Innovation and Enterprise: Impact Analysis and Personal Reflection

This report examines the impact of innovation on Freeman PLC, focusing on the development of a new retail store with affordable pricing. The analysis covers the benefits of this innovation, including attracting new customer segments, gaining a competitive edge, and increasing productivity. The report also includes a personal reflection using the Gibbs reflective cycle, detailing the author's experience with the innovation process, their feelings, evaluation, analysis, conclusion, and action plan for future projects. The innovation plan involved expanding the firm on online platforms by taking a product penetration strategy where the used clothes resold by the company for attracting those customers who are unable to afford high price range closing and fashionable materials. The report concludes that innovation and enterprise are interconnected, essential for each other's growth and development, and crucial for staying ahead of competitors in the marketplace.

Innovation and
Enterprise
(Supporting Notes)

Table of Content
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Research and analyse the impact of the innovation process within an organisation..............3
Using an Gibbs learning cycle and reflection model, critical evaluation of innovation practice
and identifying the ways in which own personal innovation skills and knowledge are enhances
within this organisation..........................................................................................................4
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Innovation and creativity is considered as an important part of an enterprise specially in
the present modern rapidly growing and aggressively changing market place and separate
industries in which businesses operate. The presentation also be reflecting upon the impact of
innovation process which are undertaken in Freeman plc over the entity and its growth. Along
with it the presentation also holds my personal reflection with the help of Gibbs reflective cycle.
The reflection will be focusing upon determine in two ways in which my personal innovation
skills have been improved and my knowledge have updated by taking Freeman plc as an
example organisation.
MAIN BODY
Research and analyse the impact of the innovation process within an organisation
As per the proposal and the innovation plan which was developed for Freeman plc, the
idea which was created for the company is to develop and open a retail store which is still
available on online platforms the brand will be e dealing with affordable pricing of products. The
idea was simple that is to expand the firm on online platform by taking a product penetration
strategy where the used clothes resold by the company for attracting those customers who are
unable to afford high price range closing and fashionable materials. The impact of this
innovation process within Freeman Plc provided number of benefits to the brand which are as
follows:
 The first and foremost advantage which landed into the hands of the company with the
development of and you product line is attracting a new customer segment towards its
offerings. With the help of providing affordable products and clothes Freeman PLC was
able to gain attention of those customers which to wear fashionable clothing but the price
range is a little low.
 Another opportunity as well as benefit which was developed by this innovative approach
taken by the company which enable it to grow and expand its market base is gaining
competitive edge in the market as well as improving brand image. As it is known that
fashion industry holds a very saturated market and aggressive competition where every
business organisation is working towards staying one step ahead of others. In this highly
competitive environment Freeman Plc received an advantage through this innovation

practice and took one step ahead of its competitors as well as gain a competitive edge in
the market. Along with it the brand also enhanced its value and image amongst customers
while dealing with different settings of buyers offering them luxury products along with
cheap and affordable clothing.
 Another very important impact which was imposed by this creative idea over the
company’s growth and profitability is increment in its productivity and ultimately in the
overall prophets of the brand. Innovation and creativity did not just provided Freeman Plc
a chance to grow and expand its operations into a new marketplace but it also provided
the firm with an opportunity to become the market leader by increasing its productivity
and making higher profits. The brand was actually making use of sustainable business
opportunity where the sold goods are again bought by the company and resold it in the
market to others which making profits and by providing its customers possible level of
satisfaction.
Using an Gibbs learning cycle and reflection model, critical evaluation of innovation practice
and identifying the ways in which own personal innovation skills and knowledge are
enhances within this organisation
Gibbs reflective cycle is a common and very useful model which is used by professionals
in order to present a reflective statement and reflect upon their learnings as well as performance
towards a particular task or about a certain activities they were part of. There are six stages this
model through which an effective reflective account is developed. Reflective account of myself
is presented below with the help of all the stages of the model.

Figure 1: Reflective Practice, 2021
 Description- In the very beginning the concept of innovation and creativity was very
new for me to be implemented inter practical scenario. At this stage I was really nervous
and lack huge amount of knowledge which I was about to gain with the practical
experience of working up on the implementation of innovation strategic plan of Freeman
Plc.
 Feelings- To be very honest Andrew thrown at this stage I was really nervous and scared.
All I was thinking about was about my performance and ability to fulfil the given job role
for implementation of the innovation idea. At the same time I was really excited and
happy to receive an opportunity e to work on the prestigious project as well as about the
learning and knowledge I will be receiving through it.
 Evaluation- The overall experience of working on the innovation plan and with the team
was really amazing and productive where I received number of information about the
critical aspects and areas as well as strategic decisions which were made at the time of
emergencies. The only thing which bothered me where's my inability to communicate
more effectively with my team members and with my superiors.

 Analysis- Through this entire situation I have learnt and gained a lot of knowledge and
have developed professionally as well as personally.
 Conclusion- In the end it is evidently e concluded that I had a great time and learning
experience from the entire project and will be looking over for more such opportunities
for my personal growth and professional development.
 Action Plan- In future if I receive such opportunity I will be making sure that it had
become an effective communicator till then and make use of those communication skills
to seek more understanding about the personal opinion and perspective of my team
members as well as my superiors. Moreover I also want to become an effective
communicator and perform effectively bye by looking over to the aspect of sharing my
innovative ideas and suggestions with my team members.
CONCLUSION
From the above presentation if it is concluded that innovation and enterprise are two
interlinked aspects which are essential for one other. Innovation takes birth with strategic
decision making and analytical understanding of people working within the organisation to to
expand it and to provide it a new work area. On the other hand a business entity lives upon
innovation as it is not possible for the form to provide the same offerings and depend upon the
same customers. A company always needs to move on and move for the in order to grow and
stand ahead of its competitors in the marketplace.

REFERENCES
Books and Journals
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innovation activity. Business: Theory and Practice, 22(1), pp.1-11.
Li, F. and et. al., 2021. Can low-carbon technological innovation truly improve enterprise
performance? The case of Chinese manufacturing companies. Journal of Cleaner
Production, 293, p.125949.
Sang, B., 2021. Innovation of enterprise technology alliance based on BP neural network. Neural
Computing and Applications, 33(3), pp.807-820.
Wang, L., 2021, March. Strategic Analysis on innovation of enterprise statistical management
under the new economic environment. In Journal of Physics: Conference Series (Vol.
1802, No. 2, p. 022033). IOP Publishing.
Zhen, Z. and Yao, Y., 2021. Optimizing deep learning and neural network to explore enterprise
technology innovation model. Neural Computing and Applications, 33(2), pp.755-771.