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Explaining 4Ps of Innovation Assignment

   

Added on  2020-07-22

13 Pages4002 Words284 Views
Innovation

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Explaining innovation and determine its importance to organisations in comparison withinvention ................................................................................................................................1P2. Explaining the way in which organisational vision, leadership, culture and teamwork canshape innovation and commercialisation................................................................................2TASK 2............................................................................................................................................3P3. Explaining 4Ps of innovation and explaining the use of innovation funnel to examine andshape innovative ideas............................................................................................................3P4. Explain developments in frugal innovation and provide examples of how it is used in anorganisational context.............................................................................................................5TASK 3............................................................................................................................................6P5. Importance of the commercial funnel and the application of New Product Development ..6P6. Building an Innovation Business Case for an organisation including ways to accessfunding ...................................................................................................................................8TASK 4............................................................................................................................................8P7. Different tools that organisations can use to develop, retain and protect knowledge andintellectual property................................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10

INTRODUCTIONIn this current scenario, most of the organisations are adopting and using smart andinnovative methods in the business so that they can easily attract number of customers towardsorganisation (Rogers, 2010). Moreover, innovation is an effective process to innovate andmodify existing products and goods with the help of smart ideas and methods. At this timeperiod, customer's taste and their demand are regularly changed. This research project will bediscussing about innovation and its importance in comparison with invention. In addition,organisational vision, leadership, culture and team work of employees along with the way theseaffect the innovation process will be described here. Furthermore, 4ps of innovation andinnovation funnel will be studied which assist to give shape to new ideas and thoughts. Thisproject report is totally based on the given case studies of Apple and Virgin group. Presently,both organisations have launched some new and innovative devices in the external marketplaceto earn higher profit and improving the brand image.TASK 1P1. Explaining innovation and determine its importance to organisations in comparison withinvention Innovation is a continuous process that assists to develop and produce something newand innovative. With the help of this, organisation can easily attract high number of customerstowards organisation as well as company's products. In context of 4Com Plc, it is a telecomcompany of UK which sells electronic devices to customers. Creativity and innovation procedureis very much important for this enterprise as it is delaying with technical items and devicesacross all over the world. At this time period, every customer wants to adopt and use somethingnew and innovative for completing their tasks and receiving better results (Maroda, 2013).Moreover, here explaining several importance behind the innovation process such as follows: Modifying and updating existing products of organisation which assist to attractcustomers towards company. This is a significant process which helps in the growth of business and achieving goalsand objectives within minimum time period. Increasing profitability and productivity of company's products and itemsCustomers can easily differentiate innovative and modified products from others. 1

On the other hand, innovation and intervention; both terms are very much different fromeach other which play an important role in every organisation.InnovationInventionInnovation is an effective process which showsmodification and reformation of existingproducts and items of company with the helpof new and smart ideas and methods.On the other hand, intervention refers to firsttime launch and produces something new andinnovative in external market place. In context of given case study on Apple Iphone, it launched an iPod in market withsmart and new features. Furthermore, thiscompany have been sold out approximately 1.4million iPods.Whereas, if Apple wants to adopt and inventsomething new in external marketplace then.P2. Explaining the way in which organisational vision, leadership, culture and teamwork canshape innovation and commercialisationFor getting success and achieving goals and objectives of company, it is important toclarify the vision and mission of company with their employees. So, they can easily identify howwill be complete their decided task as well as how they will enhance their working performanceas well (Montanari and Saberi, 2010). In addition to this, vision, leadership, culture and teamwork of organisation helps to give the frame of innovation process. With the help of this,effectively produce something new and innovative things and items for customers. Vision: Clear long term objectives and goals of company in order to generate anddevelop new ideas, with the help of them organisation can earn high number of profit aswell as build an brand image in external market place. Moreover, as per the vision of thecompany easy to identify and analyse the future plans of organisation. Hence, forachieving them in effective manner must be properly examine and evaluate all majorfactors which can be impacts upon them whether negative and positive in nature. Leadership: Leadership is an important term which helps to give proper direction andguidelines to their followers. With the help of same, employees systematically completetheir tasks and work with better outcomes and results. In context of innovation, formodifying and updating existing products of company with the help of smart ideas and2

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