Essay on Importance of Innovation
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Added on 2020-07-22
Essay on Importance of Innovation
Added on 2020-07-22
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INNOVATION
Table of Contents.........................................................................................................................................................3INTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................4P1 Innovation and its importance in comparison to invention....................................................4P2 Leadership, teamwork, vision and culture can shape innovation and commercialisation.....5TASK 2 ...........................................................................................................................................7P3 4p's of innovation and use of innovation funnel....................................................................7P4 Developments in frugal innovation .......................................................................................8TASK 3............................................................................................................................................9P5 Importance of commercial funnel and applications of NPD.................................................9P6 Innovation Business Case for a company............................................................................10TASK 4 .........................................................................................................................................11P7 Various tools that company use to develop, retain its intellectual property........................11CONCLUSION..............................................................................................................................11REFERENCES..................................................................................................................................
INTRODUCTIONInnovation means top creating something new and find unique ways to do things better. Itis a process to develop and to innovate new and better things. It can be related be any process,machinery, technology, goods or process. Invention refers to searching and introducingsomething unique and new things which do not exist before time. iD Mobile is a small companyof telecommunication company (Gooren, 2011). This business firm deals in offering 4G pay-monthly contracts on monthly basis. This company provides high data speed at reasonable cost.In this report mentioned the differences among invention and innovation and also explain aboutthe importance of innovation. Organisational teamwork, culture, culture and leadership, these allare helpful in give the shape to commercialisation and innovation. In this present reportmentioned about the 4p's of innovation and how a business firm use innovation funnel fordetermining the innovative thoughts. There are some importance of commercial funnel and someapplications of New Product Development.TASK 1P1- Innovation and its importance in comparison to inventionInnovation means to transforming or to converting idea in to action form. It can be incontext of any process, designing or modification in any services and products, technology etc.Ideas should be economical and should also be satisfy the particular needs and wants of a person.In relation to social, it helps in introducing new ways for joint venturing, to enhancing the buyingpower of customers (Camp and Arnold, 2016) There are two types of innovation and that areevolutionary, continuous and revolutionary in nature. Invention means to inventing some thingnew and unique and it can be a process or any method. After searching new things, it isnecessary to patented it and with the help of this new discovery will be safe. iD mobile companythinks new and innovative ideas how can they provide easy and good facilities to its customers atreasonable price. There are some differences between innovation and invention:INNOVATIONINEVENTIONIt means to think new ideas to introducing newproducts or to modification in existingproducts.To discovering some thing new and specialwhich do not present before.In this, there is a necessity of interpersonal,There is only one skill is required and that is
technical or communication skills.scientific skills.It is related to combination of services,processes, products or technology.There is a single process required.In this process, only employees are involved.In its process, there is a need to research anddevelopment department. Innovation is important to make things better and unique. It is required in every field.Apple Inc. and Virgin mobiles both find new ways for rendering better services to theircustomers (Duschinsky, 2013). Apple Inc. business firm, launched a iPOD and it is a musicplayer and in this there is a capacity is 1000 songs. By using new and latest technology, thiscompany make changes in its Mobile phones and give some special features and specifications.The Virgin Group is a big company and it provides many services in other fields. The managersof this company always motivate their employees and search innovative ideas to give benefits tosociety. Importance of innovation is described as follows:Helps in attracting buyers- With the help of innovation, it will be easy to attract buyers.To attract them towards services and products, it is necessary to this business enterprise to makechanges and to add some new things from which purchaser will easily attract (Lacy, 2010).Company has to make products and give services after identifying the tastes and preference ofcustomers. From this, new customers will be attract and existing customers be retain and also beloyal towards an organisation. Growth or productivity- With the help of innovation, if business firm modified itsgoods and services according top customer demand then the sales will be increased and from thisthe productivity and development of iD Mobile enhances.Improving communication- The employees of an organisation together work onintroducing and make changes in existing services. If all are work together then it helps inmaking communication level better among all employees. By doing work together, they canthink more better to make things attractive and innovative. In iD business firm, there is good andproper communication among employees and mangers. From this they all are work together andthis company provides services to their customers. It also communicate with their customersproperly.
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