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Innovation Audit Uo Essay

2194 words - 9 pages

Contents
1. INTRODUCTION 1
2. DESCRIPTION OF THE COMPANY 1
3. SWOT ANALYSIS OF THE COMPANY IN RELATION TO INNOVATION 2
4. DESCRIPTION OF WHAT AN INNOVATION AUDIT ENTAILS 3
5. PROPOSED FRAMEWORK FOR CONDUCTING THE INNOVATION AUDIT 4
6. RESEARCH STRATEGY 5
7. OUTLINE OF KEY OUTPUTS ARISING FROM THE PROPOSED AUDIT 7
8. TIMEPLAN AND RESOURCES 7
9. CONCLUSION 7
10. BIBLIOGRAPHY 8

1. INTRODUCTION
One would like to take this opportunity to thank the company “Urban Outfitters Inc.” for inviting me to conduct this innovation audit. It is with great pleasure and intrigue that one immerses oneself in the innovative aspects of your company and seek ways to improve the overall ...view middle of the document...

Today the company boasts a large and varied selection of brands within the global market place.
Overview/Mission Statement
Urban Outfitters is an eclectic lifestyle retailer dedicated to inspiring customers through a unique combination of product, creativity and cultural understanding. The aim is to help customers express their individuality and connect with their interests, needs and passions. The company achieves this by creating experimental retail environments and curated product assortments. Music, fashion, art, architecture, design and technology are all integral aspects of the business. The Urban outfitters customer is constantly evolving, bringing new ideas, new outlooks and new expectations to the table. Urban Outfitters is committed to evolving with the customer, while retaining values of creativity, irreverence and authenticity.
As outlined by the company, the core words to describe the store philosophy are:
1. Creative
2. Experimental
3. Ironic
4. Innovation
5. Individual
6. Irreverent
7. Eclectic
Urban Outfitters stocks many brands, including a relatively new selection of own brand products. These brands include names such as:
* Fred Perry
* Levi
* Cheap Monday
* Vivienne Westwood
Own brands:
* Shore Leave
* BDG
3. SWOT ANALYSIS OF THE COMPANY IN RELATION TO INNOVATION
Strengths
* Pricing Power: Customers typically rebel against price increases by switching to competing products, but if a company has pricing power, customers will continue using Urban Outfitters products and services. The company frequently introduce new products and services at a high price and still retain a loyal customer base.
* Strong management: Urban Outfitters has a good strong management base. Strong management is a beneficial aspect for innovation within the company.
* Innovative culture: An innovative culture helps Urban Outfitters to produce unique products and services that meet their customer’s needs. One need only walk into an Urban Outfitters store and look at the housewares section to see a glimpse of this innovative culture.
Weaknesses
* High Staff Turnover: High staff turnover can hurt Urban Outfitter’s ability to compete and can stifle innovation. People, and in this case staff members, need time to innovate within the company. A high staff turnover does not allow for innovative employees.
* Social media: Urban Outfitters, unlike other retail companies, fails to use social media to its full advantage. A lack of communication with customers through social sites is a major weakness for the company
Oppurtunities
* Improved innovation: This would be a key issue one has found on many websites while investigating the company. The company needs to invest heavily in more unique products and services which meet customers’ needs.
* International Expansion: So far the company only operates in America, UK, Ireland, and four other European Cities. International markets...

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