Strategic Enterprises and Innovation

Strategic Enterprises and Innovation

INNOVATION 1
Abstract
The main aim of this report is to analyse the contribution of innovation in the success of the
company. The case study of LEGO has been taken into consideration to analyse the key
drivers of innovation which is used by the company in order to achieve the success. It is
evaluated that the company used the different strategies and frameworks such as Ansoff
Matrix strategies, segmentation in order to grab the opportunities. Blue Ocean Strategies is an
appropriate method for the company due to it different benefits of the strategy. It has been
concluded that the company will achieve the success in near future due to its innovative
products and strategies.

INNOVATION 2
Contents
Introduction................................................................................................................................2
Innovation Drivers of Success...................................................................................................3
Innovation strategy and Framework...........................................................................................6
Blue Ocean Strategy...................................................................................................................9
Conclusion................................................................................................................................10
References................................................................................................................................12

INNOVATION 3
Introduction
Innovation is a process to manufacture the goods with the different features and techniques.
Introduction of a product in the market in the form of new product or services is called
innovation (Mitchell, and Walinga, 2017). Innovation is a factor of achieving the success for
the company in the market. Companies use the innovation strategy in order to grow the
business in the market with the successful exploitation of new ideas. New ideas help the
company to grab the high market share in the market. Innovation helps the company in
adopting the changes in the environment to deliver the best products and services. The
company should adopt the new strategy and ideas of innovation so that it can achieve the
success in the future (Hojnik, and Ruzzier, 2016). There are many key drivers which
encourage the company to produce the innovative product. In this report, the discussion is
made on the innovation and business strategies in order to achieve the success. The case
study of LEGO Group has been taken into consideration to analyse the innovation strategy
and opportunities approaches used by the company. LEGO Group is a manufacturing
company of toy which operates in Danish. It is well known company in the world which
manufacture the Lego-brand toys which consisting the interlocking plastic bricks. It was
established in 1932 and growing rapidly with the high revenue.
In this report, the innovative drivers of the company will be discussed in order to achieve the
success in the business. After that, opportunity approaches are analysed which is used by the
company to expand the business. Blue Ocean strategy is also used by the company which will
be discussed in the last session of this report.