Importance Of Innovation : Assignment
13 Pages4102 Words170 Views
Added on 2020-10-04
Importance Of Innovation : Assignment
Added on 2020-10-04
ShareRelated Documents
INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Innovation and its importance to organisations in comparison with invention....................1P2. The way organisational vision, leadership, culture and teamwork can shape innovationand commercialisation................................................................................................................2TASK 2............................................................................................................................................4P3 4Ps of innovation and use of the innovation funnel...............................................................4P4 Developments in frugal innovation........................................................................................5TASK 3............................................................................................................................................6P5 Significance of commercial funnel and application of New Product Development (NPD)..6P6 Innovation Business Case for A one firm..............................................................................7TASK 4............................................................................................................................................8P7 Different tools that organisations...........................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONInnovation refers to a process of converting an invention or idea in to services andproducts that develop some value for which consumers will pay. It is essential that idea shouldbe economic as well as satisfy the needs and demands of consumers in an effective manner. Inthis, a business firm makes changes in its services and products in order to attract a large numberof consumers (Acquaah, 2013). A one company is a small telecommunication business firm inthe United Kingdom. In the present report, innovation and its importance in comparison withinvention will be discussed. The way organisational leadership, vision, teamwork and missioncan shape innovation and commercialisation will be studied as well. Further, 4 P’s of innovationand use of innovation funnel to shape innovative ideas will be highlighted. There are many otherconcepts associated with innovation will be described in the report.TASK 1P1. Innovation and its importance to organisations in comparison with inventionInnovation refers to an activity which helps in enhancing development and growth of anorganisation in an effective and efficient manner. Through using this, company can develop thenew as well as different products and services from its strong competitors. It will be helpful inincreasing the effectiveness of production process from which firm can make better quality ofinnovative goods and services on the basis of consumer needs and wants in a proper manner.Under this consists various activities like for an instance modification, alteration, imagine thenew design products through making an innovative ideas (Brown and Wyatt, 2010 ). There aremany staff members who get confused in between invention and innovation. Both vary fromeach other and they are also used at the time of different condition or situation. The difference in between innovation and invention is given as below:BasisInventionInnovationMeaningIt refers to the process underwhich person develops newservices and products.It means an activity in whichemployees of company givenew size, shape and alsocolour to existing goods. Iffirm makes any kind ofchanges in current products,1
then it is an innovation. WorksPerson develops new thoughtsand also prepare good whichare not developed before.Basically, it can be applied andalso modified the services andproducts according to the latesttendency.Necessary skillsA person has scientific andtechnical skills with havingresearching abilities which cancreate new services andproducts to attract a largenumber of consumers.An individual has amechanising, technologicaland also strategic skills whichhelps in increasing growth offirm. In context of case study of Apple Inc., it is the largest firm which adopts many new ideasfor developing various kinds of services and goods. It develops I- pod and also stores more thanthe 1000 songs and this I-pod is small in size (Crossan and Apaydin, 2010). Apple makes smalland attractive changes in its devices for attracting a large number of consumers. Significance of innovation in comparison with inventionInnovation is very important for an organisation. It will give fastest growth in the successof firm and helpful in building a connection to make new markets which give more beneficialopportunities to business organisation. It will be helpful in developing some effective realtheories which provide attitudes, confidence and also knowledge for taking complex risks andfinishing all activities in an effective and better way. It will be helpful in preparing innovative,creative and also various foods in order to attract more consumers towards particular servicesand goods. P2. The way organisational vision, leadership, culture and teamwork can shape innovation andcommercialisationAn innovation requires to integrate in the main business process which is helpful ingetting better outcomes (Elliot, 2011). A one company uses various techniques and methodswhich help in achieving the organisational objectives within specific time period. In this contextthis, the role of leaders and also managers to provide proper direction to staff members throughusing an innovative measures. In A one organisation, it is the responsibility of a manager to2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Innovation and Commercialisation of Ensoftlg...
|13
|3948
|38
Innovation and Commercialisation Report - Ensoftlg...
|14
|4161
|26
Innovation and Commercialisation- Essence drinkslg...
|16
|4878
|176
Innovation and commercialization in an organisationlg...
|14
|4834
|92
Report on Innovation and Its Significance : Ensoft Business Firmlg...
|12
|3951
|49
Innovation and Commercialisation - Ensoft LTDlg...
|12
|3344
|259