Good Innovation Strategy - Advantage of Inherent Capabilities - Research Assignment Help

Assignment Task:

Answering research questions
Q1: Innovation is basically known as new ideas or creative thoughts that are being used in any business operation( reference). It often views as the application of a better solution that can fulfil specific new requirements as per existing market need. It has been seen that innovation is crucial for every business because it gives companies an edge in penetrating market more drastically and deliver a better link to develop a market that can lead to wide opportunities in the global nation. Are you sure it answers the first question?? Is Meriton not being updated with the latest technological advancement because financial resources are limited?
Q2: Innovative opportunities are based on several components within processes in which people act upon and realize a new combination of resource and market needs. As an innovator, it is important to identify customers that are struggling to resolve the problem or attain a goal through cobbling together workaround to perform more efficiently in the near future. Goal setting is a primary stage in achieving opportunities that can lead to becoming more successful. Everyone tends to recognize innovation value because it creates a powerful outcome in a quick manner. Henceforth, people need to work on an emerging trend that could be helpful in scenario planning. 
Q3: Innovation generally begins with targeting the right customers so that chances of getting more valuable results can be attained in the near future. As Meriton serviced apartment need to look for high-class people because of their services that can lead to generating maximum revenue for the company. It experience that tends to make every interaction which is useful and easy for attaining future targets.  It is entirely based on actual customer demand those are a primary target for companies to fulfil in a more effective manner. 
You only mentioned 3 questions so why you answer 10?? You can simply change the heading of this section into Researches’ Main Threads
Q4: Innovation is considered hard because various things that can make a company thrive as exactly similar which make tough for them to embrace the new. However, attaining advantage of these inherent capabilities would need a company to challenge many of their basic fundamental aspects. Majority of companies tends to find innovation hard (Kampully, Bilgihan and Zhang, 2016). In fact, Meriton services are actually not able to satisfy their executives with their innovative performance. In spite of actively searching for new venture models as well as product innovation a lot of industries are aiming at making constant incremental improvement in various parts of the business. Team innovation is considered the backbone of every profitable company. Getting employees to think creatively is not always an easy task. If people are not feeling linked to their company there is little incentive for them to be innovative. Employees that are associated early on this process will have a lot of opportunities that lead to motivating them to perform more effectively.
Q5: After the company and other manager have decided to establish an innovative team then the real challenge begins. One primary reason for an innovative team is that there is hard to do anything of complexity on their own. The growth of the innovative team is entirely relying on whether capable people are associated with the planning process. The company want to develop knowledge into the same areas that require more efforts to attain their future goals. It has been seen that the maximum company will tend to appoint a team leader those are responsible in the planning process. It can assist in attaining overall aims that are set by the organisation.
Q6: A good innovation strategy used to support a clear vision within an organisation growth and success. It is said to be a combination of understanding of the actual need for innovation within the company. The strategy is all about positioning for sustainable competitive benefits by making choice regarding product and service that are offered by the company to their customers. It is a plan that helps in growing market share by the service industry. In the case of analysing solution, innovation strategy needs to indicate whether a product improvement is helpful for future growth in the company.  The objective of managing an innovative portfolio helps to create a favourable situation to formulate actual innovation (Wang and Zhang, 2016). Effectively managing an innovative portfolio assist in optimizing R&D budgets, production and sales timescales. 
Q7: It has been seen that in a large business, senior executives are an important person for innovative success, thus they have the ability to direct funds as well as manage resource to good innovation planning. The primary duties involve scheduling meetings, travel arrangements and organize regular calendars. They are also responsible for examining specific need of senior managers and performance management activities to ensure company workflow would run in efficient manner. Use of open innovation will need a shift in culture. It needs an individual to be open for external ideas and share their specific knowledge with other employees so that they get motivated while performing jobs effectively within the organisation.
Q8: It has been examined that being innovative means doing things another way as never done before by anyone. An innovator is a person that embraces ideas and develop an environment in which employees are given tools as well as another resource to deal with challenges that are affecting in achieving growth for the company. With personal experience, it is important to have a creative mind so that problems could easily be identified. Passion as well as constant lookout for better experience is another valuable aspect that could be crucial to become a more successful innovator. 
Q9: It has been analysed that resource is a more valuable concern for any successful business development. Having the right resource to innovate is crucial to link ideas with the right people. A firm that prioritize innovation would form time for its valuable personnel to create, develop and think positively. Other resources which is important is time, instead of dedicating time for innovation, business need to mentality prepare for the success of their big projects (Nieves, Quintana and Osorio, 2016). People are the greatest asset for innovation and in respect to become the more sustainable performance of employees is major factors that are taken into account. With the help of a creative mind and solution, they can easily overcome future problems which are associated in business.
Q10: It has been seen that everyone has ideas that can further use for business success. In the case of starting a new venture, these ideas used to play an important role in turning things in favour of the company. The next step is associated with validating ideas so that it could be executed in a proper manner as per the requirement of the business. Another important aspect is to search for a large market so that maximum people can get to know about the products which company is going to offer them. 

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