Managing Innovation in Business: Strategies and Theories

Managing Innovation
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Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Innovation Theory.......................................................................................................................3
Historical development context of Just Eat Limited....................................................................7
Future development context of Just Eat Limited.........................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12
.......................................................................................................................................................12
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INTRODUCTION
The report is about the innovation in the business, the innovation in the business is important
for the achieving the success. The innovation is used to exploit the new ideas in the business for
the better processing, bringing new products and services to market and increasing the
profitability. Innovation can be a plus point in the areas where the competition is increased due
to new technologies. The report consists of the strategies such as blue ocean strategy and
disruptive innovation theory.
The blue ocean theory is used by the organization to use low cost for opening new market
space and creating demands that are new to the market. This theory is used for the making
irrelevant competition in the market. The theory is based on the fact that the structure and the
boundaries can be reconstructed by the industry managers (Buisson and et.al., 2010).
The Harvard professor Clayton Christensen derived the destructive innovation theory. In
disruptive innovation theory, the phenomenon is used in which the existing market in
transformed by introducing the convenience, accessibility, simplicity and affordability in the
market where the high cost is the complication. The idea of the theory can be unattractive to the
industry manager but it redefines the industry completely.
MAIN BODY
Innovation Theory
Disruptive Innovation Theory
Definition – Disruptive Innovation theory is the innovation which values network and creates
new market by disrupting the existing market and value network this theory helps in creating the
new market which assists in analysing the market trends which are being functional and can be
utilized for the work which is to be done by the company. Disruptive theory also helps in
identifying the new opportunities in the market and changing the previous patterns of processes
to the newer ones (Hopp and et.al., 2018).
This theory is suitable for the businesses which needs growth and efficiency for their future
processes. Various innovative techniques are identified in the business by applying this theory.
Through this, different value chain is created which helps in creating the business idea to be
more effective. New strategies are formed by disrupting the old ones. Businesses grow with the
help of new innovative techniques which needs a step ahead of the older forms. This theory also
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produces entrepreneurs involved in the business on large scale but start from the initial steps
which are required in the business. Therefore, this theory helps in analysing the major loopholes
and the changes which are to be done in the business and the innovations which are to be done
by improving the methods of business and functions from older to newer ones.
Principles – There are eight principles of Disruptive Innovation Theory which are explained as
below –
1. Letting go of the past - This principle of disruptive innovation theory denotes that the past
performance should be evaluated but should not be considered and taken in any further
reference while changing the patterns of business.
2. Encourage Courage – New ways and patterns should be considered as priority this
should be the encouragement factor both for the employees and the company itself. This
principle directly focuses on expressing ideas through courage (Leavy, 2018).
3. Embrace Failure - While initiating any business, ideas should be nurtured by adjusting
and trying them so that they could reap in better aspects. Therefore, failure should be
thought of essential nourishment to reach success.
4. Do the opposite – This principle says to do opposite of what other businesses are doing.
Through this, innovative techniques of work will come out and pushing of boundaries
will be done with expectations fostering work.
5. Imagine the possibilities - For reinventing business, imagination will help in getting reach
goals. This principle is helpful for the new business and older ones to imagine the success
and work towards it (Aminoff and et.al., 2017).
6. Put yourself out of business – The companies and businesses are unwilling to initiate and
focus on the personal lives of employees. Therefore, this principle helps in making busi-
nesses realize the same at that point.
7. Reject Limits – In business, limits should be rejected as they are stoppage to new ideas
and innovations towards a progressive way. This principle helps in unleashing all those
boundaries which stops from creating something new in business.
8. Aim Beyond - This principle initiates the aspect to aim beyond and to not look at the past
while growing in the business. This will help in gaining success through effective and ef-
ficient paths.
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