Identify 3 sources of support and guidance for business innovation. Write a brief outline of who they are and the support they provide.

Business administration Level 3
Unit 320 – Principles of business
LO2 assignment

LO2. Understand business innovation and growth.

Complete the following the questions. You can refer to examples from your own and other organisations to support your answers.

Remember to add a list of references to acknowledge your sources of information.

LO2.1

Define business innovation

Write a definition of business innovation.

LO2.2

explain the uses of models of business innovation

Explain the uses of 3 of the following models of business innovation

reviewing systems
customer value proposition
innovation ecosystem
social innovations
USPs

Model 1

Model 2

Model 3

LO2.3
identify sources of support and guidance for business innovation

Identify 3 sources of support and guidance for business innovation. Write a brief outline of who they are and the support they provide.
Remember to provide references for your sources

LO2.4
explain the process of product or service development

Show the stages involved in product development and explain the process of developing
Products.
You can use diagrams or charts to support your answer

LO2.5
Explain the benefits, risks and implications associated with innovation.

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