Innovation Strategies and 4P's of Innovation

This assignment explores the concept of innovation and its various strategies. It delves into the 4Ps of innovation - product, process, position, and proposition - and their importance in driving business growth. The document also discusses the role of innovation in entrepreneurship and its impact on society.

Innovation

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK1.............................................................................................................................................3
P1. Significance of Innovation and its comparison with invention............................................3
P2. Shaping innovation through organisational culture, vision, mission and teamwork............5
TASK2.............................................................................................................................................7
P3. 4P's of innovation and importance of innovation funnel......................................................7
P4. Development of frugal Innovation........................................................................................8
TASK3.............................................................................................................................................9
P5. Significance of commercial funnel and application which has been used in new product
development................................................................................................................................9
P6. Innovation business case of Ensoft Ltd..............................................................................10
TASK4...........................................................................................................................................11
P7. Tools and techniques needed for developing, retaining and protecting intellectual property
rights..........................................................................................................................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation is consider as one of the important tools and mechanism which can be used in
order to bring new changes in organisation. Further, in today dynamic environment modification
has been arises due to the technology and digitalisation are coming by various multinational
company so it is vital for every organisation so include such methods and mechanism through
which they include some new features in their existing products and leads to higher profitability
and market share. Under this assignment the company which is preferred i.e. Ensoft Ltd. Which
is UK based small software company comprises of 70 engineers that are experienced in
developing every aspect of networking software. According to the research this company grow at
very fast speed because of implementing different technological innovation in their organisation
structure. This project further discuss about the importance of innovation and their comparison
with invention, 4P'S of innovation, frugal innovation and tools which were used in order to
protecting intellectual property (Adner and Kapoor ,2010). Apart from it innovation and
legislation of protecting creativity can be studied through case study of Apple and Virgin group.
TASK1
P1. Significance of Innovation and its comparison with invention
Innovation can be described as that term in which whatever the idea evaluated by
individual person are planned to implement in external market in the form of their goods and
services for their target audiences. Further, different application, theories and methods has been
used in their innovative ideas so that success can be coming in future (Amit and Zott ,2012).
Employees working in organisation comprise of various skills and capabilities that must be used
in order to improve the products quality and standard so that customer can be satisfy after using
that particular services. Apart from it marketing manager must regularly scan the environment so
that they update with new technologies and digitalisation in software industries and plan to
design such strategic framework which allow them to grab all the external opportunities and earn
higher profits that strengthen their financial position and benefits of stabilised position is that
investor are ready to invest in such organisation which enhance their paid up capital and increase
goodwill also.
Ensoft Ltd. Is currently working in En-quality development methodology and this
approach is very effective in embraces innovation of their engineers and also helpful in providing
that appropriate framework on the basis of which they collaborate with team and this is very

helpful for management to improve their quality standards and allow them to deliver the goods
services at stated time period.
Invention:- It is totally different from innovation under which individual want to invent
something new which never exist in market before that. This is completely based on scientific
methods and logics through which they come with such new gadgets which change the picture of
technology world. Company execute this method in order to maintain sustainable position in
such external world.
Difference between innovation and invention which are describe below:-
Basis Innovation Invention
Meaning Innovation refer to such type
technology that help in
implementing something new
in their products and process
for very first time.
It is basically an creativity and
idea through which innovative
product coming in market
which never exist before.
Conceptual base The whole concept is fully
depend upon the whole
practical implementation of
unique and creative ideas.
Under this method whatever
the idea created is new and
natural without the mixture of
any other source in that
principles.
Skill required Under innovation different
marketing strategies and
technical measures for further
growth and development.
Invention is an mixture of
scientific and technical skills
in order to create something
new and innovative.
Activities needed This technology is spread in
different types of organisation
in order to increase growth and
profitability both.
Scope for research is limited
therefore it is important to
develop different distinct
techniques which never exist
in market before.
Significance of innovation from employees of Ensoft Ltd.

 It help in gathering and inherit new skills and capabilities that improve the overall growth
and advancement of individuals.
 Ensoft Ltd. is engaged in software development so it is essential for management to
organise training development programmes for enhancing creativity and skills in their
working style.
 They are able to adopt all the changes which were coming in organisation structure easily
which allow organisation to grab external opportunities easily. Further those employees who are performing well must be rewarded by promotion,
awards and increment in salary that motivate them to maintain standard quality of
services in organisation.
Importance of innovation from organisation point of view:-
 Innovation help in improving the overall performance of employees through which they
maintain standard quality of goods and services that increase the efficiency and
effectiveness of employees.
 Innovation help company to develop such goods and services according to external
demand and preferences of customers.
 For better revitalisation of company products and services they are required to include
attractive ideas and features that add the values which strengthen the market position in
external world.
Under this Apple Inc. is taken which is one the famous software company that deals in various
sectors and retain such position in global world which is never beaten by any competitors. Apart
from this main innovation of Apple is IPOD which has special features of containing multiple
music or songs at one gadgets only and such invention down the market of Sony Walkman which
is larger in size as it is hard for audiences to carry such gadget so they switch towards Apple I
pod which improve their profits and market share.
P2. Shaping innovation through organisational culture, vision, mission and teamwork
It is essential for every organisation to plan and introduce such innovative products and
services that help in satisfy the current needs and preferences of customers which help in
increasing their profitability and market share. Further, innovation is not an simple task it require
various research and observation but it does not give surety of success in business and it is
happen because of huge competition and digitalise techniques already establish by top most

organisation. Therefore, it is essential for business that before launching any products and
services in market investigator is required to introduce new products and services in market and
that services is helpful in fulfilling the demand of niche market after research and experiment by
marketing department (Boudreau and Lakhani ,2013).
In aspect of Ensoft Ltd. Which is emerging software company who are concentrating in
order to maintain quality standard for their goods and services. Apart from it, whole marketing
team of organisation is focusing on using their marketing strategies and techniques like
advertising, exhibition and social marketing through which they make changes in their existing
products and services through which they aware customers regarding the benefits they get from
new invention and technology. Apple Inc. and Virgin group both using different types of tools
and techniques in order to include innovative and digitalise techniques in their product segment
that never came before in market that help in gaining competitive advantages over competitors in
better and effective manner. Further, it is essential for Ensoft ltd. To develop innovative
technologies in their software programmes through their engineers in order to beat the challenges
of rivalry and also helpful in satisfying the emerging needs, choices and preferences of
customers in external world. Apart from it, Ensoft Ltd. At the time of developing vision, mission
and leadership culture must analyse the strategies of rivalry. Following points plays an important
role in describing innovation which stated below:-
 Vision:-
It is generally made for long term purposes in order to accomplish the objectives of
company for further growth and development. Therefore, at the time of setting up the strategy for
vision it is essential for every business organisation try to include such innovative tools in their
organisation structure that provide success to business in competitive environment. For example
the main objective of Apple Inc. is to provide world class software in the form of their digitalise
products services like IPODS and iTunes and I phone also.
 Mission:-
It is establish for short term basis only in which framework for mission is made according
to the vision of company so that company achieve easily all their objectives and goals.
 Corporate culture:-
Organisation is require to establish such corporate culture in their operation that ensure
ethical practices and harmony in their workplace. Further, if proper decorum is maintain in

working environment that allow employees to develop such idea and think out of box that ensure
innovation in their products and services.
 Team spirit:-
It is one of the important features that must be exhibit in every organisation so that
relationship between superior and subordinate must be maintain and that enable leader to
communicate with subordinate effectively and motivate them to use their skill and capabilities at
the time of performing team work.
 Leadership qualities:-
It is essential in every organisation that leader which lead the whole team must having an
ability to influence their team members by their actions and thoughts. Apart from it, guide them
that innovation is important for their personal growth and development.
TASK2
P3. 4P's of innovation and importance of innovation funnel
It is essential for every organisation to understand properly all the 4P'S of innovation in
order to sustain in external market for longer period of time by making changes in their
respective goods and services. Further, 4P's of innovation is developed by John Bessant and Joe
Tidd that adequately describe the needs of innovation in present conditions. Description
regarding 4P'S of innovation are stated below:- Product Innovation:- Under this stage they have to decide that what type of measure and
mechanism they must be adopted in their respective goods and services that help in
improving their quality standards at the time of delivering goods to end users (Brown and
Wyatt ,2010). Ensoft Ltd. Require to make alteration in their recent technology related to
software development and main advantages that can be earned from this must be related
to gaining the interest of millions customers which are who are fond of technology and
further, Apple Inc. is one of the innovative and digitalise computer software company
which earn higher profits and market share also.
 Process innovation:- Under this organisation is focusing to add some innovative methods
and mechanism in their products and services that allow them to deliver goods and
services at very fast speed. Apart from organisation make the products human centred
through utilizing the resources effectively that make the existing products more effective
and efficient. Therefore, it is essential for Ensoft ltd. To develop such type of products

and services that help in reducing the cost of production and leads to optimum utilization
of resources. For example innovation by Apple inc. in the form of IPAD and iTUNES
which are consider as changing innovation in music industry which change the picture of
innovative world. Positioning Innovation:- Under this step main focus of innovation is related to changing
the perception or thinking of customers in regard to particular process and methods.
Further, under innovation various alteration made in their respective products and process
to perceived it symbolically.
 Paradigm innovation:- Paradigm is related to the whole mental model that help in
shaping the organisation in better manner. Further, they require to focus on all the
elements and components through which they develop innovative techniques in their
working process.
Innovating Funnel:- The term innovation can be described as such process in which company has
taken different steps to develop various products and process. The main goal of innovation is to
establish such products and process that help in fulfilling all the needs and desire in their
manufacturing process. Further, strategic management is formulated various ideas but it order to
execute it properly they combine all ideas in one funnel that help in achieving the goals and
objectives of business and develop such innovative and creative ideas that allow them to satisfy
customers needs and wants in appropriate manner.
P4. Development of frugal Innovation
Frugal innovation is generally used in order to reduce the cost arises at the time of
production of goods and services. Further, it is way through which non essentials elements are
taken away from goods which are of long term nature in order to sell out the products in
developing countries (Chesbrough ,2010). The main goal behind this is to carry out all the
operations in proper and effective manner and other benefits of this technology is that it is less
polluted and harmful for workforce.
Examples of frugal innovation are solar powered Vortex ATM and Ambu pad for the comfort of
patients. Further different principles of frugal innovation are described below:- Proper education:- Every company require to educate all the population regarding all the
products and services they are launching in their future. The main objective behind it is to
understand needs wants of customers.

 Asset management:- the next principle is related to using such mechanism and
techniques through which they can manage all the assets in such manner through which
products delivered to customers in stated time period. Creating feasible solutions:- Research and development division of Ensoft Ltd. Must
use their skills and ability on the basis which they develop such feasible solutions which
are long term and beneficial for both internal external environment. Customer perception:- Ensoft Ltd. Is try to change all the perceptions which are negative
in the minds of customers regarding all products and services. Frugal innovation help in
satisfying the needs and wants of customers.
 Value co-created with prosumers:- Prosumers are those personalities which are helpful
in designing, creating and consume all products and services which they really want from
company. Therefore, Ensoft Ltd. Require to arranges such items which are according to
the requirements of prosumers.
TASK3
P5. Significance of commercial funnel and application which has been used in new product
development
Commercial funnel is consider as most important component through which organisation
try to evaluate best solutions through which they can easily transferred all goods and services in
external market. Apart from it, organisation require to maintain better logistics department
through which they deliver all goods and services to end user at stated time period (Dahlander
and Gann ,2010). Further through commercial funnel they can easily promote their goods and
services by using various marketing tools like advertisement, social advertising that assist in
generating awareness among customers regarding all the modification they made in their
products portfolio.
Further it is essential for Ensoft Ltd. To use such innovative mechanism through which
they develop new products and services in effective manner. Apart from it Apple and Virgin
group require to develop new ways of doing or performing jobs.
New product development:- It consist of various stages through which they analyse the success
in the stages of NDP which discuss below:- Idea generation:- First stage must be related to developing new innovative ideas through
which they launch product in market in effective manner.

 Screening of ideas:- After generating the ideas next step is related to screen the best idea
from available alternatives through research and investigation. It helps in getting
maximum output for company. Developing marketing strategy:- in this step marketing team develop such marketing
strategies and tactics on the basis of which they easily grab external opportunities and
beat all the challenges of competitors. Financial analysis:- This is way through which organisation evaluate their financial
position on the basis of which they utilise the resources in their operations in better and
effective manner. Testing and concept development:- Before officially launch the products in market they
are firstly tested the goods services with some specific customers in sample form so they
take the review from customers regarding sample products for further improvements.
 Commercialisation:- After testing the product in market and getting the feedback from
customers company require to make improvement in products to make it better and
effective and ready to launch goods and services in market for higher sales and
profitability.
P6. Innovation business case of Ensoft Ltd.
Business case which are related to innovation helpful in launching new products and
service in market place and following points of that case are described below:-
 Description regarding all the data related to risk factor at the time of investing in various
projects.
 Conveyancing all the investors to invest in such plan because it provide them higher
returns in future.
Apple Inc. and Virgin group both are indulge in different business plan at the time of launching
new products in market place. In order to reduce all the gaps in their productivity following steps
has been followed which discuss below:- Gathering inputs:- Under this step managers are required to collect all the data or
information through which they carry out their business activities in effective manner. Analysis:- In second step whatever the data has been collected will be analysed properly
in order to accomplish goals in appropriate manner.

 Conclusion:- In this stage whatever the products and services is developed must be
presented among top management in order to take appropriate decisions.
 Understand objectives:- after final conclusion the utmost duty of manager is to
communicate all the important information to middle and lower level (Edquist ,2010).
Business case of Ensoft limited which focus on different points for successful innovation which
describe below:-
 Ensoft Ltd. is currently suffer from the problem of low sales due to change in perceptions
of customers and this require proper strategy for overcoming from any shortcoming.
 Management need to review their mission again for business in order to implement this
factor effectively so they easily manage all the work properly.
 This issue can be sort out by applying perfect strategy and identify such mechanism that
help in overcoming from problems. In order to met with need of latest software they need
to develop creative ideas for enhancing sales.
Various sources of funds for Ensoft Ltd. Are discuss below:-
Banks:- Main source from where Ensoft Ltd. Get the funds easily is bank only. The bank
already ready to provide funds to these type of organisation which provide innovative software
whose main objective is to increase the living standard of society.
Equity:- Under this company collect the amount of funds by inviting the application to different
shareholders for purchasing the share of company and become owners that help in increasing the
capital investment of company.
TASK4
P7. Tools and techniques needed for developing, retaining and protecting intellectual property
rights
Different tools and techniques has been utilised by company in order to safeguard their asset
from unfair means (Gassmann , Enkel and Chesbrough ,2010). Further, the term intellectual
property laws has been established which give exclusive right to individual regarding their
innovation in particular products and services which never came before that help in protecting
the owner from the fraudulent activities of local seller. In intellectual property rights different
terminology are their which used by individual according to their suitability and these are stated
below:-

 Patents:- Under this patent right has been given at the time when individual are coming
with such invention which never come before in market and the ways of doing work by
using various tools and techniques. This is the way through which organisation easily
secure all the uniqueness they made in regards to their technologies. Trademarks:- Using symbol, mark, design and colour that allow organisation to
distinguish their products and services from their rivalry. For example organisation sell
the product by using particular symbol which consider as identity of company on the
basis customers buy the products so to protect the image from unfair means company
using this model. Copyrights:- It is generally given in respect of literary, artistic and dramatic work in
which idea is original and person get right in respect of it. In order to maintain the image
and goodwill and avoid any fraudulent measures Ensoft Ltd. Must use this intellectual
property right in order to protect all the innovative and digitalise features they include in
their gadgets which allow them to gain competitive advantages over competitors.
 Trade secret:- It is not possible in every circumstances to patent all the commercial ideas
so in place of it trade secret has been given as alternate. This measures and tool is
adopted by all such companies which have limited financial amount in order to carry out
their operation because it save them from fraudulent cases.
Therefore, Apple Inc. patent and copyright all their technologies, software design and symbol
they used in respect of their innovative products and services.
CONCLUSION
It has been concluded from above assignment that innovation plays an important role in
developing the product portfolio in better manner and they further uses 4P'S of innovation for
further improvement and for the purpose of accomplishing the goals and objectives in effective
and efficient manner.

REFERENCES
Books and Journals
Adner, R. and Kapoor, R., 2010. Value creation in innovation ecosystems: How the structure of
technological interdependence affects firm performance in new technology generations.
Strategic management journal. 31(3). pp.306-333.
Amit, R. and Zott, C., 2012. Creating value through business model innovation. MIT Sloan
Management Review. 53(3). p.41.
Boudreau, K .J. and Lakhani, K .R., 2013. Using the crowd as an innovation partner. Harvard
business review. 91(4). pp.60-9.
Brown, T. and Wyatt, J., 2010. Design thinking for social innovation. Development Outreach.
12(1). pp.29-43.
Chesbrough, H., 2010. Business model innovation: opportunities and barriers. Long range
planning. 43(2-3). pp.354-363.
Dahlander, L. and Gann, D. M., 2010. How open is innovation?. Research policy. 39(6). pp.699-
709.
Edquist, C., 2010. Systems of innovation perspectives and challenges. African Journal of
Science, Technology, Innovation and Development. 2(3). pp.14-45.
Gassmann, O., Enkel, E. and Chesbrough, H., 2010. The future of open innovation. R&d
Management. 40(3). pp.213-221.
Hall, B. H. and Lerner, J., 2010. The financing of R&D and innovation. In Handbook of the
Economics of Innovation (Vol. 1, pp. 609-639). North-Holland.
Hatch, M., 2014. The maker movement manifesto: rules for innovation in the new world of
crafters, hackers, and tinkerers. New York: McGraw-Hill Education.
Kline, S .J. and Rosenberg, N., 2010. An overview of innovation. In Studies On Science And The
Innovation Process: Selected Works of Nathan Rosenberg (pp. 173-203).
Lee, S., and et. al. ,2010. Open innovation in SMEs—An intermediated network model.
Research policy. 39(2). pp.290-300.
Lundvall, B .Å. ed., 2010. National systems of innovation: Toward a theory of innovation and
interactive learning (Vol. 2). Anthem Press.
Patti, G .J., Yanes, O. and Siuzdak, G., 2012. Innovation: Metabolomics: the apogee of the omics
trilogy. Nature reviews Molecular cell biology. 13(4). p.263.
Teece, D .J., 2010. Business models, business strategy and innovation. Long range planning.
43(2-3). pp.172-194.
Online:-
What is innovation?. 2017. [Online]. Available through:
<https://www.merriam-webster.com/dictionary/innovation >.