Significance of Innovation in Business - Assignment

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P1 Explain innovation and its importance..................................................................................1
P2 How organisational vision, culture and teamwork shape innovation and commercialisation
.....................................................................................................................................................2
LO 2.................................................................................................................................................4
P3 Evaluate 4 P's Of innovation and its use................................................................................4
P4 what is frugal innovation and how it is used ........................................................................6
LO 3.................................................................................................................................................7
P5 Importance of commercial funnel and application of NPD of innovation............................7
P6 Developing case for an organisation......................................................................................8
LO 4...............................................................................................................................................10
P7 Different tools business can use to protect knowledge and intellectual property ...............10
CONCLUSION:.............................................................................................................................11
REFERNECES..............................................................................................................................12

INTRODUCTION
Innovation is the base of business to develop new products to survive for long run. These
innovations can be in process or methods. Innovation occurs due to change in taste and
preference of customers or in market condition. It helps business to attract new customer and
increase in sales. It allows business to modify their goals and objectives. Moreover, it improves
business efficiency and creates opportunities for growth. This assignment will throw light on
significance of innovation and how it builds culture and goals in business. Also, what are the 4
P's of innovation and new product development is described. In next section the different tools
that can be used for protecting the intellectual property and knowledge is discussed (Cockbill
2017). For this assignment organisation selected is Qubic Hotel. It operated in London, UK.
LO 1
P1 Explain innovation and its importance
Innovation is a process that creates growth opportunities for organisation by developing
new products or services (Definition Of Innovation And Its Importance, 2015). It changes
process and methods through which products are produced. Innovation is also done by changing
some product features to attract new customers. By developing new products business is able to
survive for long term in the market (Dutta and Folta, 2016). There are several benefits of
innovation, it does not create opportunities but also helps in making something unique.
Qubic Hotel can follow several strategies to developing new product or service. It will
help them to sustain and compete in the market. Also, they will improve service quality and
maintain their brand image and goodwill in the market.
Building a diversified and team work place- By innovating process creative working between
employees takes place. It helps in bringing different employees to work together by
understanding and communicating. They contribute their efforts by giving different ideas. They
help each other by providing creative ideas to complete task (Sengoku, 2015). In this way
innovation allows changing the working environment within organisation.
Providing modern tools to workers- changing process and methods brings in new machines
and tools for working. For using these tools employees are given training that increases their
ability and skills. This changes their way of working and thus leads to improve their
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performance. With this an environment is created that motivates workers to put more efforts in
achieving goals (Do, and et..al 2015). Also, new equipments help Qubic Hotel employees to
complete task in effective way.
Looking to the future- By innovating products or services business looks into the future about
what further changes can be made. This is useful in identifying needs of customer and
developing products to satisfy it. With innovation business goals and objectives are modified and
it helps in shaping business activities. Also, the focus is towards how modifications can be done
to expand business.
For example- Apple launched Ipod as their new product. This helped them to focus on the
future. They identified customer needs and made changes in product features accordingly. It
helped Apple to grow very rapidly (Chen, 2014). As a result today Apple is known as innovative
company.
Innovation- it refers to the implementation of process or idea for the first time. Also, it means
adding value to a thing that already exists. For example- implementing idea to improve quality of
service.
Invention – it refers to idea or product that has never been made before. It means complete
creation of new product. For example – developing of pick and drop service from airport for
customers in Qubic hotel
P2 How organisational vision, culture and teamwork shape innovation and commercialisation
Innovating product or service creates changes in business operations. It changes
employees roles, responsibilities, etc. along with leadership style. It is because mission, goals
and objectives are changed. Innovation changes organisation vision. This highly affects the
organisational culture because entire functions are modified. Employees have to work in new
ways to adopt change. It enhances their thinking ability as they learn new things. It changes
culture as activities are transformed and it allows employees to work in creative way. Goals and
objectives are also modified enabling them to enhance their performance. Moreover, overall
business activities are changed.
Innovation
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