Innovation & Enterprise: Proposal for Health-Tech Product Innovation

This report provides an analysis of a health-tech startup's innovation and enterprise strategy, focusing on a proposal for new product development. It explores the application of innovation theories and idea generation techniques, specifically using the SCAMPER technique to identify opportunities for innovation in health-related gadgets. The proposal outlines key elements such as marketing strategies, target customers (youth and aged citizens), and pricing strategies, emphasizing the use of penetration pricing to build a larger customer base. The report also details the new product development process, including idea generation, screening, marketing strategy development, testing, and launching of innovative health gadgets like Fitbit watches. The ultimate goal is to enable the startup, "Health is First," to sustain its presence in the market by offering affordable, high-quality health-tech products that cater to the health monitoring and guidance needs of its target audience. Desklib offers a wealth of similar solved assignments and resources for students.

Innovation and
Enterprise(Proposal)

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Application of theories of innovation and idea generation through new product development
process that reason explanation of reason for carrying innovation. ...........................................1
Innovation Proposal....................................................................................................................3
CONCLUSION ...............................................................................................................................5
REFERENCES................................................................................................................................7

INTRODUCTION
Innovation is defined to practical implementation of different ideas which results in
introducing different new products as well as services for having improvement in terms of
offering products and services of companies (Nylund, Brem and Agarwal, 2021). As major
motive of carrying out innovation is to grow regularly along with renew an enterprise through
new as well as better products. This report is based on innovation and enterprise of a business
startup health is first which is selling health equipped technological products to customers. This
report consists of innovative idea of company that could benefit them by carrying on innovation
in their business practices. There is application of different theories that could be used as a type
of idea generation with innovation theory with innovation proposal followed by its conclusion.
MAIN BODY
Application of theories of innovation and idea generation through new product
development process that reason explanation of reason for carrying innovation.
According to viewpoint of Julia Kylliainen, 2019, innovation management is a wide
subject that carries different layers as well as dimensions. In order to survive in markets for
longer time it is necessary for companies to use innovation practices on constant intervals of time
so that their survival could be maintained in markets they could be able top generate more
profits. There are generally different types of innovation which could be used in business
practices in order to perform business practices successfully by making profits. As there are
different types of innovation that could be used in businesses. In relation to Health is first in
order to make regular innovation practice disruptive innovation practice could be used in
business that deals in a concept of product which could create a new value network in an existing
markets. With disruptive innovation practice health is first could be able to perform their
innovative practice of designing of their new health related gadget that provide health related
guidance and monitoring of health of customers in a well manner.
As it has been identified that major reason behind carrying of innovation practice in
business is that it could provide help to more customers of youth generation and aged citizens to
analyse as well as keep a constant monitor on their health so that they could take preventive
measures for that. It is necessary for Health is first to carry up innovative practices on constant
intervals of time so that they could be able to survive in markets by making profits on regular
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basis. As by carrying innovative practice on regular level company could be able to deal with
competition in an effective manner. It is beneficial to business at it could lead to increase in
productivity in business along with increased competition in business. These business practice is
useful as it is related to technological aspect and associated with health innovation. It is helpful
for business to carry technological advancement that could fulfil demand as well as needs of
customers and business as well by making profits in higher numbers.
According to viewpoint of Julia Kylliainen, 2019, ideas are defined to be key aspects of
innovation. As without having a fruitful and effective innovative idea it is not possible for
businesses to carry their business practices effectively in markets. Idea generation is defined to
be a method of creating, formulating as well as communicating different abstract that could
concrete as well as visualize various ideas. It is referred to be end part of idea management
funnel along with it could focus on coming up with an innovative idea as well as thoughts which
could be implemented in business for achieving their goals within a specific time basis. There are
various tools and techniques that could be used for having idea generation for carrying up
effective innovative idea for business (Nam and Bao Tram, 2021). While designing innovative
ideas, it is necessary to determine idea challenge which is focused as a form of innovation where
problems could be identified according to innovation idea and opportunities could be identified
that could provide support to business in terms of sustaining in markets for long terms. As when
challenges as well as opportunities are identified so that according to that strategies could be
formulated for accomplishing desired goals in a proper manner. Along with there are certain
techniques which could be used for having idea generation for innovation. In relation to Health is
first idea generation theory which could be used is SCAMPER technique where business could
identify certain elements by carrying up design thinking for resolving any problems in order to
think creatively for having innovation in their health technological gadgets (Qing, Renyong and
Jian, 2021). It basically deals in making making up adjustments for identifying present idea of
business.
In relation Health is first idea generation could lead to create marketing mix which could
identify place, product, promotion and price. As these elements are explained as follows: Product: This element in innovative idea could defined to be offerings of company. In
relation to Health is First startup business is offering health related technological health
gadgets like fitbit that could determine and monitor health guidance for customers.
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 Price: This element in innovative idea could be defined in cost of product (Li, 2021). In
relation to Health is first they are focused on offering their technological gadgets at an
affordable price so that they could be able to build a larger customer base. Place: It is defined to be physical existence where customers could purchase their
products. In relation Health is first start up business is offering their technological
products at their stores so that customers could avail them.
 Promotion: It is defined to promotional strategy that could be used for promoting
business idea ion front of customers. In relation to Health is first business is
implementing online promotional techniques so that they could make their customers
aware about their products.
Innovation Proposal
As in order to carry out innovative business practices in a business it is necessary for
them to make innovation proposal where different elements that could consists of marketing
strategies, target customers, cost pricing strategies for performing innovation practices in
markets. As this innovation practice could proved to be fruitful to business and for customers as
well in different terms. In point of view of start up business Health is first innovative practice of
designing technological health related gadget that provides guidance on diet and consultation for
individuals is proven to beneficial for business as it could lead to generate productivity and
competitiveness among business (Zhiqiang, Meng and Yuting, 2021). As when they providing
technological gadgets like fitbit watches to customers with affordable prices and high quality
business could be able to generate more higher customer base and as a result they could sustain
in markets for longer time.
In relation to startup business of health is first, they are performing up technological
innovation in their health gadgets like fitbit watch that could examine guide about individual's
health and routine. Innovation proposal for this innovative idea is explained as follows: Marketing: It is defined to a marketing strategy that could be used by business in order to
promote their products as well as services so that customers could be get aware about
them in terms of purchasing (Long and Liao, 2021). In relation to Health is first business
is using marketing mode of online platform as well as reaching on this health care centres
for making customers aware about their products.
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 Pricing strategy: It is defined to costing strategy that is fixed by businesses in order to
sell their products at a particular price to customers. In relation to Health is first start up
business is implementing penetration pricing strategy for selling their innovative product
in health care environment. As they are focused on providing their health gadgets at an
affordable prices so that they could be able to create large customer base for their
innovative product so that they could be able make more profits in higher amounts and
sustain in markets.
 Target customers: It is said to be essential element of innovation proposal that states in
identifying target customers for selling their technological products. In relation to Heath
is first startup business is targetting youth generation that are health conscious as well as
aged citizens who requires to be monitored constantly for their health to live well. As
these targetted audience is beneficial for business as it provides them idea of selling right
products to right customer for having their benefits (Johansson and Gabrielsson, 2021).
As it helps them in generation of their profits in higher number and company could be
able to sustain in markets for long time.
New product development process:
It is basically defined to be a multi disciplinary measure which could change out market
opportunity. In order to launch new innovative products in markets it is necessary to use new
product development measure so that innovative products could be generated. In relation to
Health is first s new product development process for creating innovation practice in business are
as follows: Idea generation: It generally refers to perform out systematic research for designing new
product ideas. As there are two types of sources of new thoughts which could involve of
internal idea sources along with external idea sources. In accordance of internal sources,
business could finds new ideas while performing out research on internal basis and in
condition of external sources, ideas are generated from their distributors, competitors as
well as suppliers. As Health is first could innovate idea of creating new health gadgets
that provides health related guidance to its customers for having save life. Screening: It is referred to carrying up efficient ideas from different types of thoughts
that has been generated as fast as possible (Lazarev, Churashkina and Shulenkova,
2021). At stage of new product development it refers to usage and formulation of
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different ideas that business wants to launch. In accordance with Health is first business
could screen different ideas for launching new health care gadgets from different
alternatives. Marketing strategy: When a products starts to get developed, this stage is carried its
development of various marketing strategies that could be implemented for inventing
new health related gadgets. In relation to Health is first, startup business could implement
various marketing activities like online marketing so that customers could be get aware
about their products. Testing: At this stage of new product development deals in testing products inn different
states that identifies relevance in test marketing. In relation to Health is first business
could implement testing method for examining relevancy for their health related
products.
 Launching: After performing testing of new innovative product next stage is to be
carried is launching of new products in markets towards customers so that they could be
able to sell their products (Mai, Yang and Zhang, 2021). In relation to Health is first
startup business could launch their health related gadgets in markets so that customers
could be able to avail them at higher numbers.
CONCLUSION
From above analysis it could be concluded that innovation is defined to be an essential
practice that is to be used by companies on regular basis so that they could be able to sustain in
marketplace for longer time by making profits. This report briefly explains about innovation idea
of company which is based on a health care startup. It explains about innovative idea of business
and its benefits of using that. There is an explanation of application of new product development
and idea generation of new products. Along with there is explanation of innovation proposal
which is carried by identifying varies elements that could consists of marketing, target
audience,costing along with other strategies for running business practices effectively.
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REFERENCES
Books and Journals
Johansson, J. and Gabrielsson, J., 2021. Public Policy for Social Innovations and Social
Enterprise—What’s the Problem Represented to Be?. Sustainability .13 (14). p.7972.
Lazarev, V., Churashkina, A. and Shulenkova, T., 2021. Innovative potential of enterprise from a
differentiated approach standpoint based on the concept of innovations’ diffusion.
In SHS Web of Conferences (Vol. 116, p. 00059). EDP Sciences.
Li, S., 2021. The Misunderstanding of Business Management Innovation in the Digital Economy
Era Excess Merger and Corporate Innovation. In E3S Web of Conferences (Vol. 235, p.
03085). EDP Sciences.
Long, S. and Liao, Z., 2021. Would consumers pay for environmental innovation? The
moderating role of corporate environmental violations. Environmental Science and
Pollution Research, pp.1-10.
Mai, Y., Yang, H. and Zhang, G., 2021. Does Business Model Innovation Enhance the
Sustainable Development of New Ventures? Understanding an Inverted-U
Relationship. Sustainability.13 (1). p.262.
Nam, V.H. and Bao Tram, H., 2021. Business environment and innovation persistence: The case
of small-and medium-sized enterprises in Vietnam. Economics of Innovation and New
Technology .30 (3). pp.239-261.
Nylund, P.A., Brem, A. and Agarwal, N., 2021. Innovation ecosystems for meeting sustainable
development goals: The evolving roles of multinational enterprises. Journal of Cleaner
Production.281. p.125329.
Qing, Y., Renyong, H. and Jian, L., 2021. Simulation Research on Innovation Ecosystem
Performance of Urban Agglomeration in the Middle Reaches of the Yangtze
River. Journal of Testing and Evaluation.49 (4).
Zhiqiang, Y., Meng, Y. and Yuting, Z., 2021. Enterprise R&D Innovation and Bond Credit
Spreads: Analysis Based on the Signal Transmission Theory. Journal of Shanghai
University of Finance and Economics .23 (01). pp.42-60.
Online
Kylliainen, 2019,Key innovation management models and theories[Online] Available
Through:<https://www.viima.com/blog/innovation-management-models>
Kylliainen, 2019, what is idea generation? Definition, techniques and success factors [Online]
Available Through:<https://www.viima.com/blog/idea-generation>
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