Importance of Innovation in Business

The assignment emphasizes the crucial role of innovation in business, citing its ability to reduce mistakes and errors while capturing client minds. It highlights the importance of using modern instruments and methods to compete with rivals and provide better services and products to customers. The document also touches on the need to protect intellectual rights through patents, copyrights, trademarks, and trade secrets.

Innovation and
Commercialisation

INTRODUCTION.....................................................................................................................................3
TASK 1....................................................................................................................................................3
P1 ......................................................................................................................................................3
P2 ......................................................................................................................................................5
M1.....................................................................................................................................................6
D1......................................................................................................................................................6
TASK 2....................................................................................................................................................7
P3 ......................................................................................................................................................7
P4 ......................................................................................................................................................8
M2.....................................................................................................................................................9
M3.....................................................................................................................................................9
TASK 3....................................................................................................................................................9
P5 ......................................................................................................................................................9
M5 ...................................................................................................................................................11
P6 ....................................................................................................................................................11
TASK 4..................................................................................................................................................13
P7 ....................................................................................................................................................13
M5 ...................................................................................................................................................14
D2 ...................................................................................................................................................14

INTRODUCTION
Innovation is simply creation of something new which was not every used or sells
before in market. It is different idea or thoughts of a person which was taken place for
fulfilling requirement of entire society. In simple word it can be said that it is creation of
something new and different from others as well impressive. Main motive of this is to satisfy
need and wants of different segment customers. Along with this it helps in development of
economy of nation by bringing new ideas and thoughts in market. This assignment is divided
in four various divisions for describing benefits and disadvantages of creation with the
assistance of several tool and techniques (Wonglimpiyarat, 2010). EE limited is a company
which believes in new ideas and thoughts by modifying their existing products. As well this
is a small scale enterprise which believes in innovation and creativity. Apart from all this
below mention project explain 4P’s of innovation and utilisation of innovation funnel by
involving all its necessary elements. Moreover, this highlights necessity of commercial
funnel and explains a proper invention business case for applying this performing in better
manners. In the end, project is going to describe several techniques of securing intellectual
property.
TASK 1
P1
Innovation is a word which mainly focuses on the emergence of something new and
creative as well produce for long term success in business. EE limited is popular organisation
for its electronic appliances whose main motive is to launch dissimilar and innovative goods
which is helpful for staff member to do working more easily in an organisation. Simply,
innovation is too much essential because of several reasons some of them are stated as
below:-
 Enhancement in present products by changing or modifying them as per the need and
wants of customers because their satisfactions help company in generating revenue
and profit maximisation.
 Rising with different innovative ideas and products
 Capturing the attention of millions of consumers with the assistance of several
innovative and creative goods.

 Supportive in building goodwill in the market area with is important for grabbing
entire customer from market (Walsh, 2012).
 Help in achieving aims and targets of company by utilising minimum time period.
 Up gradation in the technique of increasing knowledge and skills of staff members by
applying modern and innovative application.
Moreover, innovation is much helpful as well important for staff member and also for
entire company this act as a development and growth technique in the organisation (Thore,
2012). Thus, EE limited requisite to increase their business in the geographical land by
developing fresh and latest ideas or thoughts. Furthermore, creation and creativity both the
terms are dissimilar to each other description of this is are as given below:-
INNOVATION INVENTION
This word is explained as an launching
regenerate tools to attracting several
consumers. Basically it is adding value to
something which already exists.
On the contrary, creativity means to introduce
something entire new and latest. In simple term
it can be said that it is something new which
did not exist before.
By taking into account to the given scenario of
Apple, they are making alteration their present
iPhones by including different extra and
unique features in it which are known as
innovation.
But if Apple will introduce modern appliances
with full of unique characters in the
organisation which don’t have any other
substitute that was available in the market
before. Thus, it is called as invention.
person who is not much skilled as well
experienced can also made alteration by
applying the needed changes (Teece, 2010).
Apart from this innovation is can be occur
when something is improved by doing some
contribution.
Whereas, On the other side, the same is a
procedure which need person full of talented,
expert, knowledge and experienced for
continuing invention program because to its
complexity. Moreover invention is that when
something new and creative launched in
market.
From the above explanation, It has been understood that innovation and invention;
both are different term which is not similar to each other because of its nature and meaning.
In this case of these two term, Apple and Virgin Group is a best instance of invention and

innovation as these two organisation accept in introducing and launching thing fresh and
unique to keep their present organisation for longe duration (Snow, and et. al., 2011).
although with this, EE limited wish to implement these two method in their enterprise for net
profit increase by gaining accurate info and data. So, it acts as a best way of revenue
maximization by satisfying the need and wants of domestic and international both the buyers.
P2
It is important to have clear-cut vision and objectives in relation to the pre determined
goals by planning needed funds and resources for converting raw material into fineshed
products. For gaining better position in market company must have to convey their vision,
mission and objective to every individual and team because with proper team work nothing
can be achieved in proper manner. EE limited should have a very clear-cut and futurestic
vision for smooth flow of their enterprise for long duration of time by building their picture
or reputation in the market area (Schoonmaker, 2010). Therefore, vision, leadership, culture
and group work play a crucial role in forming the innovation and commercialisation in
several structure because of its wide concept. Vision: - Clear goals and targets of the given company boost up and encourage their
leaders or manager of a firm to generating various opinion or thoughts for generating
their revenue by applying effectual strategy and planning’s. Generally, vision is all
about actual statement of organisation intention and scope for operating their
enterprise in easy and smooth with the assist of inspiring planning. Therefore, it is a
vision is the word which lighten major need and reason besides the formation of
administration in market place. Leadership: - Modernisation or innovation is an thoughts which is introduced or
originated by the administrator or skilled staff member who is performing liable for
innovation of latest and new appliances and technologies also. Although, leaders are
responsible for the applying program because of their duties and role in the
organisation for its development and growth. Apart from all these, innovation can
only shape or launched by managers of a EE limited because they are accountable for
building a good relationship within employers and employees. Leadership is more
important because leader and manager are the person who control and manage and
control entire working of business.

 Culture: - This element of innovation which reflects ethics, values, rules and
regulations which are applied by top level bodies of respective give enterprise for
entire company to operate their company better and proper way (Carayannis, 2010).
In fact, it describes the nature or action of staff member who are doing work in the
association based on ethics and values. Along with this culture of company should be
healthy and positive so that this can satisfy the employees who are working with
them.
 Teamwork: - It totally related to the togetherness of an entire company for
accomplishing the pre determined aims and targets in the minimum duration by
dividing important undertaking and activities within small teams in better way. Work
is group is a term which describes collaborative nature within the personnel and other
staff members for developing the entire company by enhancing their business within
geographical limitataions. Team work is more important for doing work on time with
more effective manner (Rafinejad, 2007).
M1
Innovation is all about introducing creative products or idea in order to improve the
condition of an association by attracting others. In fact, various competitors are coming with
outstanding thoughts for impressing others as well as society in order to gain maximum
revenue. However, EE is trying to launch something new or distinctive which make their
organization totally different from others. Some of the major sources of innovation are
demand of specific products or services, market trends, customer choices or preferences,
competitor strategy and so on. Thus, in order to cope up with several changes which might
incurred at current environment and culture company is coming with creative ideas for
capturing attention of customers.
D1
Innovation is only developed if employees whosoever are involving in promotion are
properly perform their business roles in effective manner without exploiting the rights of
other individuals. Basically, company is trying to enhance their performance by fulfilling the
needs or demands of desired consumers. As a result, innovation can easily developed in
suitable manner when it is accepted by other individuals also. Furthermore, …....said that if
company get succeeded in filling the market gap with their creative thoughts then company
can easily measure the innovation. Along with this, current position of enterprise also
supports in understanding each or every aspects by acquiring customer loyalty and trust.

TASK 2
P3
In order to grow and develop at a new and advance scale it is important to innovate the
present working system. There are different areas were innovation can be done and business
can achieve higher success. EE company wish to expand and there are distinct areas in which
changes can be made to achieve higher success. It is important that planning regarding
change is done in a manner that effective and efficient results are achieved. it has to be cost
effective so that the desired objectives are achieved within the allotted budget. Different areas
where innovations cane b made are through using the 4Ps concept. It is discussed in detail
below: Product – This is one of the most common area where innovation can be made and
higher returns can be achieved. Under this it is ensured by the entrepreneur that he
delivers quality and effective good in the market which is capable of helping EE
limited in achieve the competitive advantage. by introducing better advanced and
developed products in the market the satisfaction level of clients can be raised and
hence the revenues are generated. EE limited by introducing such applications which
has the capacity to deliver higher returns can assist in developing in the long run.
Process: The referred enterprise required to successfully considering a proper process
with the assist of this fine quality of goods and services which is transferring to
buyers (Kim, And et. al., 2011). Apart from this, effectual functioning procedure
keeps the worth of facilities as well as employed act of staff members that aids to
getting rid of present faults and blunders.
 Position: It reflects the real state of organisation’s goods and client’s call in exterior
market place. With the assist of this and easy to find out how much there is
requirement to change existing goods also how it will provide proper satisfaction to
them.
 Paradigm: It is one of the last elements of 4P's of innovation which describes current
dominant paradigm of respective administration in an effective and proper manner.
In simple language, innovation funnel helps to describe various necessary stages of
altering existing goods and facilities of organisation. The most important objective and aim of
innovation funnel is to get better the real place of produces in the external market area
(Huizingh, 2011).

 In the first and foremost stage, on innovation funnel is broad mouth it involves actual
and proper information and data which helps to modify existing products of cited
organisation. Because without proper information no company can innovate their
offerings.
 Second stage of innovation funnel is related to lessening the piece of funnel there is
infectiously comparing within goals and objectives of administration and gathered
information is examining that which are related or not.
 This is the final step that stand for the collected or gathered information, data and
ideas with the assist of this organisation will effectively accomplish their aims and objectives
in better way (Godin, 2012). For long time survival there is need of achieving goals and
objectives so that enterprise can generate more and more revenue and can maximise profit.
P4
Frugal innovation is a effective procedure that uses to manage activities properly in
order to analyse better ideas and production approaches as well. These activities aid to reduce
issues and complexity to manage production cost of firm easily. Main objective of this
procedure is to analyse effectiveness new innovation that are required in organisation.
Through frugal innovation, employees can easily analyse unnecessary activities and features
to remove them from new activities. These activities helps to provide more quality services in
organisation to maximise their growth as well as income. Main contribution of frugal
innovation is to maximise quality of products and services to build positive connection with
direct customers. Through this, EE limited can easily get long term benefits and advantages
as well. This is a large procedure which is required proper time, funds and efforts of
employees. In this, management of firm collect proper information and data that are require
specific modification, after this they analyse major factors that require to alteration and need
to make changes after proper sync. At last they make proper changes in activities by proper
innovation. Main advantages of this process is that it always provide desirable outcomes and
benefits. EE limited is a manufacturing organisation, so for them it is required to implement
innovation and advance technology to maximise effectiveness of their products and services.
development of frugal innovation and its uses are given below -
Implementation of new technology – This is a most effective procedure which is uses new
technology and advance ideas. For EE limited, it is require to use digitalisation in order to
maximise production services and modifications. Through this firm can easily get maximum

profitability and growth. All these activities are helpful to enhance production services in
more easy way to getting higher productivity of employees.
Reduce production cost – For EE limited, it is require to manage innovation in business to
reduce production cost. This process helps to manage all activity properly in order to getting
maximum advantages easily. Frugal innovation basically uses to minimise non essential
activities to reduce production cost. Through this they can easily provide quality products to
customers on attractive prices to build direct connection with them for a long time period.
Adding new features – Innovation is basically uses to make desirable alteration and
modification in products and services. frugal innovation is also a beneficial factor of this
procedure that helps to analysing requirement of services in order to make positive changes.
M2
Innovation funnel is also known as sales one which means that company can use this
strategy for measuring their organizational gross sales in order to make further actions if there
is any requirements. Additionally, it helps an enterprise in understanding each or every
aspects in best manner for designing company products if there is any need as per current
position. Basically, this funnel shows the different phases from which company product is
going through till the end that is final consumption so that they can attain set objectives. EE is
following all the indispensable phases for determining the market status in order to maximize
the company sales volume.
M3
Frugal innovation is seen as most beneficial strategy for association because their
main motive is to focus on consumer needs or demands before launching any creative
products at workplace. Mainly, this element is used by enterprise for understanding each or
every aspects that is changing at marketplace in order to control possibilities of mistakes and
errors. Hence, it has been understood that EE is adopting this strategy or prefer frugal
innovation for maximizing their sales volume in a defined time frame.
TASK 3
P5
Commercial funnel is a word which split improvement way in 3 phases for
improvement present goods by applying several beneficial scheme and plan of action.

Therefore this funnel is very much essential for success of EE limited. Description of this is
gives as below :- Pricing policy:- Demands of national and international customers is fulfilled through
company by providing them exclusive and distinct products at affordable cost.
There is no such customers in market who wants to pay extra amount of goods
everyone wants products at minimum cost. Quality improvement:- Maintaining uniform quality of a electronic appliances by
improving or developing their character with introducing of several thoughts and
things. Goodwill :- Respective organisation implement this method for constructing their
picture at a market area to on going their enterprise for long duration of time by
accomplishing goals and targets of a organisation. Goodwill is that term which assist
company in increasing productivity and satisfying customers need and wants. Emersion of advanced technology:- EE limited utilise this funnel to launch various
devices with extra characteristic or facility. Latest technology can easily increase
sales by attracting large number of customers. Gain :- This method is also helpful in generating revenue and profit as soon as
possible. Minimization of loss:- The same funnel is basically utilised by firm to approximate
their future price for deducting losses.
 Implement investigation programmes :- Research program is much helpful and
necessary in gaining actual data and info to make alteration in their current products
and services in an appropriate manner (West, 2010). In fact investigation
programmes is used by the same organisation for collecting actual evidences which
plays a very prominent role in a decision making process.
Apart from above discussion, new product development is a long and proper
procedure of product enhancement by implementing effectual methods in proper steps which
is mentioned below:- Emergence of innovative ideas :- First and foremost step is to make innovative ideas
or thoughts by conducting investigation programmes. Therefore it is very important to
gather required information or data for reforming present goods and services.

 Screening ideas:- this is the second step, creating new ideas which is done by
administrator of EE limited require to doings screening program for realization of
modify about market potential. Testing and growth programmes :- Afterwards screening of thoughts third step is
testing and growth program, this is the time for testing entire curriculum for
minimising current barriers or hidden hindrance (Rosenthal, 2012). Therefore it acts
as an essential tool for removing mistakes of underdeveloped process. Business analysis :- Then after getting awake about affectivity of strategy, this is the
time for assessment of an organisation for getting modify about their earnings and
losing. Because these both are important to be managed and control in proper manner.
 Product development :- Last step of product development process, Innovation in
electronic products offering is indirectly act as a up-liftment of a same enterprise.
Application of NPD is all about covering the entire proecdure of coming new goods at
marketplace for gaining maximum competitive advantage. Their main objective is to convert
the market opportunity into goods for selling it across the distinct regions. It might in tangible
form for satsisfying the needs of different customers. Application is all about consist of
various process and steps.
M5
Business case is all about showing all the necessary vision, mission and objectives of
distinct shareholders in order to gain maximum advantages by satisfying customer needs.
This aids in assisting staff members towards corrective path by introducing appropriate plans
and strategies. Some of the major factors that are falls are- employees and staff mission,
vision, stakeholders and so on.
P6
Business case is assembling with the objectives that proper arrangement can be made.
Every element are needed to be considering by association in it and this is also required to
find out element so it can't persuade upcoming working activity. Business case can be written
or verbal both it includes all the information elated to company and their working. Play vital
role in future when any data is required.
Mission statement:
This is the revelation which is in combined frame and reflects aims and objectives of firm. It
is simply short term statement for any kind of enterprise and mission is the expression which

is made by leaders (Aarikka-Stenroos, 2012). Mission involves several things such as target
audience; product and services, what will make product unique and why anyone will chose it
over others.
Statement of purpose of EE limited comprises of:-
 Important factors of company.
 Exclusive products as well as company will be provide to which segment of market
area.
 Capability to know east from west for entire enterprise or information of every
activity taking place in business (Sandberg, 2012).
Proposal statement:
Several appearance are involved in this as objectives and goal, assessment the requirement to
create, key data. This provides utilization as well as final results that can be feasible by
alteration.
Resources:
There are several properties that which are needed to be involved by organisation in better
way. Resources are required to be utilized in adequately manner so creativity can be take
place in more flourishing way. Along with this resources are required for meeting day to day
need of business also and these play crucial role in achieving goals and objectives of
company related to innovation.
Time management:
It is necessary to have time management approach, thus new improvement can be made or
apply in the business in the required time period. There are many changes that emerge in
market as well as it is required to consider it on favourable basis (Bagchi-Sen, 2007). Apart
from this when there is proper time management in business then they can deliver goods and
services to customers on time and make them satisfy.
Ways of funding:
Fund or finance is the blood of business with this company cannot meet their day to day
activity as well cannot survive in market for long time. There are several ways that can be
used by enterprise for funding, which are given as below:
 Financial specialists: There are some organisations and people who required to put
funds in the business. It is the foremost source to rise subsidizes with the objectives
that enterprise can do best effort in such way.

 Government: There are several ventures or start ups for whom governance lend
reserves. They provide funds to business so that staff members can be produce
products and services. Along with this, they contribute for public welfare also.
 Bank and Financial institution: organisation can take loans from bank and from
some other financial institutions also. This is protected method for generating
financing. They grant loan for business reason and along with this, it is required for
them to put their assets or some other thing as security to bank. But bank and financial
institution charge some amount on loans which is known as interest.
TASK 4
P7
Each minor or big commercial take various concepts of running corporate commercial
enterprise at a market with its own designs so it is highly necessary to prevent the originality
of EE limited from receiving victimized and untouched. Hence, leading institutions have
fulfilled many policies or legal norms to protect them from harmful effect. In fact due to
development of progressive application and equipments, machine politician are additionally
developing that may influence originative information of businesses (Sandberg, 2012).
Government of nation was engaged in amending numerous of approaches that is discussed as
follows:- Trademarks: - According to this element, it is consider as collection of a signs or
symbols which distinguish merchandise of an organization from their participants. It
is the expression which recognizes product and services for a specific cause. In fact
consumers can easily identify product with their codes and signs which force to print
on accumulation as well as guarantee. Instead of this, it is additionally declared on
structure of an EE limited. For a sake of business individuality, trademark often to
display on company structure. Copyrights: - It is a private and legitimate authorities that is adopted by creator for
particular quantity of centuries to print, issue, evidence. Basically, it is a
manufacturing of creator that is prevented by getting abused from drudge and crime.
It is a legal right that the designer of the original work limited right for its use and
delivery.

 Patent:- This authority is arranged by leading bodies for specific organization to
begins their control at a market (Bogers, 2010). It is a set of exclusive granted by
government and the legal entity. Right As per this policy none of other enterprise
must have authority to written record goods of an EE limited without acquiring
consent from the possessor of an association.
 Trade secrets: - It is a individual information and message which is theoretical by EE
limited while successively their enterprise efficiency. It is an instrument and a pattern
of commercial method or compilation of which Business can obtain financial benefits
over challenger and client. Evidence not commonly known or practically
ascertainable. However, as per this authority and association accepted secrets
instrumentation and knowledge and skill while developed procedure.
By summarized this, it is assessed that unwritten that all these proceedings logical stuff plays
crucial role in locking thought and originality of EE limited.
M5
Number of tools are identified which is enforced by governing bodies to prevent other
from exploitative activities such as; intellectual rights are aids in restricting others from
misusing the creators products. In fact, create a nation free from discriminatory activities for
protecting others as well as whole corporate world.
D2
According to Aarikka-Stenroos, 2012 it has been assessed that innovation is having
numerous of nature which is used by company for reducing possibilities of mistakes and
errors. Along with this, company is worrying about the various methods of innovation for
capturing the minds of distinct clients. Their main objective is to grab the opportunities
identified at marketplace for enhancing their company performance.

CONCLUSION
From the upper assignment it has been summarised that innovation is important in
everything. Because same thing in market cannot remain for long time it requires some
innovation and creativity. Along with this it help in growth and development of business as
well assist in profit maximisation also. If enterprise uses modern instrument and method in
their enterprise, then they can compete to their rival in easy and smooth way at marketplace.
Apart from this, they have to involve several elements while they are applying latest or
exclusive methods into their company form bringing smoothing latest. As result to, it will
help manager to give better services and products to their customers. Moreover, they have to
protect their rights as patent and copy rights, so that no other people can use it. For this
intention, they can utilise few instrument, like copyrights, trade mark and many more.