Essay
betc business level 3 unit 1 assignment 3 report
- Module
- Unit 1 - Exploring Business
- Institution
- PEARSON (PEARSON)
this is a report on the innovation of dyson
[Show more]
Seller
Follow
Content preview
Dyson reportDyson has always taken risks and launched its DC01 in the UK in 1993. This cyclonic
vacuum cleaner was an instant hit and was the best-selling vacuum cleaner in the UK
within 2 years, even though its price was darer than rival vacuum cleaners. This portrays
that taking risks in terms of innovation can have huge benefits, which in this case, is
financial. In 2006 Dyson took another big risk by attempting to break into the Japanese
market. Once again, this paid off as Dyson took the top slot in Japan's competitive vacuum
cleaner market with this product specially designed for smaller homes.
After two years of exporting to Japan, Dyson's market share in the country was larger than
that of cultural home brands. This is another example of Dyson’s success through
innovation in a new highly competitive market. The company was constantly seeking to
improve its products and stay as the market leader so as a result, Dyson’s employees have
come up with thousands of ideas to differentiate them from their competitors. This was
achieved when they came up with the idea to have a vacuum cleaner with a ball, making the
vacuum more convenient to use. This was instantly a huge hit and a major success. in 2013
after releasing the new ball products Dyson declared £380 million profit and had hit £1.3
billion in revenue. This shows that even in an established market such as vacuum cleaners
where you would not think much could change being innovative and establishing a usp can
increase your market share in comparison to competitors. Patterns show that when
business is good, companies stay in the market that brings them success and doesn't
innovate as much in fear of failure, especially when it is a massive company such as Dyson.
However that is not the case for Dyson, they continue to change the market. They have
continued to be innovative and in 2006 the Dyson Air blade was launched as a high-tech
hand dryer. It is now developing a high-tech tap that also dries your hands for use in
washrooms.
Dyson is said to spend £3 million on research and development for its innovations each
week. It believes so strongly in innovation that its founder has created The James Dyson
Award. This is an annual international design award that celebrates, encourages, and
inspires the next generation of design engineers.
Dyson as a company is now a very well-known technology company and I believe that is
down to the risk-taking and the money that was invested into creating numerous new
products.
Dyson did not give up when the vacuum cleaner manufacturers of the time turned him
away time after time, nor when creating hundreds of prototypes to get the best possible
product. Dyson believed that a high-tech vacuum cleaner would appeal to men, and he
designed it with men in mind. This has been a huge success.
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 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 leshanathomas. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £7.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73091 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now