INNOVATION

Innovation

 happens when someone – an innovator – turns a business idea or invention into a product
that can be sold
 Innovators recognize how to change existing product, or who spot a “gap in the
market”
 Business ideas are also developed in research departments of larger businesses
 Profitable, but investing in R&D is costly, no guarantee that it will succeed

 Adding value often requires creativity and innovation

 Four types of innovation
 Organisational influences on creativity and innovation
 Implementing innovation and change

Entrepreneurs

 People who take a financial risk by starting a business in the hope of gaining profits
 Create business opportunities (eg setting up new shops, making new products)
 Find and select the resources – human, physical and financial – needed for their business
 important for them to gain a competitive advantage

Skills and qualities of entrepreneurs

 Determination – seeing things through to the end

 Initiative – spotting opportunities, making things happen
 Leadership – helping and inspiring others
 Honesty – when dealing with others, when making sensible decisions about the business
 The ability to plan – setting business goals and targets
 Thinking creatively – dealing with problems that arise in an imaginative way, and looking at
all options available

Intellectual Property

What for?

 To prevent people from copying what they’ve created, inventors and innovators use
Intellectual Property (IP) to protect their ideas.

When?

 IP is created when an idea takes some tangible (physical) form. IP can be legally owned and
consists of four main types:
 Copyright – protects many tyhpes of ideas and work, e.g., music, films, broadcasts,
literary and artistic works
 Patents – protect the features and processes that makes things work. Anyone who
copies business’s patented idea can be taken to court.
 Designs – protect appearance and appeal of products
  Trademarks – brand names, logos

Terminology:

Innovation: the process of translating an idea or invention into a good or service that creates value
for which customers will pay.

Creativity: the use of imagination or original ideas to create something; inventiveness.

Organisational change: is about reviewing and modifying management structures and business
processes. Small businesses must adapt to survive against bigger competitors and grow

08/03/2023

 Product / Service
 Price
 Place (=>not good =>should be “distribution”)
 Promotion

Seasonal Business Receptionist - Chertsey - Indeed.com

Eg: Automobiles with slightly diff features/names to target

Creating a brand so that people would get used to it, affiliated

Value communicated through packaging: e.g. iPhone, when opening takes longer

Creating expectation and security through fastness

Set expectations high enough so that ur satisfied and low enough so that ur still surprised

TYPES OF PRICING!!!