Innovation in Birch Box : Report
Added on 2020-07-22
17 Pages5155 Words51 Views
Business DevelopmentLeadership ManagementDesign and Creativity
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Unit 8INNOVATION
TABLE OF CONTENTSINTRODUCTION................................................................................................................................3TASK 1.................................................................................................................................................3P1 How Innovation is important for employees of Birch box....................................................3M1 Sources of Innovation and how Birch box is developing the culture of innovation............4D1 Development and Measurement of Innovation.....................................................................4P2 How Innovation can be shaped by Teamwork and Leadership.............................................4TASK 2.................................................................................................................................................5P3 4P's of Innovation..................................................................................................................5M2 Analysing and applying the innovation funnel in a company...............................................6P4 Development in frugal innovation and its use in an organisation. .......................................7M3 Role of frugal Innovation in an organisation........................................................................7TASK 3.................................................................................................................................................7P5 Importance of Commercial Funnel and application of NPD. ...............................................7M4 Detailed Innovation Business Case......................................................................................8P6 Innovation Business Case for Birch box................................................................................8D2 Nature of Innovation.............................................................................................................9TASK 4.................................................................................................................................................9P7 Tools used in the organisation................................................................................................9M5 Supported evidence based evaluation of these tools............................................................9CONCLUSION..................................................................................................................................10REFERENCES...................................................................................................................................12
ILLUSTRATION INDEXIllustration 1: Innovation Funnel..........................................................................................................5
INTRODUCTIONInnovation refers to the production of innovative ideas or to modify an existing product oridea that results in something valuable. First telephone was an invention but invention ofsmartphones can be called as innovation because it includes modifications and new idea from theconcept of telephone (You, Henryson and Lyytinen,2010). In any business or enterprise, innovationcan act as a moderator to success and growth. These can be categorised in two categories-Evolutionary and revolutionary. Innovations that are evolutionary are continuous which comes fromincrements in technology but innovations that are revolutionary are discontinuous and most of thetime are new and sometimes troublesome also. Here taking example of an SME i.e. Small MediumEnterprise, Birch box. Birch box, founded in 2010 is a UK based small organisation which is anonline subscription in which they send four to five kits containing make-up products to theirsubscribers. Their make-up kits contain all women essential products as skincare, perfumes etc.TASK 1P1 How Innovation is important for employees of Birch boxInnovation is the concept of creating innovative ideas and using those ideas to modify theproducts etc. It helps in a fast growth of the employees as well as of the organisation. Discontinuousinnovations are evolutionary and continuous innovations are revolutionary. As in case of Apple,when they released iPod, that time there were many other music players also but the main issue wasmany songs in a very less memory space. Rather than focusing on chips or internal devices, theyfocused on the customer's requirement (Chesbrough, 2010). Combined it all together, developed aniPod that is now having 56% revenue share in the market. They could do all this by innovation.They understood the user's requirement. Birch box is also focusing on the customer's requirement.That's why every month it sends make-up kits to its subscribers and after every month, takes afeedback if any customer has some issue about the quality or packaging, if any, Birch box replacesthe same with the new product.It gives a huge importance to feedbacks which makes it one of the best online marketingstore. This way innovation helps Birch box in growing so fast since 2001. It also creates morecompetition in the market. So, Birch box also is continuously focusing on innovative ideas to satisfythe customers at the most (Teece, 2010). If there will be no creativity in the business, it will lose itsplace in the market because everyone wants perfect products with innovative ideas. The Virgingroup also started from a small publishing venture and by developing creativity in innovative ideasand technologies, they are now a big chain as Virgin Atlantic, Virgin Express etc. This improvement
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