logo

Innovation and Commercialisation Assignment - Mr. John Watches

   

Added on  2020-10-23

13 Pages3913 Words286 Views
Innovation andCommercialisation

ContentsINTRODUCTION...............................................................................................................................3TASK 1.................................................................................................................................................4P1 Innovation and determine its importance to organization in comparison with invention..............4P2 Organizational vision, leadership, culture and teamwork can shape innovation and commercialisation..............................................................................................................................6TASK 2.................................................................................................................................................7P3 4P’s of innovation and explain the use of the innovation funnel to examine and shape innovativeideas...................................................................................................................................................7P4 Developments in frugal innovation...............................................................................................8TASK 3.................................................................................................................................................9P5 Importance of the commercial funnel and the application of New Product Development............9P6 Innovation business case for an organization..............................................................................10TASK 4...............................................................................................................................................11P7 Different tools that organizations can use to develop, retain and protect knowledge and intellectual property.........................................................................................................................11CONCLUSION..................................................................................................................................11REFERENCES..................................................................................................................................11

INTRODUCTIONIn today’s time, an innovation is considered as an important activity through whichcompany add new and innovative values within the product to make it more attractive. Thiswill help in inviting customers which may increase the profitability level of the firm atmarket place. As needs of customers are regularly changed as per market trends. Thus, it isimportant for firm to adopt as well as implement the innovation concept in order to servequality products to larger number of customers (Anderson, Potočnik and Zhou, 2014). In thisthe main advantage of using innovation is to capture customers attention which may leads indeveloping positive brand image at market. Along with this, it is also important for firm toarrange adequate funds and resources to implement the innovation concept to established aswell as create strong goodwill. Mr. John Watches is famous as it operates their business insmall level which is based in UK. This report discussed about importance of innovation forbusiness organization. 4p’s of innovation is also mentioned in this report as it aids indetermining the actual demand of the customers. Along with this, frugal innovation and itsuses is discussed in this assignment. Furthermore, tools are also used by company to protectthe intellectual property is also involved here.TASK 1P1 Innovation and determine its importance to organization in comparison with inventionInnovation is one of the important concept for business organization in which theyadd new values to make attractive products for its customers with the purpose of providethem better satisfaction. In addition of this, regular innovation within the company and itsservices helps in increasing the goodwill of the company which helps in creating the strongcustomers base. With the help of effective implementation of innovation contribute in makingcompetitive position at market and at the same time also capture larger share for itscompetitors. Thus, it is important for company to develop appropriate strategies to executethe innovation process in company and activities (What is innovation?, 2011). In this thereare some major importance of concept of information for Mr. John Watches are as follows:Increase efficiency level of the company: Concept of innovation is one of the majortool for company to enhance their efficiency level as firm easily grab attention of thecustomers which directly maximize the profitability level of the company at market place. byadding features within the product for converting into unique and quality products. This willhelp in attaining sustainability within market for longer period of time.

Helps in utilizing available resources at optimum level: At the time implementing theinnovation concept, firm add new features within their product line with the purpose ofproducing quality services by optimum utilization of resources. As Mr. John Watches easilyinvite larger number of customers towards company products which may enhance theproductivity level at market place (Boons and Lüdeke-Freund, 2013). Increase the effectiveness of communication process: Effective communication playvital role in implementing the concept of inn ovation within the company activities andprocedures. Mainly, it is right and major tool by which firm build good relationship with allthe activities which may contribute in attaining set target in an appropriate frame. If companyadopt right communication method then they easily maximize their profitability level. Increase profitability of the company: By adding new and innovative features, firmeasily make their products more attractive and unique as it helps in increasing the profitmargin of the company for long period of time. In addition of this, by executing innovationprocess as per continuous basis helps in accomplishing the set goals and objectives.As all these are main importance of innovation concept for Mr. John Watches, bywhich company make their positive brand image at market place. furthermore, every peopleare think that both innovation and invention are same but it is totally different form eachother. This can be understood by following difference:BasisInnovationInventionMeaningInnovation process of consider aspecific product by adding newand features products. With thehelp of this company easilyinvite larger number ofcustomers towards its productsand services. Invention is implement forfirst time which carry out forfirst time as it never addsbefore is called invention. ConceptInnovation is concept of newvalues which added in theproduct with the purpose ofenhancing the profitability levelat market place.Invention is implement forfulfil the customersrequirements which add inexisting products to make itmore attractive (Breznitz andMurphree, 2011).Required skillsOverall concept of innovation isAs invention required

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Innovation and Commercialisation Assignment - Mr. Johnson Watches
|12
|3968
|218

Report on Importance of Innovation and Invention
|13
|4078
|28

Development in Frugal Innovation- PDF
|13
|4115
|89

Assignment on Innovation (pdf)
|13
|4152
|430

Innovation and Commercialization
|13
|4372
|25

Analysis of Innovation and Commercialization
|13
|4515
|30