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George Theo Vito

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Simon and Kent.

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Damon Kai Bing- Feedback.

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Why is innovation so important to modern companies?Give at least two example to support your points.

Innovation‘s definition as use new idea leading to produce the new product and method.(Shukla,2009) Innovation is key to the companies idea, and help leaders gain new option. It also can improve profit and ability of the company. This essay will argue that innovation is important to modern companies. Besides, it will give three examples to apple, Samsung and Nokia about innovation that is important to business.

Innovation is necessary to company, that can increase profit. For example, Apple is the king of innovation company, Apple through innovation from a large-scale enterprise development that become famous company in the world. The heart of apple its power to create products everyone want to have, including its competitors.(Thompson,2013) The message in Apple phone is simple. Apple does not design phone nods when user getting the messages . The Apple company aims to make innovate substance and new function in Apple. The Apple through innovation to get profit. This is important for business to make profit in innovation. So it is essential to company to innovation.

The second is making more profit  through using innovation team working in Samsung and it is essential to be creative.
The Samsung created the teams working to product new goods .The Samsung is always  an successful innovation company. (Lindegaard ,2016)The strategy of Samsung is open innovation way and can make high profit. This is a good way to make profit and be succeeded from innovation. The company is essential to innovation and it is a major factor to the company.

The finally , the innovation is important to the business to be successful increase  profit, such as Nokia need do innovation. The Nokia was a famous company in  formerly . They do not have software innovation,It leads to fall in the mobile phone. The reason that Nokia fall is that leak of innovation. The innovation is important factor to company to become success . Companies need to innovation, it is important to business to increase profit and develop.

Above all , companies of Apple and Samsung do the  innovation that make their technology  developing and increasing profits. The reason why Nokia failed was that Nokia did not have innovate. So the innovation  is the major factor to get  the profit and the companies keep innovation is very important.

References List
A.G. Lafley and Ram Charan  [online] Available at:

http://www.businessknowhow.com/growth/innovate.htm [Accessed 5 Aug. 2016].

Lindegaard,S(2016). [online] Available at: https://www.linkedin.com/pulse/20141115202453-46249-3-successful-open-innovation-cases-ge-samsung-and-lego [Accessed 5 Aug. 2016].

Cadie Thompson, 2013 [online] Available at:

http://www.cnbc.com/id/100883593 [Accessed 5 Aug. 2016].

Stefan Lindegaard, 2014 [online] Available at:

https://www.linkedin.com/pulse/20141115202453-46249-3-successful-open-innovation-cases-ge-samsung-and-lego  [Accessed 5 Aug. 2016].

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Why is innovation so important to modern companies? Give at least two example to support your points.

At present, innovation is necessary for the companies. Innovation will allow the enterprise to get more market position, customers and opportunities. Innovation is putting forward new, different and effective ideas for enterprise (Anon 2010). This essay will argue that the innovation is very important for corporations, they will use technological innovation, service innovation and process innovation to support this opinion. Moreover, this essay will give three examples; Facebook, HaiDiLao and Toyota.

Firstly, technology innovation is an example to support the innovation is critical for corporations. When Facebook was founded in the market, their 53% profit came from their app. According to Fetto(2014), Facebook through the acquisition of another App, such as $14 billion to acquire WhatsApp. These App records a large number of data and preferences when the user uses the application, and then put the precise advertising to the user (Fetto, 2014). Facebook through technology innovation, build a new user system, which for them in the social media market has formed a dominant position. And earn more money for them. Technological innovation is a new way to help enterprises to expand new areas. This is an example. Technological innovation is a way to help businesses to expand new areas. So, technological innovation can promote the company to get more new customers and business opportunities in the new market.

Secondly, service innovation is a new or improved service mode for customer. The most basic service innovation is improving the questions what is customer putting. HaiDiLao is a famous Hot Pot restaurant in China. It is famous for its good service. In HaiDiLao, their key point is “service above all else”. For example, in HaiDiLao, when customers waiting, staffs will send many fruit, snack and drinking. During the dinner, the staff will help client free replacement towels. In addition, customer will get some small gifts from HaiDiLao, such as fruit dish and some beans ( Linghan 2013). Many people enjoy HaiDiLao service rather than eat their foods. HaiDiLao is the leader of service industry, the service of HaiDiLao belongs to service innovation. Because of the service innovation, HaiDiLao has become the top restaurant in China. So, service innovation is important for corporation.

Process innovation is also a new method to improved proved production and market share for companies. This innovation can be a change in technology, equipment, software, or a change in management. TOYOTA is one of best automotive companies in the world. It was successful because of their production system. And this production system called name TOYOTA production system(TPS)that is a management concept based on the Just-in-Time system and jidoka. The advantage of this system is that all the machines are automatic operation, and has a certain  intelligence.(75 years of TOYOTA, 2012)This is a very simple and easy to implement system. So, TOYOTA can use this system to built factories in many countries. This system belongs to the process innovation, which makes it easy for TOYOTA to enter the many countries of the car market, and occupy a large number of market shares.

In conclusion, companies have to innovation to open new market or occupy more market share. This essay used three kinds of innovation to describe why innovation is important for firms. No matter what kind of innovation has a great impact on the companies. Facebook, HaiDiLao and Toyota are good examples to prove the opinion. So it's necessary for the company to keep innovating.

Reference List

Fetto (2014).  [online] Available at: http://www.experian.com/blogs/marketing-forward/2014/02/21/the-19-billion-question-who-uses-whatsapp-and-why-are-they-so-important-to-facebook/ [Accessed 4 Aug. 2016].

Linghan. (2013). myUniHub Login. [online] Available at: http://ieeexplore.ieee.org.ezproxy.mdx.ac.uk/xpls/icp.jsp?arnumber=6586262 [Accessed 4 Aug. 2016].

Fast Company. (2008). Why Innovation Matters. [online] Available at: http://www.fastcompany.com/874798/why-innovation-matters [Accessed 2 Aug. 2016].

Anon, (2010). [online] Available at: http://www.milkingredients.ca/userfiles/expert/pdf/expert2010-01_en.pdf [Accessed 2 Aug. 2016].

75 years of TOYOTA (2012) Available at: http://www.toyota-global.com/company/history_of_toyota/75years/data/automotive_business/production/system/change.html

[Accessed 2th Aug.2016]

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Why is innovation so important to modern companies? Give at least two examples to support your points.

Innovation can be defined as the process that occurs when new ideas and new products, methods, technologies are created. (Anon, 2016)Innovation is currently more important  than ever before.It can not only  make businesses  more competitive but also  bring more profit for corporations.

Innovation can make more profit for corporations. Innovation need business thinker then implement of the idea. There have complex and long process. There are much obstacle. why Uber can be success. Because of Uber always focus on creating new system and make product more convenience for customer. (Press a button, pay credit card) . Uber make the thinking come true then it can get more profit to encourage Uber keep thinking new ideal.  Money is basic power to develop for the company.(Alpe ,2015)  Company need money to develop. Innovation is a way to choose a target market. Company make nice product for customer. These products accord with customer taste and give convenience to customer that's why customer would like to pay these kinds of product. Eligible companies can innovate product to access financial support . Without innovation will make companies inanition. Corporations  won't get financial support and cannot keep working for companies.

Companies need innovation to improve the competitive. The fail of Nokia is a warm to other corporations. Because Nokia  ignored the software innovation. Nokia considered the incredible innovation in hardware was more important than software. So Nokia  lacked the software innovation to support the Symbian system. 2007 year the Nokia market share was 49.4% but until 2009 year the market share drop to 3%.The main reason is Nokia have no enough APP to attract people. because a lot of App can not use in the Symbian system. So people don't choose the Nokia. Then Nokia loss the competitive to smartphone market.

Innovation can help company improve product competitiveness. Apple is a good example to explain this reason. In 2007, Apple launched the first smartphone. iPhone 3G have a 3.5 inch display. it also has a home button trademark. (Getfynd.com, 2016) Apple give a new concept what is smartphones for customer. It’s different from the traditional phone. when people start use iPhone then they can decide which App they want. Meanwhile people can enjoy more functions from the App. So iphone is a revolutionary innovation. It can bring the profit and reputation to company. A data can display the iPhone market share. In 2008 apple market share from 2.8% to 12.9%. (Statista, 2016) More and more people use the iPhone. It means iPhone have more competitiveness in smartphone. Furthermore, innovation is core-competitiveness to a corporation.

Above all, businesses need innovation to improve the competitiveness and increase more profit. It can help companies become able to enter new markets and get good customers. Apple and Uber are good examples to explain eligible companies can innovate product to access financial support . Most corporations pay more attention to innovate.

Getfynd.com. (2016). [online] Available at: https://www.getfynd.com/blog/2016/4/2/the-apple-smartphone-revolution/ [Accessed 4 Aug. 2016].

Statista. (2016). Apple iPhone market share 2007-2016 | Statistic. [online] Available at: http://www.statista.com/statistics/216459/global-market-share-of-apple-iphone/ [Accessed 4 Aug. 2016].

BBC News.(2013). Nokia:The rise and fall of a mobile giant- BBC News.(online) Available at: http://www.bbc.co.uk/news/technology-23947212 (Accessed 28 jun. 2016).

Alpe, L. (2015). The history of Uber. [online] Telegraph.co.uk. Available at: http://www.telegraph.co.uk/technology/uber/11962859/The-history-of-Uber.html [Accessed 5 Aug. 2016].

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Why is innovation so important to modern companies? Give at least two example to support your points.

Innovation is important for modern companies. It means companies put forward the idea which is different from others and use resource to improve or create a new things to meet society needs. (Fast Company, 2008) This essay will argue that with three examples, 3M, Tesla and Kodak. Innovation can help modern company be successful in competition and help some of it create new technology to contribute society.

3M Businesses created a new management model to help them be successful in modern company competition. In order to be successful in modern company competition, it created a new management model about staff management. It gives employee lots of opportunities, support the work, and train them. 3M have forums for staff to seek opportunities, and create systems, structures, and work environments. So as to encourage staff innovate, 3M has a rich resource set of structures and system. Moreover 3M has created new reward systems that encourage staff change mistakes and be success. (Harvard Business Review, 2013) So, innovation is very important to modern company.

Tesla created a new electric car to affect customers and achieve supported by government. Tesla developed their battery and recharging technology, but with the electric vehicles, it also has some problem about the battery that is high cost and the charging station popular. Tesla is different with other companies’ batter, Tesla use the small lithium-ion batteries in the car, it is safe and can support the car run faraway. (Bullis, K. 2016)  The electric car can help society save resource, so it achieve the support from government. Innovation can make the modern company have superiority than other companies.

Kodak failed in competition by not allows to be innovated. Kodak was one of the biggest companies in the world. It made the first digital camera in 1975.  Kodak creates the digital photography technology but it could not rely this to success forever. In 2007, Kodak was profitable for the whole year, after that it made a marketing video it showed that Kodak was back and it not allow making change. The value of it was declined from 31 billion in 1997 to 2.1 billion in 2012. (Weissmann. 2012) When Kodak faced to the opportunity by doing innovation, they choose to stay the same, after that they began to fail. (What Killed Kodak, Jordan Weissmann. JAN 5, 2012) So, modern businesses do innovation is necessary, otherwise they lose their competition.

In general, the innovation is very important for the modern companies, this essay argues that use example of 3M create new management model, Tesla create new products and Kodak failed. Businesses have to innovate time to time and cannot stop. They do innovation to achieve advantages in businesses' competition is very necessary.

References
Bullis, K. (2016). Tesla Could Finally Make Electric Vehicles Practical. [online] MIT Technology Review. Available at: https://www.technologyreview.com/s/516961/how-tesla-is-driving-electric-car-innovation/ [Accessed 4 Aug. 2016].

Fast Company. (2008). Why Innovation Matters. [online] Available at: http://www.fastcompany.com/874798/why-innovation-matters [Accessed 5 Aug. 2016].

Forbes.com. (2016). Forbes Welcome. [online] Available at: http://www.forbes.com/sites/chunkamui/2012/01/18/how-kodak-failed/#43c517a0bd6a [Accessed 4 Aug. 2016].

Harvard Business Review. (2013). The Innovation Mindset in Action: 3M Corporation. [online] Available at: https://hbr.org/2013/08/the-innovation-mindset-in-acti-3/ [Accessed 4 Aug. 2016].

Weissmann, J. (2012). What Killed Kodak?. [online] The Atlantic. Available at: http://www.theatlantic.com/business/archive/2012/01/what-killed-kodak/250925/ [Accessed 5 Aug. 2016].

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Why is innovation so important to modern companies? Give at least two examples to support your points.

Productivity and creativity are based on innovation. Innovation is the commercialization of invention itself (Fresh Consulting, 2008). Invention means that utilise natural law to make the process of the innovative solutions and measures. in order to meet people' needs, products have been invented. Using creativity of persons, businesses' existing resources were transformed by innovation, and then companies gain new resources and wealth. (Internet Archive, 2016) This essay will explain why innovation is very important to modern companies. Innovation can not only make companies to achieve profits increased and CSR, but also can help corporations to grow.

Secondly, Corporate Social Responsibility (CSR) is a thing which should be paid more attention by companies. Innovation can help organizations to do this.  For instance, a medical doctor worked in Google think that Google had a moral responsibility to help people who typing searches “how to suicide”. According his idea, Google adjusts its search engine, to make the top of the screen shows the free phone number of the National Suicide Prevention Hotline. After that, the number of phone calls for suicide prevention increased 9%. Due to it can reduces the amount of suicide, many other countries did the same change in their countries’ search engine. (Fast Company, 2013) So innovation is positive for companies to do CSR.

Finally, for enterprise the process of Innovation can improve the business continually to growth. Innovation can create a new part for business in the age of modern communications. For example, Apple company is good at imagination and innovation. Apple impacts global market and American economy. By new innovative thinking, Apple successful occupy a large proportion of Mobile phone market shares. According to consumer's choice of options, the company launch unique products like IPhone, IPad and MacBook. The IPhone created a new market in the age of modern communications. it has a particular function as touch screen and other features. In the office, a lot of worker and professional people choose IPad as office equipment. MacBook's design changed our imagination what the laptop can became great and thin. (Baldock, 2016) Therefore, innovation bring a new market to Apple company. Businesses have to a longterm strategy, and product innovation is playing a critical role in the  development of organisations, because innovation decide the future of firms.

In conclusion, innovation as a basic business behaviour, involves all aspects of business activities （DeMaria, A. (2013). Innovation helps enterprises create new markets, as reflected by Apple, Google, and Nestle. Companies are on the basis of market competition to innovate new products and ideas. Apple depended on the company's exploration and breakthrough of core technology, and then achieved exploitation of technology and market. Therefore, for meeting needs of market and gaining profit, enterprises can create many significant products by utilising their knowledge and imagination.

Baldock, J. (2016). Apple Innovation - The keys to modern success.. [online] Leadership Lime. Available at: http://www.leadershiplime.com/apple-innovation.html [Accessed 4 Aug. 2016].

DeMaria, A. (2013). Innovation. Journal of the American College of Cardiology, 62(3), pp.253-254.

Fast Company. (2013). Google Reveals Its 9 Principles of Innovation. [online] Available at: http://www.fastcompany.com/3021956/how-to-be-a-success-at-everything/googles-nine-principles-of-innovation [Accessed 4 Aug. 2016].

Fresh Consulting. (2008). What is Innovation? 30+ definitions lead to one fresh summary - Fresh Consulting. [online] Available at: http://www.freshconsulting.com/what-is-innovation/ [Accessed 4 Aug. 2016].

Internet Archive. (2016). Building an Innovative Enterprise : Paul Schumann : Free Download & Streaming : Internet Archive. [online] Available at: https://archive.org/details/BuildingAnInnovativeEnterprise [Accessed 4 Aug. 2016].

YouTube. (2016). What is Innovation?. [online] Available at: https://www.youtube.com/watch?v=IiyMkOfycOg [Accessed 4 Aug. 2016].