Concept of Innovation and Its Importance: Assignment

Added on - 21 Feb 2021

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Innovation and Commercialisation
Table of ContentsINTRODUCTION...........................................................................................................................3PART A.........................................................................................................................................3Innovation and how it differs with invention..............................................................................3Different sources of innovation and how they help in shaping organization's vision,leadership,culture and teamwork...................................................................................................................44Ps of innovation and the innovation funnel and its usage for shaping innovative ideas in theorganization.................................................................................................................................6Development of frugal innovation and its role in business.........................................................7Critical evaluation of innovation that is developed, embedded and measured within businessorganization.................................................................................................................................8PART B............................................................................................................................................9Overview of industry..................................................................................................................9Importance of commercial funnel and application of new product development process forinnovation in the organization..................................................................................................11Evaluation of different tools that chosen by organization that are use for protecting intellectualproperty.....................................................................................................................................12Nature of innovation and challenges that have been faced while developing successfulinnovation in organization.........................................................................................................13CONCLUSION.............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONInvention refers to the term that include implementing new ideas into business for thefirst time. It includes adding something new into business and combination of different productand services used that help in implementing change in the organization (Dincer, 2017). On theother hand, innovation means implementing new ideas into existing process that will be used inbusiness. In this single product and process used for bringing new business ideas.Present study will be based on Boots company. It is one of the largest retailer inhealth ,beauty and pharmacy chain in the country. It was founded by John Boot in 1849 and itsheadquarter is located at Beeston, Nottingham.Report mainly emphasized on the concept of innovation and its importance. It alsoinclude different sources of innovation and how it help in shaping leadership, culture andteamwork at the workplace. Including 4Ps of innovation and funnel that help in shapinginnovative ideas in the company. Development of frugal innovation and its role in innovatingnew business ideas into business. Furthermore, it include importance of commercial funnel andapplication of new product development in business. Tools that are used for developinginnovation and challenges faced while implementing those into business will emphasized in thisreport.PART AInnovation and how it differs with inventionInnovation means bringing change in the organization by including some new ideas andconcepts for gaining more opportunity and growth in the future. It is an original concept thatemphasize on including various aspects that may lead to implement new business aspects for thefuture. Innovation help in providing more growth and generating value in the market. Throughthis Boots can earn more profit and gaining opportunities for the future.For improving Bootadopt customer relationship management system for enhancing sales in the future.(Davies andHorst, 2015). It is necessary for bringing change in the company or meeting consumerexpectation. It lead to provide continuous improvement in business for enhancing future level inthe company.It plays an important role for the purpose of enhancing business and evaluating growth inthe future. For example: Becoming market leader Boot have to adopt different strategies thathelp in implementing innovation in the company. It is necessary for Boot to bring change in
business as it help in improving operations as well as productivity. Innovation helps in solvingproblem easily as better solution can be applied after enhancing operations. Various conceptswill be used that help in gaining competitive advantage. As introducing new herbal cosmeticproduct by Boots provide attraction to consumers that help in increasing sales as it bring it forthe first time into market. For beating competition bringing innovation is essential for enhancingorganization in evaluating its various aspects in developing future.For the purpose of bringing innovation in Boots UK it adopts different system that help inimproving efficiency as well as innovative ideas into business. For example:- Boots UK deals inbeauty and health products so by using organic ingredients new innovation as beauty cream intoits product for enhancing business for the future. This also help in increasing productivity as wellas profitability for the future course of action (Payne, 2017). Continuous improvement inmanufacturing process help in achieving success and increasing sales. Innovation leads toimprove effectiveness in working and enhancing accuracy. Bringing innovation into thecompany enhance return on investment of Boots UK.InventionInnovationIt means implementing new ideas and conceptsfor the first in the company.It means introducing new concepts into alreadyexist business process.In this new product is being created.Value will be added to already exist businessprocess.For the purpose of bringing new productscientific skills are required.Different skills required such as marketing,strategic and technical skills for enhancingbusiness operations in Boots.It emphasize in bringing out single product intothe market.It brings various combination of product andprocesses.Different sources of innovation and how they help in shaping organization's vision,leadership,culture and teamworkOrganizational visionis the term that is used for the purpose of setting an objective forthe future. Strategic objective has been set up for the purpose of increasing sales and profitabilityand also increasing market share. Leadershiprefers to the term that help in inspiring, motivating
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