Innovation and Future Growth Strategy

This assignment delves into the crucial role of innovation for a company's success and future growth. It emphasizes the need to analyze customer requirements, product innovation, and service development. The report outlines various strategies and approaches to cultivate innovation within an organization, highlighting the importance of leadership, information sharing, and collaboration in fostering a culture of continuous improvement.

MANAGING INNOVATION
IN BUSINESS - 2
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EXECUTIVE SUMMARY
This report is based on the concept of business innovation and its management.
Innovation is help to enhance it business growth and profitability. This report is based on the
Greggs plc which is a bakery chain in the UK. The major objectives of firm is to provide best
and fresh food to peoples. It is the strong and trusted brand they are provided fresh bakery foods
and products to their customers to compete successfully in food market. Company serves the
various products and services to customers.
The second part of the report illustrate the overview of Greggs and its innovation
business. This report is presented by the evaluation approach which are related to the business
data, sources of induction and appropriate methodologies. That are help to identify drivers of
innovation with the business and its environment. Company are use this for improve it brands
image at marketplace and also to make innovative ideas for enhance growth in the business.
This report is also covers by leaders support to make business plan for the future growth
of company in marketplace. Leaders has make the effective and valuable strategies and also give
motivation to their employees and staff members for giving their hard contribution to achieve
goals and objectives of company. This report is covers by the future of bakery product in 2020.
This report such as covered by the discussion of the importance of organisational
knowledge. Organisational knowledge is best and important for analysis work and that
knowledge is helped to make plan and strategies to compete successful with their competitors.
For that, leaders and manager have to share the knowledge with their followers and also with
employees for best work of result. Cross functional co-operation has helped to analysis and
assess capability of innovation blockages. Like if manager are known about their blockages then
they are able to removes it.
The report has also covered by the analysis of innovation requirement like new product
and services. For the further growth company have to introduce new product and services at
marketplace. By these customers are attracted towards the company and with this profit of firm is
increased. This help in the future growth of company. By this company has done the successful
development for their new product innovation. For that manager and leaders have to done the
appropriate organisational audit for introduce new product and services at marketplace.
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The company in 2020 will reach to their aims and objectives which are it the best and
effective. That reach out the ways of growth and success of the company. The serves their
services at the local market in the future they serves in whole market.
The main product for the future is the cupcakes, sweets and deserts.
The main competitors of the company is other and branded bakery shops and malls.
The main threat from the main their competitors, new technology and changes in
customers needs and wants or preference.
The main opportunities are the new technology for making bakery product and
equipments. Most of the childes are attracted towards the bakery this is also opportunities for the
company.
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Table of Contents
EXECUTIVE SUMMARY ............................................................................................................2
INTRODUCTION...........................................................................................................................4
THE FUTURE OF BAKERY INDUSTRY IN 2020......................................................................4
THE ORGANISATION INNOVATION REQUIREMENT 2020..................................................6
BUILDING FUTURE INNOVATION CAPABILITIES FOR GREGGE.....................................7
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................14
APPENDIX ...................................................................................................................................15
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INTRODUCTION
Managing innovation is important for the business and its future growth. Innovation
management is includes a set of tools and technicians which are help to manager and engineers
to cooperate with the common and effective understanding the process and goals of organisation.
Innovation is important for the management and business for attract more customers towards and
also to increase profit of firm (Biemans, 2018). By innovation company manager is able to
compete with their competitors very effectively. It is describes the decision, activities and
practices that are move and give the ideas of work and purpose of increasing business values.
The main purpose of this report is based on the future of bakery product and its growth in
industry. That is focus on development of new product, services or technology. Present report is
based on the “Gregge company” which is the largest bakery chain at UK. Company serves to
their customers such as bakes food, sausage roles and sandwiches, sweets which is doughnuts
and vanilla slices. Company has the 22000 numbers of employees with 208 stores. The study
lays emphasis on the future of industry in 2020. It will show innovation requirements to the
organisation. It is important for the business and its growth. Report will also show the building
future by innovation and also capabilities for the organisation.
THE FUTURE OF BAKERY INDUSTRY IN 2020
Global market is provides market on the different and various segments which are based
on the types and distribution channels which are depends on the market size and scope. Most of
the peoples are like to eat the bake foods and product as per that they are gone ahead to bakery.
The future of bakery product and services in 2020 is in growth and success. That is effective and
valuable for the company and also to whole bakery industry. It is the success for business and
also growth by introducing new product. Such as the competition of the energy drink in the
market are had most crucial and at high level growth (Carayannis, Sindakis and Walter, 2015).
Market outlook to 2020 the market size, growth and forecast analytic is the broad level of
marketing and also overview of global services. The energy drink is has the effective and
valuable drink for the peoples. The company has provided the energy drink to their customers.
Healthy drink is not harm to people. The growth of bakery product is plays an important role in
the peoples life. Bakery product has the highest opportunity out there for the enterprises.
Forecast to 2020 covering they key market elements such as the values and volume for the
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survey. In the 2012 – 2015 whole market sales their product with the help of distribution
channels and also at that years sales of bakery product is increases slowly. Now days the
youngsters, kids, man and women are also like the bakery food and attracted towards it with high
potential. The growth of bakery market is the best and valuable in the future of 2020 they grow
highly and its profit and productivity is also plays effective roles. The global report of bakery
product market is expected grow in the more than 6% in the 2016 – 2020 (Cohendet, Parmentier
and Simon, 2017). By that have various heath benefits for the peoples because they are use the
gluten free bakery products helped to increase their publicity in their local client country. Most
of the peoples are attracted towards the bakery product and services. They are like mostly to
cakes and pastries.
The main product and foods item of bakery industry is the energy drink. This product
have lots of competitors in the market and also high brand competitors. The company has the
high level of competition at the marketplace. The energy drinks competitors in the whole bakery
market is juices, Tropicano, Mazza and so on. Hat have faced the problems which its legislation
which is the food safety act 1930. This act is provide the framework for the food legislation and
create offences in relation to safety, quality and labelling of product. The second law of food
legislation is the food standard act 1999. The aim of this law is to protect public and customers
health and making sure the foods business is operates in their boundary. The main responsibility
of this business it to make the best quality of food.
Bakery organisations such as Magnolia Bakery are today one of the biggest names in the
industry. The company's desserts and especially its cupcakes are one of the best selling products
around the world. The company has seen a rapid growth in its selling of products and services
due to the provision of clean food and healthy available desserts which none of the other
competitors are offering. This explains that the customers are becoming more health conscious
and there is a large requirement for the production of products and services which are organic
and would ensure better well-being of people.
There have the threats and opportunity for the energy drink which is introduced by whole
bakery industry at marketplace. The main threats, it is directly harm to peoples and also create
various health issues which has faced by the peoples (Frow and et.al., 2015). In that have to take
care of the people's health and use quality of product in their energy drink. But in the contras
have some opportunity for the bakery industry. That is main drink which is peoples want and
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awaits for that in the marketplace. At that the whole industry of bakery introduce the energy
drink in that more peoples are highly attracted and purchase it high. It is very important and
valuable opportunity to the whole bakery industry by introducing new product which is energy
drink.
Panera Bread is another bakery-cafe chain store. It is one of the largest organisations in
the world which is serving the customers from different ethnicities, cultures and of different food
preferences. Its soups, pastas and espressos are one of the major liked and consumed drinks
around the world. It has been seen that the company is growing rapidly and the major reason
behind its that its provision of fresh food to the table. In this context, it can be evaluated that the
future consumers are more wanting towards the food which is fresh.
It is effective and valuable for the growth of company at that they are opens their lay outs
in super market and shopping malls. It is effective and valuable for the growth of company. Now
day's bakery products are sale in super market at that various peoples are come for enjoy and
they are attracted at that. By this continues growth in the sales of bakery product surly help to
rise and make good future of the bakery industry in 2020. At the present the bakery manager are
use the best quality of product and also gluten free ingredients. This have drives the demand of
functional ingredient (Harhoff and Lakhani, 2016). They are use the organic bakery industry
products for serves to customers and they are highly attracted by this at marketplace. It is
effective and valuable in the past few years and also to the future growth of whole industry.
Bakery organisations such as Magnolia Bakery are today one of the biggest names in the
industry. The company's desserts and especially its cupcakes are one of the best selling products
around the world. The company has seen a rapid growth in its selling of products and services
due to the provision of clean food and healthy available desserts which none of the other
competitors are offering.
THE ORGANISATION INNOVATION REQUIREMENT 2020
Innovation is important for the management because of high growth and profit of firm.
Innovation is the basic need and requirement of the Gregge for better growth and give experience
to peoples. It is effective and valuable for the management for making it effectively. There is
required for manage better experience in the marketplace. The Gregge is innovation requirement
in 2020 is effective. By the innovation company is able to know about their customers and their
requirements. As per that customer are highly attracted towards it for making and creating goods
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and services. Company is lunched the new product that is energy drink because most of the
customers are highly attracted towards it in the summers and also in winters. For that there is
required to maintain and build new product and services at the marketplace (jansen, 2017).
The positive innovation is based on the growth segment energy drink is driven forward
by new flavourer energy drink. Innovation in the bakery products are effective and valuable for
the customers. Innovation is carries the classic, sour, energy juice and also zero sugar. Peoples
are like more an more that products. In the bakery product they are innovate low sugar cake and
and also sugar free cookies. Peoples are like sugar free product because of this is not harm to
peoples and his life. Innovation is required for build trust of customers and manage conflicts at
the marketplace. It is effective and valuable for the company to manage it at marketplace. Like
company is introduce new product and services to serves customer and make extra profit. In that
they try to include quality of product and also ingredients.
By these customers are highly attracted and also help to build trust of customer on the
brand and company. This trust is helpful for managing innovation in new product and services or
it is very important for manage and build trust of customers. Innovation is help to solve the
problem which are related to the products and services at market place. Gregge has introduced
the new product which is energy drink. This drink is give instant energy to the customers. With
the help of this new product problem of profit and customer loyalty is build.
It is very effective and valuable for managing it at market place in 2020. By the new
product implementation company have the best opportunity to attract customers in the 2020. For
that they can use effective and valuable tools and technologies (Nohria, 2017). An innovation
strategy is needs for inspiring and describe a desirable future state for the company. For the
innovation in the product there is need to mind set which type of product is suitable to the
customers requirements. The process of innovation is need to be open and also share to the
employees because of employees are also part of the company and in the product innovation
they are plays important role. Only they are give the proper shape to the product and make it
effective. Those are the requirements of the Gregge in 2020 for improve brand image and also
build trust of employees by introducing new product at marketplace.
BUILDING FUTURE INNOVATION CAPABILITIES FOR GREGGE
The company Gregge is one of the finest bakery companies. It is capable enough to reach
new developments and ensure that desired growth is being achieved. The first and the foremost
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requirements of the company is its need to develop such products which can meet the future
needs of the bakery industry. In order to do this, the organisation first need to develop its needs
in order to ensure that desired growth and development is being achieved. The resources which
the organisation carries is better employee base which are able to cook and prepare large amount
of bakery items to serve the desired consumer base. Along with it, the company is having easy
availability of required raw materials which can help the organisation to grow and develop their
products and services. The products which the company as per the future requirements needs to
launch include a variety of sweets, desserts and drinks as well.
The innovations which the company can bring forward includes the development of fresh
breads. Breads often becomes stale until they reach to the customers. The company can make use
of new research and development in order to understand the factor which can keep the breads
fresh for a longer duration. Innovations of fresh breads can help the organisation in reaching new
developments and gain a better customer market.
The other innovation include the innovation of energy drinks. Energy drinks are one of
the best products which can be launched by the company. An energy drink is the most preferred
drinks of the people. Innovation of such product can help the company to reach new
development and achieve better growth in the near future.
The above evaluations showcase that the other important innovations which can fulfil the
demands of future is the production of organic food and products. Gregge can innovate products
which are made from organic raw materials. This innovation can help the company to attract new
customers and achieve good growth.
Innovation capabilities are ability of a Gregge transform an idea into do new for carries
an economic values. Innovation capabilities are related to the business and organisational
capabilities is related to the creation of new product and services. Company is lunched new
product and service which is energy drink.
It is effective and valuable for the business and it growth. Innovation capabilities can be
develop by the team work with their leaders and also take time to time guidance to them because
of this help to improve innovation capabilities at marketplace. Improve innovation by
considering following trams and regulations:
 Evaluating innovation by giving best practices of critical thinking as per market analysis.
 Building capability to define and lunch new growth of business (Schoemaker, 2015).
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 This help to creating and renew the culture of the innovation also share vision, objectives
and committed leadership.
 This may do by the customer by organizing around the customers.
 Improving and developing the next generation of innovation leaders.
 Establishing and improve fast and smart decision making at the marketplace.
Those are help to improve the innovation capacity at marketplace and also in the growth of
company. Capacity building is increasing towards the future.
The below explained Roadmap showcases the steps of the company to build future innovation
SUGGESTION
There is need to analysis the all factor and its price in the marketplace. Changing in
demographic and shifting customers tastes and preferences. Those are affect bakery product
development and production. Bakery must consider their short and long term growth strategies.
In the bakery is requires lots of products and raw material requires. At that manager have to
analysis all those cost like what is price and cost of raw material like baking power, soda, fruits,
equipment and labour then they are able arrange all the products and equipment at their business.
For example: innovative product is flavour drink and sugar free cakes or cookies. For that they
are requires the lots of raw material.
Second is known about their goals and objective of firm. It is effective and helpful for
managing the innovation at marketplace. For that manager are requires to analysis the need and
wants of customers. This help to sets their goal of product and its services. For example: the
product is the sugar free cakes and cookies. In that case manager have to know about the
preference of customers. By this they are able to understand goals of product.
REASON
Incentives package is based on investment capital and also create new jobs. Now days the
bakery products and business, job and taxes revenue encourage the bigger incentive package
with the help of sugar free cakes and biscuits incentives are also higher at the marketplace. For
example: this products are sells at marketplace and customers are purchase highly then growth
ans also generate money.
That is the road map of innovation by th9is manager is able to grows in the marketplace
and also at industry. This creates the lots of opportunities for advance growth. By this manager
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get the idea of cost of product, goals and financial incentives. With the help this manager can
make effective and valuable product.
IMPACT OF CHANGE
There is need to contribute the differentiation and it is the process of make innovative product
and services at the marketplace for improve the capacity of innovation. Some points which are
help to build innovation are as follows:
For improve capacity of the innovation there is required to make clear link to the purpose
of innovation like why need to innovation for growth, profits, trust build, loyalty build,
customers attraction and so on. By this manager of Gregge is able to create and make clear link
between the innovative product and services. Innovation is always helped to make success in the
future (Snihur and Tarzijan, 2018).
Research and Development
Future of company is depends on capacity of work by employees and also managers.
Like employees are work together for the growth of company. At manager of Gregge have to
give time to time training and development program for improve capacity of performance which
is give by employees. There is need to learning and exploring time of work and try to
commitment to sustain learning. That is help to make the good future of the company in 2020
and also improve capacity of innovation.
Required resources
Employees and manager have lots of ideas which are help to improve capacity of
innovation. In that case there is required to share all the knowledge and information to other. By
these ideas are exchanges and that are used in the innovation of new product and services. It is
effective and important for managing it. Like when knowledge, information an idea are together
then one new product is generated and this help to improve innovation capacity (Sund And et.al.,
2016).
Technical skills required
Technology is the most important and dominating part of innovation without technology
uses result of innovation is not good. At that manager of Gregge have to align peoples for work
by using appropriate technology. By this result of innovation is good and also in proper manner.
Those alignments are help to improve capacity of innovation in the future and also build it
effectively.
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Legal aspects/Compliance
For the building future innovation capacity, there is required to operate dual mind like
work and critical thinking together. Innovation need to make balance between exploring and
exploiting because of making it effectively. Need to tackle innovation in two different thinking
by learning. For that there are needs to do research on market place like needs and wants of
customers related to the food and bakes food, delivering the possible and effective result or
values of generating activities by recognising the balance of exploiting and exploring. That
separation is help to make the effective and build future innovation capabilities (Talukder, 2016).
Cost of Change
For the building innovation capacity there is required to create the sustainable value of
product and services at marketplace. Employees have the skills and also have the effective and
valuable behaviour which is help to make the product effective and valuable but more customers
are attracted towards it. Skills and behaviour of employees are help to work together at
marketplace for attract more customers. That is help to build the future innovation capacity of the
brand.
FEASIBILITY
There is need to make the effective and valuable growth of the company in the future.
That is very important for building future innovation capacity at the marketplace. That is help to
attract customer towards it and also build trust and loyalty of customers. Capacity building
approaches are help to build future innovation into being sustaining the business needs. By this
manager of company is able to compete effectively with their future competitors. There are also
some legislation are impact to introducing new product and services such as the food safety act
1930 and the food standard act 1999.
APPROVAL PROCESS (By formal meeting and Board Meetings)
Both are give responsibilities to food manager to take care of the peoples and other hand the
standard food act is says that protect the humans form the food. Gregge manager have to follow
the both legislation in appropriate manner because that are help to stable quality and quantity of
product and services. By these customers are highly attracted towards it (Tell and et.al., 2017).
APPLICATION OF CHANGES
The uniqueness in the product and services are potential have opportunity for company
and its has the high purposeful in commitment intent to build the capabilities, capacity and
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competencies on the basis of uniqueness. Innovation means the different things to different
peoples and often in the specific context. The key to build future innovation capacity is considers
the three thinks which are as follows:
REVIEW AND THE IMPACT OF CHANGE
It is the important key of building future capacity of innovation. For that there is required
to maintain and rethinking on their existing business strategies. High level business strategies are
related to the innovation and changes is key. Long term business strategies useful guide for
potential to rapid effect. Make high level of business strategies are help to make the effectiveness
to peoples and also help to build future innovation capacity (Wei, Thurasamy and Popa, 2018).
Building innovation culture is effective and best key of building future innovation
capacity. Development in the innovation ideas are help to make the effectiveness for future
growth of company. Like culture and environment of the company is good and best then
employees are able to done their work within the time and also with the best result of work. If
employees are give their hard contribution to achieve future goals and objectives of Gregge. It is
help to build future innovation capacity.
Those are key of building future innovation capacity of Gregge. With the help of this
company is bale to gain high quality of result and outcome in the future (Building innovation
capabilities, 2017). Future growth is very important aspect of the company. Review of the
business strategies and structure are help to maximise employees and executive engagement. For
that there is need to define and measuring the strategic leadership competencies for innovation
through the organisation.
CONCLUSION
From the above study it had been concluded that the innovation management has
important for future growth of company. That has plays important role in the company for better
success and profit of firm. For the future growth of company have to make the new product and
services because of that more customers has attracted towards it. The new product has various
competitors in the future and that has affected to the business and its growth. By the new product
has the various opportunities to build and increase growth in profit and also has threats. For
overcome the future threat manager make strategies and use their opportunities to reduce it from
the marketplace. Report has also covered by the requirement of innovation in the future. This
analysis has been effective and valuable. For that have need to clear link with the vision and
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market goals of company. Market goal of this company has attracted more customers towards it.
It has important to analysis the requirements of innovation in company product and services. It
had been also covered by the building future innovation capabilities for the organisation. That
has also important for the company for the future growth and goals of company. For that report
has included by the various strategies and approaches has help to build future innovation growth
and capabilities. It has very important for the future growth. Leader and manager has share ideas
and information for work done. That has help to make and build perfect future of company. By
that future innovation capacity has build and developed by the manager.
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REFERENCES
Books and journals
Biemans, W., 2018. Managing innovation within networks. Routledge.
Carayannis, E. G., Sindakis, S. and Walter, C., 2015. INTRODUCTION. The Journal of
Technology Transfer. 40(1). pp.85-104.
Cohendet, P., Parmentier, G. and Simon, L., 2017. 13. Managing knowledge, creativity and
innovation. The Elgar companion to innovation and knowledge creation. 197.
Frow, P. and et.al., 2015. Managing co‐creation design: A strategic approach to innovation.
British Journal of Management. 26(3). pp.463-483.
Harhoff, D. and Lakhani, K. R. eds., 2016. Revolutionizing innovation: Users, communities, and
open innovation. MIT Press.
Jansen, W., 2017. New business models for the knowledge economy. Routledge.
Nohria, N., 2017. Fast forward: The best ideas on managing business change. Business Review.
9. p.10.
Schoemaker, P. J., 2015. Strategic approaches to managing uncertainty. Decision Strategies &
Wharton. 19.
Snihur, Y. and Tarzijan, J., 2018. Managing complexity in a multi-business-model organization.
Long Range Planning. 51(1). pp.50-63.
Sund, K. J. And et.al., 2016. Managing tensions between new and existing business models. MIT
sloan management review. 57(4). p.8.
Talukder, M., 2016. Managing innovation adoption: from innovation to implementation.
Routledge.
Tell, F. and et.al., 2017. Managing knowledge integration across boundaries. Oxford University
Press.
Wei, L. H., Thurasamy, R. and Popa, S., 2018. Managing virtual teams for open innovation in
Global Business Services industry. Management Decision. 56(6). pp.1285-1305.
ONLINE
Building innovation capabilities. 2017. [ONLINE]. Available through:
<https://www.innovationexcellence.com/blog/2018/03/08/building-differentiating-
capabilities-for-innovation-2/>
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APPENDIX
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