price, demand
and preference in order to develop products.
Analysing activity:
The organization further focuses upon analysing the collected data in order to determine
aspects when developing strategies related to market segment, product price along with customer
product demand.
How are these knowledge management activities creating new innovation opportunities for
Rimmel?
The knowledge management activities of collection and analysis allow the organisation
to understand what products are preferred by their customer base. This helps the business to push
innovation in the particular product segment and ensure they gain competitive advantage.
Change management issues and strategies for overcoming possible resistance to change:
The concept of innovation promotes change within an organisation which can have both
positive and negative impact within the organisation and its functions. Although innovation
allows an organisation to enhance its performance as well as productivity through development
of new products and service, it can negatively impact the organisation through resistance form
employee's. In context to Rimmel, the innovation will allow improvement of their overall
business functions but can raise the issues such as increase cost of change relative to innovation
along with internal resistance (Bahrami, Atkin and Landin., 2019). In addition to this, change
innovation can also lead to selection of wrong choice of innovation strategy. In order to negate
the neagtive impact of change the organisation can use change management models that will
ensure effective implementation of change. Given below is Lewin's change management model
which will help in implementing changes relative to innovation:
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Lewin's change management model:
This change management model was developed by Kurt Lewin and involves three steps
that are unfreezing, change and refreezing. The model helps in change process and develops the
perception that change is required in order to innovate and achieve desired level of organisation
objectives. Given below are the three steps of the model in context to Rimmel:
Unfreezing:
This step of the model is concerned with the behaviour of individuals in the organisation
relative to natural resistance to change. The objective of unfreezing stage is to develop an
awareness regarding how the status quo or current level of acceptance that can hinder
organization in achieving innovation (Richter and et. al., 2019). In context to Rimmel, this stage
will allow the organisation to introduce the innovative changes related to implementation of new
technology in development of their products (Boonstra., 2021). This can cause resistance from
employee's as there will be alterations in procedure to produce products.
Change:
This stage of the model is focused upon implementing changes necessary for promotion
of innovation within the organisation. During this stage individuals of the organisation will learn
the new behaviour, processes and ways to think relative to innovation. In context to Rimmel, at
this stage the organisation will be able to effective introduce changes and enhance their overall
performance. In addition to this, the organisation will be able to effectively manage their
workforce and align them towards acceptance of innovation in order to grow and be successful in
market (Ndubisi and et. al., 2020).
Refreezing:
This is the final stage of the model and involves the acceptance of the changes of
innovations within the organisation. It allows to effectively change organizational processes,
goals along with structure to be aligned with innovation. In context to Rimmel, at this stage of
the model the organisation will have the ability to ensure that he change for innovation is being
accepted by their organisation. This will allow in the development of future innovation aspect
that will provide business with improved profitability along with being competitive in market
(Biemans., 2018).
Strategies to overcome resistance to change:
Employee engagement program:
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This strategy allows the management to develop positive relations with their employees
in an effective manner through the development so of structured communication channels. This
helps the management to gain vital input from their employees while introducing change and
take optimal measures to reduce resistance.
Reward systems:
The reward system strategy helps an organization to provide their employees with
rewards who are pro towards the new changes introduced by the organization. This helps a
business to eliminate high changes of resistance from employees and provides essential support
in making employees confortable relative to the new changes.
Organisational culture:
The specific culture of an organisation plays a key role in ensuring that innovations is
promoted within the business. This is vital for a business as it helps in attain high levels of
growth as well as success. In context to Rimmel, it is crucial for the organisation to focuses on
developing and altering its organisational culture towards a suitable innovative culture that will
promote creativity and innovation (Vladova., 2018). In order to instil innovation within the
organisation its is necessary for the business to adopt innovation organisational cultures as it
helps in fostering innovation and allows the business to have the ability to make rapid decisions
and improved internal process (Meredith., 2017). This will be highly beneficial for Rimmel as
they will be able to adopt a proactive approach to the changing trends in the market and develop
optimal as well as innovate products for their customers. In addition to this, it will allow the
organisation to enhance the overall satisfaction of their customers resulting in higher
profitability.
The change in organisational culture will allow the organisation to have differentiation
factors which will allow the to gain competitive advantage in the market. Moreover, it will
enable the organisation to accept future changes as well which can proved high level of
productivity and help in establishing a higher level of productivity (Hamdoun, Jabbour and
Othman., 2018).
Leadership:
Leadership is an essential part in promoting and implementing innovation. The leadership
of the organisation ensure that innovation is introduced in order to gain advantage in the future
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and to enhance the current operations of the business. In context to Rimmel, there are various
leadership that the organisation can adopt in order to promote innovation that is essential for
future capabilities. Some of the leadership styles are mentioned below:
Authoritarian leadership:
This type of leadership style impose expectation and define overall outcomes from
employees. These leaders are able to proving team members with clear guidelines (Addis and
Rurale. eds., 2020). In context to Rimmel, this leadership style can help in implementing
innovative changes in an effective manner and reduce the changes of resistance for employee's
(Reficco and et. al., 2018).
Participative leadership:
This leadership style is focused on democratic theory and allows the employee's to be
involved in the decision making process of the organisation. In context to Rimmel, this
leadership style can help the organisation to involve employees in decision making process
which can help in promoting innovative as well as creative ideas in order to solve complex
problems (Tranekjer., 2017).
Delegation leadership:
This type of leadership pays emphasis on delegating duties and roles among employee's
in order to ensure motivation of employee's as well as improve their responsibility skills. In
context to Rimmel, this style of leadership will allow in motivating the employee's to be creative
and develop innovative technique in order to enhance their overall productivity (Jansen,
Steenbakkers and Jägers., 2017).
Transactional leadership:
This style of leadership is concerned with establishing a transaction system of exchange
such as rewards for the employee's. This allows the leaders to improve the performance as well
as productivity of team members (Rangone., 2020). In context to Rimmel, this style of leadership
will allow the organisation to understand their employee's and appreciate them through rewards
when their accept changes relative to innovation. This will provide assistance in promoting
innovation and increasing productivity (Radeka., 2019).
CONCLUSION
From the above report it can be concluded that, it is essential for an organisation to
identify various factors that can have both positive as well as negative impact relative to
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innovation in order to develop suitable strategy. In addition to this, its is concluded that an
organisation should utilize innovation framework models in order to ensure that its innovation
process is effective as well as efficient in its overall implementation. Moreover, the organisation
has to focus on understanding their relationship with their stake holders as well as have optimal
knowledge management to ensure change for future. Furthermore, the organisation should have
suitable organisational culture as well as effective leadership.
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