Innovation Contents in an Enterprise

Innovation

CONTENTS
Contents...........................................................................................................................................1
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Significance of innovation for a firm and differences between invention and innovation....1
P2 Culture, vision, leadership and teamwork shape innovation and commercialisation.............3
TASK 2............................................................................................................................................3
P3 4Ps of innovation and use of innovation funnel to examine innovative ideas.......................3
P4 Frugal innovation and its various development and its use in an enterprise..........................4
TASK 3............................................................................................................................................5
P5 Application of new product development process for innovation and importance of
commercial funnel.......................................................................................................................5
P6 Various ways to access funds and innovation business case..................................................6
TASK 4............................................................................................................................................7
P7 Different tools that can be utilise by business firms to develop, retain and protect
knowledge and intellectual property`..........................................................................................7
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Process of transform an invention or idea into a service or good that help in satisfy needs
of customers and for which they will pay is known as innovation. Application of better solution
that help an enterprise to satisfy market needs and fulfil the requirements of customers is also
view as innovation (Gawer, 2011).. Further, innovations can be defined as something original.
One of the main benefit of this is that it help in attract more customers and at the same time help
in get competitive place in market. This is one of the most effective concept to step forward from
all competitors operate in business environment. Innovation help manager in identify various
ways to carry out production process this improve efficiency of business process and provide an
opportunity to offer featured products at affordable prices. 4Com plc that offer various type of
telecommunication services to its customers is consider under this approach for study.
Significance of innovation for a business enterprise and differences between innovation and
invention is all given in this report.
TASK 1
P1 Significance of innovation for a firm and differences between invention and innovation
Innovation is the process in which unique and effective methods are apply by business
organisation in order to offer featured products to target customers. Implementation of
innovation on continuous basis provide various long term benefits to a business firm (Owen,
Macnaghten and Stilgoe, 2012). One of the main benefit of this is that it help in grasp attention
of large number of customers and support in generate large number of profits. This ensure long
term survival of enterprise in business environment. Importance of innovation in context of a
business organisation can be understood by the following points:
 Ensure optimum utilisation of resources: By implement the concept of innovation, entity
offer new and featured products to its customers. This help in utilise all resources at an
optimum level add improve efficiency of business operations. With this company can
offer value to its customers and can retain them for a long time period.
 Provide competitive benefit to firm: When firm manufacture and offer something new to
its customers then it provide competitive advantage to company. Today large number of
firms operate and offer same kind of products to its target market so in that for get the
attention of customers, it is very effective to offer featured something unique. In this
way, more number of profits can be generated by 4Com plc.
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 Increase effectiveness of communication process: For implement the concept of
innovation various activities are carry out by manager. It is very important that all
activities should be executed in an effective manner so all benefits related with it can be
utilise by firm. For implement innovation effective communication channels are use by
firm as this help in remove confusion and make the workers aware about their needs and
wants. `with innovation, entity can bring cooperation among its various functions.
 Improve efficiency: One of the main benefit of innovation for a business organisation is
that it help manager in identify and examine various ways to carry out business process.
This not only improve productivity but also save time of enterprise. With this company
can serve its customers in better manner.
All these are the major advantages that can be get by a business enterprise after implement
the concept of innovation. Large number of people think that innovation and invention are
the same thing but there are various differences between these two as give in the following
table:
Difference between invention and innovation
Basis Innovation Invention
Meaning Under innovation,
implementation of a new idea
is take place for the first time
related with a specific
product or service (Battistella
and Nonino, 2012).
When a new idea is come
into existence for the very
first time that has never take
place before then it is known
as invention.
Concept Mainly a new feature or
characteristic is add into
already exist product.
New products are
manufactured and offer to the
audience for the first time.
Required skills For ensure effective
implementation of
innovation, various skills are
required such as marketing,
financial, technical and many
more.
Mainly this concept is related
with research and
development skills.
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