Innovation and Commercialisation in Network Telecom - Assignment

Added on - 06 Jun 2020

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Innovation andCommercialisation
Table of Contents
INTRODUCTIONInnovationcan be defined as a process which bring up-gradation in existing product orintroduce something new which is unique in external market. It refers to executing newstrategies, policies and plans which has never seen in business world.(Abdul Razak , Murray andRoberts , 2014).Further it is a process in which organisation make changes in their products andservices which attract more customers. This will help in acquiring competitive edge overcompetitors which leads to more market share and goodwill of company. Under this assignmentthe company which is preferred i.e. Network Telecom which is UK based telecommunicationsmall company which is most innovative company modify all old products with new design, size,colour and design. The project discuss about vision, mission and teamwork importance,Innovation 4Ps, process of developing frugal innovation and usage of different tools andtechniques in developing, retaining and protecting intellectual property.(Ab Aziz ,Harris andNorhashim , 2011).The main objective of organisation is to bring uniqueness in their productsegment in order to full-fill the requirement of niche market. In order to fully understandinnovation terminology Apple Inc. and Virgin Group is taken.TASK1P1 Define innovation and its significance to employees of Network telecom (UK) Ltd.In simple word innovation means introducing something which is unique and bring up-gradation in particular product. Further it is a way through which organisation distinct theirproducts and services from other rivalry which leads to create permanent place in externalmarket. Therefore a simple technique which help in increasing efficiency and effectiveness in theprocedures at the time of manufacturing goods and services. Innovation comes with somemodification, alteration and uniqueness in designing and packaging of products and servicesavailed by customers.Their is always confusion create between invention and innovation among the internalemployees working in organisation so in order to remove all the problems various points aredescribed below which clarify all the doubts of workforce.BasisInnovationInventionDefinitionIt is an act or behaviourthrough which an individualintroduce something newIt is an operation in whichperson develop new idea andsomething unexpected that has
which never coming in marketor in other words whenproduct come at maturity stagein order to boost up the salecompany come with newvariety in their existing goodswhich impact largely oncustomers.not seen before in businessmarket.Skill requiredPerson possess excellent skills,capability to think out of boxand specialised in all sector.Person required to have goodscientific skills andknowledge.WorksUnder this processmodification and alteration isdone on existing product only.Under this case some creativeand highly equipttedtechnology introduced whichnever seen before in market.Network telecom Ltd. Is UK based innovative company in telecom sector facing manychallenges due to already existence of large telecom organisation in this business line. At thestarting point of business promoter require huge investment in order to implement their plannedprojects. Systematic formation of policies, strategies according to the objectives leads toprofitability and productivity. Although small companies has to face various threads andchallenges in order to accomplish task but sustainability of company is possible only throughinnovation . In this context Apple inc. is one of the best examples of innovation in all over theworld. Firstly they develop IPOD which is smaller in size and has a capacity to store 1000 songsand this product change the mentality of those who uses Sony Walkman. They are larger anddifficult to hold so iPod change the scenario of all industries.(Bastalich, 2010).Here are some benefits of innovation for the employees of Network telecom Ltd.For employeesChance of enchaining the skill and knowledge which help in boosting up their career.Increase efficiency and productivity of employees.For organisation
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