Managing Product and Service Innovation
Added on 2021-04-20
18 Pages4884 Words54 Views
Leadership ManagementDesign and Creativity
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Running head: MANAGING PRODUCT AND SERVICE INNOVATIONManaging Product and Service InnovationName of StudentName of UniversityAuthor Note
1MANAGING PRODUCT AND SERVICE INNOVATIONTable of contentsIntroduction................................................................................................................................2Overview of Woolworths...........................................................................................................2Understanding the concept of innovation..................................................................................3Analysing the types of innovation..............................................................................................4Identifying an innovation framework.........................................................................................7Applying the innovation framework in Woolworths.................................................................9Identifying gaps........................................................................................................................11Researching the areas of weakness in Woolworths.................................................................13Conclusion................................................................................................................................13Reference..................................................................................................................................14
2MANAGING PRODUCT AND SERVICE INNOVATIONIntroductionOrganisations need to develop techniques that are necessary to ensure that innovationtakes place. Innovation helps in the satisfaction of the customers and ensures that everyorganisation gets the global recognition due to the proper innovation of products and services.In the word of Etzkowitz and Ranga (2015), innovation in product and services can beimportant for customers so that the monotonous feeling can be curved and uniqueness in theproducts and services can be maintained. The focus of the assignment is to develop aframework that can help in maintaining innovation in organisations. The framework used canhelp organisations conduct a systematic analysis of the innovation process and develop itsframework. The assignment focuses on Woolworths, which is one of the biggest retailmarkets in Australia. The company specialises in selling products that are used formaintaining daily life purposes (Woolworthsgroup.com.au, 2018). A detailed overview of thecompany is provided along with the concept of innovation. The various types of innovationsare analysed and recommendations are provided about the type of innovation that can be usedby Woolworths. The gap in the application of the framework is also analysed in theassignment. Overview of WoolworthsWoolworths is one of the biggest companies in Australia that contribute about 50%growth of the economy of Australia. Woolworths is one of the companies that own certaincompanies as subsidiaries. Woolworths was established in 1924 in the city of New SouthWales. The company along with Coles form a duopoly that contributes to the growth of theAustralian retail market by about 80%. One of the biggest advantages of the company is thefact that it has over 995 physical stores all over the country and is one of the best local storesin the region of its production. As such, it can be said that the number of employees working
3MANAGING PRODUCT AND SERVICE INNOVATIONin the company is about 202,000. This contributes to having employees working as a team inan effective manner (Woolworthsgroup.com.au, 2018). The aim of Woolworths is to ensurethat fresh materials are produced that can satisfy the customers. Hence, the company growsfresh fruits and vegetables. The mission of the company is to expand itself in other countriesso that it can remain the best in the retail sector in Australia (Woolworthsgroup.com.au,2018). Woolworths has also formulated a strategy that can help in maintaining the freshproduce in the company. The strategy undertaken by the company is the setting up ofWoolworth’s Australia’s Fresh Food People. This act is considered as a corporate socialresponsibility for the company and helps in maintaining the satisfaction of the customers.Understanding the concept of innovationInnovation is considered as a process that can be used to develop new ideas andpromote changes in an organisation. In the words of Drucker (2014), innovation can help indeveloping solutions that can be used to address the changing needs of the customers andensure that every customer is satisfied with the result that emerges from the innovationprocess. Innovative solutions are usually better than the solutions that existed and as a result,the new requirements of an organisation can be met by the application of new changes. Mostorganisations apply innovation to meet the needs of the customers as well as maintaincompetitiveness in the market in which it works. The key to ensuring that proper innovationis achieved is by following trends that are related to products, process, services andtechnologies. In this regard, it can be said that the managers consider innovation as anentirely different approach. In fact, Bain and Kleinknecht (2016) are of the opinion thatdifferences exist in the process of innovation and invention.The biggest difference that can be seen is the fact that invention includes thediscovery of the new things. New ideas to ensure that development takes place in an
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