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Factory

Unit 5 - Operations management

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Chart Increasing

Unit 1 - Introduction To Business Management

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Briefcase

Unit 2 - Human Resource Management

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Money Bag

Unit 3 - Finance & accounts

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Direct Hit

Unit 4 - Marketing

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Bar-Chart

Unit 6 - Assessment

<ul>
	<li>Definition: Creating something new or making changes to something that already exists.</li>
	<li>Why it matters
	<ul>
		<li>Keeps a product or service fresh and competitive.</li>
		<li>For instance, even Coca-Cola, a centuries-old brand, has tweaked its formula.</li>
	</ul>
	</li>
	<li>Dangers of ignoring innovation
	<ul>
		<li>Losing market share to competitors that DO innovate.</li>
		<li>Your brand&#39;s bestsellers (aka &#39;cash cows&#39;) might become &#39;dogs&#39;. 🐄 ➡️ 🐶 (For more on this, see Chapter 4.5 on the BCG Matrix)</li>
	</ul>
	</li>
</ul>

🍎 Real-world Example: Apple constantly innovates its iPhone with new features, ensuring that it remains a market leader.

<ul>
	<li>Why R&amp;D is vital
	<ul>
		<li>Spotting gaps in the market.</li>
		<li>Pioneering entry into completely new markets.</li>
	</ul>
	</li>
	<li>Main Goal: To develop goods/services meeting customers&#39; needs not currently being met.</li>
	<li>Teamwork alert: Marketing &amp; R&amp;D departments must join forces! ⛓️</li>
</ul>

🚀 Real-world Example: SpaceX&#39;s R&amp;D led to the creation of reusable rockets, filling a gap in the space travel market and reducing costs.

<ul>
	<li>Purpose: To pinpoint what customers need but aren&#39;t getting.
	<ul>
		<li>This could be anything - a fresh software, a groundbreaking book, or even a zesty new ice-cream flavor.🍦</li>
	</ul>
	</li>
	<li>Result: The insights can steer the R&amp;D team to craft products/services that customers will actually buy!</li>
	<li>Big Idea Alert: This approach is all about Market Orientation - focusing on what customers want, instead of just pushing what you have.</li>
</ul>

📱 Real-world Example: Zoom saw the need for reliable video conferencing software, especially during the COVID-19 pandemic, and soared in popularity due to its market-oriented approach.

<ul>
	<li>Downside: If these two aren&#39;t chatting, it could be a recipe for disaster - or at least for wasting money.</li>
	<li>Why it matters: Both departments offer crucial insights that can complement each other.</li>
</ul>

🔥 Real-world Example: If Ben &amp; Jerry&#39;s R&amp;D made a &#39;Brussels sprouts&#39; flavored ice-cream without checking if there&#39;s a demand, they might face some (understandably) unhappy customers!

&nbsp;

📢 Key Takeaway: For businesses, innovation isn&#39;t just cool; it&#39;s a necessity. Working together and understanding the market can lead to successful products that address unmet needs. 🚀📈

&nbsp;

Happy studying and remember - always think about what the customer might want next! 🌈🌟

Unlock Innovation: How To Meet Customers' Unmet Needs & Drive Growth

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Higher Level

Business Management HL

Unit 5 - Operations management

Unlock Innovation: How To Meet Customers' Unmet Needs & Drive Growth

Table of content

🔍Importance of innovation

🔬The role of R&D (research & development)

Unlock the Full Content!

Unit 5 - Operations management

Unlock Innovation: How To Meet Customers' Unmet Needs & Drive Growth

Table of content

🔍Importance of innovation

🔬The role of R&D (research & development)

Unlock the Full Content!