Assignment on Innovation Criteria in 3com
Added on 2020-06-04
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INNOVATION ANDCOMMERCIALISATION
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Innovation and its importance with comparison to invention...........................................3P2 Vision, leadership, culture and teamwork helps in innovation and commercialisation....4TASK 2............................................................................................................................................5P3 4P's of innovation and also use of innovation funnel........................................................5P4 Development in the frugal innovation and its usage in 3com...........................................7TASK 3............................................................................................................................................8P5 Significance of commercial funnel and having new product development......................8P6. Innovation Business Case...............................................................................................10P7. Tools that are adopted by organisation to retain, develop and protect intellectual orknowledge property..............................................................................................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONMany companies in today's market scenario they are bringing many changes in theirworking scenario and in quality of their product and services to make their customer happy inmarket (Aarikka-Stenroos and Sandberg, 2012). Although making innovation in goods andservices by organisation and thus firm also play with the mindset of customer and attract themtowards their product to purchase and use them and with satisfaction convert them to becomeexisting consumer for longer too. The report is based on 3com which is famous for electronicitems and computer network and although, firm is found in year around 1979 by the RobertMetcalfe. Assignment include innovation criteria in 3com products and services in better manneralthough having a monopolistic scenario in market. Therefore, it also include role of 4P's in goalsand objectives as well of organisation which also look forward to modify existing products ingreat way too. In last, motto was of report is to mainly highlight different role of ideas and thusalso establish goodwill in different criteria. TASK 1P1 Innovation and its importance with comparison to invention.Innovation is that which is very important in organisation for further development andgrowth in effective way which leads to success of enterprise in organisation within the minimumduration of working as well. In fact, Creativity is that which looks to attract customers towardtheir product and services in great manner, 3com do bring innovation in their product so that theycan satisfy their ultimate customers in proper way too (Bogers and West, 2010). Moreover, suchconcept is very much required according to environment and modernised universe. Some of theimportance of innovation be like as follows: Company has to go with using strategy and decision in proper manner so that they canalso attract maximum number of customers towards them only. Innovation and creativity is something which is needed and has to be achieve goals andobjectives in less time period too. This is something which also help in getting maximum gain in form of revenue. Therefore bringing new items and products in comparison to their competitors too ingreat way.
3Com company can provide better telecommunication services by considering innovativeideas and creativity that facilitates in enhancing growth of the firms. Innovation and inventions are two major things that bring several changes in product orservices and create demands among targeted customers so that best possible outcomescan be get. The difference in between innovation and invention is as follows: INNOVATIONINVENTION This is that which looks for modification andalteration of product which is being alreadyexist in market and it fulfil demand in greatmanner. In this, invention is something which is havinga feature of presentation and product withoutcommercial centre and thus it is considered asfresh product in market. According, modification is such which help toattract the customers in huge way and thus italso help company to earn higher profits aswell. Moreover, producing any design in productleads to emergence of new product in marketand thus it is been done when the whole worldis not aware for such thing and it leads toinvention in great manner. Innovations are defined as the adoption of newideas and concepts that already have made forgrowing business. 3Com plc can undertakenew thoughts and ideas for achieving successand adopt innovation to reach at potentialcustomers. Inventions are to be considered as thedevelopment of new products or services thatnever introduced before. 3Com company caninvent effective products or services that willsupport in providing telecommunicationservices so that more customers are to beattracted. In this included various methods, values andvarious things for making innovative productsthat may be exist in the marketplace. It is defined as the creation of new productswhich has launched recently for the first time. Hence, 3com is that which also look forward to develop ideas which look forward toimprove their existing product and services in great way which help to satisfy their customerwith their demand and needs. Although both the scenario are most important for the organisation
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