Innovation and Commercialisation Assignment - Apple company

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Innovation andCommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1P1 Innovation concept, importance of innovation in organisation and comparison betweeninnovation and invention.............................................................................................................1P2 Organisational vision, culture, leadership and team work role in shaping the innovationand commercialisation................................................................................................................3LO2..................................................................................................................................................5P3 4Ps of innovation and use of innovation Funnel....................................................................5P4 Developments in Frugal innovations.....................................................................................6LO3..................................................................................................................................................7P5 Importance of commercial funnel and application of new product development.................7P6 Build innovation business case and way to access the funding............................................9LO4................................................................................................................................................12P7 Tools to use of protect knowledge of intellectual property................................................12CONCLUSION.............................................................................................................................13REFERENCES..............................................................................................................................15
INTRODUCTIONInnovation simply means creating a new idea, new thoughts , creative imagination etc,but innovations are usually viewed as an application for achieving a better solutions which helpin meeting the new requirements of technologies and existing marketing needs. It is a initiativeto drive a greater and different value of resources, processes by generating new ideas andconvert them in to useful products. It is the way of uncovering the new ideas and ways for doingdifferent activities in a better way(Anderson and et.al., 2014). In this report Apple is taken as ancompany, which deals in mobile accessories, mobile phones, ipads, and also deals in electronicsand software all over the world. This report discusses about the invention and innovation andtheir differences, importance of innovation to an organisation. This report also discusses aboutthe 4Ps of innovation. This report sheds light on the approaches that an innovation manager takesduring the process of innovation and also the steps taken by the innovation manager for driving anew and innovative product.LO1P1 Innovation concept, importance of innovation in organisation and comparison betweeninnovation and invention in Apple.Innovation is the activity of an organisation and people within the organisation in order tochange themselves and the environment. It involves the dominant ways for introducing the newways of thinking and behaviours and increasing of new business standards. For calling aninnovation, an idea must be economical, should satisfy a need, and should have a positive impacton the customers. Its the process of deliberate application gained information, gained valuesfrom the resources, imaginations, and the initiatives for driving the new activities and also theprocess through which ideas are generated and to convert that idea in the useful products andservices of an organisation(Christensen,Bartman and van Bever., 2016). For a business aninnovation refers when a company applies a new idea in order to satisfy the customers need, andmeet the expectations of customers at a large. Innovation is beneficial for Iphone because if theApple”s business is not innovative it will decrease the competitive advantage of the company,lack of innovation also results in the loosing of staff and decrease in the employee engagement.Invention, it is something creating new. Invention is the act of creating something newwhich is never been created or used before. It is the new technical or a scientific idea which isembodied for creating something new to the world. Invention may be an improvement on1
product or a new process of creating a result or an object. Invention is the occurrence of an ideaof new process, new product etc.Innovation versus inventionBasis of differenceInnovationInventionMeaningInnovation is defined as theprocess of improvement andmaking significant changes inthe existing product(Pisano.,2015).Invention on the other hand isdefined as the process ofcreating a product or a servicefor the first time in the world.ConceptReal concept of innovation isthat improvement orsignificant contributiontowards the product, process ofservice is referred as aninnovation.Invention is simply thecreation of new product or aservice for the first time in theworld.SignificanceInnovation requires the a hugeset of strategic skills,marketing skills, and technicalskills. In innovation there is noneed of discovery, or creatingof new product or service.It is the way of coming up withthe new ideas and the way thatideas work in reality.Inventions require a broad setof skills and approach with thethought process of science.NeedIt is all about the continuousneed for the improvement ofan organisation through properresearch and also its practicalimplementations of theinnovative ideas (Varadarajan.,2015).If there is no invention there isno innovation, innovation isthe cause effect of theinvention. With the inventionas company can grow its overall standards in the competitiveworld which is required byIphone.SkillsIt requires high skills ofmarketing, strategic as well asthe analytical skills.Inventions requires the highlevel of scientific skills inorder to make the innovations2
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