Managing Innovation

Managing Innovation
1

Table of Content
Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Describe about Innovation theory................................................................................................3
Historical development of product or services............................................................................8
Pathways of future development.................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11
2

INTRODUCTION
Innovation is understood as the process of managing and organising the business in a
different and creative manner which provide better solution to their clients (Alexander and Joe,
2019). In relation to this, it is an art of producing things in a different aspect which gain the
attention of consumers across the worldwide. This report is based on Deliveroo which is most
popular company in UK which is incorporated in London. It is online food delivery company
which provide fast services to their clients in order to generate more satisfaction in different parts
of the country. This report comprises of theories of innovation and historical development of
product or services. At last, this report covers pathways of future development so as to gain more
success.
MAIN BODY
Describe about Innovation theory
The most popular theory of innovation theory is Diffusion of Innovation which is
propounded by E.M. Rogers in the year 1962 (Diffusion of Innovation Theory. 2019). This
describes about the idea which is spread over different group of an individuals. Adoption of new
idea is not done at a particular time period but require a sequence of steps to be followed in an
organisation as they emphasise on generating new and creative ideas in a changing era. This
assist the company to make plans and follow modern practices by using new and advanced
sophisticated technology plus meeting the criteria of customers. While promoting and new
merchandise or service, it is essential to determine the target population that would either foster
or hinder innovation. Innovation must be provided in order to gain sustainability in a long run
and tus aids in achieving rivalry edge over a market place. Different types of innovators such as
innovators, early adopters and majority, late majority and laggards as they have different ways of
thinking that is subject to innovation and thus renders a high degree of idea (Biemans, 2018).
When a firm has to launch a particular product in a marketplace, it has to consider several
characteristics into consideration of buyers. The categories of adopters are elucidated below:
Innovators: These are those who emphasise on trying the innovation for the very first
time as they bring advanced ideas and help in taking best decision of a firm. They are also
termed as pioneers of the new idea as they are venturesome in nature. These types of people are
3

ready to take risk and like to accept new challenges in day to day operations in a corporate
world. They ae so curious who always try to find out and like to explore new things. They tend
to implement a high-class lifestyle and are extroverts as well as are well educated.
Early Adopters: These are regarded as opinion leaders who tends to enjoy the roles of
leadership and embrace giant changes in a workplace. They possess certain leadership traits who
render proper guidance and are aware of changes takes place which help in achieving task within
short span of time (Chen, Jiao and Zhao, 2016). They are thoughtful in nature who thinks twice
before making any buying decision and also, they are highly educated who possess strong
financial performance. They also represent a high-status symbol in their society or community.
Early Majority: The kinds of people fall in this category are rare leaders who are cautious
while purchasing any goods or services from marketplace. They take time to make decision as
they consider feedback of customers and are not easily influenced by new products or services.
The marketer provides several success stories among the targeted audience so as to determine the
effectiveness of an innovation. In this early majority, people have excellent level of education
status, purchasing power and they belong from middle class families as it ensures more success
by gaining maximum customer satisfaction which is possible through mass advertising and
attractive packaging and so on.
Late majority: Unlike the three above phases, this involve majority of population who are
adhere to make best purchasing decisions as the product is tried by majority of population. They
are traditional in nature who doe not make purchasing easily and are strictly adhere to rules and
regulations (Jalles, 2016). They are also reluctant for making changes and are considered as
modern level of education and employment and medium income class. The only reason for
accepting the new product is possible when significant proportion of population would support
new innovation and thus generates greater satisfaction level.
Laggards: This is the last category of adopter in which consumer finally adopt the
innovation. They tend to be very conservative in nature who tends to skip changes and are not
ready to accept modification in a business enterprise. As the name suggest, they lag behind in
accepting the new innovation as well as products and also, they are governed by rituals and
norms. It is very tough to bring them on board and persuading them to adopt new techniques of
innovation. The personality traits involve fear appeals, emotional stability and lack of quick
decision making would lag them behind and tends to avoid competition in a marketplace. They
4