Foundation Degree Business: Innovation and Enterprise Essay Report

This essay examines the fundamental importance of innovation and enterprise within the context of business operations. It explores the practical implementation of ideas leading to new goods and services and the introduction of new ventures for financial growth. The report delves into the ...Read More

Innovation and Enterprise

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
MAIN BOODY...............................................................................................................................3
Innovation....................................................................................................................................3
Enterprise.....................................................................................................................................3
Diffusion of innovation................................................................................................................3
Idea generation.............................................................................................................................4
Fundamental importance of innovation.......................................................................................5
Innovation and enterprise on success or failure...........................................................................5
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................1

INTRODUCTION
Innovation is the practical implementation of ideas which result in introduction of new goods and
services for performing business activities. Enterprise is the ability to think of new product or
services within the developed business. Evaluation on the innovative within organization is being
done in this report, also analyses on the innovation theories in terms of implementation of
innovation is also being done within the report. Study of idea generation factors is also being
done within report.
MAIN BOODY
Innovation
Innovation is the practical implementation of creative ideas and improvements within the
developed products. This is done in which the final quality of the finished good is being
improvised, such that the final quality of service can be improved by adding additional features
within the developed product (Shevliuga and Olefirenko, 2017).
Enterprise
Enterprises on the other hand are the approach in which a new venture is being
introduced rather than making improvement within the developed products. This done in such a
way that a high financial growth is being achieved and customers can achieve a different type of
products.
Diffusion of innovation
The diffusion is often being used by organizations for identifying the effectiveness of innovation
life cycle in terms of achieving customer engagement.
Innovators- These are the early customers which tend to have high level of engagement in terms
of using the innovative approach being taken by the organization. These are mostly the loyal
customers of the organization, due to which organization has to make concentrated efforts on the
influencing the customers. Since new product is being provided due to which company tend to
establish premium pricing for achieving high return of investments.
Early adaptors- These are customer base which are less likely to take risk and due to which and
often develop engagement with the organization once they are able to achieve the initial reviews
(Nzomo and et.al, 2020). These are the customers which are often being influenced by the social
media and reviews which are available at online platforms and other means. Therefore,
organization can influence different customers by use of creative advertisement.

Early majority- This is a innovation lifecycle which is able to achieve high sales, in this approach
customer use innovation because of being an trendy approach. In this segment of innovation life
cycle high sales are being achieved and because of which organization is able to achieve desired
high economic growth. Through approach high level of customer engagement in terms of
utilizing organizational services can be evaluated.
Late majority- At this stage customers are used to the presence of innovation and due to which in
order to maintain its efficient organizational sales, company tend to reduce the product pricing
by which it make sure that new customers are being attracted toward the company. Since this
segment of customer base is less likely to use product at premium pricing because of which it is
often being known as late majority of organizational customer base.
Laggards- This is the market customer base which tend to utilize the product when the
organization has introduced a new improvised product within the market (Ling and SUN, 2020).
Customers tend to use this approach because they are being assured that the product is best in
quality and also is being available at minimum affordable pricing.
Idea generation
This is the organizational approach in which company tend to identify the target which has to
fulfilled and to perform business activities.
Discover- It is the approach in which company tend to analyse the customer requirements and
identify the ways to implementing the solution on the ground level by which customer
requirement can be fulfilled.
Figure 1Idea generation

Source: Kylliaineen, 2019
Plan- Once the requirement is being identified than a proper strategy is being developed to
achieve the desired target in minimum expenditures. The plan is being developed such that all
the required factors are being integrated within the developed product while maintain the
advantages of previous model.
Deliver- This is the organizational approach at which the developed product is being delivered to
the customers and effectiveness of the developed product is being identified. Through this
approach company tend to identify that customer requirements are being fulfilled.
Fundamental importance of innovation
It is important for the organizations that it is able to maintain customer’s high level of
engagement with the organization (Kraśnicka, Głód and Wronka-Pośpiech, 2018). Due to which
companies often have to implement innovative approaches, due to the impact of product
lifecycle, which showcases customer’s decreasing level of engagement in terms of using the
developed product. Therefore in order to minimize the threat of brand switching from the
customers company has to make sure that a new product is being provided, which maintain their
engagement with utilizing the organizational services.
Innovation and enterprise on success or failure
Innovation is the approach to improve the pre-existed product whereas enterprise is introducing a
completely new product. Company have to implement this approach for maintain its
sustainability within the marketplace, but also at the same time this increased work complexities
(Blokhina and et.al, 2018). It happens because in order to improve the overall performance of the
pre-existed product additional specific improvisations have to be taken and due to which overall
internal product structure is being affected. Also company has to ensure that the introduced
product is compact in size and due to which overall work complexity is drastically being
increased.
CONCLUSION
Thus from the above study it can be identified that organizations need to guarantee that it is
able to provide products and services, such that customers are able to achieve a improved level
of experience from the additional value added services. Thus in order to achieve this innovation
has to be implemented by which performance of organizational services can be improved, which

will improve customer’s user experience and because of which their loyalty towards the
company can also be increased.

REFERENCES
Books and journals
Blokhina, O.A. and et.al, 2018. Improving the technology of innovation systems management at
an enterprise. International Journal of Civil Engineering and Technology. 9(13). pp.137-
143.
Kraśnicka, T., Głód, W. and Wronka-Pośpiech, M., 2018. Management innovation, pro-
innovation organisational culture and enterprise performance: testing the mediation
effect. Review of managerial science. 12(3). pp.737-769.
Ling, Y.A.N.G. and SUN, H.Q., 2020. Research on the Impact of Customer Participation in the
Innovation on Enterprise Innovation Performance Under the Background of
MindCloud. DEStech Transactions on Economics, Business and Management, (eeim).
Nzomo, V. and et.al, 2020. Modes of innovation and enterprise development by Nairobi’s mobile
tech startups.
Shevliuga, O. and Olefirenko, O., 2017. Commercialization of innovations: peculiarities of sales
policy at innovation active enterprise. Innovative Marketing. 13(2).
Online
Kylliaineen, J., what is idea generation?- Definition, techniques and success factors, 2019
[Online]. Available through:< https://www.viima.com/blog/idea-
generation#:~:text=Idea%20generation%20is%20described%20as,or%20actual
%20problems%20and%20opportunities.>
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