BỘ TÀI CHÍNH

HỌC VIỆN TÀI CHÍNH

UNIT 15: INNOVATION

Class: CQ60/51.01 Group: 7

Members: 1. Phạm Thị Phương Lanh
2. Nguyễn Bảo Yến
3. Trịnh Hương Ngân
4. Trần Thị Thu Hương

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 Part 1:
1. Overview of U15?
Unit 15 is about innovation which focuses on pushing the limits through business
innovation. It highlights the value of business innovation, which is essential to the
achievement of commercial success. It examines a variety of methods used by
companies to innovate. Among the tactics are launching products with new
features, providing improvements to existing services, introducing more effective
business practices and finding new markets and sources of supply. The unit also
emphasizes that innovation may be risky for innovators, such as failure, but that
companies can benefit from successful innovation. Further, it provides us with an
example of innovation in the form of Alberto Alessi, who turned failure into
success and turned his family's housewares company into a massively significant
design house. Additionally, it outlines the steps involved in creating new products.
This unit's career skills section focuses on reviewing accomplishments. It also
examines workplace cultures, including how different cultures view praise and
how miscommunication can occur in multicultural teams. Lastly, it talks about a
case study about a prize pitch, where each team member in the TechStars
competition has to convince the competition jury with a presentation of new
technology and business ventures. To sum up, after completing the unit, I believe
that innovation is crucial to the success of businesses.

Part 2:

2. Do you think what innovators have done could change the way we think
and live?

 I think what innovators have done could change the way we think and live because
of the several reasons:
 Firstly, innovators are often pioneers and inspire others to try new things. They are
the people who think creatively and step out of the safety zone to try new things,
things that no one else has done before. Their role is to encourage people’s
innovation, then promote social changes. As we know, throughout history, many
innovations fail before they could get onto the market. But that doesn't make
innovators give up. They still create new things, new ideas and keep moving
forward. Whether it is science, technology, art or any other field, innovators have
the ability to shape the future and pass it on to future generations.
 Another reason is through their creativity and vision, innovators can introduce new
technologies, products, and ideas that revolutionize industries and improve our
quality of life. Their inventions and ideas have shaped society, revolutionized
industries and enriched the human experience.

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 We can see how inventions like the printing press, steam engine, electricity,
internet or smartphones have changed our lives. For instance, Dr. Martin Cooper
invented the world's first cell phone,Dr. Martin Cooper invented the world's first
cell phone. However, the prototype of this phone weighs up to 4.5kg and is quite
large. Therefore, this phone is hardly used widely by users. But, over 40 years of
development, phones have developed very rapidly and today we can use
smartphones - wireless, able to connect to the internet. We can know more about
the world around us and easily connect with people anywhere. These innovations
not only improve the quality of our lives but also change the way we work,
communicate with the world around us, the way we live. This is much more
convenient than in the past.

→ In conclusion, we can see that what innovators have done could change the way
we think and live much more.

3. Do you think the work of great innovators has any effect to our lives?

Absolutely, the contributions of great innovators shape our daily existence. Their
groundbreaking ideas not only revolutionize industries but also impact our lives
very much

For instance, one great effect is the advancement of technology. Innovators like
Steve Jobs with the iPhone or Elon Musk with electric cars have transformed the
way we communicate and interact with the world around us. These inventions have
become indispensable parts of modern life, enhancing efficiency, connectivity, and
convenience.

Moreover, great innovators often create societal change. Like Marie Curie, whose
discoveries in radioactivity paved the way for advancements in medicine and
energy. Their work not only pushes the boundaries of human knowledge but also
addresses pressing issues, from healthcare to the environment.

In conclusion, the work of great innovators ripples through society, shaping our
present and future in profound ways.their contributions leave an indelible mark on
our lives, driving progress and shaping the world we inhabit.

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 Part 3:
1. Explain the title “pushing the limits” in relation with innovation (borderline
between success and failure)
"Pushing the limits" refers to doing more than what is currently called innovative,
which is essential for innovation. It's about getting as close to the line that
separates success from failure as we can. We venture beyond our comfort zones
and into the unknown when we push the boundaries. When we embrace the
unknown, we make room for new experiences and opportunities. If we are
successful, we might come up with a breakthrough idea, an innovative solution, or
an entirely new approach to problems that could have a significant influence.
However, pushing the boundaries also entails taking chances, embracing
uncertainty, and accepting failure as a necessary part of the learning process.
Failure is frequently viewed as a bad thing, but it can also be a useful teaching
moment. We can generate original and creative ideas when we are willing to take
chances. For instance, Thomas Edison tried more than a thousand times before
creating the lightbulb. But he never gave up on his idea; instead, he saw every
setback as a step toward achievement and creativity.

2. How important is innovation to doing business?

 Innovation is considered as one of the most crucial to the business’s success. It

brings companies a lot of benefits and advantages. And here are some several
reasons to support my opinion:
 Firstly, innovation helps businesses meet customer needs: Innovation makes
companies develop products and services to meet customer needs. By continuously
innovating and keeping up to date with customer desires, companies can enhance
the experience and increase customer satisfaction.
 Secondly, it is having competitive advantages in the market. Innovation helps
companies differentiate themselves from their competitors. Whether it is through
unique products, services or processes, innovation can give a company a
competitive edge in the marketplace. because the market is constantly changing
and evolving due to technological advances, changing consumer preferences and
changes in regulations and laws. Innovation allows companies to adapt to these
changes more effectively, staying relevant and flexible in dynamic environments.
It makes it easy for companies to adapt to the changes.
 Finally, increase company efficiency and productivity. Innovative processes and
technologies often lead to greater efficiency, allowing companies to produce more
with fewer resources. This can lead to cost savings, higher productivity and
improved profits. On the other hand, Innovative companies tend to recruit top
talent who are attracted to creative, learning opportunities. Recruiting many good

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people with a good understanding of science and technology will help companies a
lot in improving business performance.
→ In conclusion, for those reasons I have mentioned above, Innovation has an
important role in companies’ success.
3. In what ways can businesses innovate themselves?

- By launching products with new features: This involves developing new

products or enhancing existing ones to meet evolving customer needs or to
differentiate from competitors..
- By providing improvements to existing services: Businesses can innovate by
continuously refining and enhancing the quality, efficiency, and user experience of
their existing services. This might involve streamlining processes, increasing
convenience, or personalizing offerings to better meet customer preferences.
- By introducing more effective business practices:Innovation in business
practices can lead to increased efficiency, cost savings, and better outcomes. This
could include adopting new technologies, implementing agile methodologies,
optimizing supply chain management, or reimagining organizational structures.
- By finding new markets and sources of supply: Exploring untapped markets or
expanding into new geographic regions can open up growth opportunities for
businesses. Similarly, diversifying sources of supply can enhance resilience and
mitigate risks associated with dependency on single suppliers or markets.

4. Give some examples of products that were genuinely innovative when they
were launched.

There have been numerous products throughout history that were genuinely
innovative when they were launched. These products introduced new technologies,
functionalities, or design concepts that significantly impacted their respective
industries. One such example is the Ford Model T, introduced in 1908, which
revolutionized the automobile industry by making cars more affordable and
accessible to the general public. Another iconic product is the Sony Walkman,
released in 1979, which pioneered portable music listening and transformed the
way people enjoyed music on the go. The introduction of the World Wide Web by
Tim Berners-Lee in 1989 brought about a paradigm shift in communication and
information sharing, leading to the digital age we live in today. More recently, the
Tesla Model S, an all-electric luxury sedan, disrupted the automotive industry by
combining cutting-edge electric propulsion technology with sleek design and
advanced features. These examples highlight the transformative impact of
innovative products that shape our lives and drive progress in various fields.

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5. What phases are included in the process of developing new products?

The process of developing new products involves several important phases. It

starts with imagining, where creative ideas are generated based on market needs
and opportunities. Once the ideas are generated, the next step is business analysis,
where the feasibility and market potential of the concepts are carefully evaluated.
This includes conducting market research, analyzing competitors, and assessing
financial projections. After that comes the development phase, where the chosen
concept is transformed into a tangible product design. This phase includes
engineering, design iterations, and testing to ensure the product meets the desired
specifications and quality standards. Once the product design is finalized, the
manufacturing phase begins, where production processes are set up, materials are
sourced, and the product is manufactured at scale. Finally, the launch phase takes
place, where the product is introduced to the market. This involves marketing
strategies, pricing, distribution planning, and sales efforts to generate customer
awareness and demand. Each of these phases plays a crucial role in the successful
development and launch of new products, ensuring that they meet customer needs
and have a higher chance of market success.