Managing Innovation in Business

Managing Innovation
in Business

INTRODUCTION...........................................................................................................................1
The Organisations existing Innovation Performance and Capabilities........................................1
Executive Summary.....................................................................................................................4
Industry in 2016...........................................................................................................................5
CONSCLUSION.............................................................................................................................6
REFERENCE..................................................................................................................................7

INTRODUCTION
Innovation is the process of introducing something new in market that helps to run and
continue a business effectively. This is important for organisation to understand the current trend
and bring changes in their organisation accordingly. This is continual procedure in which a
management by trying to bring new ideas and thoughts on the basis of regularly. This helps to
increase the organisational productivity and profitability. To understand about this Bentley
Motors has been taken that is automobile company, manufacturing different models of cars by
using innovation in order to increase the brand image and retain their customers regularly. The
main purpose of this report is to increase the understanding about innovation and its important
that help to capture high market share by growing business. Thus report covers Organisation and
its Innovation History, existing innovation performance and capabilities. Moreover, it contain
industry in 2016.
The Organisations existing Innovation Performance and Capabilities
Innovation is the application of new ideas and thoughts that are introduced by a person who have
special knowledge and experience in order to attain the business goals and increase their
capabilities by introducing different types of products and services. it is required in every stage
that suggest ideas how a business can grow and take competitive advantages. If organisation is
able to accept the challenges and innovation in their business then it can get success in global
business environment (Alexander and Joe, eds., 2019) . Bentley Motors is automobile company
that is operating business by using new technology and innovation in their organisation that helps
to increase the organisational p5roductivity and profitability. For instance, management are using
innovation for introducing new model of car that is Bentley Continental GT that is full of new
technology and best feature that attracts customers and increase organisational brand image. To
maintain the capabilities and improving organisational performance VRIO analysis is used such
as:
Capabilities Valuable Rare Inimitable Organised
Finance ✔ ✘ ✘ ✘
Global
distribution
✔ ✔ ✘ ✘
1