Application of New Product Development- Doc

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and its importance to organisation in comparison with invention..................1
P2 Organisation vision, leadership, culture and teamwork can shape innovation and
commercialisation...................................................................................................................2
TASK 2............................................................................................................................................4
P3 4 Ps of innovation and use of innovation funnel to examine and shape innovative ideas 4
P4 Developments in frugal innovation and its uses in organisation.......................................5
TASK 3............................................................................................................................................6
P5 Importance of commercial funnel and application of New Product Development...........6
P6 Build an innovation business case in organisation............................................................8
TASK 4............................................................................................................................................9
P7 Different tools that use to develop, retain and protect knowledge and intellectual property 9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation is process of formulation of new ideas, method or device by an individual for
product development. It is essential that an idea is economical, so demands and requirements of
people are accomplished. For this purpose, an entrepreneur conduct market survey to gain
information about expectations of public to generate useful items. Present report is based on
Deverell Smith which provide recruitment consultancy to real state firms (Clayton, Feldman, and
Lowe, 2017). This assignment specifies benefits of innovation in organisation and its difference
with invention. Different types of innovation is studied along with new product development
process which is required for commercialise innovation is outlined in following report. Besides
this, methods which are used by an entrepreneur to protect ideas and intellectual property are
mentioned in report.
TASK 1
P1 Innovation and its importance to organisation in comparison with invention
Innovation: It is an activity by which business ideas are converted into reality for
providing products and services in respect to demands of people. It is deliberate application by
which an individual collect information to formulate new items. Commercialisation is process
which is conducted by businessperson to inform public about products and services. This helps
an entrepreneur to attract and satisfy buyers, thereby, enhance market position and brand image.
Deverell Smith is small firm which provide recruitment consultancy to real estate companies.
Innovation that is made by businessperson is creation of application which automatically asses
capabilities of applicant. This help them to safe time of screening and efforts by calling
shortlisted applicants which have knowledge in respect to real estate business. Along this,
company has constructed online website to provide information to people about their partner
firms and their vacant positions (Dutta and Hora, 2017). Thus, individuals can apply for job in
according to their skills and abilities.
Importance of innovation in organisation: Innovation consist essential part in making
business successful. Market leaders are known for driving profitability of firm by developing
new items and services. For this, changes and modification in existing products are made by
them for fulfilling demands and needs of people. Thus, innovation support and encourage
organisation to get commercial benefits.
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In Deverell Smitt, application of automatic screening of applicants helps executive to
enhance functionality of firm. This is innovation by which technology advancement in system
aid them to utilise resources that is funds and manpower efficiently. Employees get time to call
and give appointment to applicants which have knowledge and skill to work in a real estate firm.
Besides this, company provide good personnel to their clients which helps businessperson to
maintain good brand image in market.
Invention: It is a creation of new concept or idea used to develop a unique product. This
is a process which is conducted for an individual to formulate new ways of attaining desired
outcomes (Gaddy and et. al., 2017).
Difference between innovation and invention
Innovation Invention
This is process which is conducted by
businessperson to introduce new product,
service or process in market.
It is activity by which new process, item and
service are created by an entrepreneur. For this,
research and development are activities
conducted for making inventions.
Innovation need to be commercialised by
person for informing others about item to get
economic return.
Inventions can be economic or non-economic,
as there are some products and services which
are created for overcoming issues of society.
P2 Organisation vision, leadership, culture and teamwork can shape innovation and
commercialisation
Each and every firm comprises diverse people which have different capabilities and
thoughts. This gives opportunity to executive to have pool of ideas for enhancing business to
sustain market image and improve brand value. Innovation is process which help businessperson
to create new idea, thereby, provide products and services in according to need of people.
Commercialisation is an activity which occurs after innovation to market and communicate
customers about changes. This is effective technique which aid top personnel to launch new
product in market.
Organisation vision: Vision and mission statement is created by top personnel to direct
and coordinate staff members to work in according to strategic plan. Through vision, they define
future position firm require to reach help them to motivate and inspire subordinates to work
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effectively. Besides this, mission state performance level of business that they need to
accomplish for accomplishment of objectives and goals. Vision of Deverell Smith is to expand
business by opening offices in different countries. While, mission is to provide good recruitment
consultancy service to clients for enhancing brand reputation and market share. Thus, executive
influence staff members to create new business ideas for increasing organisation performance
and profitability.
Leadership: This is process by which businessperson direct staff members to work
effectively for achievement of business objectives and goals. Employees are given superior
which provide guidance and direction to perform tasks in systematic manner. Democratic,
autocratic, laissez- faire, transformational, etc. are different leadership approaches which are
used by leader in respect to organisation functioning (Goble, Bercovitz and Feldman, 2017). In
Deverell Smith, transformational tactic is used by which leader inspire and encourage
subordinates to provide recruitment consultancy services. Business person aim is to accomplish
personal and professional ambitions of team members. For this, leader inspire and support
subordinates to make their tasks easy.
Organisation culture: This is tactic which includes values, attitude and norms of people
which firms require to preserve to make them function. It is essential that top personnel take care
that staff members are work in proper coordination. For this, culture differences are
acknowledged by them to create friendly environment in firm. Deverell Smith is firm which have
diverse employees. In this, business person responsibility is to integrate and collaborate team
members to carry out tasks effectively. Employees are made flexible so that they are able to
adapt to changes. Along this, training and development programs are conducted to enhance their
capabilities to create innovative ideas (Henttonen and et. al., 2017). Thus, new technologies and
methods are adopted to conduct operations effectively.
Teamwork: It is concept which helps top personnel to use funds, material and manpower
in efficient manner. For this purpose, employees are divided into team which help them to learn
and increase experience from colleagues working pattern. In Deverell Smitt, businessperson has
formulated a separate team to formulate new business ideas. This aid them to make development
in system by creating innovative technologies for executing recruitment consultancy at effective
manner. Along this, another duty is to commercialise people about services to attract them to
apply in respect to their skills and knowledge.
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TASK 2
P3 4 Ps of innovation and use of innovation funnel to examine and shape innovative ideas
Innovation is an activity by which new business ideas in respect to product and services
are formulated in firm. There are four P's of innovation that are product, process, position and
paradigm which are used by businessperson to make changes on system in according to market.
4 P's of Innovation: This is model which is propounded by John Bessant and Joe Tidd. It
is tool which state process that is conducted by executive to improve business. For this, there are
mix of innovation which are described below:
Product Innovation: It is essential for organisation to provide items and services in according to
requirements of people. For this, businessperson conduct market survey and research which help
them to have information about need of buyers (Khan and et. al., 2017). Besides this,
competitor's offering are also assess by them to make modification and alterations in products. In
Deverell Smitt executive had created a app through which they can communicate to people about
vacancies in real estate firms. This benefits to establish competitive advantage by providing
facility to individual to apply for job easily. Process innovation: This is method which is used by executive produce products and
provide services to customers. It is necessary that appropriate techniques and
technologies are implemented in system for proper utilisation of resources. In Deverell
Smitt company, executive has developed application for automatically screening of
applicant. This helps team members to conduct selection process and safe time in
interviewing candidate which didn't have capability in respect to defined job. Paradigm innovation: It is systematic process which helps firms from effect of chances
that are made in system in respect to innovative business ideas. Business person of
Deverell Smitt had formulated a plan, which aid them to make employees to perform
tasks as per planned. Thus, staff members are able to make modification in system in
respect to implement innovation in business.
 Position innovation: This is innovation mix which define that small and medium firms
require to enhance and sustain their reputation in market.
Innovation funnel: This is model which includes steps which are conducted by business
person to examine ideas and conceptualise items. For this, activity which is executed by business
person is to develop new business idea for providing unique and creative items and services to
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buyers. This help them to increase market position and brand image by delivering quality
products.
(Source: Innovation funnel, 2016)
Steps which are carried out by executive of Deverell Smitt to make innovation: Investigations: Business person conduct market survey to gain information about
requirements of people. This help them to create new ideas to utilise market
opportunities. Development: In this step changes in system are made by executive of Deverell Smitt to
provide new and innovative services to clients.
 Shipping products: This is last phase in which commercialisation is used by
businessperson of Deverell Smitt to inform people about services (Lim and et. al., 2017).
Thus, individuals are invited to apply for job in real estate firms.
P4 Developments in frugal innovation and its uses in organisation
Frugal innovation is activity by which complexities are reduced to lower production
expenses. For this, executive implement advanced tools and equipments in system for conduction
of business operations effectively. This helps businessperson to offer products and services at
reasonable rates to attract large number of people, thereby enhance sales volume and revenue.
Uses of frugal innovation in firm: Deverell Smitt is SME, so executive require to utilise
resources efficiently. This help in creation of competitive advantage by implementation of frugal
innovation in the company. It also helps organisation in minimising its production cost and saves
time of the company which can be used required place. For example: Deverell Smitt have opted
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Illustration 1: Innovation Funnel

recruitment application which helps in short listing potential candidate on the basis of their skills
and requirement of company. This minimizes costing of company in the process of recruitment
that is screening, short listing etc. Along with this, it also saves time of employees of Deverell
Smitt.
TASK 3
P5 Importance of commercial funnel and application of New Product Development
Commercial funnel is also referred to as sales funnel that comprises buying activity
which firms lead for customers to purchase products. For this, there are seven steps that are
conducted by businessperson to first aware people about items and services. This help them to
create interest of buyers, thereby attract them to purchase product for fulfilment of their demands
and needs.
Importance of commercial funnel : This tool helps businessperson of Deverell Smitt to
increase clients. People are informed about app, through which they can get knowledge about
vacancies in real estate firms.
New Product Development Process:
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(Source: New Product Development Process, 2018)
These are steps which are followed by businessperson for creation of new product/
service are stated below:
Idea generation: This is first phase of NPD in which new business ideas are formulated by a
business person. For this, research and development are activity which is conducted by them to
have information about market situation. Employees, distributors and customers are other
sources which aid them to gain knowledge about new development than can be made in firm. In
Deverell Smitt, executive need to conduct recruitment consultancy services effectively (Mamo
and et. al., 2017). Idea screening: It is another step in which flexibility of ideas are analysed by an
executive. For this, businessperson of Deverell Smitt aim is to save time and efforts of
conducting recruitment process. Concept development and testing: This is phase in which executive of Deverell Smitt to
create software and app through which recruitment process is conducted effectively. Market strategy development: It is step in which promising concept is created and tested
for making people aware about new products and services that are launched.
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Illustration 2: New Product Development Process

 Business analysis: This is step in which businessperson assess requirement of resources
in respect to new business idea. Deverell Smitt is SME which need to conduct
recruitment consultancy properly. It is essential that technologies are used through which
they are able to inform people about vacancies. Along this, application is created to
reduce screening time. Product development: This is phase in which executive of Deverell Smitt originate
process of creation of software which conduct screening of applicants. Along this, app is
developed to inform people about vacancies (Sheep, Fairhurst and Khazanchi, 2017). Test marketing: It is effective step by which businessperson of Deverell Smitt have
selected a group of people that are informed about application.
 Commercialisation: This is last step of NPD in which business person inform public
about new products and services. For this, executive of Deverell Smitt uses online
advertisement to make people aware about app through which they can timely gain
information about vacancy in real estate firms.
P6 Build an innovation business case in organisation
Business case is written document which is formulated by executive to state information
about firm. This help them to define overview of company and need for innovation in business.
For this, problem are identified to make appropriate solution for enhancing brand image and
market position. Besides this, consumer analysis help businessperson to have information about
requirements of people to make modification in system. Deverell Smitt is SME, so executive
need to arrange additional money to adapt new technologies and equipments. Thus, this is
business case of Deverell Smitt which is stated below:
Executive Summary Deverell Smitt provide recruitment consultancy services to people
to get job in real estate companies.
Requirement/ Problem Company need to utilise time and efforts of conducting selection
process for choosing best individual.
Solution Executive have created an application which execute screening
process to gain information about applicants which have skills and
knowledge in respect to real estate business. Besides this, they
have constructed an app through which people are able to get data
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about vacancies, thereby apply in according to their abilities.
Consumer Analysis This is technique which is used by executive of Deverell Smitt to
gain information about suggestions and opinion of employees in
respect to application (Perry and et. al., 2017).
Improvement In Deverell Smitt, businessperson had formulated a software for
screening of applicants. Along this, an app is created to maintain
connection with people by providing them information about
vacancies.
Acquisition of funds Deverell Smitt is SME, so business person require to arrange
money for making changes in system. For this, financial
institution that is bank loan help in getting additional funds for
recruiting experts which have technical knowledge to create
applications (Shakeel, Takala and Zhu, 2017).
Benefits availed Executive of Deverell Smitt is able to safe time of selecting and
interviewing candidate which are not having skill required by
client firm. Apart from this, company is able to maintain
connection with people and inform them about vacancies in real
estate business.
TASK 4
P7 Different tools that use to develop, retain and protect knowledge and intellectual property
Executive have threat from misuse or imitation of brand name, technology, equipments
and other intellectual property by rival firms (Schmitz and et. al., 2017). For this, government
had formulated different policies to provide security to businessperson. Copyright, patent,
trademark, etc. are various intellectual property rights which are developed by authorities.
Executive of Deverell Smitt uses them to protect intellectual property from imitation or use by
others are mentioned below: Copyright: It is determine as a legal term that provides right to creator in order to protect
their literary and artistic work. Copyright includes variety of ranges and its is basically
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used for books, music, painting, films. computer programmings etc., Therefore, in
relation Deverell Smitt as they are developing application therefore, copyright will be
helpful in protecting their software or application. Patent: Patent is consider as a legal right which is given for an invention done by a
company or an individual. Under this, if company is developing a product than they can
provide the detail or disclosure the innovation publicly after getting patent so that nobody
can copy their thought or idea. Therefore, Deverell Smitt for their application they can
patent it so that no other company can copy the same concept.
 Trade Mark: It is determine as a recognizable sign which is used by company so that
customer can resemble trade mark whenever they heard the name of an organization. In
relation with Deverell Smitt, it will be very helpful as there are many company who are
dealing in the same sector.
CONCLUSION
As per above report, it can be comprehended that innovation and commercialisation are
process which help small and medium firms to enhance brand image and market reputation.
Businessperson vision is to increase market image with help of new business idea, for this they
require to provide appropriate organisation culture. Along this, they even need to make
employees work in team and lead them to adapt to changes. Process innovation helps executive
to use effective business method for providing quality services to clients. New product
development stages are used by them to formulate innovative business idea, thereby construct
new tool.
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REFERENCES
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Online
What is innovation and how can businesses foster it?. 2017. [Online]. Available through:
<https://www.telegraph.co.uk/connect/better-business/innovation/what-is-innovation-
and-how-can-businesses-foster-it/>.
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