Developing a theoretical model for innovation: a critical evaluation of breakthrough capabilities necessary for expansion of a small wedding event venue in Truro, Cornwall: a study based on Lynch’s Hierarchy of Resources model.
Cardiff Metropolitan University
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This study aims to identify the breakthrough capabilities required for a wedding event venue in Truro, Cornwall, to penetrate a gap in the market. The literature review identified the importance of an organisation gaining a competitive advantage. The study critically evaluated Lynch’s (2006) Hierarchy of Resources model and was supported by SWOT analysis, Porter’s (1980) Generic Strategies and Porter’s (1980) Five Forces models. All these models were then combined and integrated to form a conceptual framework to be able to provide the maximum potential for the case study to achieve a competitive advantage within the newly identified industry. A combination of qualitative and quantitative research methods were used to be able to identify where the demand lies and the resources needed to breakthrough within the market. Through the primary research, the preliminary data collected discovered that there is a demand for music and party event venues in Truro, Cornwall. The interview process involved interviews with two industry professionals to gain rich and in-depth responses. The interviews identified the breakthrough capabilities required to penetrate the newly identified market. From gathering this data, the final model was developed from the conceptual framework to make it specific to the chosen case study. The study made significant contributions to theory, methods and practice and concluded with the recognition of limitations and scope for further research. The hypothesis has been met and the researcher achieved the aim of the study.
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