Innovation is one of the keys to any successful business to bring new ideas in products, services, and operations. Successful innovation in business can provide high productivity and performance along with sustainable competitive advantages (Chesbrough, 2015). Innovative ideas can support businesses in solving complex problems where the innovative ideas can come from different sources including customers, employees, partners and target groups (Drucker, 2015). This paper aims to analyze the innovation strategy and business model of Bedeck Company to provide recommendations on how it can improve its innovation in the business model to increase competitive advantages.
First, part of this paper gives an overview of Bedeck including its business context, opportunities and threats, and competitive situations. Then, this paper analyzes the current innovation strategy and business model of Bedeck. Next, this paper identifies different innovative aspects of the Bedeck business. Then, practical recommendations are provided for Bedeck to bring changes in its innovation strategy. Finally, an overall conclusion is drawn including the main insights that can be made in terms of theory as well as practices.
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Part 1: Background and Context
Background of the organization
Bedeck is a UK based company that was established in 1951. It is a leading bed, bath and window company in the UK market that designs and creates brand leading products. It brings innovation to its customers and works with suppliers in the global market. Delivering outstanding quality to its customers is imperative for Bedeck. Bedeck designs its all products in its own factory and produces directly with its suppliers in the global market. Bedeck offers very competitive prices and gives a guaranty of quality. All of Bedeck’s products are held in its single warehouse that ensures quick and easy services (Bedeck, 2018).
Opportunities and threats
SWOT analysis can be applied to understand the opportunity and threats of Bedeck, where SWOT means strengths, weaknesses, opportunities, and threats (Johnson et al., 2015). Bedeck is now sourcing its products in the global market for retail and wholesale (Bedeck, 2018). It has more opportunities to increase its outlet stores and online selling in both domestic and global markets (Token Query, 2018). Bedeck is now selling its own house brands……….