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Title: A2 Level AQA Business Studies
Description: Chapter 13 - Operational Strategies - Innovation
Description: Chapter 13 - Operational Strategies - Innovation
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Chapter 13: Operational Strategies: Innovation
What is innovation?
- The government department responsible for innovation is the Department for Innovation,
Universities and Skills (DIUS)
...
- Introduction of a new process for making or supplying a product
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- Training or the acquisition of external knowledge that is linked to innovation activities
...
- R&D is an element of innovation
...
- The DIUS also recognises an additional form of innovation: strategic innovation
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Benefits and purposes of innovation and R&D
- Improve quality
- Enter new markets
- Increase value added e
...
USP
- Increase product range
- Reduce costs
- Improve flexibility
- Meet regulations
- Reduce environmental impact
- Although it would not be a reason for innovation, a firm’s HRM may benefit
...
- This may improve labour productivity, reduce turnover and make it easier for a business to
recruit workers
...
e
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- Operational difficulties
- Competition
- Generic products
- In the UK government’s most recent survey, the main factors limiting innovation were: innovation
costs; economic risks; costs of finance; government regulations; availability of finance; market
dominated by established businesses and uncertain demand
...
How to improve the chances of successful innovation
- Protection i
...
copyrights, trademarks, patents etc
...
- The UK still overall lags behind countries such as the USA in R&D spending
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The implications of innovation for other functional areas
Finance
- Innovation tends to be expensive so the finance department needs to be in agreement with any
new plans for innovation
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- The finance department will carry out investment appraisal in order to assess the likely results
...
Marketing
- Marketing department will be affected in two ways
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Second: innovation is often linked to the
product lifecycle so the innovation and marketing functions must cooperate
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- With this information, firms can plan the timing of extension strategies and new product
launches
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- In its workforce planning, the HR department must ensure that the impact of innovation and
R&D are taken into consideration
Title: A2 Level AQA Business Studies
Description: Chapter 13 - Operational Strategies - Innovation
Description: Chapter 13 - Operational Strategies - Innovation