Comparison and Importance of Innovation in Organizations

ASSIGNMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P 1 Comparison and explanation of innovation with invention with importance of innovation. 1
P 2 Ways in which organizational factors impact commercialisation and innovation................2
LO 2.................................................................................................................................................3
P 3 Innovation mix and innovation funnel use for innovative ideas...........................................3
P 4 Frugal innovation development.............................................................................................5
LO 3.................................................................................................................................................6
P 5 Commercial funnel importance and NPD process................................................................6
P 6 innovative business case development..................................................................................7
LO 4.................................................................................................................................................8
P7 Tools to protect intellectual property and knowledge............................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation is a process of formulating or developing new ideas for development of a new
or existing products or services. Today innovation is one of the most important factors which is
required by the organizations to be focused upon in order to gain competitive advantage and
sustain within the market (Arora, Cohen and Walsh, 2016). Innovation helps an organization to
develop creative ideas which can further helps them to bring innovation within their products and
services by introducing new features within their existing products or services or introduce new
products or services as per the needs and demands of their customers. Adopting innovative
processes within an organization also helps an organization to attract a greater number of
customers and enhance their overall customer base. It is one of the best ways that helps
companies to enhance growth of their business and fulfil current needs and requirement of their
customers or introduce new products that can help in making their customers daily routine
processes much easier. Every innovation dome within an organization is required to be
commercialized so that it can be made available to their customers in a much better manner. this
assignment will lay emphasis upon introduction of new product i.e. biodegradable water bottle
by Tesco into the existing market. Tesco is a British multinational retailer that was founded in
1919 whole main headquarter is in England, UK. This assignment will also focus upon invention
and innovation difference, importance of innovation, different forms of innovation, frugal
innovation and steps that are required to be focused upon to derive a new and innovative product.
LO 1
P 1 Comparison and explanation of innovation with invention with importance of innovation
Innovation is a kind of process with the help of which something new or some new
chances within existing products or services of the organization. In business sector innovation is
implemented for creation of new ideas or development of dynamic products or services in order
to attract a greater number of customers and gain competitive advantage. In order to become an
innovative organization an organization need to implement their new ideas in such a manner that
it can help them in replacing their existing products and services at economical cost. Useful and
innovative ideas are result of creativity which further helps an organization to introduce new
features within their products, enhance its quality and many more (Hannen and et. al., 2019).
Most of the consumers sees innovation as a process with the help of which value to organizations
products or service is increased in a much better and appropriate manner.
1

Innovation is one of the most important things which is required to be focused upon within
an organization and is extremely important for business. It helps a company to fulfil needs and
requirement of their customers in a much better and appropriate manner. it further helps an
organization to increase overall satisfaction level of their customers. there are two major types of
innovation and both of them are equality important for an organization to be focused upon as
both type of innovation is important in different manner for the organization. First type of
innovation is evolutionary innovation which comes upon continuous innovation category. This
type of innovation helps an organization to bring positive changes or improvement within their
current products or services or advancement within their current or existing products. It is one of
the most important type of innovation which is required to be focused upon by the organization
to sustain within the market in which they operate, gain competitive advantage and attract a
greater number of customers (Grafström and Lindman, 2017). without this type of innovation, it
can become difficult for the organizations to sustain within the market. Tesco focuses upon
evolutionally innovation as they majorly focuses upon sustaining within the market in which
they operate. Another type of innovation is revolutionary innovation which is sometimes also
known as disruptive or discontinuous innovation. This type of innovation can help an
organization to achieve their target in a much better manner.
As compared to invention, innovation is more important for an organization which helps
them to achieve their main aim and objectives in a much better and appropriate manner.
Invention is creation of any kind of good is done first time. Invention can be successful or failure
both whereas most of the time innovation is done to attract more customers. Innovation helps an
organization to run their invention into a marketable and useful product for their customers.
Innovation helps n organization to attract all kinds of benefits from invention in a much better
and appropriate manner. Such as one of the innovations done by Tesco was Biodegradable water
bottle. It is an innovative product which is required to be introduced by Tesco for their customers
in order to enhance their customer base and sales. They provide various kinds of water bottles to
their customers but they worked upon them and introduced biodegradable water bottles for their
customers a completely new product.
P 2 Ways in which organizational factors impact commercialisation and innovation
There are various kinds of factors that can influence overall organizational performance in
both positive and negative manner that can influence both innovation and commercialization of
2