Managing Innovation in Business cw1

Managing Innovation
in Business cw1

EXECUTIVE SUMMARY
Innovation and enterprise both are interlinked with each other. Innovation is defined
as process of developing something new within a society or community. This report focuses
on concept of innovation the organisational context of IKEA. The evolution of innovation has
changed the market as well as business sector. It is important for enterprises to adopt new
change so that it is easy to access new opportunity and goals are accomplished. From the 19th
century, innovation starting place around the globe as periods start focuses on invention and
innovation and technical invention across the globe. IKEA is a large enterprise in retailing
industry which has done innovation with the change in industrial specific field. Furthermore,
it is essential for industries in this competitive era to deliver a change within the society.
Development & growth of a nation defence of honour scale of innovation and sustainability
period of businesses. The technological and business development has gone far from time to
time which increases the importance of innovation globally. Entrepreneurs make changes as
well as in aviation in market with aim of gaining profit goodwill or can you change in
society.

Table of Contents
EXECUTIVE SUMMARY...................................................................................................................2
INTRODUCTION.................................................................................................................................4
MAIN BODY........................................................................................................................................4
Organisation & Industry Overview.................................................................................................4
The Organisations existing Innovation Performance and Capabilities.........................................5
The Industry in 2020..........................................................................................................................8
CONCLUSION.....................................................................................................................................9
REFERENCES....................................................................................................................................10
Books & Journal:.............................................................................................................................10

INTRODUCTION
Innovation is defined as process of developing something new product or a thing. The
evolution of innovation has affected business sector at wider scale (Stubbs, 2019). In business
sector it is important for enterprises to focus on new change so that their sustainability
increases for longer period of time. Main aim of this report is to understand the importance of
innovation within business sector. With entry of new businesses as well as opportunities
enterprises have develop new way of doing businesses in market this increases the
importance of innovation. IKEA, which is a multinational group that manufacture and
assemble home appliances as well as other goods and services which, is headquartered in
Netherland. The enterprise deals in kitchen appliances home accessories furniture and other
useful goods as well as home services across the globe. This report comprises of organisation
and its innovation history, existing innovation for formation calculators of enterprise, and
industry in 2020.
MAIN BODY
Organisation & Industry Overview
IKEA, a Swedish organisation headquartered in Netherland and is the largest
manufacturer of home appliances other goods/ services. It was founded by Ingvar Kampard in
20 July 1943. The parent organisations of company are INGKA Holdings, Stitching INGKA
Foundation, INGKA B.V. Also, company is known as world largest furniture retailer which
433 stores operating in 52 countries worldwide. Most of the large market of company
operates in countries such as UK, Japan, China and India. The majority of company’s stores
are located outside city centres because of land cost traffic access. It has ample number of
products goods and services such as smart home, solar PV systems, furniture rental furniture
and home where etc.
Innovation history
From evolution to Revolution company has focused on their innovation and has been
successful in providing new changes to society as well as community. In 2013, they launched
refugee shelters offering an alternative to the unlock able that are more commonly adapted to
house victims of displacement. Further, they have launched spaced and innovation lab in
Copenhagen which focuses on development of improving the future of life styles as well as
well-being etc. Moreover, they have been changing their market strategies because of flexible
demands and trends of market as well as customers globally (Erdogan, 2020).
To enter into a foreign market they also use many entry strategies such as joint venture,
localisation and partnership with some local brands. By use of these strategies, they are able
to explain their business in most efficient manner. It has been also examined that it was a
difficult stages in many countries for IKEA to run their businesses store such as in U.S, 2002,
Japan and China. Organisation have also many competitors such as Walmart, Amazon,
Wayfair, serious, Tesco, American Woodmark, pepper fry and many other private label
brands. It has been analysed that these competitors dominates the market of enterprise which