BU7030

Managing Innovation
Innovation Portfolio: Coca-Cola
Executive Summary
Coca-Cola is a global beverage company in a changing market. Coca-Cola values innovation
and seeks ways to improve customer service, logistics, and productivity. Data analytics and
Artificial Intelligence technology in Coca-Cola's supply chain management will improve
operational efficiency and customer happiness. The recognising, selecting, executing,
capturing, and renewing steps of Tidd and Bessant's Innovation Process Model promote its
development. Strong leadership is needed to determine the direction, encourage creativity,
distribute resources, and manage organisational change to sustain the suggested
innovation. Coca-Cola's brand, distribution network, supply chain experience, and customer
data lay the groundwork for the approach. However, resistance to change, inadequate data
analytics and AI training, and hacks must be overcome. Government restrictions, economics,
and consumer tastes must be considered throughout innovation design. Coca-Cola can
improve customers' drinking experiences, support long-term growth, and preserve its
beverage industry leadership by maximising its advantages and opportunities.

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Table of Contents
Executive Summary....................................................................................................................1
Introduction...............................................................................................................................3
Organisational Context...........................................................................................................3
Innovation in Action...................................................................................................................6
Proposed innovation...............................................................................................................6
Proposed innovation to innovation theory linked with Tidd and Bessant’s Innovation
Process Model.........................................................................................................................7
Direction to the decision-maker to lead the proposed innovation........................................9
The potential influence of the current organisational culture on the proposed Innovation
..............................................................................................................................................10
Identification and evaluation of the organisation’s internal resources...............................11
SWOT Analysis...................................................................................................................11
VRIO Analysis.....................................................................................................................12
Identification and evaluation of the organisation’s external factors...................................14
PESTLE Analysis..................................................................................................................14
Conclusion................................................................................................................................16
Reflection.................................................................................................................................17
Reflection Model: Gibbs' Cycle of Reflection........................................................................17
References................................................................................................................................19
Appendix..................................................................................................................................22

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Introduction
This report mainly focuses on the management innovation of an organisation to solve a
problem and improve the innovative strategy of the company. For this research, Coca-Cola
has been Chosen as a company to develop an Innovative portfolio. The goals of Coca-Cola's
cutting-edge initiatives are to increase profitability, simplify the business, and delight
customers. In this report the main focus will be on the proposed Innovation, the link Of the
proposed innovation with the innovation theory, the direction of the decision-making to
lead the proposal, the Influence of the current organisational culture, the Identification of
the organisation’s internal resources and external factors. The report will end with a
reflection.

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Organisational Context
There are more than 500 different non-alcoholic beverage brands owned by Coca-Cola,
making it the largest beverage company in the world. John Pemberton, an Atlanta resident,
came up with the idea in 1886. Coffees, teas, sports drinks, and energy drinks are just some
of the beverages available. Distributors controlled by corporations, independent bottling
partners, beverages, and wholesalers form the largest beverage supply chain in the world.
Around 1.9 billion units of Coca-Cola beverages with authorised trademarks are consumed
per day around the world (The Coca-Cola Company, 2022). Their success hinges on their
capacity to cater to the preferences of customers in different parts of the world. To this end,
manufacturers have developed a wide variety of beverage brands to meet consumers of
varying tastes, budgets, and lifestyles. The plan is to supply two people with a wide variety
of drinks so that they can feel refreshed in every way. Coca-Cola separates the world into
four zones for conducting business. Among these are the regions bordering the Asia-Pacific,
European and African continents, the Middle East, and North and South America (Abramson
& Littman, 2016).

Figure 1: Coca-Cola Company (The Coca-Cola Company, 2022)

Coca-Cola is aware that it must embrace change if it is to maintain its position in the market.
When it comes to customer service, supply chain management, and overall company
efficiency, the company is continuously on the lookout for fresh ideas. Coca-Cola's goal is to
provide customers with consistent and customised drinking experiences across all of their

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channels by leveraging technology, data analytics, and customer insights. As a prominent
beverage company, Coca-Cola has thrived thanks to its ability to respond to shifting market
conditions, anticipate customer needs, and welcome new ideas (Dai, 2015). Due to ground-
breaking research and development and forward-thinking customer service, Coca-Cola has
maintained its position as a market leader in the soft drink sector. The beverage industry is
well-known for its cutthroat competition and constant innovation. The explosive expansion
of online shopping, shifting consumer tastes, and technological developments have all had
far-reaching repercussions. Therefore, grocery stores like Coca-Cola require constant change
if they wish to succeed.

Coca-Cola has enormous challenges, not the least of which is stiff competition. There are
challenges for the business due to the fierce competition it encounters from both traditional
retailers and online beverage behemoths. In such a crowded marketplace, companies are
always innovating to get an edge. Fostering a culture of innovation and setting itself apart
from competitors by continually giving superior value to customers is essential for Coca-
Cola's continued success. Coca-Cola also faces difficulty from the enormous changes in
consumer behaviour in recent years. Today's shoppers expect brands to make it simple to
locate and acquire the products they're interested in, while also being inexpensive and
sourced in a socially and environmentally responsible manner (Ackroyd, 2021).

Coca-Cola needs to innovate by increasing its product selection, optimising its supply chain,
and enhancing its digital skills so that it can keep up with customers' ever-changing
demands. Coca-Cola can create a unified drinking experience for its customers by using data
analytics and technological advancements to tailor the drinking journey for each customer.
Moreover, technological disruption has revolutionised the beverage sector, and Coca-Cola
must adapt to remain competitive (Anthony et al., 2020). E-commerce, smartphone apps,
and digital platforms have revolutionised the drinking experience, calling for a technological
shift in the beverage sector. If Coca-Cola wants to provide a better and more unified
drinking experience for its customers, it must combine its brick-and-mortar locations and
internet platforms more efficiently. By adopting innovation in supply chain automation,
personalised marketing, and online ordering systems, Coca-Cola can overcome these
challenges and assure its long-term success.

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The importance of environmental concerns and sustainable practices has grown with the
importance of competitiveness and technological progress. Consumers now want
companies to perform sustainably because they care about the planet (Tidd & Bessant,
2020). Coca-Cola needs to reduce carbon emissions, reduce food waste, and prioritise
sustainable sourcing to solve these problems. Coca-Cola can better adapt to customers'
changing priorities by implementing innovative solutions in energy-efficient operations,
sustainable packaging, and ethical sourcing. Coca-Cola faces additional challenges because it
operates in a highly regulated industry. Keeping up with health and safety regulations and
employment legislation can be time-consuming and taxing. Coca-Cola has a responsibility to
maintain compliance with all regulations in its pursuit of performance improvements
through innovation.

Coca-Cola faces challenges such as strong competition, altering customer patterns,

technological innovation, environmental concerns, and regulatory compliance as it operates
in the beverage industry. Coca-Cola is well-equipped to face these challenges and maintain
its market position thanks to its adoption of innovation across a wide range of operational
facets (Bhatti et al., 2018). By constantly improving customer service, digital transformation,
sustainability practices, regulatory compliance, and supply chain optimisation, Coca-Cola can
maintain its position as a beverage sector leader.

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Innovation in action
Proposed innovation
Innovation within the organisation to improve Performance is an innovative customer
experience strategy for businesses. One area of innovation for Coca-Cola is the use of
advanced data analytics and artificial intelligence (AI) technologies in supply chain
management, which can boost performance and solve existing problems (Radjou et al.,
2015). Supply chain management is crucial to Coca-Cola's success since it ensures the
uninterrupted movement of goods from manufacturers to beverage locations and ultimately
to customers. Demand forecasting, inventory management, and logistics optimization are
just a few of the challenges inherent in running a complex supply chain network.

Coca-Cola can enhance supply chain operations, gain cost savings, and increase customer
satisfaction by utilizing cutting-edge data analytics and AI technologies. Using cutting-edge
big data analytics, Coca-Cola may gain valuable insight into market tendencies, consumer
tastes, and demand patterns. Coca-Cola can now better manage its inventory, predict
customer demand, and cut down on unnecessary waste thanks to this newfound knowledge
and capability (Boerman, 2022). Coca-Cola can optimize and automate many aspects of its
supply chain from inventory management to transportation planning to customer order
fulfilment using artificial intelligence algorithms. Coca-Cola has adopted this cutting-edge
technology to boost operational efficiency, optimize supply chain procedures, and create a
more streamlined, responsive experience for customers.

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 Figure 2: The Impact of AI on Supply Chain Management (Boerman, 2022).

Additionally, AI-based demand sensing can assist Coca-Cola in promptly responding to

varying client needs by assessing real-time data from numerous sources, including social
media, online purchasing trends, and weather forecasts (Nguyen, Chen & Nguyen et al.
2022). Therefore, Coca-Cola may stock the right items in the right quantities at the right
warehouses. Coca-Cola's commitment to innovation and continuous improvement is
bolstered by the use of cutting-edge data analytics and use of AI in supply chain
management. It solves the issue of how to improve supply chain operations in a dynamic
beverage setting. Coca-Cola can improve efficiency, cut costs, and delight more customers
by using AI and data analytics to manage its supply chains.

Proposed innovation to innovation theory linked with Tidd and Bessant’s

Innovation Process Model
Tidd and Bessant's (2020) Innovation Process Model is relevant to the proposed innovation
of integrating cutting-edge data analytics and Artificial Intelligence technology into Coca-
Cola's supply chain management. This idea gives an organisational framework for managing
innovation.

Tidd and Bessant propose a model for the innovation process that consists of five basic
steps: identification, selection, implementation, capture, and renewal (Schaper, 2014).
These phases highlight the fundamental actions and decisions needed for effective
innovation management.

Identification: At this point, it's time to start seeing openings and thinking beyond the box.
Organisations need to keep an eye on the marketplace, engage with customers and other
stakeholders, and encourage innovative thinking within the company to discover untapped
growth opportunities. The identification phase is in line with Coca-Cola's proposed
innovation, which would combine supply chain management with cutting-edge data
analytics and AI technologies (Burns, 2016).

Selection: Priorities for actualizing the concept are assessed and ranked throughout the
selection phase. Each innovation opportunity must be weighed for its attractiveness,
practicality, and viability before being considered by an organisation. In keeping with the

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model's selection phase, Coca-Cola must weigh the merits, drawbacks, and means required
to use data analytics and AI throughout its supply chain.

Implementation: Part of the implementation process is putting into action the chosen novel
concepts. Project management, resource allocation, and interdepartmental cooperation
must all run well (Scarborough & Cornwall, 2018). Coca-Cola must establish suitable
infrastructure, processes, and procedures to effectively implement data analytics and AI
technology into its supply chain management.

Capture: During this phase, called "capture," efforts are made to expand the scope and
impact of the innovations that have been taken on. It's a crucial component of keeping tabs
on everything, assessing what went wrong, figuring out what went right, and writing
everything down. Coca-Cola would have to gather data and adjust its supply chain
management strategy frequently to account for shifting market conditions and customer
preferences that are uncovered by data analytics and AI.

Renewal: This renewal phase emphasises the significance of continuous innovation.

Businesses need to develop a culture of constant improvement, be flexible in the face of
changing market conditions, and be on the lookout for ways to innovate (Goldsby, 2018).
Coca-Cola would have to foster an innovative culture by encouraging its employees to try
new things, using cutting-edge technology, and always striving to enhance its supply chain
operations.

Figure 3: Innovation Process Diagram (Kuratko et al., 2019).

Direction to the decision-maker to lead the proposed innovation

Effective leadership is crucial to the success of the proposed innovation and makes it
possible. Coca-Cola's incorporation of data analytics and AI technology into supply chain
management exemplifies the significance of leadership in the business. In this section, we'll

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analyse numerous aspects that contribute to leadership's worth about the proposed
innovation.

A single innovation strategy requires strong leadership. Leaders must communicate the
company's long-term goals and how they relate to the innovation to their teams. Leaders
may inspire employees to participate in innovation by emphasising the purpose and benefits
of employing data analytics and AI in the supply chain. They may set the pace and generate
urgency in the firm, boosting innovation (Gutsche, 2020).

Second, innovation-friendly cultures require leadership. When mental health is prioritised,

employees are more inclined to take measured risks, test new ideas, and challenge long-
standing practices. Leaders who encourage growth, teamwork, and open communication
create innovation. Coca-Cola's management must support data-driven decision-making and
the widespread use of cutting-edge analytics and AI.

In innovation, leaders distribute and mobilise resources. Innovative projects require money,
technology, and experts. Effective leaders advocate for and monitor resource allocation to
ensure the proposed innovation's seamless deployment. They advocate for eliminating
organisational silos and exchanging information and expertise across departments (Trott,
2017). Leaders at Coca-Cola must ensure that cutting-edge data analytics tools and artificial
intelligence (AI) algorithms are readily available and effectively allocated to accelerate the
implementation and seamless integration of these transformative technologies into the
supply chain management system.

Leaders overcome human and organisational resistance to change during the innovation
process (Potosky & Azan, 2023) and ensure its success. They promote a growth mindset and
provide the assistance and training people need to adopt new methods and recognise the
revolutionary possibilities of new technologies. Leaders may reduce disruption and increase
the likelihood of innovation adoption by using effective change management tactics. Coca-
Cola's leaders must aggressively coordinate the move to data-driven supply chain
management to ensure that employees fully understand and can embrace and negotiate it.

Leadership nurtures creativity. The proposed Coca-Cola innovation highlights the necessity
for strong leadership to define a compelling vision, encourage a culture of innovation,
strategically allocate resources, and lead the organisation through organisational

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transformation. Coca-Cola's executives may inspire and motivate staff, build teamwork, and
create a welcoming environment for the suggested innovation.

The potential influence of the current organisational culture on the proposed

innovation
The innovation process at Coca-Cola is heavily influenced by the company's culture. People
are more likely to take risks, collaborate, and think outside the box when they are part of a
supportive and encouraging culture. Creative workplaces actively encourage employees to
come up with new ideas. As a result, they are better able to explore, take chances, and learn
from their mistakes—all of which are essential to the creative process. Coca-Cola may build
a creative culture to support the development of original ideas and the promotion of
continual improvement.

Furthermore, a culture of cooperation in the workplace promotes communication and

cooperation between departments (Tonne, Hammerl, & Szabó-Szabó, 2023). When people
from different teams work together, they bring new perspectives and experiences to the
creative process. Collaboration encourages the sharing of knowledge and the development
of novel approaches to problems, both of which lead to greater productivity. A culture that
is resistant to change or stifles originality, however, can stifle innovation (Senbeto, Hon, &
Law, 2022). If workers are discouraged from taking risks and punished for failure, they may
be hesitant to suggest creative alternatives or challenge the status quo. Opportunities for
growth and improvement may go unnoticed and innovation efforts may be stifled in such a
society. To efficiently manage the innovation process, Coca-Cola should push for an
organisational culture that values creativity, encourages risk-taking, and values collaboration
with other businesses. Coca-Cola's performance and competitiveness in the beverage
industry can be improved by the company's alignment of its culture with its innovation
ambitions.

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Identification and evaluation of the organisation’s internal resources
SWOT Analysis

Figure 4: SWOT Analysis of Coca-cola (Author)

It's crucial to consider Coca-Cola's strengths and prospects when assessing its ability to
adopt the proposed innovation. Coca-Cola's reputation and loyal customer base make it
easy to modify. Coca-Cola's reputation makes selling new products easy. The proposed idea
can be tested and refined across Coca-Cola's vast beverage network and web presence. This
broad reach allows customer data collection and decision-making insights. Coca-Cola's
supply chain management expertise supports the transformation. Data analytics and AI
require an effective supply chain (Dekkers, 2018). Coca-Cola's present customers and
consumer data can be utilised to personalise each customer's drinking experience. Coca-
Cola could improve customer satisfaction.

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The beverage industry's interest in data analytics and AI benefits Coca-Cola. These
technologies may help Coca-Cola beat the competition and better serve its customers. New
demographics may open new markets for Coca-Cola and expand its customer base. A digital
company can also help you implement your idea faster using cutting-edge tools and
information. However, Coca-Cola's internal resources should be assessed for vulnerabilities
and risks. Even if the focus is on prospects and strengths, potential issues must be
addressed. Upskilling and change management could improve organisational reluctance to
change and a lack of data analytics and AI capabilities. Increased beverage sector rivalry and
data-driven technology-related cybersecurity risks must be monitored and managed to
ensure success.

Coca-Cola can mitigate weaknesses and risks, making the suggested innovation less risky.
Coca-Cola may alleviate these challenges by prioritising innovation, integrating people,
collaborating externally, and addressing security. Coca-Cola can adopt the proposed
innovation and maintain its beverage industry lead by being proactive and emphasising
strengths and potential (Kahn & Product Development & Management Association, 2013).
By analysing its internal resources, Coca-Cola may implement the proposed innovation by
using its strengths and opportunities. Coca-Cola can innovate, improve the consumer
experience, and sustain its beverage sector leadership by carefully using its brand, reach,
supply chain, and customer data.

VRIO Analysis
Valuable

The Coca-Cola Company utilises resources regardless of how useful they may be to the
company. Resources include things like capital, human capital, management, and marketing
experts. To gain an edge over the competition, these are only a few of the most crucial
considerations (Casson, 2020).

Rare

The key ingredients utilised by the Coca-Cola Company are even more rare or expensive. If
these materials are regularly unearthed, both established rivals and upstarts would have
less trouble leaving the market.

Imitation

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The costs of copying the Coca-Cola Company's business model are prohibitive for the
company's rivals. The only methods to compete with the Coca-Cola Company are to either
directly replicate their products or to develop new products at a different pricing point. This
increases the potential for shaking up established patterns in the market (Boulton & Turner,
2019).

Organisation

This VRIO sub-section analyses the company's competitiveness in the market in light of its
strengths and differentiating elements. The company's execution plan and the people in it
typically determine the rate of management advancement. Over time, this enhances the
company's proficiency in line with the priorities it establishes for the growth of its strategic
capital.

Figure 5: VRIO Analysis of Coca-cola (Boulton & Turner, 2019)

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Identification and evaluation of the organisation’s external factors
PESTLE Analysis

Figure 6: PESTLE Analysis of Coca-cola

Political: Coca-Cola could be affected positively or negatively by government regulations

and policies. Coca-Cola might benefit from regulatory stability and support, as this would
make it more convenient for the company to create and implement new solutions (Aman &
Teik, 2013). The design process could be slowed down and the operational strain on the
business could increase if standards are strictly adhered to, however.

Economic: The economy has a significant impact on consumer behaviour, including

purchasing habits and demand levels. A prosperous economy, low inflation, and a fertile

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environment for Coca-Cola's innovation design stage are all positives. Consumers' increased
discretionary income could result in wider acceptance of novel goods and services. Coca-
Cola may find it challenging to invest in innovation if customer spending is negatively
impacted by a recession.

Social: Coca-Cola's forward-thinking aesthetic is heavily impacted by customers' ever-

changing preferences and demographic makeup. Gaining an edge over competitors may
depend on how well you adapt to shifting consumer demands and tastes. Coca-Cola will be
more appealing, earn more customer loyalty, and gain acceptance in the market if it adopts
innovative ideas and applies them to current social trends. The target market may not
respond positively to the invention if its creators fail to recognise and adjust to these shifts.

Technological: There are benefits and drawbacks to technological progress that affect Coca-
Cola's innovative design process. A company's ability to compete, maximise efficiency, and
pioneer new approaches may all benefit from embracing technological advancements. Using
cutting-edge technologies like AI, automation, and data analytics might provide Coca-Cola
with a competitive edge in the market (Lambing, 2014). Constant investment in research
and development by Coca-Cola to keep ahead of the curve and make sure the innovation
continues to be relevant despite rapid technological advances is another potential obstacle.

Legal: Coca-Cola's innovation design phase is affected by intellectual property and legal
frameworks. Adequate intellectual property protection is critical for defending Coca-Cola's
unique ideas and preventing others from copying them. Coca-Cola has an advantage
because of robust legal protections that guarantee exclusivity and allow for efficient use of
Coca-Cola's technologies. However, there may be drawbacks associated with handling
complex legal requirements, such as time-consuming compliance procedures, costly legal
bills, and considerable infringement worries.

Environmental: Innovations in beverages are increasingly influenced by environmental

considerations and sustainability criteria. If Coca-Cola adopts eco-friendly policies and
sustainable practices, it could gain an edge in the market by attracting ecologically conscious
customers and improving its brand's reputation. By developing novel solutions to
environmental issues, Coca-Cola may be viewed as an ethical and forward-thinking company
(Cateora, 2020). However, it can be challenging and expensive to meet stringent
environmental regulations and ensure sustainability in design and production.

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Conclusion
In conclusion, Coca-Cola's creative projects aim to promote customer satisfaction, efficiency,
and sustainability. Frictionless checkout and recommendations have helped companies
meet changing consumer demands and enhance productivity. Strategic alliances have
created new technology and external knowledge. Sustainable behaviours, waste reduction,
and renewable energy were supported. These accomplishments show a company's
commitment to innovation, progress, and beverage industry leadership.

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Reflection
Reflection Model: Gibbs' Cycle of Reflection
Using Gibbs' Reflective Cycle as a framework, I will share my thoughts on the lessons I
learned while working on an idea related to my professional work. The Gibbs model consists
of the following six steps:

Description: I was in charge of innovation on a team that was entrusted with designing a
fresh product to meet the ever-changing demands of the consumers who patronise the
beverage sector. The initiative called for collaboration across disciplinary lines and the
development of original concepts (Williams & Spiro, 2020).

Feelings: At first, the possibility of contributing to the creative process filled me with
ecstatic anticipation and excitement. Despite this, I did experience some pressure and
anxiety because managing innovation required me to be open to the possibility of failure
and step outside of my comfort zone.

Evaluation: Working for a corporation could have both positive and negative effects on
one's life. On the one hand, because the nature of creation is constantly shifting,
adaptability and flexibility were necessary. It requires maintaining a vigilant vigil over the
ever-shifting preferences of customers, the ever-evolving trends of the industry, and the
ever-developing technologies. On the other hand, it provided them with an environment in
which they could work together, investigate new ideas, and advance professionally (Bolton,
2018).

Analysis: My studies have led me to the realisation that effective communication and
working well with others are requirements for innovation management. Because of the
open communication that was encouraged, the members of the team were better able to
decide as a whole (Esterhuizen, 2019). The knowledge and ingenuity of everyone on our
team came together to help us find a solution to this challenge.

Conclusion: After giving it some thought, I have realised that achieving success in managing
innovation requires striking a balance between remaining strict and remaining flexible. It is
of the utmost importance to have a mission that is articulated, attainable goals, and a
company culture that fosters creative thinking. To generate effective innovations, it is

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essential to have an attitude that is willing to tolerate ambiguity, encourage
experimentation, and have the capacity to learn from mistakes.

Action Plan: In the long run, one of my goals is to apply to my line of work the things that I
have picked up about the management of innovation. I will be on the lookout for
opportunities to lend my support to novel endeavours, cultivate a passion for lifelong
learning, and foster collaborative problem-solving and the open exchange of ideas
(Hargreaves & Page, 2018). So that I may anticipate prospective challenges and grab
favourable opportunities, I will keep up with business and technical changes.

My understanding of how to manage innovation was evaluated using Gibbs' Reflective

Cycle, and I found that I had made progress. It shed light on the need for teamwork, open
conversation, and flexibility in the process of creating uniqueness, which was enlightening
for me. Through the use of reflective practice, I have been able to identify areas in which I
have room for professional and personal development, and I have devised a plan for
strengthening my skill set and contributing to the development of future lines of thought.

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Appendix

Figure: Gibbs Reflective Cycle

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