Importance of Innovation in Business

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TABLE OF CONTENT
Introduction......................................................................................................................................3
Main Body.......................................................................................................................................4
Describe innovation and its significance to entity as compare with invention...........................4
P2 Relationship between organization innovation and its leader, culture and teamwork...........4
P3 4Ps of innovation....................................................................................................................5
P4 Explain frugal innovation with example that can be used within the context of firm.........6
P5 Importance of the commercial funnel and the application of New Product Development
(NPD) processing for commercialisation of innovation..............................................................6
P6 Development of innovation business case for an entity including various ways of funding 7
P7 Different tools that organisations can use to develop, retain and protect knowledge and
intellectual property.....................................................................................................................8
Conclusion.......................................................................................................................................9
REFERENCES..............................................................................................................................10
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Introduction
Innovation can be termed as process to develop new ideas as it is consider as vital factor
that can be required through an entity to be focused so that competitive benefit can be gain
within marketplace. Innovation aids an entity to create new ideas by introducing new features
within products (Ardito, 2018). Mostly innovation can be done to attract consumers and fulfill
the demands of the consumer. Present Report focuses on Describe innovation and its significance
to entity as compare with invention, Relationship between organization innovation and its leader,
culture and teamwork, 4Ps of innovation , Explain frugal innovation with example that can be
used within the context of firm, Development of innovation business case for an entity including
various ways of funding . Report focuses on the Amazon.com which is an American
Multinational firm focuses on digital streaming, cloud computing and many more. Founded by
Jeff Bezoz on 5 July 1994 and headquarter within Seattle, Washington, United States.
Main Body
Describe innovation and its significance to entity as compare with invention
Innovation is consider as a process through which there is a chance of making something
new within existing products of the firm. Within the business sector innovation is also
implemented for creation of new development as well as ideas of various services sp that attract
a huge number of people. To becomes an innovative firm , it requires to be implement new ideas
within such a manner that it can aids them within replacing their existing products as well as
services at economic cost. By implementing innovative ideas results within creativity that aids an
entity to introduce new products in their products (Dincer, 2017). It increases the product’s
quality and various other things also. Mostly people sees innovation as a process that aids value
of firm, its products and services is enhanced within much better as well as appropriate manner.
Innovation is vital because it fulfilled the needs of the buyers and also aids the firm to enhance
the overall satisfaction level of their consumers.
Innovation is more vital for any firm that aids to accomplish their goals and objectives as
compare to invention. Invention is quite different from innovation as in invention products can
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