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Assignment on Innovation - 3Com

   

Added on  2020-07-22

12 Pages3848 Words32 Views
Business DevelopmentLeadership Management
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INNOVATION
Assignment on Innovation - 3Com_1

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Describe innovation and its significance in comparison with invention...............................1P2 How vision, leadership, teamwork and cultural can shape innovation..................................2P3 4Ps of innovation and use of innovation funnel ....................................................................3P4 Describe frugal innovation and its use in 3COM...................................................................4P5 Significance of commercial funnel and usage of new product development........................5P6 Innovation business case........................................................................................................7TASK 4............................................................................................................................................8P7 Different tools which are used to develop, retain and protect knowledge or intellectualproperty.......................................................................................................................................8CONCLUSION................................................................................................................................8REFERENCES .............................................................................................................................10
Assignment on Innovation - 3Com_2

INTRODUCTIONIn business organisation, the term innovation consists to create new ideas and concepts inorder to maximise profitability and attain numerous customers. Innovative products and servicesare also assists in maintaining brand value of the company (Aarikka-Stenroos,and Sandberg,2012). Thus, its prime motive is to generate unique products so as to fulfil all needs and demandsof people in an effective manner. The present assignment is based on 3Com; its a digitalelectronics manufacturer known for its computer networking products. The main goal of thebusiness organisation is to provide best of networking facilities to customers as they can easilycommunicate with each other. Apart from this, the report will be described significance ofinnovation and invention. Readers will also come to know about 4Ps of innovation and use ofinnovation funnel. Furthermore, commercial funnel and the process of new product developmentwill also explained later. TASK 1P1 Describe innovation and its significance in comparison with inventionInnovation: - It is the process of converting an idea into reality which create value forcustomers. Innovation refers to replicable in idea or thought at an economical costs with an aimis to satisfy customers needs and wants. In this modern era, due to digitalisation many smallbusiness entities tend to adopt innovation so as to gain high competitive edge in a minimum timeperiod. 3Com is also used innovation in its production process for getting higher growth andvitality. It improves the credibility of services which are offered to customers so as to attain themtowards company. But while generating any innovative products, management have to doresearch activities in order to identify customers' desires. It helps them in gaining Importance of innovation for business organisations is stated as follow: - To reap in the economic benefits of new technological inventions by commercialisingthem over time (Bogers and West, 2010). It helps business organisations to integrate technology with strategic objective of thecompany thus all activities and operations in proper manner. Innovation reduces new product development time and helps in technology transfer so asto manage large and interdisciplinary projects or systems. 1
Assignment on Innovation - 3Com_3

It puts a huge impact on changes in business activities as proper decisions can be made ina proper manner. Difference between innovation and invention: - Innovation Invention The term innovation is a transformation ofimaginative ideas into useful application byengaging resources in effective ways in orderto cater value to society by improved productsand technology. Invention is a creation of new products andservices, technoloigies which are generated inprevious time. It results into commercialisation and usuallyinduced. It results are not related withcommercialisation and invention can be both,i.e. induced and autonomous. Innovation is usually for economic purpose, forexample- business organisations adoptinnovation to gain higher profitability and salesrevenues. Invention can be for economic as well as noneconomic purpose. Invention – The term invention means to create something unique which has never beenproduced in past decades. Creative person find out an idea, then work on it, gather relevant dataand information. Afterwards, the idea to prove its significance and passing through whichvarious stages of inventions. Along with this, invention creates not only products but alsodetermine new ways, i.e. technologies, production processes etc (Bogers and West,2012). to doa task or activity. As customers' preferences and tastes are changing rapidly day by day, thenwant new things. The demand those products which are not used by anyone previously. P2 How vision, leadership, teamwork and cultural can shape innovation3 Com have made vision, mission to achieve their organisation goals and objectives.Proper defining vision and mission of the firm and with help of effective leaders and teamworkhelp to generate new innovations for company. Different innovation plays important role forcompany to grow and achieve success.2
Assignment on Innovation - 3Com_4

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