4.2 Analyse the risks and benefits of an innovation proposal
2021-09-18T11:06:38+00:00
CIM Level 6 Award in Innovation in Marketing (VRQ)
Innovation in Marketing is a 17-credit mandatory module which sits within the suite of Level 6 modules.
Unit2: InnovativeMarketing
Learning Outcomes
The learner will:
Assessment Criteria
The learner can:
Indicative Content
3. Apply principles of innovation throughout the marketing function
3.1 Assess how the marketing function can develop innovative approaches to current market challenges
Cross-functional and self-managing teams
Learning, training and development
Information sharing
Support of innovative business models
Adaptive/flexible approaches
Use of appropriate market research techniques and sources of information
Use of innovation networks
3.2 Determine how innovative approaches can lead to enhanced product/service development
Generating ideas
Screening
Business analysis
Development of a small-scale trial (usually technology supported)
Testing techniques
Commercial launch
Effective exit routes for unsuccessful ventures
3.3 Determine how stakeholder relationships can be better leveraged through innovative approaches
Customer relationships – eg, conducting user trials, involving leading practitioners and other forms of co-creation
Engagement of suppliers and wider networks
Managing different types of innovation networks including ideagoras, crowdsourcing, online forums and other open platforms
Learning Outcomes
The learner will:
Assessment Criteria
The learner can:
Indicative Content
4. Develop a business case for a marketing related innovation
4.1 Evaluate the options for innovation
Product/service/process/programme
Business model
Out-sourced vs internally implemented
Adaptable/flexible/agile
Benchmarking
Collaborative/partnerships
Assessing acceptability, feasibility or suitability
4.2 Analyse the risks and benefits of an innovation proposal
Risks and benefits of the proposal
Strategic/operational/tactical
Financial
Reputational
Competition
4.3 Develop a business case for change
Factors driving change
Scope of change required
Recognition of need for change and commitment from stakeholder groups
Structure the business case
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