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Innovation And Risk Management POG340

   

Added on  2020-01-07

11 Pages2844 Words197 Views
Innovation & Risk ManagementModule Code: POG340Pint EnergyID (40756)1
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TABLE OF CONTENTSINTRODUCTION ...............................................................................................................................3ASSIGNMENT ...................................................................................................................................3CONCLUSION ...................................................................................................................................8REFERENCES.....................................................................................................................................92
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INTRODUCTION Innovation and risk management is assertive for gaining success of a business (Rothaermel,2015). It is vital to make effective strategies for reducing the risks that are associated with thebusiness. Present report is based on innovation and risk management and critical evaluation ofseven dimensions within a strategic framework has been described in the report. In addition to thissignificance of seven dimensions for launching a new product has been described in the report. (Source- Singh, 2013)ASSIGNMENT RISK AND INNOVATION: - Innovation works as driver of company growth and supports inadding new attributes and features in existing commodities of the enterprise (Reason, 2016). Risk isassumed to me as crucial part of innovation and whenever new innovative concepts are added thenit is vital to incorporate risk management. ENERGY COMPANIES IN UK :- Major energy supplier firm of UK includes leading firmsnaming as BRITISH GAS , power, EDF energy, Scottish power and SSE. All the firms holds goodmarket position and share and millions of consumers residing in UK are provided services by theseenergy companies (Kawada and Shiohama, 2016). Advancement made in technological fields haveinfluenced the working of energy sector also.New attributes and features can be added in the amenities and clients can be rendered betterfacilities. Innovations are adopted by existing corporations and new players are also adoptinginnovative methods for rendering better energy facilities to consumers (Partain, 2014). It supportthem in gaining big market share and gaining competitive advantage over rival firm.3Illustration 1: risk and innovation
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(SOURCE- Kapferer, J2012)It has become vital for companies to add innovations in their gas and energy services so that betterquality amenities should be offered to the clients of business. However some risks are also involvedwhen new innovations are added and it requires that a systematic procedure should be adoptedwhile implementing innovations in business. BRITISH GAS :- It is a leading energy and home service provider firm of UK which renderservices to large number of consumers. It is market leader firm that contains biggest market share inthe United Kingdom (BRITISH GAS, 2016). It offers reasonable price services to its business clientsand it ensures it consumers about not enhancing price of the products offered by it. Gas andelectricity services are provided to clients of business. Tariffs of gas and electricity services offeredby the company are lowest in market (Iyer and Nicholson, 2015). Frequent innovations are done inthe existing services of company so that better assistance can be rendered to clients of business. However making new modifications and innovations involves huge risks and due to thatoverall execution of operating activities gets affected. Various services rendered by the organizationinclude gas and electricity services that is supplied to millions of consumers across UK. Company4Illustration 2: Energy companies in UK
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