Report on Innovation in Periscopix company

INNOVATATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Defining Innovation and comparison between innovation and invention.............................1
P2) leadership in Organisation, innovation and teamwork for commercialisation....................4
P3) Evaluating 4 P'S of innovation............................................................................................5
P4 Concept of Frugal Innovation................................................................................................7
P5 Value of Commercial funnel and application of NPD process.............................................8
P6 Business case of innovation and ways to access funding......................................................9
P7 Tools use to protect retain knowledge and intellectual property.........................................10
CONCLUSION..............................................................................................................................11

INTRODUCTION
Innovations is defined as developing ideas which creates values for goods and services
that are useful for customers. It includes various business process like selling and marketing,
evolution of new ideas for business, production designing and prototyping. Innovations deals
with generation of new ideas according to trends in market which satisfy needs of customers.
Innovation in products cab be made with the help of new technologies and changes can be
implemented in existing products or new products can be developed which expand product line.
This process helps in developing brand images of products which results in increase in sales.
Apple had implemented innovations in products which expanded their production image and thus
they were successful in retaining brand image (Aryal and et. al., 2016). Periscopix company
offers services related to marketing in UK. This report contains study about difference between
innovation and inventions, various types of innovations and process involved in commercialise
innovations, various methods through which innovative ideas can be developed and determining
their advantages and disadvantages.
TASK 1
P1 Defining Innovation and comparison between innovation and invention
( Source: Innovations, 2017)
Innovation: It is defined as the process by which ideas are turned into reality. It involves
modifications in existing products or development of new products which are helpful for
customers. It is helpful in serving differential needs of customers thus satisfying their needs. It
creates competitive advantages of firms due to discovery of new products and results in increase
profits for firms and creating brand images (Breznitz and Etzkowitz, 2016). As the demands in
the economy are changing it is helpful in providing services to customers according to their
1
Illustration 1: Innovation

requirements. Modifications in products can be developed with the help of new technologies and
changes in products and services. Product redesigning are helpful in fulfilling present market
conditions. Innovations are umbrella in which plans and policies are made about innovative
products.'
Importance of innovation are discussed below:
 It is helpful in developing skills of employees which are required for making innovative
in products. Thus activities are carried out in an effective and efficient ways.
 It is helpful in enhancing skills and knowledge of employees as they are helpful in
developing innovative ideas for products.
 It is helpful in increasing productivity of firms as product line are expended due to
innovative products.
 It is helpful in developing capabilities of employees to achieve desired goals for firms.
 Capturing unique images of business with innovative process.
 Developing best strategies for achieving competitive advantages so that unique products
are easily available around the globe (Datta and Jessup, 2015).
 It is helpful in fulfilling demands in economy by making effective supply of innovative
products and achieving economies of scales for Periscopix.
 Due to innovations various choice are available with customers to buy products according
to their choices.
( Source: Innovation and invention, 2016)
2
Illustration 2: Difference between
innovation and invention