Managing Innovation in Business (Pass Criteria)

Managing Innovation
in Business

Executive summary
Innovations in today's time plays an important role in the success of the business. This
facilitates the business to add more values in the products and services through which a business
attracts more and more customers. The report has analysed that innovation plays a major role in
the growth of the business. It can be analysed that it helps the business to take the advantages of
the new technology through which they can make the products and services more effective. This
has be evaluated that innovation crates a better image of the business in the eyes of the
customers. This report has included various innovation techniques and capabilities of the
companies that are Mc Delivery, recyclable cups and coffee sustainability. These innovations
facilitated the company to attract more and more customers towards their business. Innovation of
the organisations has been evaluated which they have done in past. This report also included the
present performance of the organisations. SWOT analysis of the company have also been
analysed in order to better understands the internal as well as external factors of the business.
Along with that, PESTLE analysis and Porter's five forces have also been analysed. This report
told about the various innovation methodologies by which it helps the business to perform better
in the market.

Table of Contents
Executive summary .........................................................................................................................2
INTRODUCTION...........................................................................................................................4
MAIN BODY...................................................................................................................................4
TASK...............................................................................................................................................4
The Organisations existing Innovation Performance and Capabilities.................................4
The Organisation and its Innovation History.........................................................................7
The Industry in 2021..............................................................................................................8
CONCLUSION .............................................................................................................................12
REFERENCES:.............................................................................................................................13
Books and Journals...............................................................................................................13
Online...................................................................................................................................13

INTRODUCTION
Innovation is very important for the business as it adds values to the products and
services of the business. This helps in surviving in the competitive market. Innovation helps to
grow the business in the market which ultimately increases the profits of the business. This also
facilitates the companies to take the advantages of new techniques of production through which
products can be produced effectively. This helps in making the better product which adds more
values in the eyes of customers (Yuana, et.al 2021). For this report, McDonald's is taken into
account. McDonald's is a fast food corporation that has operations across globe. It is founded by
McDonald's Philippines in 1940. This report contains the organisation overview and how the
company carry out its operations. There will be discussion of the innovation history of the
company. This also includes the present innovation performance and capabilities of the
company. In last of the report there is a discussion on the present conditions of the company.
MAIN BODY
TASK
The Organisations existing Innovation Performance and Capabilities
McDonald's is American food company that was founded in 1940 by the McDonald's
Philippines. It is the world's largest food chain in terms of the revenue. They started their
business by selling the hamburgers and now they have variety of food items in their menu. They
have introduced various innovations in their business in order to carry out the operations
effectively. McDonald's have the capability to perform much better in the market as they enough
resources with them.
Innovation means applicability of the new ideas practically or to introduce the new ways
and method of production in order to serve goods and services in the market. This is a wide term
as it includes the development of a product and services which serves more values to the
customers. Through innovation effective and efficient product can be produced which helps in
satisfying the needs of the customers (Phan, 2019). It plays an important role as innovation
enhances the competitive power of a company. New businesses can also be set up after
introducing the new products and technologies in the market. Innovation requires skilled and