Innovation Management and Development: Strategy and Implementation

This report explores the critical role of innovation in business development, focusing on identifying specific needs within a firm and planning for effective implementation. Using Amazon as a case example, the report outlines an implementation plan that includes analyzing the current situation and taking necessary actions to achieve competitive advantage. It also delves into applying an innovation audit methodology, emphasizing the importance of innovation strategy. The report recommends strategic management as a key organizational body to develop a planning framework and mitigate risks. Ultimately, the report concludes that innovation is essential for overall business development and highlights the significance of management in adopting optimal innovation techniques.

Managing and developing
innovation

Table of contents
INTRODUCTION
MAIN BODY
Identify a specific need/problem that exists within a firm
Plan for implementation
Applying an innovation audit methodology
Recommendations
CONCLUSION
REFERENCES

INTRODUCTION
 The innovation is considered as key approach which helps a business in
development of a new and precise approach to deal with a specific problem
(Biazzo, and Filippini, 2021). All major companies in the international and
national marketplace should focus on taking assistance of innovation in
order to deal with tough problem or situation. The innovation is considered
as a key approach which is beneficial in development of a business.

Identify a specific need that exists within a firm
 In the functioning of a business, it is essential to identify key
problems for determining key solutions related to management
(Bican, and Brem, 2020). The Amazon is currently facing issues
related to implementation of information and technology in
marketing.

Plan for implementation
Analyse the situation- This is the first stage in development of an implementation plan for
Amazon. Amazon company should analyse whole plan with major focus on key objectives
and goals. The company should organise a meeting in order to analyse whole dimensions and
aspects of digital marketing.

Continue
Implementation of plan- This is the secondary stage in the implementation plan which
includes taking necessary actions to deal with the situation. Amazon company will implement
this plan in order to gain competitive advantage at the marketplace in the field of marketing
(Choo, Narayanan, and Sarkar, 2021). It will also help company to achieve sales targets and
reach maximum customers all across the globe.

Applying an innovation audit methodology
 Innovation strategy section- The innovation strategy is related to
plans and policies which should be implemented by a business to
achieve innovation in key operations. Innovation strategy audit should
be analysed by Amazon in order to perform effective audit (Winch,
2019). The audit related to innovation strategy should be performed
with help of IT experts in order to achieve key objectives and goals.

Recommendation
 Strategic management- The strategic management is a major organisational body
which helps in development of a planning framework to develop effectiveness. In
order to develop major plans and policies related to strategic management, it is
essential for the business to focus on key objectives and goals and achieve them
with assistance of strategic management (Murthy, 2017). Strategic management is
also supportive in supporting a company in the time of uncertainty and it is also
helpful in eliminating risk associated with the operations.

Conclusion
From the above stated report it can be concluded that innovation is a
key business function which helps in development of whole business
entity. The above stated report concludes role played by management
of a business in adopting the best technique related to innovation in
order to manage functions of the company.

References
 Biazzo, S. and Filippini, R., 2021. Managing Product Innovation: A Framework. In Product
Innovation Management (pp. 21-39). Springer, Cham.
 Bican, P.M. and Brem, A., 2020. Managing innovation performance: Results from an
industry‐spanning explorative study on R&D key measures. Creativity and Innovation
Management, 29(2), pp.268-291.
 Choo, A., Narayanan, S., and Sarkar, S., 2021. Introducing goods innovation, service
innovation, or both? Investigating the tension in managing innovation revenue streams for
manufacturing and service firms. Journal of Operations Management, 67(6), pp.704-728.
 Kelliher, F., Kearney, A. and Harrington, D., 2018. Managing innovation in the hospitality
micro firm: A framework for sensing, seizing and reconfiguring dynamic
capabilities. Hospitality & Society, 8(2), pp.159-178.