Identify and Implement Business Innovation

Pros:

  1. Having an attractive menu will attract more consumers
  2. More products in coffee mean having diversity in products, which consumers nowadays want.
  3. Understanding consumer preferences attracts them as they get the products of their choice.
  4. Innovation leads to increased productivity as well as healthy competition in the market, which is profitable for the company.
  5. It leads to new partnerships and collaborations.

Cons:

  1. A greater amount of products mean huge investments and greater spending, which will increase the financial expenses.
  2. Innovation is costly and time consuming.
  3. Resources are wasted and it may lead to the generation of a product which may not be sold
  4. Having a low-cost budget may become an obstacle in producing a new product on a large scale.

The most suitable innovation method is to focus on the story of Rufus and Emma and how they began their journey of Coffeeville, as personal story, in today’s time is more attractive to the consumers than any other method. Telling the story is the most profitable way. This has been selected because, the most of the audience will be able to relate to it and will be moved by their story and come to the store to but the products.

The aspects of the business that need to be redesigned are:

  1. The goals must be clear
  2. The business processes must be strategized in a proper way.
  3. A routine must be set for the day to day activities
  4. One workflow must be maintained
  5. The person managing all the processes must be empowered
  6. Information which is to be gathered must be done once and completely.

Innovation needs to be integrated into the business approach by adopting a proper framework and including it into the business objectives:

  1. Adopting a holistic approach towards innovation
  2. Strong communication channels must be created
  3. A positive culture of innovation is to be embedded into the business.

Once the new innovation strategy is implemented, proper planning and processes will be created. Importance will be given to integral innovation and the entire innovation process will be constantly monitored to maintain the progress steady..

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Accounting and Finance Assignment Help

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