INNOVATION IN ORGANIZATION

Innovation in organization

Innovation in organization

About the company

Boots is one of the leading local organizations in the United Kingdom. The company initiated as a pharmaceutical, and expanded with the vision of John Boot. Today, it deals in four diverse segments, that include, healthcare products, beauty products, Pharmaceuticals and Photography. The company was started in the year, 1849 as a herbal drug company. It entered and grew in the market of pharmaceutical research after 1960, and due to extension of research and development, firm explored other markets, and grew successfully. Today firm has four fundamental businesses. The firm keeps high research and development approach, to deliver the best products to the market (Chen, pp. 2 - 3).

Current business of the organization

The all four segments of the organization compete immensely well in local and foreign markets. It has extensive product range and exquisite product quality. The firm strongly believes on the corporate culture that revolves, around ethics and responsibility in the context of corporate culture. Irrespective, of enormous growth in the local market, with supreme product quality and sustainable growth; firm faces intense competition by local, as well as, multi-national organizations in the market of the United Kingdom.

Innovation in business

The significance of innovation In the corporate word, innovation is the only signpost leading towards success and sustaining growth in the competitive and dynamic environment of the current world. As per the life cycle of any product, any product launched in the market would eventually vanish, if it is not subjected to modification and innovation. Innovation is the most responsive manner to meet customer expectations and the ever-changing demands of the target market. In the era of globalization, every consumer is well-aware of the product standards around the globe, and therefore, attempts to seek the best product. The product has to be modified in the manner customer requires, so that, it assures that the money spent by the customer is not a waste, but a value exchange. For any business, innovation is defined as “the creation of a new product or the modification of an existing product to respond to customer needs and create a value offering”. Innovation is classified in two broad categories, that is, product innovation and process innovation. The product innovation pertains to the addition of newness to a synthetic finished products, whereas, the process innovation is the commencement of a new process to produce any product (Kevin & Jaruzelski, pp. 2-7).

Why innovation is necessary?

The concept of innovation and value creation are fundamental to any marketer and play a key role in all facets pertaining to marketing of a product. The concept of product and process innovation is at the heart of marketing values. All marketing strategies and concepts are centred at creating value for the customer. The key features of innovation in marketing are in particular segments are given as under;

Customer based approach: it turns the production of a product from market-based to customer-based approach. The product or process innovation takes place after marketing ...