Developing an Innovation Strategy for a Healthy Lifestyle at the Co-operative Food Group

Developing an Innovation Strategy for a Healthy Lifestyle at the Co-operative Food Group Essay example
Masters
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Marketing
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University Developing an Innovation Strategy for a Healthy Lifestyle at the Co-operative Food Group [Full Name] [Registration #] [Course Code] [Professor’s Name] [Date of Submission] Table of Contents Item Page Introduction 3 Innovation 3 Blue Ocean 3 Critical Analysis 4 The Model 8 i)New Product Development 8 ii)Branding 10 iii)Competition 11 iv)Marketing and Market Segmentation 12 Opportunities Captured in the Model 13 Critical Analysis of the Current Context at the Co-operative Food and Proposed Innovation Model Introduction Innovation Innovation is a common term in the business world…

Introduction

Innovation entails coming up with new ideas and implementing them into new process, service, and product, resulting in the dynamic growth of the organization or national economy and increase employment opportunities. Innovation is not a one-time process, but it is a long and cumulative process that requires the organization to engage in decision-making processes that range from generation of new ideas to implementing them (Child, Gakkai, Kagono, and Urabe 3). Fuglsang (6) states that the definition of innovation comprises of two aspects: innovation and creativity, exploitation and exploration, or selection and variation. In other words, innovation is viewed as comprising of two integrated processes. New suitable inventions or ideas have to be discovered in a creative manner. The interaction between those two processes is very vital for the success of the innovation (Fuglsang 6). Blue Ocean The proposed innovation strategy for adoption by CF captures the blue ocean innovation concept as well as low cost strategy with regard to operations ambitions. ...
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