Innovation INTRODUCTION 1 TASK 11 P1. How an organisation can innovate
Added on 2020-07-22
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Innovation
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Importance of innovation for an organisation..................................................................1P2. How organisational vision, leadership, culture and teamwork can shape innovation andcommercialisation...................................................................................................................3TASK 2............................................................................................................................................5P3. 4Ps of innovation and use of the innovation funnel to inspect and prepare innovativeideas........................................................................................................................................5P4. How A1 Comms Limited can develop frugal innovation...............................................7TASK 3............................................................................................................................................8P5. Importance of the commercial funnel and the application of New Product Development...8P6. Innovation Business Case for A1 Comms Limited and how will it get funds...............10TASK 4 .........................................................................................................................................11P7. Various tools which can be utilized in developing, retaining and protecting intellectualproperty.................................................................................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONIn the today's world where almost everyday new business debut in the market and someof them get success & some might not get that. There success depends upon their business ideasand innovations (Lundvall, 2010). Innovation is all about modification in the existing products orsegment. There is frequent changes takes place in the market trends, so a company cannotsurvive with a single product and strategy all the time. They have to regularly alter their ideaswith new product development and this is proved by various big companies. Apple and Virginorganisation has always believed in innovation which will increase there profits and revenues.By understanding the examples of these companies A1 Comms Limited can set their goals andstrategies brining innovations in their operations. TASK 1P1. Importance of innovation for an organisation.Innovation is basically a new idea imposed on a device or in any method. It is introducedso that the business can meet new demands and can gain competitive advantage. A idea isconverted in a products, services and technology, so that existing markets can experience highergrowth. To attract more customers towards their business an idea is generated called asinnovation. Whatever new innovation is made should hold some value and should be properlyimplemented. In the process of innovation, the company people research the market and looksfor an opportunity (Drucker, 2014). Through this a firm can increase their business operation andcould provide quality services. An enterprise have to regularly modify or update their businessmodel, as this will bring innovation. In general context people take innovation and invention as asynonym of each other but going in deep, there is a big difference between them (Sawyer,2011). In invention new product is manufactured and in innovation changes to the currentprocess is done by introducing new ways. If someone wants to know the difference betweenthem, they can analyse them on different basis.Comparison BasisInventionInnovationDefinitionIn this a new item is createdwith unique idea and this hasIt refers to the execution of theidea on existing product.1
never been seen by thecustomers.Although consumers are usingthat product but now the firmhas came with a modificationin it. ConceptIt is based on theories and hasoriginal idea. This based on theimplementation of the newidea. Skills RequiredScientific Skills A combination of marketing,technical and strategic skillsTimeIt occurs when a new conceptcomes in the mind ofbusinessmen.Need of modification is felt fora product. Concerned withIndividual product and processBoth the things are combinedtogetherActivities It is confined to research anddevelopment department.Its activities are spread acrossall organisation.For small and medium sized companies it is very important that they should bringinnovations in their business. They don't have much turnover and financial resources, so if theyhave to survive in the market innovation becomes crucial (Goldberg, 2013). A1 Comms Limitedis a private limited company who deals with retail sale of the mobile telephones business. It has arevenue band of £50M to £75M and continuously growing every year. In telecommunicationsector there is tough competition and every day new entrant enters the market and act as threat tothe organisation. For resisting in the market they have to do innovation in their products andservices. They can look at the example of Apple Inc. which used innovation and inventionaltogether to set new bench mark (Huberman and Miles, 2013). Although that time MP3 playerused to be there but apple though of innovation by inventing Ipod and it drastically experiencednew highs in their market. The main feature of this was that it can store more than thousand songand can be easily carried anywhere. They can also introduce new technologies in the market,which will diversify the business. Both the employees and company will have various benefits2
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