Innovation - 301 BUS

Increased competition

This can be due to new firms entering the market / decrease in sales and profit for long term

Changes in Societal expectations

customers make demands on how they operate and create their products and services

Changes in technology

Using technology as a way to introduce opportunities for businesses to operate.

Internal Growth

innovating to maintain customer interest and increasing the customer base and developing new markets.

Avoid Business Inertia

Developing a culture of innovation for employees

Product Innovation

making changes to the actual product or service.

Sustainability Innovation

making changes to the resources used or created through production to ensure the business does not create additional harm to the environment through the production or use of the product.

Process Innovation

making changes to the process a business uses in order to make the product.

Marketing Innovation

making changes to the market of which the business operates in. Methods such as how the business talks to its customers or how customers are able to access the product

System Innovation

Involves developing a culture of innovation, This can include...

Strategic Decisions

These are set by senior management and determine a general course of action a business will take to achieve its aims and objectives // would involve deciding what particular area of innovation is going to be developed.

Tactical Decisions

These are carried out by middle management to ensure the strategic goals are achieved // would involve deciding exactly what the change is going to be.

Operational Decisions

These are the specific day to day decisions made to ensure the business operates efficiently // could involve organising the day to day process to implement change.