BTEC Business Level 3: Assignment 3 - Unit 1: Exploring Business. Distinction standard work. Includes appropriate images, and is extremely well formatted and put together. Using the information from this document will ensure you get a great mark. This document includes P7, M5.
Investigating the and contribution of innovation and
enterprise to Wood PLC
Innovation is the development of a new idea, method or device. Webster’s
defines innovation as “the introduction of something new.” 1
Role of innovation and enterprise
The three ideas of innovation, imitation and invention are three very difference
concepts but are still very closely linked to each other.
Invention- new scientific or technical idea, and the means of its embodiment
or accomplishment. To be patentable, an invention must be novel, have utility,
and be non-obvious. To be called an invention, an idea only needs to be proven
as workable.2
Imitation is the conscious or unconscious behaviour of copying others. It can
be contrasted to innovation, which is a independent-minded move of
leadership.3
Invention is when a business or someone does something for the first time
whereas imitation is when a company notices what is being done by other
people and decides to copy their actions with the target of achieving the same
results. Whereas innovation is when someone makes improvements on an
already an existing product. An innovator takes previously established
concepts and develops them to create a new and improved version of that
idea.
Success is the creation of value – economic and social benefits and outcomes
that serve a purpose for the people they are intended to help, in accordance
with a set of values that the organization subscribes to.4 Every organisation
and businesses goals are different, in order to be successful the business would
need to set aims and objectives. Every businesses aims and objectives will be
different therefore how they measure success will be different to another
business. For example Wood PLC collect and analyse information to assess how
1 Joe Dwyer. (2020). What is innovation: why almost everyone defines it wrong. Available:
https://digintent.com/what-is-innovation/. Last accessed 26/02/2020.
2 businessdictionary. (2020). invention. Available: www.businessdictionary.com/definition/invention.html. Last
accessed 26/02/2020.
3 Valentino Piana . (2004). IMITATION. Available: www.economicswebinstitute.org/glossary/imitation.htm.
Last accessed 26/02/2020.
4 Andrew Kakabadse. (2020). The True Meaning of Success. Available: https://thinkers50.com/blog/the-true-
meaning-of-success/. Last accessed 04/03/2020.
, a project should perform in operation. The resulting data and analysis provide
vital information that can shape the success and long-term operation of a
project.
Preparation – this stage
Incubation- is the stage where where the problem is
the thinker will mill over the investigated. It’s the
data collected accumulation of intellectual
resources out which are used
to construct new ideas.
The Creative
Process by Graham
Wallas
Illumination-following the
period of incubation as
Implementation – where
result the unclear thoughts
the idea develops from become clear this is known
unconscious mind into as illumination
the conscious awareness.
The idea that creativity is achieved over time and is a staged process is a logical
method that has been traditionally used. In order to innovate products
businesses use this process to differentiate themselves and their products
logically and methodically. It become easier to achieve creativity if this process
is used efficiently. For example wood plc has followed the foundation of this
process in order to reach maximum creativity. They are continuously working
on innovation and how to create robotic and VR systems to improve their
industry and make production more efficient. However creativity is not always
achievable in an industry where businesses thrive on creativity and are looking
to make themselves the most efficient. This causes competitors to constantly
be working on new products. As a result its important Wood PLC work in a
timely fashion in order to be the first to release new products as releasing a
product after a rival has already done so becomes unattractive towards their
, customers. However this creativity process would only take place having
conducted some previous research into the market and idea. This would take
money and time in order to gain USP. Which is an opportunity cost as those
resources could be used somewhere else with a guaranteed positive outcome
for the business. In addition to that by the time the business has done the
research on the market and developed a product from that that information
competitors could have already developed something similar or better than
wood plc.
How does innovation help and support a businesses success and why
do they dot it?
Innovation has been known to heavily contribute to different businesses
successes. There are many reasons as to why this happens. Innovation is the
development of an already existing product by developing something that
already exists a business can increase or improve productivity making
processes more efficient and maximising opportunities. Innovation also allows
a business to increase their profitability as there product is one of a kind.
Innovated products tend to be sold in a niche market but there’s always the
chances of the market expanding significantly depending on the popularity of
the product. By innovating the business will be adding added value to there
products differentiating them from other businesses in their industry.
Innovation also create ability to manipulate the needs and wants of the
customer and even maybe create new ones. A really good example of this is
apples development of there iPhone they have innovated over the years and
created new versions of this product. This example of innovation shows that
the business has created new needs and wants of their customers and caused
customers to believe they need or want their product. This is one very strong
reason why apple is so successful today.
factors that have contributed to the success of wood plc.
Development of products and services
By developing there products wood plc can differentiate themselves from
businesses in that same industry and market. By doing this they can make
themselves more attractive to their clients such as tesla, ranger rover and
many more and persuade them to work with wood plc rather than any other
tech firm. By working with more new businesses and existing ones they
increase the chances of making new connections and contracts therefore
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