Innovation and Commercialization Report - Unicorn Grocery
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Added on 2020-07-23
Innovation and Commercialization Report - Unicorn Grocery
Added on 2020-07-23
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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Innovation and its significance in enterprise........................................................................1P2 How organisational vision, culture, leadership can shape Innovation andCommercialization......................................................................................................................3TASK 2............................................................................................................................................4P3 4Ps of innovation and use of innovation funnel to shape innovative ideas...........................4P4 Explain development in frugal innovation.............................................................................5TASK 3..........................................................................................................................................6P5 Significance of commercial funnel and application of new product development forinnovation....................................................................................................................................6P6 Innovation business case for an enterprise.............................................................................7TASK 4 ...........................................................................................................................................8P7 Various tools that can be used by enterprise to develop and protect intellectual property....8CONCLUSION................................................................................................................................9REFERENCES................................................................................................................................1.........................................................................................................................................................2
INTRODUCTIONInnovation is identified as an effective process of translating an invention and idea into aservice or products that develop value for which clients will pay. In term of organisation, itdefine as an essential activity of generating innovative ideas, workflow, service or goods andmethodologies. Innovative ideas and plans are used by each and every company in order tosatisfy wants and needs of audience effectively and efficiently. Innovation is more essential andimportant part for the company to maximise their sales and decrease expanses (Ambec and et.al., 2013). It is also assist in attracting large number of the customers towards business productsand service. In the present assignment, chosen organisation is Unicorn Grocery. This businessdeals in different variety of products to the customers at reasonable price. This report determinedabout importance of innovation and vision, teamwork, culture and leadership of organisation.4P's of innovation and use of innovation funnel also determined in this project. Application ofnew product development and significance of commercial funnel also analysed in this report.There are different tools which are applied by company to protect intellectual property which arealso determined in this report. TASK 1P1. Innovation and its significance in enterpriseInnovation is an effective and essential process which is apply by each and everyorganisation in order to improve their profitability and productivity ratio. In simple word, it isalso determined as an activity of developing new product or service, methodologies, conceptsand many other tools which help in the growth of business. There are some importance ofinnovation which are determined as below: Maximise business productivity: Innovation is one of the main and beneficial part which isessential for the company to increase their productivity level (Baldwin and Von Hippel, 2011). Inorder to attain long term goals and objectives company should tries to improve their productquality. Maximise effectiveness of communication procedure: Innovation also very important andessential element in order to decrease conflict and misunderstanding which are arise in theorganisation. Innovation assist in maximisation of coordination and corporation betweenmanager and employees. 1
Support in optimum utilisation of resources: Innovation also assist the business managerin order to maximise utilisation of accurate resources. With the help of proper initiativescompany easily maximise their sales and revenues. In case of Unicorn Grocery, they producedifferent products and services to the customers at resealable price. Render competitive advantage to firm: Innovative things, services and products alwaysattract large number of customers towards new techniques (Battistella and Nonino, 2012). Newprocess of production is also help in maximising business profitability and productivity ratio inlimited time period. There are some other benefits and advantages of innovation are as below: With the use of innovation Unicorn Grocery can seizure large number of market share. Proper innovation and new ideas is essential for the organisation to create a USP (Uniqueselling proposition) for specific process and products. It enhanced employee motivation, retention and flexible recruitment. Innovation assist in building a strong image (Boudreau and Lakhani, 2013). Enhanced productivity and performance of the company as well as reduce cost. Innovation and invention both are different things which are determined as below: Basis Innovation Invention Meaning It is completely new conceptof implementing innovativeprocess and ideas in businessoperation. It is mainly related withdeveloping and creatingsomething expectationallyinnovative. Requirement Innovation requirement tobroad set of marketing,technical and strategic skills. It mainly needs scientific skills. Concept It is an adding value or worthto a process and product whichalready available. In this element, new productdevelopment process is highlyessential. Motive Innovation is normally foreconomic motive. Invention may be foreconomic and non-economicmotive2
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