Development in Frugal Innovation PDF
Added on 2020-12-29
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INNOVATION
Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1 ...........................................................................................................................................1P.1 Innovation and importance as compared to invention .........................................................1P.2 Organizational vision,leadership,culture and teamwork can shape innovation andcommercialization ......................................................................................................................2TASK 2 ...........................................................................................................................................4P.3 4's and use of innovation funnel ...........................................................................................4P.4 Development in Frugal innovation .....................................................................................5TASK 3 ...........................................................................................................................................6P.5 Commercial funnel and use of new product development....................................................6P.6 Business case of Iceland.......................................................................................................8TASK 4 ...........................................................................................................................................9P.7 Different tools to retain and protect intellectual property.....................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONInnovation is creating different and unique things so that they can maintain unique imagein the market and in minds of all user (Aarikka-Stenroos and Sandberg, 2012). Through this theycan attract many users. Hence firm can increase their revenues and they can also enhance theirmarket share. Thus they can easily maintain good and unique position the market by graspingdifferent opportunities. This helps the firm in attracting many customers in minimum time. Dueto this they can maintain brand loyalty in firm. Project describes about the Iceland companywhich is supermarket chain. It was found in 1970 in U.K. Assignment describes about theinnovation and determine difference between innovation and invention. It further explains aboutthe different types of innovation and process to commercialize innovation. It also explains aboutthe various methods so that they can protect different ideas and their advantage anddisadvantages. TASK 1 P.1 Innovation and importance as compared to invention Innovation is the process in which company uses various methods and techniques todevelop product. Different companies are innovating new and different ideas so that they canmaintain unique position in the market and can attract many customers. Thus as a result they canmaintain good image in mins of all user's (What is innovation, 2017). For this they have toinnovate products in different manner. Sources of innovation in Iceland are:Unexpected: Organization performs different and unique experiments that they canattract many user's. This also helps the firm in accomplishing their objectives. For examplecompany can create healthy products which are not launched by their competitors. Through thisthey can capture many users in minimum time. Process need: In this company changes their processes and methods to create differentproducts. Through this they change they can create unique and different products in the market.For example organization is using advanced and latest technologies which creates different retailproducts in minimum time. Thus as a result they can easily create various products ion less timeand can deliver to various user's in less time (Bogers and West, 2012). Change in perception: It tries to create that strategies so that they can easily change thethinking and attitude of various customer's. For example they deliver very healthy products at1
less costs. As customers are getting items at less costs they can be satisfied and can purchaseproducts from company. New knowledge: When they add some features and attributes to their products then theycan directly increase the knowledge of various user's (Chun, and et. al., 2015). For examplecompany can launch online applications so that they can launch different innovative products.This is the first company which creates different online applications and can increase theknowledge of various user's. Iceland through different technologies and techniques can create different and innovativehealthy products so that they can deliver good and delicious products to various user's. They canperform creaser and thus they take decision to launch their products through various onlineapplications. Hence as a result they can easily maintain unique and distinct position in themarket. They can use rewards to employees so that they be motivated and can give best results. Invention: It is the process in which company can create unique and distinct products. In thismethod they crate new product and it is not similar to innovation. Difference between innovationand invention are described below (Difference Between Invention and Innovation, 2016) :BasisInnovationInventionMeaningIn this process new featurettesand attributes are added toexisting product.In this company createsdifferent product and new ideawhich is not present in market.Skills required It has various skills such asmarketing and research andother skills In this method only scientificskills are used. Effect on companyThrough this process it canbring many changes in thefirm. It can bring change in processand products and may not . ActivitiesIn this process activities andtasks are spread in firm.Activities and task areperformed by the research anddevelopment department. 2
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