Importance of Innovation Ideas for the Growth-Amazon Go

University: Monash University, Melbourne

  • Unit No: 8
  • Level: Post Graduate/University
  • Pages 16 / Words 4000
  • Paper Type: Assignment
  • Course Code: 218MANSC
  • Downloads: 0
Organization Selected : Amazon Go

INTRODUCTION

Innovation is an idea in which organization creates or implement an idea or invention into their goods and services which can help to increase their value and customers in the target market. For any business it plays an important role in upgrading them. It can be used a tool for the growth and development of the organization. Being innovative in the business will help the organization to adapt the changes which is currently existing in their target market. This report will focus on the innovation ideas of Amazon Go. It is a grocery store which is operated by Amazon Company which is an online retailer company located in Seattle, Washington. It is a partially automated company where the customers does not require any cashier or checkout station to buy products. In this report, various topics will be covered such as innovation and its importance in the organization, the 4 P's of innovation and the use of the innovation funnel to understand and shape innovative ideas. It will also explain frugal innovation and importance of New Product Development (NPD) processing for the commercialization of innovation in Amazon Go stores. It will also evaluate the tools which can be beneficial for the organization to develop, and protect knowledge and intellectual property.

LO 1

P1 Defining Invention and the importance of innovation in comparison to invention to Amazon Go:

Invention can be defined as making new thing whereas innovation means making improvement in product which is already made. Invention refers to making product which has new feature and not copied from anyone. Both terms are alike but have difference in them. Invention needs the scientific skills whereas in innovation practical knowledge is needed. It is for single process but in invention there is combination of the various process. It is just limited to the research and development but in the next it covers the all organization.

Innovation is necessary in every organization and it needed also because all the time the new ideas cannot come to our mind sometimes we need to make improvements in the existing product. The Amazon company is also doing this because there is the scope of this. Organization has the huge demand of the product so they always wanted to make changes in the existing product. The products are researched n the research department and how we can make the product more attractive (Ke and et.al, 2016). The Amazon also doing this because to make changes in the already made products and make them brand new with all improvements. It makes good quality products by technically and metrically. Through this product life remain as in the organization. It can sustain in the organization. It is easier to compete with the competitors. It makes the product more productive and likely by the product.

The Amazon company make regular improvements in the product and maintains the product to the most consumer satisfied product. The company is making or setting standards in the organization so that they are making the product to that much quality. The changes can be made are packaging of the product, labeling of the product, adding new additional features in the product, making the brand new offline of the product so that it will not look similar like the earlier product. By making these changes the brand value of company also increased. It reached the organization to the new heights. It is making ten long-running relationship with the customer. It's goods are more satisfying (Osoro, Kirama and Vermeulen, 2017). Products are making presence in the mind of customer. It is fulfilling the needed of the customer. Providing the best and the quality services to the organization. The invention is also needed we can rely on the improvements only. Sometimes we have to make the new products also to make the customer mire attracted. By making same product the customer also bored with these. The invention makes the new refreshing entry in mind of the consumers. By invention product become more interesting than before and customer will definitely like it. Company also made the sections of comments below to know the feedback of the product.

M1 Different sources of innovation

Innovation is aprocess which is used by the organization to bring change in their management system. There are various ways in which the company can innovate their products such as, they can bring some change in the existing products of their. Or they can totally replace it. Another way of innovating can be done by introducing a new product in the market.

P2 Organizational vision, leadership, culture and teamwork to develop innovation and commercialization:

To become successful in the business, it is very important for the organization to have a clear vision of what they want to serve in the market to their customers to make them satisfied from the services. A clear and focused vision and leadership is important in cultivating innovation in the company. A good leadership is very crucial for the Amazon Go to work effectively. It will help them to set an objective or goals for the company to achieve which can increase their sales and productions in the market. It will also help to increase their customer rate. A good leadership quality manages to control a work culture in the organization and makes sure that every employee is doing its work correctly. It will help to increase the efficiency of Amazon Go store among their customers. A smart leader will help to define the kind of innovation that drives growth and helps them meet strategic objectives for the company. It will set a performance metrics and target for innovation for the employees to achieve the required goals. Working under a good leadership will enhance their team work to be more effective (Rasmussen and Eliason, 2017).

Teamwork can turn the ideas into products and services, and can set a clear vision that helps to separate the useful from the noise help the company to grow. It is very important for the company to provide a positive work culture for the employee to make them engage in their work. This will result in the better production of their products. A good team can help the company to increase their commercialization in the market and earn a good profit revenue from it.

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LO 2

P3 The 4 P's of Innovation and applying the Innovation Funnel for Amazon Go:

The innovation mix or the 4 P's of innovation is a tool which is used to understand the innovation process for the company and how it can improve it to get better results or outcomes to increase their business in the market. This procedure will help Amazon Go to enhance their services in each respective areas of their business. Amazon Go uses this marketing mix to attract more and more customers towards them. This innovation mix or the 4 P's consists of four different factors, such as, Paradigm, Product, Process, and Position respectively. It will help to understand where the company needs a change or improvement in their system and what are the areas where they can implement innovation. The 4 P's are explained below,

  • Product Innovation: As the top player in the online retail industry, the company offers a wide selection of products. The company provides its service through its e-commerce website. In product innovation, company redesign its existing product in the market to increase its importance. It will help them to bring change in the products they are providing to the customers. With this innovation it becomes easy for the Amazon Go to introduce new products with great efficiency (Song and et.al, 2016).
  • Process Innovation: In this method, innovation takes into consideration the way in which products are created and/or delivered to the user in Amazon Go stores.Being an online retailer, its very important for the company to deliver its products to their customers on time. Amazon makes its profits by charging commission on all the drop-shipping it does for its users. Bringing improvement in the processing system by innovating new ideas helps the company to increase there productivity and provide a better product to their customers.
  • Position Innovation: It can be defined as changing the perception of their customers by bringing innovation or change in the existing product or process in specific manner. Bringing a slight change in the products help their customers to attract towards that product and make them to buy try that product. This is done to target their customers to deliver the products according to their needs and requirements. This also helps to communicate with the customers to understand their references (Chun and et.al, 2015).
  • Paradigm Innovation: In this innovation method, Amazon Go changes the whole product or process in the system which they think requires a change. Introducing a completely new product in the target market will increase their popularity among their customers.

M2 Evaluating the implementation of different types of sales structures:

The sales structures for the organization is the process through which the organization decides different types and structures which can opted by the company to sale their products in the market. It is inter-linked with the overall growth of the Amazon Go stores. It includes strategies, tactics, marketing and culture of the company. There are many sales structures option to chose from which has their own benefits and disadvantages :

  • Geographical sales structure : In this method, sales production is based on the geographical areas of their customers. For example, what are the preferences or needs of a selected area is studied and on that basis production is done in the company to satisfy their customers.
  • Market based sales structure : In this method, sales are production is customized on the basis of market and their customers. This helps to know the requirements of their customers and can help ti build a strong relationship with them (Ke and et.al, 2015).
  • Product sales structure: In this method, company's focus is on their products. Its quality and quantity should be maintained by them in order to sell that product to their customers and made them satisfied.

P4 Developments in frugal innovation and it's used in Amazon Go:

Frugal Innovation: Also known as Frugal Engineering, is process which is used to reduce or minimize the complexity and overall cost or price of the product and it's production as well. Successful frugal innovations are not only low cost, but outperform the alternative, and can be made available at large scale. There are various advantages of frugal innovation to emphasize on the good quality solutions that can be accessible and affordably made with,

  • Design thinking at the product or service level,
  • Systems thinking at the macro level,
  • New ways of product design & development,
  • Leveraging modern technologies to deliver low cost solution
  • Innovative business models to make solutions accessible, foe example, product as a service, etc.

Importance of Frugal Innovation in Amazon Go stores: Consumers today want companies to offer them quality and value as well as have a sense of purpose and social mission. Organization must therefore figure out on how they can do better with less rather than do more with less. Amazon Go stores should also implement frugal innovation into their system to improve their services and goods (Kilelu, Klerkx and Leeuwis, 2014).

LO 3

P5 Importance of the commercial funnel and New Product Development (NPD) processing for commercialization of Innovation:

Commercial funnel or sales funnel is a complete process which refers to the buying process of the customers that companies lead through when they are purchasing products from there stores. Generally commercial funnel is divided into 4 basic steps which is described below,

  • Awareness : This is the most important process in the commercial funnel process. This stage includes the largest amount of customers feedback for the organization. In this step, customers starts to analyze the coming issues in the company, and starts to find a solution to that issue. This also helps them to become aware of the organization by social media, marketing offline, campaigning, and through other promotional events.
  • Interest: Inn this stage, production of sales is increased in the company. This is generally happens when the customer starts to communicate or get engage with the organization, request them for some more information and ask queries related to their products and services provided to them. This helps to increase interest about their organization and its products.
  • Decision : When the customers are totally aware of the organization and about its services, they started to make different decisions which can be beneficial for the organization as well. Decision can include sales offers provided to their customers, new products to be introduced in the market, etc. All this is done by doing marketing (Abou-Ras, Kirchartz and Rau, 2016).
  • Action : After taking all the respective decisions, the customer decided to purchase the products from the company.

There is great importance of sales funnel in the Amazon Go store. It helped them to improve their products more and enhance their services in the target market. By doing all the above mentioned processes it becomes easy for the Company to deliver right product to right customers.

Commercialization of Innovation :

New Product Development (NPD)and commercialization funnel is used to drive new products to market. New product development is a process which is being used to bring a new product in the target market. Amazon Go needs to give more focus on this process due to changes in their customers preferences, increasing competition in the target market and advances in technology or to capitalise on a new opportunity which is available for them to apply. It can be done in various ways, such as,

  • Introducing a new product in the market which is not their in the company but their competitors are selling them. This makes them to produce new and innovative products for the customers, or
  • Product innovations created and brought to the market for the first time. It can be a completely new products, or can be existing products that has been modified and improved for as per the customers references (Hausman and Johnston, 2014).

New product development or NPD is not restricted to the existing business in the market. It can be applied to the newly established businesses, sole traders or can even beneficial for the freelancers as well. It is done by doing proper researches, developing and introducing new or innovative ideas in the market. NPD is very important for the company for various factors :

  1. New value for customers: It is the reason why NPD is important to provide new value for the customers. This will give them a reason to buy their products and services.
  2. Improved society: This will help them to improve their products as well. Because as the society's thinking is changing, the preferences is also affected, which brings innovation into process (Meng and et.al, 2016).
  3. Continued existence of the company: New products and services are the backbone for any company to become successful in their target market. Without these factors they cannot work properly. This will give a negative impact on their customers. So, its very important for the organization to continuously bring change into their products and

M4 Building a detailed Innovation Business Case

Building or planning a detailed Innovation Business Case for Amazon Go company will help them to understand their functioning and production system better. In an effective business case different factors are considered by the company, such as, what is the current position of the company which can be summarized in the executive summary of Amazon Go. They will have analyze the problem situation, what will be the solution, cost analysis for bringing up the innovation process, etc. Measure effectiveness in terms of return business, complain or rejection of product, and market share. If the invented product is successfully selling in the market then it can be concluded that innovation is effectiveas the final product has been accepted in the market by their customers (Jonsson, Baraldi and Larsson, 2015).

D2

Being innovative is very important for the organization to stay in the market in top position. Being innovative will help to regularly come out with new ideas as they have trained their employees to acquire more knowledge. This will ensure that it is increasing the skills of the organization as there is a high competitive environment in the target industry.

P6 Building an Innovation Business Case for an organisation, including ways to access funding.

A business case is a process in whichis used to initiate a decision to start or continue in the organization. It helps tocapture the reasoning for initiating a project or task. It is usually represented in the form of well-structured report. It can also be done with a verbal agreement or presentation. Short-term actions which leads to immediate, measurable and substantial benefits are generally the easiest way for the organization to implement into their management system (Novikova, 2015). A standard business case includes steps like,

  • Executive summary
  • The problem statement
  • Analysis of the situation
  • Options
  • Cost-benefit analysis
  • Recommendation
  • Project proposal

Innovation is very important for the company to become successful in the target market. It has so many advantages and benefits of being innovative. Preparing an innovative business case can be grateful for the Amazon Go to implement. For example, if they improve their production by implementing new technologies which can give them better results in less time will save a lot of their time. And will produce more products which will help them to increase their productivity. The main purpose of the business case for the Amazon Go is to present the justification for the undertaking of any project for it and also determined the estimated cost of development and implementation against the risks and all the business benefits and savings to be received by them.

Amazon Go can take funding through various ways. For example, they can take loan from the bank to purchase things which can be used in the innovation process. Or they can opt for an investor who can invest into their business and can become a business partner (Xiao, Li and Liu, 2016).

LO 4

P7 Evaluating the different tools used to develop, retain and protect knowledge and intellectual property of Amazon Go:

Intellectual property is tool or any intangible asset which is originated from a real or original thought, such as an idea, name, content, design, invention or digital media. Intellectual property rights or IPR refer to the rights of IP owners and authors which gives them an authority to decide whether they want their idea to be shared with someone or not. There are various types of Intellectual property, such as copyrights, trademarks, design rights and patents, which is explained below,

  • Copyrights: Copyrights is a legal term or aspect which is used to by the creators to describe their right on the work or activity which they have done personally. Different types of works which is covered I this copyright system includes books or reports, music, paintings or art, sculpture and films, to computer programs, databases, advertisements, maps and technical drawings.
  • Patents: It is generally given to an invention. It is an exclusive right. It gives the right to the owner to decide whether the invention can be used by others or not. If he grants the permission he will make the technical information to displayed publicly on the document. So there no mis use of the invention by the user (Jamil, Ismail and Mahmood, 2015).
  • Trademarks: Trademark is a sign which is used to distinguish or differentiate the goods and services of the enterprises with each other. This makes them to build their own identity in the market. It is a very old tradition in which they put their signature or mark on their products.
  • Design rights: These are those rights which the owner of that particular design owns. No other person can use that design for its personal use.
  • Geographical Indications: These signs are used on the goods which has a specific geographical origin and possess qualities characteristics that are essentially attributable to that place of origin. This type of intellectual property generally includes the name of the place from which the goods has been arrived.

These are sources of intellectual property which Amazon Go can use in their management system to protect their products from being copied in the market. This will help to become unique in their service. It will help the organization to provides a mechanism of handling infringement, piracy, and unauthorized use of their products. And will also provide them the information to the public, since all forms of IP are published except in case of trade secrets which can be beneficial for them (What is Intellectual Property. 2015.)

M5

Developing intellectual property of the company through training and development will help them to become a distinct personality in the market. It will also ensure that their products are not copied by others in the market. Develop and train people in the company to better understand the concept of intellectual property laws and they are used for the company.

CONCLUSION

For More Visit: Importance of Employee Relations Related in Decision Making

From the above report it can be concluded that innovation is very important for the organization to become successful in the market and this will also help them to compete with their competitors. It will make them to grow in the target industry and deliver better products for their customers. Various topics has been discussed in this report, such as, invention and innovation and its importance for Amazon Go company. The 4 different P's of innovation mix is also explained in this report which can help the organization to do innovation in a better way. Different types of intellectual property and what are the different tools which the company can use to develop and protect knowledge and intellectual

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