(solved) Managing Innovation in Business - Assignment
Added on -2020-11-23
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MANAGING INNOVATIONIN BUSINESS
EXECUTIVE SUMMARYInnovation is an essential element for continuous development and growth of business,organisation and innovation. Management and operation of innovation in business context standsfor effective formation and execution of goods and services form manufactures to end customers.The concept of managing innovation is illustrated in McDonald's perspective to explore its fastfood industry in more comprehensive way across the world and is one of the fastest growing fastfood chain in the world. McDonald is mostly known for its innovative ideas for specific productand services. Product specific innovations and development experimentation establish a separateexistence of organisation in market.This is expected that organisation is seeking for mass expansion till 2020 in fast foodindustries with latest technology, inventions and innovative ideas. Form past years, organisationis mainly focused upon analysing positive attitude and response for products and services.Innovations and developments were centralised around customer satisfaction and loyalty. Withthe dramatic change in preferences of customers related to fast foods and street foods createdchallenging in front of managers. Subject to considering this major challenge, the managementof innovation created in this report. For sustainable growth and development of McDonald'smanagement, committee adopted the environment and health friendly innovation aspect to attainmore customer interest and enhance profitability of organisation. The report explores about understanding of management and assessment of innovationsubject to organisational growth and development. Apart form it, McDonald's key objectives isto sustain customer interest and the product developments that are also illustrated in this context.Innovation subject to retain the future sustainability is considered in this report. Planning,staffing and collaboration subject to implement innovation plans are summarised with effectiveleadership. With cross functional co-operation, evaluation of capabilities and blockages is alsodone in this context.The innovations methods essential to build up the capacity of organisation to enhance theprofitability and sustainability explained through this report. Management committee iscentralised around assessing the risk and maximising the profitability with retaining the customerloyalty and support. Internal structure of McDonald's reading delving the services and productsto end customers are also considered in this report. The overall structure is formed to analysefuture innovation requirement by considering the interest of customer and clients. Under this
assignment, Various type of methods to attract consumers with organisation also considered instrategic planning process. Future profitability and cost comprising are the main elementsincluded in innovation plans and strategies.2
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