*NEW* Unit 1 Exploring Businesses P7: Explore how innovation and enterprise contribute to the success of a business.
18 views 0 purchase
Course
Unit 1 - Exploring Business
Institution
PEARSON (PEARSON)
*Certified High Graded Work*
Learning Aim E P7:
Role of innovation and enterprise • Innovation, e.g. creative process, product or service development, new ways of increasing business efficiency or improving profitability, successfully exploiting a new idea, adding value to products, services o...
self-driving capabilities to perfection, while consumers are keen on Self-driving cars, they
realise that they cannot fully utilise the capabilities of an autonomous driving vehicles, due to
the risks it has along with it, while Tesla is the only self-driving vehicle consumers are really
invested in due, to its smart functionally it has when self-driving, as well as their promise to
further advance and normalise self-driving vehicles in the future.
Learning Aim E p7:
Explore how innovation and enterprise contribute to the success of a
business
Introduction:
Innovation is a process of making something new or changing an existing process to make it
more effective. In business, innovation is referred to making new ideas, creating products or
improving existing services.in other words, it is a process of making an idea or invention come
into reality, it can add more value to the business. Furthermore, innovation is the actual
execution of ideas that result in the development of new goods or services or modifications and
improvements in the delivery of goods or services. Businesses want to keep innovating to affect
positive change in their business, to keep being compelling, and to maintain customer retention
as well as to build long-term relationships with customers. This can include improving existing
methods or practices, or starting from scratch. Ultimately the goal is to reinvigorate a business,
creating new value and boosting growth and/or productivity as well to increase
profitability .Not only this, Innovation refers to the process through which a business visualises
brand new goods, processes, and ideas, or approaches current products, processes, and ideas
in creative and interesting ways, that makes their goods or services unique in different aspects.
Innovation is essential to a business because it creates new ideas and chances to react to
changes and discover new opportunities for a new product development as well as innovating
an already existing product for a business. Innovation helps firms differentiate themselves from
competitors in their marketplace, adapting to product innovations can make a business more
compelling and give it competitive advantage. A product innovation example is the transition
from traditional wristwatches to smartwatches. From conventional wrist watches to cutting-
edge smart watches, these utilitarian pieces of jewellery could now do so much more than tell
the time. Because of product innovation, you can send text messages, track your daily steps, set
alarms, make and answer calls, take notes, monitor your sleep, and check your heart rate,
unlike standard wristwatches that could only track time.
, Why Is Innovation Important for Business Success?
Innovation of product or service is the key to becoming a successful business, if a business
doesn't make changes or improvements to their business and its goods in any way or form and
shape, they are unlikely to be a successful business in the long-run. Customers are always
looking for new product innovation, this is what makes businesses thrive in creating product
development and improvements, in so the goods can meet the desired needs of those
customers. We’ve all heard the phrase “adapt or die '' and for businesses to achieve success in
today’s modern world, this is a universal truth. Even If a business product fails, the business
must be capable of adapting in new ways and alternatives as well as innovating to make the
product meet the desired needs for the customer through making improvements to the already
existing product, or even go into a different market to innovate new product development in
that marketplace. Successful innovation is critical to business success because it gives the firm a
competitive advantage in entering new markets faster and gives them a better connection to
developing markets, which can lead to bigger opportunities. Furthermore, successful
implementation of new ideas is critical to a company's ability to improve its processes, bring
new and improved products and services to market, increase efficiency, and, most importantly,
increase its profitability. An example of new product innovation is the first electric vehicles
introduced in the car's market were also an innovation, and new batteries with longer ranges
that keep coming out.
Role of innovation
The Creative Process
The creative process is the development of an idea into its ultimate form via a series of ideas
and acts. Critical thinking and problem-solving abilities are required during the creative process.
The creative process is a staged approach to creativity which does not occur by accident and
involves a set of distinct processes. The processes include the preparation stage, this where
research or reviewing the current process is used. This is the first stage during which a business
gathers resources and does research that may inspire an innovative idea. To develop creative
thinking, brainstorm and allow your thoughts wander, or write in a notebook; this will help you
examine all potential routes to fleshing out new and innovative product ideas. During the first
stage of the process, your brain uses its mind's eye to produce new ideas by drawing on
knowledge and prior experiences, this the first step in gaining an innovative product idea.
The next process is the Incubation stage, this a period of reflection and working through ideas
both consciously and subconsciously. The second stage is where you let go of your idea after
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller farzoneKris. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.73. You're not tied to anything after your purchase.
