Managing Innovation in Made.com

MANAGING INNOVATION

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Innovation Theory.......................................................................................................................3
Company Background.................................................................................................................8
Application of Innovation..........................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation management is too necessary task for an organisation. Currently many
businesses or companies are investing huge fund for properly managing their innovation.
Without innovation management, an organisation can’t produce some new products and services.
Innovation management always give opportunity to a company to innovate that kind of product
which no other company is currently is providing in the market. Currently each successful
company is focusing on properly managing innovation aspect in their business environment
through different innovation theories. This report discusses the innovation management of
Made.com. This is company is able to tale huge advantages from Blue Ocean Strategy. It is an
innovation management theory which give opportunity to every business or company to properly
conduct each operation within their innovation management. This theory or strategy includes
various way which will help to made.com to for gaining effective results from their innovation
functions. According to blue ocean strategy, a company need to develop some tactics or
techniques to innovate a new productive thing.
MAIN BODY
Innovation Theory
Innovation is defined as adopting new technological development and other advancement
in process that can support organisation in delivering more efficient services and operations
(Arciénaga Morales and et.al., 2018). Innovation is considered as new inclusion in form of
technique and process to improve the operational efficiency. Management of Made.com can
apply the Blue Ocean Strategy for applying innovation in the organisation.
Blue Ocean Strategy Theory
Blue ocean strategy is defined as developing products and services of company with the
use of new processes and techniques. This strategical tool is more like a process of developing
products and services in such a way that the organisation can create a unique space for the
growth and development in the target market (Brem and Viardot, 2017). This theory creates

emphasis on creating revolution with the innovative idea and technique in the target market.
Innovation play crucial role in improving growth potential not just of the organisation but also of
the entire sector in the business environment many times due to a specific innovation and
techniques the growth of the entire sector take a certain hike in the business environment. Blue
ocean strategy put emphasis on creating such massive development in the respective business
sector.
Principle of Blue Ocean Strategy
Blue ocean strategy is a strategical tool use to entertain new business development with
the support of new innovative ideas and techniques. Following principles are associated with the
Blue Ocean Strategy that can be projected in the following ways.
Reconstruct market boundaries: Reconstruct the market boundaries are among the key
principle on which Blue Ocean Strategy theory works. In order to innovate practices and theories
applies to operate functional role it s crucial to reconstruct all the existing boundaries sets earlier.
Innovation is considered as thinking out of the box about the products and services currently
catering by the corporate organisation (Chesbrough, Lettl and Ritter, 2018). Reconstruct market
boundaries is about to stretch the existing limits of operating functional activities. This principle
emphasis on thinking in a wider range of creativity so that organisation can create something
innovative and extra ordinary that can improve either the operational efficiency of a certain
operation or the utility of the final product company produce. Innovation play an effective role in
sustaining or even improving the growth potential of the entire market sector as it enables
corporate houses to cope up with the changing expectations of the target customers of the
company. As per all the above facts stated reconstructing the set market boundaries is an
effective tool supports in innovating new idea or process.
Focus on the big picture, not the number: Blue Ocean Strategy also involve focusing on the
big or vital picture in order to innovate. Innovation looks and effective and exciting process but
along with all the luxury innovation cater organisation needs to involved with huge amount of
financial investment in order to conduct the innovation. It is crucial to focus on the big picture
comes after the successful innovation process rather than focusing on the numbers. Innovation
also involve mergers with other organisation houses in respect to different elements involve in