Sources of Innovation and Strategic Models: Unit 27 Assessment

UNIT 27 ASSESSMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Innovation sources......................................................................................................................3
Presenting marketing plan...........................................................................................................4
SWOT:.........................................................................................................................................5
PESTLE:......................................................................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................7

INTRODUCTION
Innovation is define as process of making innovative product in the market area in order to
meet the change of dynamic environment. It is one of the most important part of company as it
helps in dealing with reducing competition and to introduce new product in the market area.
The report will discuss about sources of innovation that contributes in making new product like
unexpected success and demographic. Moreover, the report will further evaluate about
strategic model like Swot and pestel.
MAIN BODY
Innovation sources
Innovation, according to Peter Drucker, is to make new changes in order to attract large
customer and to improve the market position. The design process must begin with a thorough
and coordinated review of opportunities. In the initial stage of innovation is to determine the
room of improvement in internal process of supplier and customers.. Market-driven innovations
are required.
Unexpected success or failure :
Knowing the reason for a product's unanticipated success or failure opens up possibilities for
innovation. Sudden product flops can also provide firms with new ideas that can aid them in
developing a product that the market enjoys (Drucker, 2019).
The incongruity between what actually happens and what was supposed to happen:
There is room for innovation if things aren't going as planned. When firms keep trying to
improve something in order to decrease costs but fail, an inventor can look for alternative ways
to lower costs.
The deficiencies in a process, that are taken for granted :
If a procedure is inefficient or has a large gap, there is room for improvement. A commonly used
process may occasionally contain flaws (Arfi, Hikkerov and Sahut, 2018). By thinking outside
the box, an innovator might arrive up with an original solution that solves this problem.
The changes in industry or market structure that catch everyone by surprise :
The introduction of new, fast-growing areas opens the door to fresh ideas. These segments can
be served by innovators. "New prospects struggle to fit this same way the company has always
viewed the industry, defined it, or organised to service it," according to Drucker. As a result,
innovators are likely to be left apart for a long time."