Managing Innovation in Business

Managing
Innovation in
Business cw2

EXECUTIVE SUMMARY
This report summarised that innovation is vital for all and organisation as environment is
continuously changing where demand of people are also changing, it is important for
organisation to focus on needs and bring the changes accordingly. This report is prepared on the
basis of innovation which taken by IKEA organisation such as kick starting a flat pack furniture,
changing the shopping ways of people, creating desirable and affordable furniture according to
customer's demand that will attracts the more customers and attain the competitive advantages.

Table of Contents
EXECUTIVE SUMMARY ............................................................................................................2
INTRODUCTION...........................................................................................................................1
CONCLUSION................................................................................................................................9
REFERENCE.................................................................................................................................10

INTRODUCTION
Managing innovation is the process of running a business and increasing the
organisational productivity. Innovation meaning to introduce something new and attractive in
market which is not come yet in the market. To bring changes and challenges in organisational
performance can be opportunity for business to attain the goals and objectives. In other words,
innovation is the combination of management of innovation processes and change management
that are important to increase the organisation productivity and profitability (Kennedy and
Bocken, 2020) (Kok, 2020). This report is based on IKEA that is multinational group situated in
Netherlands that design and sells ready to assemble furniture, kitchen appliances and home
accessories to customers. The chosen organisation bringing innovation such as Kickstarting a flat
-pack furniture revolution, changing the way people shop, and offering products made from
recycled material that helps to attract the large number of customers and increase the
performance. This report capabilities and blockages, drivers of innovation, leadership and
planning for innovation and roadmap that cab help to attain the competitive advantages
effectively.
About introduction
IKEA is a large size furniture retailing company that sells different design of ready to
assemble furniture and home accessories. This is well known brand that is managing their
business regularly by operating business and increase the performance that increases
performance. This was founded in 1943 by Jesper Brodin with the aim of operating business in
furniture retail company. The management of organisation managing innovation and new
technology on their business which can help to increase the sales and profitability. New products
and services are introduced by management who evaluate market and get what people wants that
can help to increase the performance (Pieroni, McAloone and Pigosso, 2019). The purpose of
report is to understand how to bring changes or innovation in their organisation that can help to
increase the business performance and profitability.
Assessment of capabilities and blockages: VRIO and Porters Five Model application
Capability means the power and ability to do something which can help to take the
competitive advantages. In organisation it is important to have good knowledge and skills to
handle the complexities and manage the task accordingly. In other words, ability is the way of
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