Assignment Innovation in Business
Added on -2020-06-06
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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and determine its significance to organisations in comparison with invention..1P2 Organisational vision, leadership, culture and teamwork can shape innovation andcommercialisation.......................................................................................................................2TASK 2............................................................................................................................................3P3 4Ps of innovation and use of the innovation funnel..............................................................3P4 Developments in frugal innovation.......................................................................................5P5 Importance of the commercial funnel and application of NPD processing..........................5P6 Innovation Business Case for an organisation.......................................................................8TASK 3............................................................................................................................................9P7 Various tools that organisations can use to develop, retain and protect knowledge andintellectual property....................................................................................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10.......................................................................................................................................................11
INTRODUCTIONInnovation refers to develop something new and unique. It is a procedure of converting athough in producing services as well as products that develop some value for users. 4 com plc isa small size business enterprise and it main motive is to give better services of telecom to people.This company regular innovative new ideas to make its things better. In this present businessreport mentions about the innovation and the evaluation of its significance in comparison toinvention (Lundvall, 2010.). With the help of vision, culture, innovation and teamwork, companycan give the shape to commercialization and also innovation. In this business report discussabout the 4 important Ps of innovation and the main use of innovation funnel. The significanceof commercial funnel and applications of New Product Development are also discuss in thisreport. To retain and protect business intellectual property 4 com plc uses some different tools. TASK 1P1 Innovation and determine its significance to organisations in comparison with inventionInnovation means to thing something new and then apply in to realistic way. With thehelp of innovation, business industry can add some effective values in its products and servicesto satisfying the demands of consumers. The though or can say idea should be economical andalso should fulfil the particular needs and preferences of consumers. It can be developed throughintroducing advanced machineries or technologies, services, products, process and many otherthings. 4 com plc provides telecom services and always try to think new to give some additionalservices to its users. It also provides mobile phones service with some great features (Naphade,and et. al., 2011). On the other hand invention refers to search some thing new which createssome value to company. After discovering new and unique things, it is important to patent fromthis the things will be keep safe and no one can use without permission. To give goodcommunication services 4 comm plc thinks innovative ideas and also do invention. This businessfirm use new technology for satisfying needs and preferences of customers. The invention andinnovation are different from each other. Some differences are given below as above:InnovationInventionIt means thinking some thing new anddifferent.It refers to searching some thing different.1
In this, two skills are required strategic andalso technical skills.There is a necessity of only one skill and that isscientific. In it, there is a practical execution of newthoughts.In invention, there is a need of original ideaand it is theoretical concept.In this, there is need of different departmentsof company.There is need of only Research andDevelopment department. There is a case study of Apple Inc. and Virgin mobiles. Both companies are try to itsproducts innovative. Apple has many different products such as mobile phones, iPod, Mac booketc. Innovation for this company is that it add some additional features in its products and makethem unique and invention is that it find out unique things which does not already exist. Thereare some importance of innovation and invention given below as above:Attracting consumers- From innovation, company can make changing in its existingproducts and also introduce new goods and services (Bason, 2010). From this customers will getattracted and sales will be increased. Apple and Virgin both continuously make changes in theirproducts and try to provide better services to customers. Growth- If firm will make attractive and new products and also according to tastes andneeds of customers then in this case sales will be high and it also helps in increasing theproductivity of business. Make improvement in communication- In 4 com plc, staff members are work in a teamfor achieving the common goals and objectives. It is necessary that the communication betweenall departments and every employee should be good and harmonious. The manager of 4 com plcmotivate its employees to work properly and Crete the work environment at workplace.P2 Organisational vision, leadership, culture and teamwork can shape innovation andcommercialisationTeam work, culture, vision and leadership have necessary role in a business enterprise.These all can change the shape of innovation (Naranjo-Valencia, Jiménez-Jiménez and Sanz-Valle, 2011). All are important in making business activities and process successful. 4 com plcis a small business company and there are small number of staff members are working. Vision- It is related to future means what business firm want to be in future. It is for longtime period. 4 com plc is a telecommunication business industry and the vision of this company2
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