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Development in Frugal Innovation- PDF

   

Added on  2021-01-02

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Innovation

ContentsINTRODUCTION.....................................................................................................................................3TASK 1....................................................................................................................................................3P1. Innovation and its significance in enterprise...............................................................................3P2. The way vision, culture, teamwork and leadership of enterprise shape innovation...................5TASK 2....................................................................................................................................................6P3 4Ps of innovation and use of innovation funnel to shape innovative ideas..................................6P4 Development in frugal innovation and its use in organisation.....................................................7TASK 3....................................................................................................................................................8P5 Significance of commercial funnel and application of new product development for innovation8P6 Innovation business case for an enterprise..................................................................................9TASK 4..................................................................................................................................................10P7 Various tools that can be used by enterprise to develop and protect intellectual property......10CONCLUSION.......................................................................................................................................11REFERENCES........................................................................................................................................12

INTRODUCTIONIn modern era, innovation is a process of adding new and innovative values withinexisting products with the purpose of making an attractive item. As customers needs andwants are continuously change as per market trends, implementation of innovation concepthelp business to invite larger number of customers by adding something new within theirproducts (What is innovation?, 2011). Along with this, the main advantage of implementinginnovation concept helps in improving performance level of the company and at the sametime also established positive brand image at market place as compare to its rivals. In thiscompany should have proper funds and financial resources to implement the concept ofinnovation. This will lead in capturing larger market share form its rivals. Present reportdiscussed about Mr. John Watches, is a small business organization operate their business inUK with the purpose of attaining higher success. Importance of innovation for business ismentioned in this report. Along with this, 4P’s of innovation is also discussed here which aidin enhancing the positive brand image at market place. Furthermore, frugal innovation and itsuses is also given in this project. In the of the project, various tools given which protectintellectual property of the company. TASK 1P1. Innovation and its significance in enterpriseInnovation play vital role in business as it is a process though which company addfeatures in product to fulfil customers demand as per their requirements. By implementingconcept of innovation on continuous way company easily capture market share form its rivalsby inviting number of customers. For retaining them for longer time period, manager of thecompany examines their needs to make quality products accordingly. In addition of this,innovation also helps in getting strong position at market place by delivering featuresproducts. For attaining benefits, implementation of innovation is must by which companydevelop appropriate strategies which may leads in making their brand image popular atmarket place. In this c context there are some importance of innovation of Mr. John Watchesare as follows:Increase efficiency level of the level: The main benefit of using as well asimplementing innovation concept is to enhance efficiency of company. In this companyproduce quality products and offer to customers at affordable cost as clients easily get

attracted (Anderson, Potočnik and Zhou, 2014). This will directly contribute in establishingpositive brand image for longer period of time.Helps in utilising available resources at optimum level: Effective utilization ofresources helps in adding new features in existing products may helps in grabbing customersattentions. This will contribute in maximizing profitability level at market place (Boons andLüdeke-Freund, 2013). In this context, Mr. John Watches prepare an effective plan to maketheir quality products to invite larger number of users by effective utilization of availableresources.Increase effectiveness of communication: Appropriate communication considerimportant element in company as it helps in building coordination among all the workers andactivities. By this company attain all the benefits of innovation. If business entity useseffective communication tool at the time of implementing innovative concept firm reduce thechances of arising issues in order to enhance number of benefits. Increase profitability of the company: By adding nee and innovative features inproduct line helps in getting number of customers by this they influence and purchasecompany products. As it helps in increasing profitability level of the company. Implementinginnovation concept in regular basis helps in attaining set goals and objectives in appropriatetime frame.Thus, all these are major advantage of innovation for Mr. John Watches as companyeasily invite various customers and also build better connection with them. In addition of thissome people think that invention and innovation is same but both are totally different as thereare some differences between them:BasisInnovation InventionMeaningProcess of making qualityproduct s by adding newfeatures is called innovation. Itbrings specific modificationwithin existing products helpsin increasing profitability levelby satisfying customer’s needs.Invention is referring to totallynew products which is make forfirst time is known by invention.This activity is considered forthe first time. ConceptConcept of innovation isadding features in productsInvention is evaluating forfulfillingparticular

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