Innovation and Enterprise Report: Bremont Watches Company Analysis

This report examines innovation and enterprise strategies, focusing on the Bremont Watches Company and its new heartbeat watch concept. The report begins with an introduction to the topic and the company, followed by a discussion of innovation theories such as the Innovation Funnel Theory and the Diffusion Model, which can be applied to the company's product development. The main body delves into idea generation, including product development, the idea generation process, and the tools used. The report then proposes an implementation plan for the heartbeat watch, including justification, benefits, strategies, marketing tactics, target customers, budget, and methods of product launch. The report concludes by summarizing the key findings and emphasizing the importance of innovation in the enterprise.

INNOVATION AND
ENTERPRISE

Table of Contents
INTRODUCTION.......................................................................................................................................2
MAIN BODY..............................................................................................................................................2
Theories of innovation.............................................................................................................................2
Idea generation........................................................................................................................................3
Proposal based on implementation of generate idea................................................................................5
CONCLUSION..........................................................................................................................................7

INTRODUCTION
The present report is based on the topic innovation and enterprise. The chosen enterprise
of the report is Bremont watches company the deals in selling watches. The company is coming
up with new and innovative ideas that are related to launching heartbeat watch which will help
its customer to find their heartbeat anywhere anytime by using that watches. The report will
discuss about the different types of theories of innovation and idea generation to the products,
process or the services to develop an innovative idea. On the other hand it will also discuss about
the proposal for innovative product, process all services for working organization and produce an
implementation plan.
MAIN BODY
Theories of innovation
Bremont Watches Company (BWC) has planned to innovate new types of product. One
of the idea is to formulate a watch with feature of identifying current heart beat so that can help
the wrist holder to get information about prevailing health issues. It will give various types of
benefits to individual. Theories which can be taken into consideration by firm are mentioned
below:
Innovation Funnel Theory
It is concerned with providing assistance in identifying idea’s viability to carry forward
the planned action. This is three step process that scans the idea from three steps in order to get
practice effectively exerted by converging its ability to meet a market requirement in an
economical patter.
The first stage of this theory focuses on gathering and collecting information regarding
the new products that can be taken into process. In this step Tesla has gathered idea of
introducing heart beat measuring feature with stylish watch. Reasonable understanding of firm’s
capabilities to actualize idea should be identified. Second phase is concerned with matching the
idea with organizational objective is also given emphasis in this. Assessment of future risk and
return associated with innovative product of producing watches with mentioned quality (Anzola-

Román and et.al., 2019). Resources are assigned according to the most promising idea. The last
stage is concerned with taking the idealized procedure into reality by delivering product to
market. In addition to this, it helps in accomplishing the objective of organization to reach
market with innovative product and services.
Diffusion model
It is one of the most established and utilized theory of innovation. Bremont Watches
Company can take this into action which aids in determining potential adaptability and success
of particular idea.BWC can use this to understand how buyers adopts and engage with new
goods or services. It gives emphasis on five different categories of buyers in order to make BWC
able to take strategic decision that can enhance its growth via focusing deeply on selected idea
of forming heart beat measuring featured watch. The five types of buyers involves innovators,
early adopters & majority, late majorly and laggards.
Each category has different behavior in respect to adopt the new products. Innovator are
usually those who are looking for some new and fresh products that has just launched in market
(Al-Rahmi and et.al., 2019). BWC can easily target this segment for achieving its goal. Bremont
Watches Company can as well concentrate on early adopter who have intention to make
improvement and attaining efficiency through having recent products of market. Early majority
highly believe on the reviews provided by consumers ad look for feedback so that take can safe
themselves from taking wrong decision of purchasing. Late majority as name suggests only go
for products when they are extremely left behind. Targeting these type of customers become
possible through showing evidence, etc. When there is no alternative then only laggards tend to
concentrate on innovative products. BWC can give emphasis on all to select suitable course of
action
Idea generation
It is termed as the process of creating, developing by communicating abstract that are related to
visual ideas. It is also known as the technique that is related to creative process by coming up
with different types of solution and ideas. The Bremont watches company is launching new
watch that is known as heartbeat watch for its customer. Idea generation is used by the
companies but because it is the main factor for success. The idea is also easy to execute. For

example the people are having so much problem that they cannot see their heartbeat for this the
company can come up with new idea by fulfilling all the legal needs of the people by helping
them easily (O’Reilly and Binns, 2019).
 Idea generation in product development
It is the first step of the idea generation that is related to product development. It is regarding
organization that they must look for visible product options this they can execute. It is very
important for the organization to take the step to solve the problems. As the company have done
so much market research and SWOT analyzes they have come up with an idea that is to launch
heartbeat watch which is unique for their competitors and will result in profitability. For example
heartbeat watch is unique and will result in high demand because nowadays people are shifting
towards healthy lifestyle.
 Idea generation process
The process can be different from organization and people but it includes three minute steps that
are related to identification of the problems that need to be solved by the company and then they
have to come up with the new ideas and lastly they will select the best idea by executing it.
company will also use different types of techniques that are related to brainstorming and mind
mapping, Reverse thinking, scamper, role playing and brain writing which will also include
collaboration and the five W that are why, who, when, where and what its product. The last step
will be chosen by the companies what will be the appropriate name of the new innovation. For
this the company has chosen the idea to launch heartbeat watch which will result in solving all
the problems that are faced by the customers along with the people.
 Idea generation tools
In this the company will use different types of technology which will make their work easier
along with this they can also use this to generate ideas as well. By this the company can also
come up with new design by using Pinterest, idea generator, mindomo and mind master as by
this the company can make mind maps, sticky notes which will make brainstorming very
efficient (Georgiev and Georgiev, 2018).
However it can be said that idea generation will play an important role in the activity without
which the company cannot do. On the other hand it can be also said that it is very beneficial for

all the parties that are involved in idea generation. By this the organization can come up with
different types of innovative ideas and by this the employee will also get the part of bigger
picture as it will also result in increasing the creativity by having lots of effective solutions that
can be generated by the companies. this is used by the enterprise to launch their new and
innovative idea that is related to launching of heartbeat watch which is very benefit for the old
age people along with all the individual to watch their heartbeat anytime anywhere.
Proposal based on implementation of generate idea
Justification of idea-
Bremont Watch is included in category of leading watch brands in the UK, which provide
top quality watches to men’s and women’s according to their needs, and expectations. In order to
gain competitive edge and build strong customer base in which it may attempt to add young
generation, management may take strategic decision in term of innovation (Jin and et.al., 2020).
They may take action to add some innovative feature in existing product portfolio and that is
heart beating tracker, which firm may never think to offer to target market. The best thing about
this creative or unique watch is that it permits users to determine their heart beat in every section
or minute where it walk for long or short term distance. In term of idea, this product may grab
wide customer attentions and increase sales of brand even better than its rivals that has operated
in similar industry. It allows wrist holder to get info about their current heart beating, which
drive their attention towards taking medical help when the rating is not appropriate.
Benefits of innovative features as idea for Bremont Watch Company-
Watch with heart beat tracker is one of the best ideas in the recent time that organization
may generate with the help of skilled and talented worker’s involvement. It provides benefits to
firm in term of increase its profitability, popularity and generating revenue, which is not an easy
task to generate by any company in competitive business world. It helps firm to drive the
attention of customers from youngsters to older, as they especially need these kinds of innovative
products because of health issues that they have like Diabetic. This idea may allow firm to give
tough competitive to competitors exist in national or international market.
Strategies for idea implementation-

Organization and its management may implement innovative idea as new watch
successfully by taking varied things into their consideration. For example, they may choose the
best and appropriate source of funding like Bank Loan and then focus on plan implementation in
term of dividing roles and accountabilities among workers on the basis of their skills and
knowledge, which made them capable to work in productive and effective manner, without
making any kind of mistakes. It may implement plan in term of coordinating with those
companies that are able to provide quality tools and parts with additional or innovative features
that firm may use to manufacture innovative watch. They may conduct market research to
determine key market trends and consumer’s needs.
Marketing tactics-
After taking action to choose funding source and dividing duties among skilled
workforce, management may drive their attention towards taking decision to promote creative
watch that will have feature to track heartbeat, in market. In term of marketing, marketer of
Bremont Watch may create account on social media channels such as Instagram and develop
website where they may mention each information about company and its new offers that gain
the attention of customers and increase sales more than last few years of venture (Zollo and
et.al., 2020). Social media promotion is the best way, which permit marketer to generate
excellent product awareness globally.
Target customers-
By referring STP model, Bremont Watch marketer may utilize demographic,
psychographic and behavioral segmentation strategies, to target customers aged 20-50, as they
tend to buy smart watches and prefer to buy due to health concerns especially older people.
Marketer may utilize differentiation as targeting strategy and use Instagram to position new
watch in market or in mind of consumers. It helps them to influence individual buyer and drive
their attention towards purchasing it, through which they may consider their heart beat and pulse
rating.
Budget-
Resources Costs £

Market research 1500
Human resource 2000
Training and development 1000
Electronic tools like wires, watch frame
and other assets.
30,000
Marketing 2500
Total 37,000
Methods of product launch-
Marketer may take decision to launch their new watch which have feature to track and
measure heartbeat. They may promote it by using social media platform like Instagram and
Facebook. Holdings and billboard are the other methods that marketer may take into their
considerations.
CONCLUSION
By summing up the above report it has been concluded that innovation in the enterprise
plays an important role. The company has come up with new product that is related to add heart
beat watch for its customer. With the assistance of the above report it has given the information
about theories of the innovation and the idea generation that is related to product, process and
services that are to develop an innovative idea. With the evaluation of the above report it has also
given the information that is related to proposal for an innovative product and the services that
are used by the organization that is to produce an implementation plan.

REFERENCES
Books and Journals
Al-Rahmi, W. M. and et.al., 2019. Integrating technology acceptance model with innovation
diffusion theory: An empirical investigation on students’ intention to use E-learning
systems. IEEE Access, 7, pp.26797-26809.
Anzola-Román, P. and et.al., 2019. Technological proximity and the intensity of collaboration
along the innovation funnel: direct and joint effects on innovative performance. Journal
of knowledge management.
Georgiev, G. V. and Georgiev, D. D., 2018. Enhancing user creativity: Semantic measures for
idea generation. Knowledge-Based Systems. 151. pp.1-15.
Jin, D. and et.al., 2020. Smartphones and wearable technology: benefits and concerns in
cardiology. Medical Journal of Australia. 212(2). pp.54-56.
O’Reilly, C. and Binns, A. J., 2019. The three stages of disruptive innovation: idea generation,
incubation, and scaling. California Management Review. 61(3). pp.49-71.
Zollo, L. and et.al., 2020. Unpacking the relationship between social media marketing and brand
equity: The mediating role of consumers’ benefits and experience. Journal of Business
Research. 117. pp.256-267.