Importance of Innovation and Knowledge Protection

The assignment provides an in-depth analysis of the importance of innovation in business, using the example of Money-penny telecom services and comparing it with Apple Inc.'s i-pods. It highlights the significance of teamwork, leadership, and knowledge protection in achieving success. The report also explores the concept of frugal innovation and new product development, emphasizing the role of 4P's (Product, Price, Promotion, and Place) in business strategy.

INNOVATION

INTRODUCTION
Invention is completely different from innovation. Innovation refers to the creativity
which is done in the products and services to offer them with the latest techniques. On the other
hand, innovation is bringing improvement in existing goods or services. Invention mainly
concerned with creation of goods or services In this report, the meaning and importance of
innovation are being explained. It has also detailed the effectiveness in leadership and teamwork
that is assistive in grasping the employees towards the telecom services of Money-penny as
compared to Apple Inc. Innovation funnel in light to the 4p’s of innovation and frugal innovation
that is opted by the chose organisation at a global level is also detailed over here. It has also
described the formation of new products and ways to develop them innovatively.
TASK 1
P1 Importance of innovation to employees:
Meaning of innovation: Existing products are produced with some extent of modulation
is called innovation. This plays a prominent role in achieving the desired results. There are
certain benefits to the employees in Money-penny organisation that are gained through
innovation. The report is prepared on Money-penny telecom services in the UK. (Drucker,
2014.). Following are the benefits gained by employees of Money-penny telecom services.
Stimulating innovation: By this way, the employees get a scope of developing
themselves by exploring their thoughts, views and ideas on new things or projects.
Providing resources: Resources like people, time and money are provided on timely
basis to support the managers for the purpose of innovation in Money-penny telecom services.
The cited company compares the quality of Apple Inc. to innovate own mobiles with change in
price, looks, portability, etc. By this way, the employees also get support from leaders and
managers which helps in working efficiently, without any disruption. With the help of
innovation, a potential position in the market can be achieved that in turn encourages to produce
a new team for the process of developing a project (Drucker, 2014).
Realigning the organisation: To make changes in Moneypenny telecom, it is essential
to implement some variation in the existing products as an idea of innovation, which becomes a
new version of product. This also promotes employment opportunities as some new suppliers are
required to serve the innovative products in the existing market. The new consumers are

encouraged to buy the products that are available in their latest version. Development of
employee’s skills is also expected to take place with the process of innovation.
Commercialising the product: Achievement of commercial success is opted when the
management is performing in an effective manner and is together aware of the efficiency of their
newly launched product. With innovation in the product done by Money-penny telecom service,
they are known to build a relationship between the organisation and its customers. To meet
consumer’s desires, the management should effectively commercialise the products in the
market. On considering the innovations done by Apple Inc. as an impeccable example, the
promotion of product by Money-penny should also meet the excellence innovation. Excellence
in innovation helps in building relationship with different type of consumers which also
encourages the employees to meet their demands by exploring their talents (Johnston, and
Marshall, 2016).
P2 Money-penny telecom service vision, leadership, culture and teamwork:
Money-penny telecom service vision: Vision of Money-penny telecom service is to
diversify the products by achieving the desired objectives. Effective management and teamwork
with little benefit cannot cope up with the objectives. Thus, in an open culture, the viewpoints
are expressed to convert the ideas into end products. Developing continuously by being in
partnership with the brands that are operating globally is the vision of Money-penny. Excellence
is bought by serving products with latest technology. Extraordinary team is allotted for the
production process to gain trust. They are at the top 5 among the best companies worked in 2017
and has been ranked on the basis of their best service provisioning to the consumers. They also
won the award of happy staff and happy customers.
Money-penny telecom service leadership: In globally competitive economy, both the
Society’s and business’s life force lies in the deed of creativity and leadership of Money-penny
telecom services. They intend to bring innovation and effectively put it into practise. To achieve
the organisational objectives, need of innovation has rapidly increased and it has also encouraged
the staff to solve the problem at every level. (Bain, and Kleinknecht, eds., 2016). The effective
leadership of Money--penny telecom services has achieved the desired results by knowing the
culture and requirements of the consumers. Unpredictable changes may lead to huge loss and
organisation may suffer from it. Money-penny provide trainings to its employees to explore their

skills and knowledge. Leaders are also seen implementing the plans and transform it into
execution.
Moneypenny culture and teamwork: Leaders are focussed on trainings and teamwork
to achieve the desired results. Teams are allotted with leaders and subordinates. The
organisational culture directly impacts on team work. Hence, the organisation should be effective
in regulating policies and procedures within the work settings to avoid any imbalance in
performance and environment. By achieving the effectiveness in culture and team work at
workplace, Money-penny employees are found to be well trained to achieve their targets and
intellectual learnings through effective performance. By comparing to Apple Inc., Money-penny
has also achieved desired results by getting ranked at fifth position. Effective teamwork and
culture of work place lead the employees to promotions, rewards and award system. The culture
and teamwork of Moneypenny lead the employees to operate in a satisfied manner and stay
motivated towards the work (Mowery, and et.al., 2015).
TASK 2
P3. 4P's of innovation and use of innovation funnel
Product innovation: This type of innovation can be explained as changes made in
existing products with new ideas and explored it globally by satisfying the consumers. For
example: The chosen telecom services are used to serve mobiles to the public with latest version
but it started an application in name of Money-penny for public’s benefit. Indirectly, the
innovation process helps Money-penny to gain huge profit out of providing services and
innovating more services to be provided in the future. Employees of the cited organisation may
refer gaining more skills and intellectual knowledge by working in team and converting the
resources into finished products. Exchange of views, thoughts and ideas encourage employees to
think critically over the process of innovation.
Process innovation: To innovate an existing product, the process of manufacturing
should be innovated primarily. Furthermore, process of creativity should be enhanced to bring
out the effectiveness and efficiency in results. The positive effect can be monitored in result of
Money-penny telecom service. As compared to the products of Apple Inc., Money-penny
included music in their produced mobiles.
Position innovation: Money Penny Telecom Services should hereby focus on the
position that has been achieved by it at a global level. This can be achieved if the product

remains at higher position by creating demand. Changes in the procedure of producing goods
maintains position innovation. The ideas and thoughts to be applied help in achieving the
maintenance of position innovation (Bloom, Draca, and Van Reenen, 2016). For example:
continuous innovation process by the team of Money Penny Telecom services manufactured the
latest version of mobiles in every round of production process. This innovation helped them to
rank at the top and to maintain the position.
Paradigm innovation: The fourth and final P in innovation is paradigm which helped
Money Penny Telecom Service to explain about the pattern of their production process. They
defined and redefined each and every sector of organisation.
Innovation funnel: The strategic plan adopted by any organisation is called as
innovation funnel. The process of innovation funnel involves day to day practice of increasing
the value of Money penny telecom services by thinking critically. Herein, the concepts are also
performed within set time limits and application of modified and developed plans are being
adopted to regard the new launch of products. Innovation funnel is important for achieving the
growth in corporates.
P4. Development of frugal innovation:
The aim of frugal innovation in Money-Penny is to reduce the poverty from society.
Money-Penny plays a significant role by generating employment opportunities by creating the
sources of innovation. The improvements done in the workers by providing proper training, they
can be engaged in several activities of innovation (Graen, Grace and Canedo, 2016). Also, the
new arrivals are needed to expand the Money-Penny in terms of supplying the products.
Money-Penny cannot opt many employees at a single time in telecom services but in
terms of delivering the goods and for the purpose of advertisement, marketing and supply,
employees are hired. Also, increase in investments is necessary for interdependency on
innovation. By frugal innovation, inclusiveness into source of ideas by exploring in different
ways can be effective to meet competencies. Effective communication in between user and the
designers creates agility.
When expensive products are supplied more than limit to developing countries, the nation
gets richer and because of too expensiveness and monetary terms difference, the other may not
be afforded. Thus, innovative frugal project’s development impacts socially. Furthermore,
developing countries get an opportunity in an opposite way.

Frugal projects also depend upon the population with a motive of reducing the number of
audience. The difference in innovation and frugal innovation is that a large number of population
is known to inspire the process of innovations. To meet the competencies and to be in the race of
frugal innovation, the work should be done with more ingenuity instead of heavy engineering.
Money-penny helps UK nation to employ more number of employees in comparison to
Apple Inc. By this way, number of objectives are achieved by number of members including
Money-Penny Telecom services. Money-Penny helps in increasing the number of workers by
targeting the organisational benefits as well as consumer’s welfare including staff’s happiness.
Effective principles are being adopted by the organisations where it often seems to be difficult
and challenging where they are not supposed to compromise with the quality. Money-Penny
expanded itself much more times faster in terms of innovations and also by creating effective
skills and knowledge to continue having happy staff (West and Bogers 2014). They also
provided training to the newly arrived trainers within the telecom services in order to increase
productive results from it. It is not only expected to improvise the solutions for the factors of
productions to gain profit but also constrain the challenging factors. Growth of frugal innovation
is growing globally by offering the best services.. An organisation should continue pursue
innovative ideas as it will help an enterprise in maintaining performance . It will also help an
organisation in providing an appropriate response to changes in business environment
TASK 3
P5. Importance of commercial funnel in new development product
Risk of failure: Whether to expand the product or not is a great question arising in case
of development of new product. As the demand of product differs in different situations. The
major risk of return is hidden in development of new product. The needs and considerations are
to be taken carefully before assigning them and take them on board. Risk involves the
consumption of new product that may either create demand or less consumption may have to be
faced by Money-penny telecom service. But majorly the new products and launches of mobile by
Money-penny are explored with positive views and vision among both new as well as the
existing consumers (Kleinknecht, 2016).
Measuring the success: The success of the new products launched by money-penny can
be measured in terms of continuous production process. It is unpredictable about the

consumption of new product development. The consumers may or may not like the colour, size
and look. This may get increase in order and situationally demand may be increased. Still, the
success of new product cannot be stated clearly by anyone as nobody knows about the
consumers' reaction going to be. Therefore, Money-Penny made prior analysis about the need
and the requirements of consumers to meet their demands. There are multiple factors to analyse
about situation of product that may determine the success (Camagni, 2017)
Cornerstones of success: For both academics and industrialists, there exists same factors
of success of new product that has become the most tropical area. The hindrances that avoids
success are the factors that are to be worked upon to get achievements for the success newly
developed products. The strategy for innovating product is set by Money-Penny to avoid any
circumstances involved in achieving positive results of newly developed product. To fulfil the
requirements of needy consumers, adequate usage of resources can promote the product. The
commitment of resources towards fulfilment of consumer needs with newly decided strategy by
achieving high quality of product and performance are some tricks to measure its success but it is
not the final way to decide.
P6 Building innovation business case
To build innovation in business case, Money-penny should justify the involved risk by
investing on innovation. The management must be convinced with the ideas and facts of data to
endorse their idea and thoughts into finished products. Logical thoughts and applications should
be ensured by the Money-penny telecom services. There are certain steps to be performed to
avoid any risks and which requires effective skills, success and failure in the form of business
case checklist (Christensen, Raynor, and McDonald, 2015).
Risks: Risk is characterised by the uncertainty in business of Money-penny. Which
cannot predict about the long lasting existence of the business as the uncertainty can take place in
case Apple Inc launches a new product and consumers of Money-penny move towards grasping
it. In case of any kind of public criticism about the products of Money-penny or the possibility
arise in legal consequences, or imbalanced consent among the management of Money-penny and
the employees, the organisation may face huge risk and uncertainty.
Identifying the need of skills and resources: The Money-penny: They should identify
the skills required in employees to avoid any kind of hindrance in the process of production. For
example, Money-penny must provide necessary trainings to the new as well as existing

employees in order to promote the quality based product to the consumers. Money-penny did not
stop with this, the organisation started innovations on the basis of latest technologies that is
expected to attract more number of consumers towards Money-Penny. With the help of
intellectual knowledge and the skills, Money-penny gained huge profits. They worked every-
time with new projects and carried forward the organisation with happy consumers, including
happy staff (Groves, and et.al., 2016).
Success and failure look like: The success and failure as explained in this report earlier
is unpredictable. There is no formula or approach to ensure the success or failure of organisation.
The hard-work and the methods of skill inventory is expected to help in achieving the goals of
Money-penny telecom services. The process of production to the procedures of promoting the
product that are being served to the consumers before its launching. This may create a vital
interest among the consumers to go through the launched product. Despite this, if the quality of
the product remains maintained by the Money-penny telecom service, this may boost its demand
by together assisting the organisation in attaining success.
TASK 4
P7 Tools to develop, retain, protect knowledge, and intellectual property:
Retain and develop organisation: The organisation can be developed and retain with
the help of its present employees. For example, Money-penny telecom services are constantly
striving to attain its success by the skills and knowledge of their employed workers. By
innovating every type of mobiles with a latest version to stay intact at the top position, Money-
penny Telecom services has been found to attain a well-known position in the market. This also
helped the organisation to fetch the interest of a large set of consumers.
The consumers also turned loyal towards Money-penny telecom services by accepting
their offered goods and services that are nowadays in huge demand and is known to satisfy the
identified needs of the consumers. The employees are also known to perform the tasks with a
greater opportunity of gaining profits that also involves serving the requirements to public and by
promoting employment opportunities to the new employees.
The experts are present in money-penny telecom services to provide effective knowledge
and guidance to the employees for maintaining the retention capacity of the cited firm. The
technical advancement in the changes are acquired by Money-penny telecom services to explore
globally (Importance of innovation to employees, 2017). This way, Money penny has gained

success throughout the world with the power of knowledge, leadership, teamwork and
achievement of success.
Protection of knowledge and intellectual property
The process and making of Money-penny telecom services can be kept confidential by
the loyal employees where they can submit a written consent for the same. The intellectual
property and knowledge of product processing can be copyrighted and patents can be done for
the protection of intellectual property.
The agreements among management as well as employees will not be disclosed. There
are certain tools for the protection of knowledge and intellectual property. Money-penny telecom
services can gain knowledge about it and patented the manufacturing process of mobiles. The
process of productions is not disclosed by the registrar as this can cause an offence of misuse or
misconduct of patented products by replicating the same products. The management of Money
penny telecom services handles the complex part of intellectual property and the knowledge of
production procedure (Importance of the commercial funnel and the application of New Product
Development (NPD), 2018).
For this purpose, the management motivate the employees to build core competencies
across the globe. The knowledge and intellectual property of Money-penny telecom services
motivates to build the trust and loyalty about the facilities and quality provided by them.
Patent: An organisation can registered its innovation with the government authority. Patent is
basically a licence conferring a right or title for a set period, especially the sole right to exclude
others from making, using, or selling an invention.
Trade mark : It is basically a symbol., logo which is embossed by company on the company on
the goods . Trade mark helps an organisation in differentiating their products from that opf
competitors.
Copy right :Copyright is a form of intellectual property protection provided by the laws of the
country.
CONCLUSION
The reforms made in the existing products with latest technologies and skills are called as
innovation. The importance of innovation by comparing the Money-penny telecom services in

UK and Apple Inc. I-pods has been explained in the present report. The effectiveness of
teamwork and the leadership which is known to help in achieving the results is also being
determined in this report. 4P's are explored with frugal innovation and new product development.

REFERENCES