Managing Innovation in Business

Introduction 

This is where you write the purpose of the report and how the report is structured or organised

The Selected Hospitality Organisation & Hospitality Industry Overview 

Provide a brief overview of the Hospitality industry/sector and then write briefly about the background of your chosen hospitality organisation.

Now trace/map the innovation history of your chosen hospitality organisation to where it is now in terms of innovation development. 

Use of the 4Ps/Dimensions of Innovation Space (product, process, position or paradigm innovation) 

Discuss the type/s of innovation strategies(Radical/Blue Ocean or Incremental Innovation/Red Ocean including Disruptive Innovation)that had been used as the basis for the organisation’s innovationactivities.Briefly ensure to cover some of those factors that drove those innovations you have covered.

• Note: The mapping of your chosen organisation’s innovation should follow chronological order (e.g. 1970, 1980, 1990, 2000, 2010 …..), as those information provide a past innovation history on your chosen organisation to date.
• The Assessment of the Organisations Existing Innovation Performance 
• Innovation performance could be assessed using various factors. Therefore, use some of the factors below to assess the organisation’s innovation performance across time and do ensure to provide some statistical data to support the assessment.

Annual spending in research and development (from the organisation’s annual reports)

Number of registered patents / design rights per years

Number of new product launches

• Profitability and growth rate in market share

In order to arrive at the current situation of the organisation and the hospitality industry, Perform PESTEL Analysis and Porter Five Forces Analysis (Industry Analysis) to identify Opportunities and Threats in the environment that can affect innovation activities.

Now discuss the factors driving innovation within the hospitality industry in 2023.

The Assessment of the Organisation’s Innovation Capabilities (Internal Environment Analysis) 

– Use McKinsey 7S framework to diagnose the innovation capabilities of the organisation

Current situation analysis and Factors driving innovation within the hospitality sector in the year 2023 (External Environment Analysis in the Year 2023) 

Conclusion