BMSW6102 Developing Innovation and Creativity for Business Advantage (GC01984)

Table of Contents

1.0      Introduction.

2.0      The innovative product proposition.

3.0      E-commerce.

4.0 Marketing.

5.0      Privacy and Data Protection.

6.0 Conclusion.

References.

1.0   Introduction

1.1 Concept of innovation and innovative product

Innovation can be defined as the development of new ideas or concepts about production, distribution or other activities by which the productivity of the task can be improved and easy. Creswell (2017) stated that innovation is considered a promising factor for every business organization and helps in developing business performance and productivity and ensures sustainable development of business. According to Devloper (2018), innovation helps to create innovative products as well as services for the customers in the market. Innovative ideas help to increase the quality and reduce the production cost of the products and services. The market can be changed to an advanced level with the help of innovation. It is very difficult to ensure the growth and profitability of the business without the help of innovation. Landry (2017) stated that an Innovative product indicates a new and attractive product launch in the market. The innovative product contains several lucrative features and taste within a reasonable price. Most of the business firms are trying to create innovative products or services to attract potential customers by which they can ensure growth and profitability of the business (Devloper, 2018). The innovative product is different from the normal product in terms of creativity, features, quality and price.

1.2 Explore and differentiate between different models of innovation

The innovation model includes three models including business model innovation, technology innovation model and marketing innovation model (Matthew, 2018). In the case of business model innovation, the innovation is connected with the development of current business for finding new earning sources and establishing a competitive edge in the market. In the process of this model, business organization is trying to improve the existing business system and even add new ideas with the existing model for adding more value. The effective implementation of this model helps to attain business sustainability in the market. Matthew (2018) stated that technological innovation indicates generating new ideas on technology to identify the new solutions to problems. In the case of the technology innovation model, the innovation is connected with the development of the technology segment by which business organizations can develop their quality production and distribution capacity and ensure competitive advantage with high-profit margins. The third innovation model is marketing innovation that requires ensuring product innovation (Matthew, 2018). In the case of this innovation model, the innovation is connected with the development of product quality and distribution system for offering the products in the market and attracting potential customers. Marketing innovation helps to identify the new unique distribution and use of technology in product marketing.

1.3 Impact of Covid-19 on current businesses

At present, the world is suffering from the Covid-19 and all sectors are affected by this pandemic. According to Liang and Litscher (2020), The current business situation is very vulnerable due to the spread of Covid-19 throughout the world. Especially, the offline business and international business have experienced more loss due to this economic downturns condition all over the world. Most of the physical stores are closed due to lockdown and the people are not going outside due to this pandemic situation (Liang and Litscher, 2020). For this reason, the growth of the business is decreasing day by day. Business organizations have faced financial distress and most of the employees have lost their jobs due to this pandemic. A part of a business firm has closed its business activities due to this pandemic situation. In this circumstance, online business is getting popular to the people and most of the people are buying their daily necessaries from the online store (Verganti, 2019). Therefore, the growth of the online business is increasing because of this lockdown strategy.

1.4 Importance of e-commerce in this pandemic situation

E-commerce indicates the electronic commerce by which the business organizations offer products on the electronic platforms and customers also order products through using the internet. In the case of an eCommerce business, customers and sellers are not communicating physically (Davison and Roger, 2017). The Covid-19 is spreading from one person to another which creates difficulty in running physical shops. Purcell (2019) stated that eCommerce is a blessing for the business world at which customers can’t physically meet with the seller. Ecommerce provides internet-based platforms at which customers can easily order products from any place by using their mobile, laptop or other electronic media. Muneer (2017) noted that E-commerce helps business organizations to run their business activities on online platforms that increase the profitability and growth of the business. Ecommerce is not only a blessing for the business but also customers in this pandemic situation (Davison and Roger, 2017). Ecommerce helps the economy from the downturns and runs the wheel of the economy effectively.

1.5 What this paper/report focuses on

Firstly, this report focuses on the proposition of innovative products of the targeted business. This section includes name, features, target customers, business sustain, and competitor analysis of the innovative product. Secondly, it includes e-commerce related information including website name, Saas, marketplace, content and payment services of the projected of an innovative product. Thirdly, this paper describes the marketing-related information including the promotional system, a system of attracting target customers, social media marketing, paid search engine, customer journeys and email marketing. Finally, this paper describes the data and privacy-related information of the innovative product…………….

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