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Innovation and Commercialisation in EE limited

   

Added on  2020-10-05

17 Pages4895 Words496 Views
Innovation andCommercialisation

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

INTRODUCTIONInnovation is simply creation of something new which was not every used or sellsbefore in market. It is different idea or thoughts of a person which was taken place forfulfilling requirement of entire society. In simple word it can be said that it is creation ofsomething new and different from others as well impressive. Main motive of this is to satisfyneed and wants of different segment customers. Along with this it helps in development ofeconomy of nation by bringing new ideas and thoughts in market. This assignment is dividedin four various divisions for describing benefits and disadvantages of creation with theassistance of several tool and techniques (Wonglimpiyarat, 2010). EE limited is a companywhich believes in new ideas and thoughts by modifying their existing products. As well thisis a small scale enterprise which believes in innovation and creativity. Apart from all thisbelow mention project explain 4P’s of innovation and utilisation of innovation funnel byinvolving all its necessary elements. Moreover, this highlights necessity of commercialfunnel and explains a proper invention business case for applying this performing in bettermanners. In the end, project is going to describe several techniques of securing intellectualproperty. TASK 1P1 Innovation is a word which mainly focuses on the emergence of something new andcreative as well produce for long term success in business. EE limited is popular organisationfor its electronic appliances whose main motive is to launch dissimilar and innovative goodswhich 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 asbelow:- Enhancement in present products by changing or modifying them as per the need andwants of customers because their satisfactions help company in generating revenueand profit maximisation. Rising with different innovative ideas and products Capturing the attention of millions of consumers with the assistance of severalinnovative and creative goods.

Supportive in building goodwill in the market area with is important for grabbingentire 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 byapplyingmodern and innovative application. Moreover, innovation is much helpfulas well important for staff member and also forentire 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 bydeveloping fresh and latest ideas or thoughts. Furthermore, creation and creativity both theterms are dissimilar to each other description of this is are as given below:-INNOVATIONINVENTIONThis word is explained as an launchingregenerate toolsto attracting severalconsumers. Basically it is adding value tosomething which already exists.On the contrary, creativity means to introducesomething entire new and latest. In simple termit can be said that it is something new whichdid not exist before. By taking into account to the given scenario ofApple, they are making alteration their presentiPhones by including different extra andunique features in it which are known asinnovation. But if Apple will introduce modern applianceswith full of unique characters in theorganisation which don’t have any othersubstitute that was available in the marketbefore. Thus, it is called as invention. person who is not much skilled as wellexperienced can also made alteration byapplying the needed changes (Teece, 2010).Apart from this innovation is can be occurwhen something is improved by doing somecontribution.Whereas, On the other side, the same is aprocedure which need person full of talented,expert, knowledge and experienced forcontinuing invention program because to itscomplexity. Moreover invention is that whensomething new and creative launched inmarket. 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 andinnovation as these two organisationacceptin introducing and launching thing fresh and

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