BTEC Business Level 3: Unit 1 - Exploring Businesses, Assignment 3(Aim E) (Distinction)
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Course
Unit 1: Exploring Business
Institution
PEARSON (PEARSON)
BTEC Business Level 3: Assignment 3 - Unit 1: Exploring Business. Distinction standard work. Includes appropriate images, and is extremely well formatted and put together based on Amazon. Following the Exemplar Template will ensure you get a great mark. This Exemplar Template includes P7, M5, D3.
Unit 1: Exploring Business
Investigate the role and contribution of innovation and
enterprise to business success (E)
P7 – How innovation and enterprise contribute to
the success of business
Innovation is the existence of a creative method from study or
analysis to application of existing processes. This helps to boost
the quality of goods or services. It gives new methods of
increasing performance of the business to boost production,
lower costs and enhance profitability. Innovation helps the
success of a business as it helps solving the problems easier
with creative solutions. In order to make a business better and
profitable, you should always be thinking of solutions that are
outside of the box to attract customers.
Innovation is also a key in marketing as it helps towards
making the business stand out. It also adds value to the
products or services as they are different and more advanced
or easier to use than other products. For example, Apple, that is
considered one of the best innovative companies in the world.
Their innovation strategy involves terrific new products and
innovative business models. They offer their customers great
software in a nice hardware and nice and simple packaging.
They also create new niche markets by using innovations such
as the iPod, iTunes, iPhone and iPad. Apple come up with new
features, software features etc. for their products each year
which are then copied by other companies a few months later.
Amazon also has many innovative ways that kept their
customers interested and satisfied. For example, their Prime
now subscription provided their customers fast and free
delivery on a lot of items and they also made people come to
expect fast and free shipping from every other company which
, puts Amazon on the top of the competitors list as not every
company can offer this.
The use of innovation and enterprise has made Amazon really
successful. The way innovation was displayed was from the
CEO which is Jeff Bezos introducing Amazon Prime Video Instant
and Amazon Prime One Day Delivery. This was its first
innovative success. Even when Amazon is a huge selling
platform, it wasn’t afraid of trying to enter and explore into
different industries, especially through its Amazon brand. The
industries Amazon entered was industries such as Films and
Music. Amazon also did branch out to eBook, eTablets,
Smartphone and Software Development. As usual, Amazon
loves to expand beyond their online platform. It will not be
hesitant to try out with the mix of success and failures.
However, the most unsuccessful attempt of which Amazon has
experienced is Amazon Destination where they wanted to step
into the travel industry. This is due to incapability of competing
into competitors such as Groupon and Expedia.
Enterprise is all about identifying opportunities to develop
business activities. One of the key methods for this is thinking
outside of the box which often creates valuable products and
services that attract customers as it is nothing that is seen
before. Another great way of thinking regarding the business’
enterprise is ‘anything is possible’. This has led many
businesses to success or to very interesting and new ideas such
as the Amazon Prime Air which will be delivering orders to
clients using a drone.
Тhere is also intuition in the enterprise of a business. These are
ideas that occur naturally as a result of complex thought
process and decision making. This is regarding what customers
want and need to make their everyday life easier, more
relaxing, less complexed or maybe a luxury. An example, for
this thinking is how Steve Jobs offered the market what he felt
they wanted with Apple.
Innovation and enterprise contribute to the success of a
business as it leads to the creation of products and services
that interest the customers. This could lead to an increase in
the range of customers and the number of customers, which
leads to higher profitability.
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