Assignment on Innovation (pdf)
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Added on 2020-12-26
Assignment on Innovation (pdf)
Added on 2020-12-26
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Innovation
CONTENTSContents...........................................................................................................................................1INTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and its importance for enterprise as compare with invention..............................1P2 Vision, teamwork, culture and leadership shape innovation and commercialisation.............3TASK 2............................................................................................................................................4P3 4Ps of innovation and use of innovation funnel to analyse and shape innovative ideas........4P4 Development in frugal innovation and its use in an organisation..........................................5TASK 3............................................................................................................................................6P5 Significance of commercial funnel and application of new product development forinnovation and commercialisation...............................................................................................6P6 Various ways to access funds and innovation case for organisation......................................7TASK 4............................................................................................................................................8P7 Various tools that can be use by firms to develop, retain and protect knowledge andintellectual property.....................................................................................................................8CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTION Innovation is a process of add new features in a product for make in more useful. This isdone by firms in order to attract large number of customers towards its product and to bettersatisfy their needs and wants. With this entity can maintain its market share and can sustain inmarket for a long time period. One of the major benefit of innovation is that it make theenterprise different from other firms operating in market. Effective innovation save time and costof entity and enhance efficiency of business activities (Anderson, Potočnik. and Zhou, 2014).This provide an opportunity to enterprise to offer its featured products to its customers ataffordable prices. Mr. Johnson watches, a small firm that offer various type of watches to itscustomers based in United Kingdom is taken in this report for study. Significance of innovationfor a business organisation and differences between innovation and invention is all detailed inthis. 4Ps of innovation with innovation funnel and frugal innovation is also mentioned in this. TASK 1 P1 Innovation and its importance for enterprise as compare with inventionProcess of add new features in product and service is known as innovation. Timelyinnovation help enterprise in attract large number of customers and ensure long term survival ofcompany. This also increase profits and market share of business firm with this, it also offercompetitive benefit to firm for get all advantages related with concept of innovation, it is veryimportant for firms to implement this in effective way and for this it is very important for firmsto have adequate number of funds and resources. Innovation offer various long term benefits to abusiness entity. Major benefits of innovation is given below under the following points:Provide competitive benefit to entity: With help of innovation, firm manufacture andoffer something unique to its target customers this help in attract large number ofindividuals towards company’s product. Better and featured products help in satisfy theneeds of consumers and retain them for long time period. With help of innovation,company can set forward as compare to its rivals and all this provide competitive benefitto company. Improve efficiency: Concept of innovation is the one which help manager in identifynew and effective ways to carry out commercial operations (Brynjolfsson and McAfee,2012). This not only save time of enterprise but at the same save cost of business and1
improve efficiency. With this, company can offer featured products to its customers ataffordable prices and can sustain in market for long time period. Increase effectiveness of communication: For get all the benefits related with concept ofinnovation, it is very important that it should be executed well at workplace. effectivecommunication channels are use by firms as this bring cooperation among variousbusiness department and ensure effective implementation of innovation. This make theworkers aware about their roles and responsibilities at workplace and remove grounds ofrise conflicts. Overall this make the communication stronger and at the same timeincrease effectiveness of business activities. Support in utilise all resources at an optimum level: With innovation, companymanufacture and offer new features to its customers (Boons, Lüdeke-Freund, 2013). Thishelp in utilise business resources at an optimum level and increase profitability ofenterprise. This improve efficiency and help in complete business operations inminimum time and cost.All these are the major benefits related with the concept of innovation. So by implementinnovation Mr. Johnson Watches can get all benefits. Large number of individuals think thatboth innovation and invention are same thing but there are various differences between thesetwo terms as given in the following table:Basis Innovation InventionMeaningProcedure of add new andunique features in alreadyexisting product is known asinnovation (Cross, 2011).This is done by enterprise inorder make its product moreattract and to increase itssales. Under this, a new product orservice came into existencefor a first time for fulfilspecific requirements ofcustomers.ConceptIn this, new and betterfeatures are add into aproduct. this increaseusefulness of product andattract more number ofInvention is carry not tomanufacture a new productwhen existing product fail tosatisfy the needs ofcustomers. Totally new2
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