Reflective Essay On Generating A Business Innovation Idea.

To reflect, analyse and discuss strengths, weaknesses and opportunities personally and academically

Theoretical framework of idea generation and innovation

The following paper is going to make a reflective account about an idea generated regarding business innovation in recent past. Therefore, the aim of the reflective discourse is to evaluate the business idea that has been generated by applying and referring the theoretical model and concepts of business innovation and creativity. Finally, the present reflective account is going to analyze whether the generated idea regarding business have been effective and feasible or not. In this particular context, it is required to mention that the aspect of idea generation is significant in the context of business as per the reason that in a business, fruitful opportunities come with idea generation. Therefore, prior to portray the personal account, it is to assert that idea generation is closely related to creativity, which determines the innovation in a business.

However, coming to the chief aim of the present paper, I would like mention one of my creative solutions given to my organization near about three months ago. In this context, I believe it is significant to mention that for last one year, I have been working in the marketing and advertising department of a multinational organization. For over, last six months, I have recognized that the enterprise I have been working is facing some crucial issues regarding its brand image and customer awareness. Fortunately, I have been appointed as a junior executive in the marketing and promotion department under two chief executives. In terms of taking measures, the board of directors started to organize frequent meetings with the marketing department, which used to include junior executives like me. I came to understand the fact that one of the main constraints of the organization is their weak promotional activities. More precisely, I came to recognize the fact that instead of utilizing efficient employees as well as well-updated software and technologies, the rate of customer awareness regarding the service provided by the organization is still disappointing. This has been the distinct issue, which has been directly affecting the revenue margin and the aspect of customer retention.

Further, I identified that the organization has varied satisfactory strategic ideas for marketing and promotion though none of them properly prioritize the significance of using the online forum of marketing and promotion. I have understood that the organization had a online website, which they do no utilize properly and at the same time, in terms of online promotion, my enterprise only like to promote through social media like television, local radio and newspaper. Therefore, when I had been asked to provide my side of opinion regarding the entire matter, I expressed all the aforementioned view without any hesitation and thereafter provided my suggestion for mitigating the issue. Keeping in consideration the pivotal issues, I suggested that there is the need for designing an online application of organization, which will help the customers and the target market to find out best offers, deals, and new features regarding the services. Moreover, I advised that there is the need to utilize varied online social forums for promoting the service related news.

Identification of organizational issue and suggestion for mitigation

In this context of idea generation and considering the generated idea by me for the aforementioned issue, it is required to look at the theoretical definition of idea generation. It has been understood that the fundamental concept of idea generation says that idea generation is a distinct creative procedure that involves the procedure of innovation, development and actualization or communicating ideas. Generation of a new idea or an innovative idea is determined by the ability of creativity (Alvarez 2016). In other words, the theoretical conceptualization of idea generation and innovation indicates that the term – innovation is the translation of a particular idea into the act of application that would possibly has a commercial value (Andries and Czarnitzki 2014). I have further identified the fact that the relation between innovation and creativity is established on the fact that definition of both innovation and creativity is - doing a task in a different procedure.

The predominant theoretical underpinning regarding creativity and innovation indicates that there are some distinct strategies for generating innovative or creative business ideas. Two of the chief ideas of generating innovative ideas are “Brainstorming” and “improvement of an existing service or product” (Hooshangi and Loewenstein 2016). Considering the particular way my organization adopted for consulting the issues and mitigating the problem, it can be therefore put forward that my organization has followed the idea of idea or innovating generating technique of “Brainstorming”. It is because, the senior management of my organization along with the middle management organized group-meeting including the lower level subordinates for acquiring a large number of ideas for mitigation. In this context, it is required to mention that the fundamental principle of brainstorming approach of idea generation or innovation is to make suggestion by integrating all the members or working departments (Nicholson et al. 2014). It can be also said that the approach of improving the existing service or product has been also applied by me as per the reason that the ideas of implementing an online mobile application is given considering the essentiality to improve the existing operational procedure of marketing and promotion.

In this context, I would like to mention that right after providing the suggestion; I was applauded and at the same time have been given the permission to transform the solution into reality. Henceforth, after the getting the approval and permission, I began to transform my idea into reality by primarily consulting my idea with my senior executive. With the help of my senior executive, initially I consulted my idea with our IT team and then decide to hire two experienced IT experts for designing a proper design, which would be mobile-friendly. I had been aware about the fact that in order to pursue the procedure of transforming the idea into reality, there would be the requirement of a good amount of capital. Therefore, with the help of my senior executive, I conveyed the need for capital investment to the organization higher authority.

Transformation of the idea into reality and trial evaluation

It has been fortunate for me as well as my group of marketing management, that the higher authority approved the request of investing more capital. Thereafter, my team became able to hire a group of two-experienced software Engineers who successfully designed an attractive yet budget friendly online mobile application through which the target customer of my organization can come to know about each detail regarding varied services. I need to mention here one thing that prior to implement the software, my team and me decided to run a trail and evaluate the result to understand whether the adopted strategy will prove fruitful or not. In this context, I believe it is essential to mention the theoretical ideal of lean philosophy or the linear model of innovation. As per the linear model of innovation, in a relatively linear fashion, the technical change takes place right from the invention to innovation and finally to diffusion (Salerno et al. 2015). On the other hand, the theoretical concept regarding the adoption of diffusion says that there are mainly five stages of adoption, which are awareness, interest, evaluation, trial and adoption (Alvarez 2016).

As per the first stage of diffusion of innovation, individuals gain the awareness about the particular problem, which follows the second stage of interest where individuals start to take interest about the issue (De Jong et al. 2015). In the next stage, which is evaluation, anticipations regarding the possible outcome of the particular issue is pursue, which thereafter is followed by the stage of trial where a complete use of the innovation is made (Godin 2014). In the final stage, which is the adoption stage, individuals take the decision whether to continue or ignore the applied solution (Boons et al. 2013). Considering my way of generating solution and thereafter its application procedure, it can be said that the theoretical framework of “Diffusion of Innovation” has been followed appropriately. It is because, similarly like the first two stages of Diffusion of Innovation, I became aware about the particular issue, and thereafter started to take more interest in the issue. Thereafter, I generated the aforementioned solution in my mind and anticipated what possibly can take place after the application of the solution. At the same time, as per my mention me with my team ran a trial and evaluated the result prior to implement the plan. Therefore, it can be said with confidence that I have applied all of the principle stages of Diffusion of Innovation.

Finally, it is to mention that I believe the solution I have generated has been feasible as well as fruitful. It is because of the fact, in the contemporary era of technology, audience or target market is more concerned with the online promotion as access to online social media and several other online platforms has become easy (Damanpour 2014). Therefore, people nowadays become aware about those particular things, which are shown on online social platform. A mobile friendly application would not only attract a huge amount of target market but also make them aware about all the services and products provided by the organization (Vinerean et al. 2013). Moreover, it has been mentioned that the utilization of the application would help the customers to get extra benefits regarding discount and offers. It is indicative of the fact that the target market would be interested more to buy the products or services. Thus, I believe the generated idea would fruitfully help my organization to increase its revenue margin.

References

Alvarez, J.L. ed., 2016. The diffusion and consumption of business knowledge. Springer.

Andries, P. and Czarnitzki, D., 2014. Small firm innovation performance and employee involvement. Small Business Economics, 43(1), pp.21-38.

Boons, F., Montalvo, C., Quist, J. and Wagner, M., 2013. Sustainable innovation, business models and economic performance: an overview. Journal of Cleaner Production, 45, pp.1-8.

Damanpour, F., 2014. Footnotes to research on management innovation. Organization Studies, 35(9), pp.1265-1285.

De Jong, J.P., von Hippel, E., Gault, F., Kuusisto, J. and Raasch, C., 2015. Market failure in the diffusion of consumer-developed innovations: Patterns in Finland. Research Policy, 44(10), pp.1856-1865.

Godin, B., 2014. Invention, diffusion and linear models of innovation: the contribution of anthropology to a conceptual framework. Journal of Innovation Economics & Management, (3), pp.11-37.

Hooshangi, S. and Loewenstein, G., 2016. The Impact of Idea Generation and Potential Appropriation on Entrepreneurship: An Experimental Study. Management Science.

Nicholson, J.A., Nicholson, D.B., Coyle, P., Hardin, A. and Krishen, A.S., 2014. Exploring the use of virtual world technology for idea-generation tasks. International Journal of E-Collaboration (IJeC), 10(3), pp.44-62.

Salerno, M.S., de Vasconcelos Gomes, L.A., da Silva, D.O., Bagno, R.B. and Freitas, S.L.T.U., 2015. Innovation processes: Which process for which project?. Technovation, 35, pp.59-70.

Vinerean, S., Cetina, I., Dumitrescu, L. and Tichindelean, M., 2013. The effects of social media marketing on online consumer behavior. International Journal of Business and Management, 8(14), p.66.