Analyzing Innovation Process, Impact, and Reflection

This presentation provides a comprehensive overview of the innovation process, emphasizing its significance in business development. It begins by defining innovation and its distinction from general creativity, then proceeds to detail the innovation process, which includes identifying the problem, producing solutions, and conducting market analysis. The presentation highlights the impact of the innovation process on companies, especially concerning the competitive edge that innovation offers. It also showcases how innovation helps in improving existing products and services. Furthermore, the presentation applies Kolb’s experiential learning model to reflect on the innovation process, discussing its four stages: concrete experience, reflective observation, abstract conceptualization, and active experimentation. The conclusion emphasizes the importance of innovation skills for career development and the need for businesses to continuously innovate to retain customers and gain a competitive advantage. References from various academic journals are also included.

Presentation

Table of contents
• Introduction
• Innovation process
• Impact of innovation process on company
• Reflection using Kolb’s model
• Conclusion
• References

Introduction
Innovation can be define as the
new idea which is practically
implemented in order to give
result of developing new
product or service or making
improvement in the existing
offering. Technically or
generally, innovation is different
from creativity by its emphasis
on implementing the creative
ideas in the economic setting.

Innovation process
Innovation is introducing new product or the new quality of
the goods or any method of production, source of supply
market etc. It also involves improving the existing idea or
concept so that a commercially viable offering is produced.
The innovation process comprises of mainly 3 steps which
can be adopted by Jaguar so that it can bring new offering to
the market in order to take the competitive edge. The process
is discussed below
• Insight
• Identifying problems
• Producing solution

Impact of innovation process on company
The major impact of the innovation process on the Jaguar is
that this process helps in conducting a market research so
that a deep insight is taken of the needs and demand of
customers. The innovation helps in offering something new
to the market so that the competitive advantage can be taken
and the business can survive and grow in the competitive
environment. It is very important for the company Jaguar to
bring regular innovation in its product so that they can retain
their loyal customers and attract the potential one

Reflection
Kolb’s model involves 4
steps which help in stating
the reflection of the
experience. These steps are
discussed below-
• Concrete experience.
• Reflective observation
• Abstract
conceptualization
• Active experimentation

Conclusion
It is concluded from the above PPT that innovation is an
important aspect in the businesses as it helps in taking
competitive edge in the market. It is important to have
personal innovation skill so that the career can be developed
as it is the era of innovation. The innovation process consists
of three steps which include taking insight, identifying
problem and producing the solution.

References
• Kakatkar, C., Bilgram, V. and Füller, J., 2020. Innovation analytics:
Leveraging artificial intelligence in the innovation process. Business
Horizons. 63(2). pp.171-181.
• Godin, B. and Vinck, D. eds., 2017. Critical studies of innovation:
Alternative approaches to the pro-innovation bias. Edward Elgar
Publishing.
• Burns, A. and Danyluk, P., 2017. Applying Kolb’s model to a nontraditional
preservice teaching practicum. Journal of Experiential Education. 40(3).
pp.249-263.
• Manolas, E., 2018. Short Stories and Climate Change: An Application of
Kolb’s Experiential Learning Model. Handbook of Climate Change
Communication: Vol. 2, pp.37-46.
• Biemans, W., 2018. Managing innovation within networks (Vol. 7).
Routledge.

Thank You