Innovation and Enterprise Assignment 2 (GC01981)

Table of Contents

1.0 Introduction.

2.0 Background of business organization and description of the situation.

2.1 Background of Sony Corporation.

2.2 Description of the present situation.

3.0 Discussing relevant literature associated with the topic.

3.1 Classes of innovations.

3.2 Different sources of innovation.

3.3 Closed vs. Open innovation.

3.4 Radical vs. Incremental innovation.

4.0 Critical analysis of the product, LCD-LED Sony TV.

4.1 The uniqueness of LCD-LED Sony TV design elements.

4.2 How the LCD-LED Sony TV design changed over time to meet customer needs.

4.3 Competitiveness in the marketplace.

4.4 Benefits the of LCD-LED Sony TV provided to the consumers as to meet their changing needs

5.0 Putting forward recommendations with justification.

5.1 How LCD-LED Sony TV can increase its brand position in customer mind.

5.2 How LCD-LED Sony TV brand can beat competitors in the recent marketplace.

5.3 How LCD-LED Sony TV can gain competitive advantage in the market

6.0 Conclusion.

References.

1.0 Introduction

Innovation is the process of idea generation by the marketers to meet customer needs and to satisfy the people who take services by the products or from the company. The businesses succeed through the innovative approach to make their product and service up to mark and updated as the cultural and fashion trends. A contemporary need tackle is very necessary by the marketers as the process operation to make changes to better services the customer. They apply various strategic policies to keep pace with contemporary trends and fashion (Leger, 2020). Electronic devices are always required modification and development that is the innovation to new version and model that can attract more customers for the business. Sony Corporation is one of the best electronic manufacturers and suppliers in the world who serves the customers with the best LCD-LED TV that is attractively designed and quality maintained as usual.

This report discusses the background of Sony Corporation and the present situation of their product Sony LCD-LED TV in the UK marketplace. Secondly, this report analyses the various types of innovation and perspectives of the business. Thirdly, it discusses several strategies that help to promote the business. Finally, the report recommends the techniques and strategies to create a market position in the UK.

2.0 Background of business organization and description of the situation

2.1 Background of Sony Corporation

Sony corporation is generally known as SONY operates worldwide electronic business, production and marketing as a multinational business which was established in 1946 by Masaru Ibuka as an electronic shop in Shirokiya, Tokyo, Japan. The headquarter of the company is located in Kōnan, Minato, Tokyo. Sony is the world’s largest player from 2015 in the premium TV market launched a market for television of around 55 inches at $2,500. As the largest multinational electronic corporation, Sony serves the world with their several brands which comprise Sony Semiconductor Solutions, Sony Electronics, Sony Pictures, Sony Interactive Entertainment, Sony Music, Sony Financial Holdings etc.

2.2 Description of the present situation

During pastimes and leisure periods, the need for recreation and amusement increases. So, the products by the multimedia devices and digital supported smart programmed devices can help the people worldwide. Presently, the world sees the most remarkable situation for the Covid-19 pandemic and coronavirus attacks worldwide. People are confined within the boundaries and several countries maintained locked down applications and the people set their minds to indoor recreational sources like TV, mobile, internet etc. So, electronic devices can help people largely (Marteson, 2020). The medical instruments by Sony attracted the customers very highly. They can warm their house as the viruses can grow worst in the cold weather.

3.0 Discussing relevant literature associated with the topic

3.1 Classes of innovations

There are several classes of innovation like marketing innovation, organizational innovation, products innovation, management or paradigm innovation, process innovation and so on. All these innovations impact the business largely to promote and rank in the marketplace (Audretsch et al., 2019).

Product innovation by Business

Every business common feature to promote their business is product innovation which includes changes in designs of existing and manufactured products, the development of new products, or the use of new ingredients that fulfill the updated trends or components in the production of established products. By the Product innovation, the electronic companies launch several versions and models of their modern devices like TV, mobiles, refrigerators, oven, fans, washing machines and other home appliances (Friedman, 2019). Sony Corporation has launched their LCD-LED TV to meet the customers’ needs and to tackle the other TV in the marketplace by greater components and parts inclusion to those devices.

Process innovation

The use of process innovation in the market is very popular. The marketers use this approach of innovation as the implementation of a new idea or significantly improved production formula or delivery method. The process of innovation includes substantial changes in techniques, parts, instruments and/or software (Jin. and Cedrola, 2019). The manufacturer design every step of the product making and packaging. The changes are to the modification of the products are well defined and experimented with formulas.

Innovation of Paradigm

Existing innovation paradigms emphasize understanding the revolution process from the viewpoints of specific innovation methods, behaviors, or different scopes of innovation, and so on. In this process of innovation, the marketers take proper steps to maintain high performances by the workers while they cannot spurt the atomistic innovative thinking ability. This innovation refers to the functionality maintenance and adopted changes in process operation of the companies’ technical activities (Cantwell and Hayashi, 2019). The marketers use numerous methodologies to reshape and reschedule the shifts of the work schedules and duties to keep pace with the modern trends and fashion of time and marketing strategies like online launching of businesses and websites. This technological support adopted by Sony has developed various aspects to invent their modern LCD-LED TV that placed in the marketplace………………………

Innovation and Entrepreneurship