QHT1 Task 3 |Latest Update with Complete Solution
Erika Villa
Business Management QHT1 Task 3
Dr. Nina Jackson
Innovation..means..to..create..new..ways..of..working..that..creates..value...It..is..the..introduction..of..s
omething..new,..improving..ideas,..devices..or..methods.
Four..Reasons..Why..Organizations..Seek..Innovation
Businesses..that..yearn..for..longevity..and..success..need..to..have..continual..growth..of..profit
s.
Meaning..their..growth..is..steadily..rising..yearly...Innovation..is..critical..for..entrepreneurial
organizations..for..multiple..reasons..like;..business..growth,..brand..differentiation,..desirability,..an
d..resilience/sustainability...Organizations..seek..innovation..opportunities..to..shield..themselves..fr
om..the..increased..competition.
To..begin,..entrepreneurial..organizations..seek..opportunities..for..innovation..simply..for
business..growth...With..competitions..always..on..the..rise..it..is..critical..for..the..business..to..catch..
up...Whether..it's..the..latest..trends..or..technology...It's..important..to..catch..the..consumer's..eye..as
..it..will..bring..more..profitability..to..the..company...Therefore,..businesses..that..develop..key..inno
vative
products..and..services..are..far..more..likely..to..maintain..adaptability..in..the..consumer..market...As..
Well..as.."stay..afloat..in..today's..highly..competitive..world"..(Harvard..Business..School..Online,..20
22).
Secondly,..they..seek..opportunities..for..innovation..for..brand..differentiation...As..a..compan
y..starts..up..it..is..crucial..for..them..to..stand..out..from..other..companies..that..may..be..similar..to..them
...By..not..just..delivering..a..memorable..standalone..product,..a..true..value..that..is..vital..to..differenti
ate..the..firm..from..all..others..in..an..ever-
crowded..market,..and..to..shine..brighter..and..stand..alone..at..the..forefront...Creating..products..that..
are..unique..to..better..define..themselves..to..a..targeted..consumer.
A..third..reason..entrepreneurial..organizations..seek..innovation..is..for..desirability...It..is..wh
at..will..attract..the..consumer..the..most...For..instance,..reduced..prices..or..promotions..will..definitel
y..attract..a..consumer...Like..in..U-
Haul..they..have..a..free..month..for..every..new..customer...Making..them..more..desirable..than..any..ot
her..community..storage..who..charge..for..every..month..and..want..you..to..sign..a..contract...A..differ
ent..example..would..be..a..portable..smoothie..maker...This..was..being..promoted..in..several..media..
sites..and..they..emphasized..people..with..busy..lives..who..could..use..a..product..that..is..on..the..go...I
nnovative..ideas..help..to..reel..in..customers..with..interest,..wants..and
needs..of..customers.
Ultimately,..they..seek..innovation..for..its..resilience..and..sustainability.. . In..the..article,.."In
Erika Villa
Business Management QHT1 Task 3
Dr. Nina Jackson
Innovation..means..to..create..new..ways..of..working..that..creates..value...It..is..the..introduction..of..s
omething..new,..improving..ideas,..devices..or..methods.
Four..Reasons..Why..Organizations..Seek..Innovation
Businesses..that..yearn..for..longevity..and..success..need..to..have..continual..growth..of..profit
s.
Meaning..their..growth..is..steadily..rising..yearly...Innovation..is..critical..for..entrepreneurial
organizations..for..multiple..reasons..like;..business..growth,..brand..differentiation,..desirability,..an
d..resilience/sustainability...Organizations..seek..innovation..opportunities..to..shield..themselves..fr
om..the..increased..competition.
To..begin,..entrepreneurial..organizations..seek..opportunities..for..innovation..simply..for
business..growth...With..competitions..always..on..the..rise..it..is..critical..for..the..business..to..catch..
up...Whether..it's..the..latest..trends..or..technology...It's..important..to..catch..the..consumer's..eye..as
..it..will..bring..more..profitability..to..the..company...Therefore,..businesses..that..develop..key..inno
vative
products..and..services..are..far..more..likely..to..maintain..adaptability..in..the..consumer..market...As..
Well..as.."stay..afloat..in..today's..highly..competitive..world"..(Harvard..Business..School..Online,..20
22).
Secondly,..they..seek..opportunities..for..innovation..for..brand..differentiation...As..a..compan
y..starts..up..it..is..crucial..for..them..to..stand..out..from..other..companies..that..may..be..similar..to..them
...By..not..just..delivering..a..memorable..standalone..product,..a..true..value..that..is..vital..to..differenti
ate..the..firm..from..all..others..in..an..ever-
crowded..market,..and..to..shine..brighter..and..stand..alone..at..the..forefront...Creating..products..that..
are..unique..to..better..define..themselves..to..a..targeted..consumer.
A..third..reason..entrepreneurial..organizations..seek..innovation..is..for..desirability...It..is..wh
at..will..attract..the..consumer..the..most...For..instance,..reduced..prices..or..promotions..will..definitel
y..attract..a..consumer...Like..in..U-
Haul..they..have..a..free..month..for..every..new..customer...Making..them..more..desirable..than..any..ot
her..community..storage..who..charge..for..every..month..and..want..you..to..sign..a..contract...A..differ
ent..example..would..be..a..portable..smoothie..maker...This..was..being..promoted..in..several..media..
sites..and..they..emphasized..people..with..busy..lives..who..could..use..a..product..that..is..on..the..go...I
nnovative..ideas..help..to..reel..in..customers..with..interest,..wants..and
needs..of..customers.
Ultimately,..they..seek..innovation..for..its..resilience..and..sustainability.. . In..the..article,.."In
