Importance of Innovation and Invention Assignment
Added on -2020-07-23
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Innovation
Table of ContentsINTRODUCTION...........................................................................................................................1P1 Define innovation and compare it with organisation in respect of invention...................1 P2 Organisational vision, leadership, culture forming innovation and commercialisation. .2TASK 2 ...........................................................................................................................................3P3 4Ps of innovation and utilization of innovation to evaluate and form innovative opinions..3P4 Development in frugal innovation ...................................................................................5TASK 3............................................................................................................................................6P5 Value of commercial funnel and implication of New Product Development (NPD).......6P6 Create an Innovation Business case consisting funding in way to access........................8TASK 4............................................................................................................................................9P7 Analyse various ways which company can use to develop, retain and protect................9CONCLUSION .............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONInnovation can be defined as “new ideas, concept, technology or method” to work on anexisting plan or creating a new plan. Where, innovation use in understanding better solutions andachieving industry requirements and new needs. Innovation refer to an innovative idea thatsuddenly breaks in market and carry a drastic change in the existing products, structure andstrategies. An organisation need innovation to understand market need and satisfy consumerrequirement (Adner and Kapoor, 2010). Thus, innovation in respect of business means vary inexciting products, services and development in new commodity and solution of issues andproblems of consumers. 4Com is UK based telecom company that provide wide variety ofservices. 4Com has emerged after 2004 and it have more than 250 employees working theircompany as their employee. This report will study importance of innovation and invention, 4P'sof innovation as well as different aspect of innovation through a innovation plan.P1 Define innovation and compare it with organisation in respect of invention.Innovation-Innovation mean initiation of fresh opinion, concept, service and technology. Innovationcan refer as implementation of new idea over the exciting product in respect of improvement ofexisting product, service or idea. In an enterprise, those new strategies, concept and methods canbe called as innovation that carry a positive change in framework of organisation and buildvalue of company within industry. Innovation change company in more effective, creative, andmuch demonstrated through engineering process.Value of Innovation -Innovation plays a significant part in building organisation goodwills and buildcustomers and hold them with organisation. Innovation not only benefit the organisation toperform better but also boost and increase their employee work and confidence. Innovationshape and reform organisation goals and vision and help in emerging 4com in growing inmarket. 4Com believe and adopt techniques of Apple and Virgin Group understanding value andadvance technologies that helped 4com in intrigue consumers. Innovation provide a good concept in production activities of product. An invention isnecessary to establish unique brand image and reputation in market but innovation providesustainability in development and growth to company in industry and public. When after a span1
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