2022 Distinction : Unit 1 - Exploring Business Assignment 3

Arif Mohammad
Unit 1 Assignment 3:
(Learning Aim E) Investigate the role and contribution of innovation and enterprise to
business success




UNIT 1 – ASSIGNMENT 3
Learning Aim E: Investigate the role and contribution of innovation and
enterprise to business success

,Arif Mohammad
Unit 1 Assignment 3:
(Learning Aim E) Investigate the role and contribution of innovation and enterprise to
business success



Contents
Explore how innovation and enterprise contribute to the success of business ..................................... 2
Methods of Innovation and Creativity .................................................................................................... 3
Lateral Thinking ................................................................................................................................... 3
Blue Sky Thinking ................................................................................................................................ 3
Six thinking hats .................................................................................................................................. 3
Chance and Serendipity ...................................................................................................................... 3
Developing New Products ................................................................................................................... 4
Merging with existing firms ................................................................................................................ 5
New advertisement/promotional adverts .......................................................................................... 7
Packaging ............................................................................................................................................ 9
New methods of promotion ............................................................................................................. 12
Merging and taking over firms .......................................................................................................... 13
Analyse how successful the use of innovation and enterprise has been for a given business ............ 15
Justify the use of innovation and enterprise for a business in relation to its changing market and
environment ......................................................................................................................................... 19
Increased competition: ..................................................................................................................... 19
More demand for Fairtrade/ethical/organic products: .................................................................... 21
Increase cost of cocoa:...................................................................................................................... 23
Drop in ROI: ....................................................................................................................................... 24
E-commerce: ..................................................................................................................................... 25
Bibliography: ......................................................................................................................................... 27




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, Arif Mohammad
Unit 1 Assignment 3:
(Learning Aim E) Investigate the role and contribution of innovation and enterprise to
business success
Explore how innovation and enterprise contribute to the success of
business
Enterprise refers to an individual taking risks in order to set up a business. Innovation refers to
creating a new idea that generates a new product/service for a business. Examples of being
innovative includes Apple who made the first iPhone 10 years ago which changed technology and
another example is Uber who adapted taxis.

One-way Innovation is different to enterprise is that for innovation, you are creating a new idea for a
business that becomes an invention for a specific business. As Apple is an example of innovation,
they constantly improve their product, for example Apple released the iPhone (1st generation) which
was released in June 29th, 2007. In addition, iPhone 6s released in September 2015 which shows a
big change over the first iPhone as this changed technology. Moreover, on the weekends the iPhone
6s has sold over 13 million units as this was one of the first fastest growing iPhone Apple released.
Moreover, enterprise is when an individual sets up a business and take risks to try new things and
experiment. An example of enterprise is when Microsoft initially started in 1975 by bill gates where
he practiced programming and coding at a young age and therefore him and Paul Allen founded the
company where it’s estimated market value is around $254 million. To conclude, the difference
between innovation and enterprise is that innovation is when you want to create something new
while enterprise is where you got the brilliant idea and you bring it into the business by taking a risk.

https://www.theentrepreneurafrica.com/key-difference-innovation-vs-entrepreneurship/

https://en.wikipedia.org/wiki/Microsoft

https://www.apple.com/uk/newsroom/2015/09/28Apple-Announces-Record-iPhone-6s-iPhone-6s-
Plus-Sales/

https://en.wikipedia.org/wiki/IPhone_(1st_generation)

https://www.bbc.co.uk/bitesize/guides/z8c9jxs/revision/1

https://www.businessinsider.com/the-20-most-valueable-enterprise-companies-2012-
8?r=US&IR=T#no-1-microsoft-20

https://www.bbc.co.uk/bitesize/guides/z8c9jxs/revision/3#:~:text=Innovation%20involves%20bringi
ng%20this%20new,and%20be%20given%20a%20patent




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