Importance of Innovation in Business Success
Added on 2020-07-23
11 Pages2694 Words62 Views
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ENTREPRENEURSHIP AND SMALL BUSINESSMANAGEMENT(Project 1)
Table of ContentsINTRODUCTION...........................................................................................................................1TASK ..............................................................................................................................................11. Difference between innovation and invention....................................................................12. Importance of innovation to organisations with its embedded in organisation culture andleadership................................................................................................................................23. Explain the 4Ps of innovation and how this supports capability and management ofinnovation...............................................................................................................................34. Approaches that the organisation can take to process innovative ideas.............................45. Explain the steps the company should go through to derive a new and innovativeproduct/service.......................................................................................................................5CONCLUSION................................................................................................................................6REFERENCES ...............................................................................................................................1
INTRODUCTIONAn entrepreneur is individual which implement different types of new and innovativeideas in marketplace in order to support employee working in organisation as well as peopleliving in society (Bhachu, 2017). Entrepreneur put its effort to discover new techniques andtools of its own rather than innovation. This helps to perform different types of functions oforganisation with implementation of new technology which is not present in marketplace. Itleads to establish strong brand image in marketplace as well as society. This project explainabout to introduce new idea of small scale company that is Purity Soft drink. This company isUK based company which deals to provide bottled water company. This project defines thedifference between invention and innovation concept. It will also explain the concept 4p's ofinnovation, different approaches of the leadership , frugal innovation and determine thesignificance of funnel.TASK The Management Purity Soft-drinkDated – 14th April 2018 Subject: report about the innovation for the functions and task1. Difference between innovation and inventionInnovation is method to implement different types of modification inexisting productsand services and introduce existing the products in new way. It is very important analyses anddetermine difference between invention and innovation in order to attain effective result inproper manner. Invention is related with launching of new products and and service inmarketplace. This helps to generate large number of revenue of organisation. It also aids tocapture large number of marketplace (Clarysse, Tartari and Salter, 2011). Purity soft Drinks isimplementing different types of innovative techniques like carbonated water technique in theirvarious drinks and management of company determine difference between invention andinnovation.Basis Invention Innovation Meaning This is the method to produceIt is related to different types1
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