Innovation and Commercialisation Assignment "Rowlinson Knitwear"
Added on 2020-06-05
13 Pages3904 Words28 Views
Innovation And Commercialisation
ContentsINTRODUCTION.................................................................................................................................3TASK 1.................................................................................................................................................3P1: Difference between innovation and invention and advantages of innovation to organisation......3P2: Contribution of organisational vision, leadership, culture, teamwork in innovation and commercialisation..............................................................................................................................4TASK 2.................................................................................................................................................5P3: Analysis of 4P’s of innovation and application of innovation funnel in development of innovative ideas.................................................................................................................................5P4: Development of frugal innovation...............................................................................................6TASK 3.................................................................................................................................................7P5: Use of NPD for innovation and commercialisation and importance of commercial funnel.........7P6: Development of innovation business case:..................................................................................9TASK 4.................................................................................................................................................9P7: Evaluation of the tools which are used by the organisation to develop, retain or protect knowledge and intellectual property rights........................................................................................9CONCLUSION...................................................................................................................................10REFERENCES....................................................................................................................................11
INTRODUCTIONInnovation may be considered as an effective source which helps an organisation to achieve its desired goals and objectives within limited period of time. Therefore, innovating business structure on regular basis helps them in surviving in competitive environment for longer period of time. The managers are held liable to use their skills and knowledge and make an effective decisions regarding implementation of new ideas and techniques in the business functions so as to achieve competitive advantage in business world. The present assignment is based on Rowlinson Knitwear which deals in providing school and corporate ear garments in UK. The project covers the beneficial result after adoption of innovation and also includes its comparison with term invention. The role of company’s vision, culture, leadership and team in adoption of innovation and commercialisation is also discussed under this report. The project also summarises 4P’s of innovation and the application of innovation funnel along with its benefits (Antikainen,Mäkipää and Ahonen, 2010). TASK 1P1: Difference between innovation and invention and advantages of innovation to organisationThere are lots of differences between innovation and invention but both provide beneficial result to an organisation. The management is liable to invent something which is introduced in market for the first time in market and thereafter make innovative changes in them on regular basis according to the customer’s needs and requirement. In other words, Innovation confirms existence of an organisation for longer duration.Difference between Innovation and Invention:InnovationInventionIt refers to make changes in something whichhelp them in reviving in market for longer period of time. It refers to something new which comes into market for the purpose of fulfil customer’s needs and requirements.The main objective of innovation is to sustaincompany in market and achieve competitive advantages as well.The main objective of invention is to bring new and effective ways and methods to complete any activity in more effective and efficient manner.Innovation can be implemented by any department of an organisation.Research and development department are only such department which are liable to introduce new ideas which help an organisation provide something new and effective to customers.Importance of Innovation to organisationThere are lots of advantages Rowlinson Knitwear can achieve after adoption of innovation in business operations. But it can be possible only when the management can able
to identify the needs and requirements of customers and determine the changes they want in their existing products and services. Therefore, the management are playing a valuable role along with the innovation in achieving growth and success of an organisation. For example, implementing effective and cost effective technologies in production process help an organisation in producing quality products with less cost which brings beneficial result to customers as well as an organisation. Some advantages of innovative are as follows:Application of best method: There are various departments who work for the betterment of Rowlinson Knitwear. Such departments include production, marketing, finance and operation. They all are contributing maximum efforts in achieving desired goals and objectives. Therefore, implementing new and innovative technologies and tools in such departments will guarantee success of an organisation. For example, adoption of advanced technology in marketing process such as using social media, Advertisement on TV, Radio etc. help Rowlinson Knitwear to attract lots of customers and may influences their buying behaviour as well. This will increase the profitability of company (Camisón and Villar-López, 2014).Competitive advantages: Adding some extra value to products in form of changing design, pattern, colour etc. of clothing product help Rowlinson Knitwear to compete with their rivals in more effective and efficient manner. Therefore, changing in the features of existing products which makes different and unique from their competitor’s product help company in achieve competitive advantage in market which also ensures the in sustaining in market for longer period of time. This will increases the competition in market due to which the customer get good quality prices at an affordable prices.P2: Contribution of organisational vision, leadership, culture, teamwork in innovation and commercialisationImplementation of innovation and commercialisation in an organisation are also supported by vision, leadership, culture and team work of an organisation. Thus, it is important for management of Rowlinson Knitwear to focus on such aspects and communicatewith their employees regarding company’s vision and objectives so that they perform in right direction and perform allotted task within given timeframe. Here, leaders also play an important role in enhancing the skills and capabilities of employees and motivating them to work in team so as to bring new idea and innovative ways to achieve desired goals within limited period of time. Therefore, managers and leaders of Rowlinson Knitwear need to consider all such aspects before thinking of adopting innovation in business operations. Such aspects are explained as below:Vision: It includes the target decided by management of an organisation so as to achieve in future with a hope of sustaining in market for longer period of time. Rowlinson Knitwear deals in providing school and corporate wear to the customers of UK thus the company have clear vision to provide wide range of clothing products such as jeans, t-shirts etc. in order to capture large market share in future. This can be happen only when the management are enough capable to forecast the needs and preferences of customers so that
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