Innovation And Commercialisation Assignment- Vodafone Ltd
Added on 2020-06-06
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Innovation andCommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Significance of innovation and invention in organisations....................................................1P2 Justification organisational vision, leadership, culture and teamwork can shape innovationand commercialisation................................................................................................................3TASK 3............................................................................................................................................4P3 Innovation 4P's and use of innovation funnel........................................................................4P4 Development in frugal innovation ........................................................................................6TASK 3............................................................................................................................................7P5 Value of commercial funnel and implication of New Product Development (NPD)............7P6 Create an Innovation Business case consisting funding in way to access.............................8TASK 4..........................................................................................................................................10P7 Intellectual property and its elements..................................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONInnovation is one of the important tool for every business organisation. It helps managersto differentiate their products and services from other competitors in order to achieve highmarket growth and success. In addition, innovation is the process of translating various ideas andconcepts so as to create something new and unique for target and potential customers. It alsoinvolves deliberation of different applications on the basis on imagination, information andinitiatives. Vodafone Ltd. is the chosen organisation in this present report, it is one of the famousmultinational telecommunication and networking company. It main objective is to provide strongnetwork services to all customers. Apart from this, the report will be described the importance ofinnovation in comparison of invention. There will be explain 4ps of innovation mix and uses offrugal innovation. It states that managers need to always emphasis on producing new productsand services in order to gain high market share and growth. TASK 1P1 Significance of innovation and invention in organisationsIn order to gain high competitive advantage and market share, multinational businessentities are trying produce new and unique things which are to attract more customers towardsthem. Innovation can be said as an idea or concept which is generate in order to satisfy buyers'need in an effective manner. It is the process in which products are redesigned or add somevalues in them so as to make them more attractive and impressive. Business innovation alsoincludes alteration in business model; that means change of selling products and services inmarket. For example- Vodafone Ltd. has adopted effective and innovative marketing tools andtechniques so as to reach numerous customers. Furthermore, innovation also put a huge impacton sales and profit of the company by improvising its products as well as product lines. Manylarge business organisations, i.e. Apple and Virgin Group are continuously focused on producingnew products and services. Recently, Apple has launched iPod; it is digital music player whichcan carries out almost 1000 songs. The product is widely famous among customers due to itssleek design and light weight. It has been determined that this MP3 player earn 31% profit of thebusiness organisation. Innovation can be defined as creating new things in practice by implementing ideas inpractice. Innovation is necessary for an organisation as this will provide ease to people to workappropriately and effectively in workplace. Innovation leads to creative and develop new1
changes in working practices of the firm. New innovation in marketplace leads to ease in livingstyle of life also. For example inventing new products like smart phones, digital watches all leadsto advancement in life practices. The individual uses new technologies which adds on in dailyroutine life. The technology is developed to maintain blood pressure, sugar level of person tokeep them healthy and happy. Thus bringing innovation in organisation product line and beingpioneer with new products in marketplace will leads to higher success and profitability of thefirm. New technologies and innovative strategies also brings adaptability of employee to newworking environment which improves the performance standards of the workforce inorganisation ultimately benefits the business organisation.Invention – Invention relates with a totally novel concept or procedure. In other words,innovation is all about generate something new which is not seen by anyone ever. Businessinvention in an activity which encompasses engineering and new product developmentprocesses. Along with this, it also could be an improvement in current product process orgenerating new one in order to get better outcomes in future. Apple has invented many thingswhich are most popular among customers, i.e. mobile phones, watches, iPod, headphones,laptops etc. Therefore, it can be said that, invention is totally new and unique functions whichresults can be radical breakthrough. There are three types of innovation, i.e. scientific,humanistic and socio-political innovation. Difference between innovation and invention InventionInnovation It is the creation of new products and servicesin order to sustain competitive advantage in aeffective manner. Innovation is all about an introduction of newservices in to market place. It can not be commercialized. It results in commercialisation. Invention can be in manner of economic aswell as non economic. Innovation is generally for economic motive. It can be induced and autonomous. It is only induced. Importance of innovation 2
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