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.
