Assignment : innovation competitive advantage
Added on 2020-09-08
13 Pages3830 Words121 Views
INNOVATION
INTRODUCTIONInnovation means brining new methods of doing things. In context of businessorganisation, innovation is time and cost effective and also helps a company to achieve morecompetitive advantage. In addition, it refers with changing entire processes for generatingeffective products and services. Innovation could be catalyst for the advancement and vitality ofbusiness organisation; it aids them to grow and diversify in target market (Agnete Alsos,Ljunggren and Hytti, 2013). The present report is based upon Vodafone Limited, it deals intelecommunication and network service. This is second largest mobile phone company in entireworld. Apart from this, the assignment will be describe significance of innovation in comparisonwith invention. The role of frugal innovation in organisational context is also explained in thisreport. Readers will also come to know use of commercial funnel and the process of new productdevelopment. It is essential for managers build an innovation case so as to funds. TASK 1P1 Significance of innovation in comparison with inventionInnovation:- Business innovation plays an very eminent role in its growth anddevelopment. It involves the concept of improvement in business ideas, processes, marketing,designs and products in order to reach maximum number of customers. Along with this,innovation is also known as an idea that can be replace for getting business goals and objectivesin a certain time period. For example- in order to satisfying customers needs and desires Appleand Virgin Groups are always focuses on producing something new and unique. For thispurpose, both leading companies focuses on market research and development so as to satisfybuyers wants in an effective manner. Therefore, it can be said that research and development isthe main contributor of innovation. It is process of boost up existing process by implementingeffective technologies so as to achieve company's goals and objectives. For instance – RecentlyApple has launched a sleek looking device, i.e. iPod. It is a digital music player by having aweighted just 6.5 ounces. Whereas Virgin Group is continuously also generates new mobilephones and other electronics in order to explore in new target market. Invention – An invention could be a new process or composition that is derived frompre-existing model. Often, inventions can exceed the boundaries of human experience andknowledge; it is obtained from legal protection to findings (Candelin-Palmqvist, Sandberg andMylly, 2012). Therefore, it can be said that invention go beyond just technology so as to get1
unique outcomes in the best possible manner. It drives economic and technological growth of thefirm. Importance of innovation and invention: -Helps in achieving high competitive advantage The prime role of invention is to generate new and qualitative products for satisfyingcustomers needs. Team leaders of Vodafone Ltd. are using effective innovative techniques so asthey can produce better in comparison to their competitors. Apart from this, business innovationrelates with improving current processes or operations of the firm so as to achieve business goalsand objectives. Furthermore, innovation and invention both are assistive in attainingorganisational goals and objectives in an adequate manner. Generate effective tools and techniques of production With the assistance of innovation and invention, managers can get new tools andtechniques which will contribute to make unique or novel products. If a firm is producedinnovative products then it will help in increasing its sales and profit in target market (Carlborg,Kindström and Kowalkowski, 2014). Apple and Virgin Group has effective machinery thatmakes their services more completable in comparison to others. Driven up business growth and success In order to get high market expansion and advancement, Vodafone Ltd. is now adoptinginnovative concepts and ideas. This will help it in getting high market growth and success inshort span of time. Products and services which are capable to gain higher level of customerssatisfaction are always profitable for business entities. INNOVATIONINVENTIONIt introduces better and newer solution towardsbusiness problems which meets current marketneeds and buyers' requirements. It can be an unique product, idea, concept,processes, activity etc. Innovation requires competence and technicalknowledge for market trends as well asfinancial condition of the firm. An adequate invention is required economicgrowth, financial aid, active skills, technicalknowledge etc. This can be only induced. This can be induced as well as autonomous. Innovation is the mechanism through whichIntellectual property is the key of success and2
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