BMS409 - Innovation and Enterprise: Importance in Competitive Markets

This essay examines the fundamental role of innovation and enterprise in both start-up and established businesses, highlighting their importance in competitive markets. It analyzes the concept of idea generation and innovative practices, referencing real-world examples such as Amazon and Apple to illustrate factors that lead to success. The essay concludes that innovation and enterprise are crucial for business development, performance improvement, and maintaining a competitive edge through better services and the use of digital technologies. The analysis also emphasizes how these factors contribute to increased customer satisfaction and overall business growth.

Innovation and
enterprise

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Fundamental of innovation and enterprises with its importance................................................1
Real business examples which leads to innovation success........................................................2
CONCLUSION................................................................................................................................2
References:.......................................................................................................................................3

INTRODUCTION
In the business the innovation has crucial role for organisation in order to introduce
something new product or business procedure is replaced for increase of productivity &
efficiency. In existing product the new value is added in order to distinguish the business
enterprise from rivals and perceived value is increase to consumer and market (AI, Y.F., 2019).
The customer requirements and demands are fulfil rapidly through entirely development of new
products. For the start-ups both innovation and enterprise is fundamental as it leads to large
prosperity. The report covers fundamental of innovation & enterprise with its importance along
with this real business example is considered in order to innovation success or failure.
MAIN BODY
Fundamental of innovation and enterprises with its importance
The term innovation refers to ability of exploring different ideas of individual &
companies as well as successful value is added to market, government and society. The business
performance & productivity with efficiency is improved by having appropriate use of innovation
in organisation whether it is established or start-up. Both the innovation & enterprise is vital as
there will be no innovation without having any organisation. The new ideas are developed
through business innovation that is made useful and practical for society. To the consumer better
experience is provided through innovation along with helps in standing out among competition.
The current innovation practice is related to longevity of business (Oberoi, and et.al., 2022). The
organisation future is framed through innovation which is fundamental due to strategic
endeavour. The strategies guides great innovation which is recognised as key factor in shaping
future strategy In the start-up and established business new ideas are implemented for making an
enterprise success as innovation helps in resource allocation problem. This ensures in allocating
right resources like talent, capital and time on correct ideas that helps in developing capabilities
for leading success in innovation. The term start-up is a entrepreneurial talent for development of
new innovations on success to validate and capturing value of created innovation. The innovation
is important for established as well as Start-ups as it facilitates in business growth and profits.
The innovative thinking benefits in predicting market and customer needs which helps in staying
competitive from competition (Peng, and et.al., 2020). The importance of enterprise helps in
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reducing business cost which states that for increasing customer service capabilities the company
will have more of its budget and investing in other assets in order for customer experience
enhancement. The enterprise is important for factors of production which consider land, labour
and capital.
Real business examples which leads to innovation success
Amazon- It is considered as a genuine example in context to innovation for its success by
bring the platform of E-commerce for the customers in order to sell its products through online
websites. In short time it adapted the agile generalization and beta version of Amazon custom is
launched. The company take help of innovation in order to sell its supply chain to retail
customers directly and with extreme convince buys loyalty. The fast & convenient, omni-
channel, supporting decisions etc. are some innovative factors which amazon take use for having
organisation success (Tojeiro-Rivero, and Moreno, 2019).
Apple- It is also recognised as real example for business success in respect to innovation.
The organisation culture, people management, innovation strategy and competencies are some
factors which leads to organisation success. The innovative culture was developed by the
company right from top management and innovative process is fosters with innovative thinking.
With smart and intuitive product the company focuses on making better people lives. The
company offers better services to its customer by keeping things simple along with take use of
both incremental and radical innovation. By increase of storage capacity it maintain its range ofg
iPods.
CONCLUSION
It is being concluded from the above analysis that innovation and enterprises are
considered to be important for both new venture and established business that assist in offering
novel opinion for ability so that their can be company development and performance can be
improved. The innovation is used by the multinational companies such as Amazon and Apple in
order to bring success. The use of innovation in enterprise benefits in providing better services,
using digital technologies for providing better services and products that leads to greater
satisfaction.
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References:
Books and Journals
AI, Y.F., 2019 The Influence of the Age-Inverse Relationship between the Superior and the
Subordinate on Enterprise Innovation. Contemporary Finance & Economics, (11),
p.1899.
Oberoi, and et.al., 2022. Social Capital, Social Innovation and Social Enterprise: The Virtuous
Circle. In Contestations in Global Civil Society (pp. 29-44). Emerald Group Publishing
Ltd..
Peng, and et.al., 2020. The cultivation mechanism of green technology innovation in
manufacturing industry: From the perspective of ecological niche. Journal of Cleaner
Production, 252, p.119711.
Tojeiro-Rivero, and Moreno, 2019. Technological cooperation, R&D outsourcing, and
innovation performance at the firm level: The role of the regional context. Research
Policy, 48(7), pp.1798-1808.
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