Summary Unit 1 assignment 3: investigate the role and contribution of innovation and enterprise to business success
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Course
BUS 100 Introduction
Institution
University Of Bristol (UOB)
Unit 1 assignment 3: investigate the role and contribution of innovation and enterprise to business
success.
What is innovation?
Coming up with innovative ways of doing things can help you save time and money, and it can also
give you a competitive edge in the marketplace as you expand and adap...
unit 1 assignment 3 investigate the role and contribution of innovation and enterprise to business success
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UNIT 1 ASSIGNMENT 3-The Role And Contribution Of Innovation And Enterprise To Business Success
Unit 1 assignment 3: investigate the role and contribution of innovation and enterprise to business
success.
What is innovation?
Coming up with innovative ways of doing things can help you save time and money, and it can also
give you a competitive edge in the marketplace as you expand and adapt your business. This does
not mean that you must come up with new ideas; instead, you may develop an existing idea by
enhancing the service. Businesses that innovate have more productive work processes, higher
efficiency, and better outcomes.
Product innovation:
Product innovation is the creation and subsequent introduction of a good or service that is either
new, or an improved version of previous goods or services.
process innovation focuses on the innovation of facilities, skills and technologies used for the
production and delivering of products and services. As opposed to product innovation, the effects
are not as noticeable to the consumers.
Service innovation:
Service innovation is used to refer to many things. These include but not limited to: Innovation in
services, in service products – new or improved service products.
What is enterprise?
An Enterprise is a big business that has hundreds to thousands of employees. They are all about
taking risks, showing initiative and making things happen and undertaking new ventures.
P7: explore how innovation and enterprise contribute to the success of a business.
In today's highly competitive business climate, innovation is essential to Sainsburys company's
success, particularly as consumers become more demanding and knowledgeable. To succeed and
stand out, Sainsburys need a competitive advantage. Innovation will give them a competitive
advantage by increasing their efficiency, growth, and profitability.
It is not necessary for innovation to be a game-changing breakthrough. It can take the form of small,
gradual changes in any aspect of Sainsburys business.
Here are four tangible advantages that innovation can bring to Sainsburys.
Improves sales and customer relationships.
If Sainsburys don't make improvements to their goods and services, they risk losing customers to
more ambitious competitors.
Customers will note and enjoy the added value that Sainsburys have if they spend time and
resources in innovation. This should result in increased revenue.
Sainsburys can begin by taking simple steps like surveying customers on a regular basis to identify
possible product changes and forming an innovation team to lead their efforts.
Reduce waste and costs
This study source was downloaded by 100000845738910 from CourseHero.com on 06-07-2022 08:21:03 GMT -05:00
, Instead of constantly putting out sparks, innovation will help Sainsburys minimise waste in your
company and place you in a stronger position to concentrate on long-term goals.
Streamlining order delivery, removing output bottlenecks, and reducing equipment and employee
idle time are only a few of the operational performance improvements BDC clients have introduced.
The aim is to always be on the lookout for waste-reduction opportunities. Lower prices, higher profit
margins, better customer service, and increased competition are all possible outcomes. Such
technologies can be found with the aid of an efficiency specialist.
Boosts their market position.
So, they aren't forced to respond to shifts, innovation will help them predict market trends and get
ahead of opportunities. It can also assist them in standing out from the competition.
Continuously monitoring industry dynamics, listening to consumers, suppliers, and advisors, and
learning what competitors are doing will all help Sainsburys spot and capitalise on opportunities.
It's also a good idea to keep an eye on what's going on in their business in other countries. Studying
what leading companies are doing in other countries will help Sainsburys come up with new business
ideas.
Improve employee relations
Employees enjoy working in a creative environment. Reducing workplace turnover and increasing
efficiency by cultivating pride in their products and a desire for their business to be a market leader.
Since workers are always a company's best source of ideas, this can lead to even more innovation
success.
Making sure Sainsburys pay attention to what they're doing. Inquire about their thoughts on
innovation in all facets of their business, including product creation, marketing, and performance.
They can have invaluable insights into new ways to innovate, and they'll be thankful for their
attention.
Ways Sainsburys increases business efficiency and improves profitability:
Kaizen.
Kaizen (or ‘continuous improvement') is a method of improving quality and productivity in a
company by making small gradual improvements on a regular basis. Since workers see the processes
in action on a regular basis, this strategy suggests that employees are the best people to find areas
for change. As a result, an organisation that uses this technique must have a community that
promotes and rewards workers for their efforts. Kaizen can be performed on an individual level or in
Kaizen Groups or Quality Circles, which are groups created specifically to recognise possible
improvements.
Kaizen is aimed at decreasing waste by eliminating overproduction, improving quality, being more
efficient, having less idle time, and reducing unnecessary activities. All these translate to money
savings and turn potential losses into profits.
Research and development.
The generation of new knowledge is what research and development is all about. It is a business
activity that businesses engage in so they could create new goods, processes, or services, or to
This study source was downloaded by 100000845738910 from CourseHero.com on 06-07-2022 08:21:03 GMT -05:00
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