Frugal Innovation and Organizational Performance

The provided document is a solved assignment that delves into the significance of frugal innovation in enhancing organizational performance. It highlights the need for businesses to implement innovative ideas and plans effectively within their work environment. The assignment also emphasizes the importance of creating effective goals and objectives to attain a competitive edge at the market place. Additionally, it touches upon the concept of building teams and coordination among employees to complete organisational operations.

Innovation and
Commercialization

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1) Innovation and its importance to organisations in comparison with invention...................1
P2) Culture, teamwork, vision and leadership of organisation in shape innovation...................3
TASK 2............................................................................................................................................4
P3 4P's of innovation and use of innovation funnel to develop innovative ideas within an
organisation..................................................................................................................................4
P4 Development in frugal innovation and its uses within an organisation..................................5
TASK 3............................................................................................................................................6
P5) Significance of commercial funnel and application of new product development for
innovation....................................................................................................................................6
P6) Innovation business case for an enterprise............................................................................7
P7) Various tools that can be used by enterprise to develop and protect intellectual property...8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is consist to be the most essential process of translating an idea or thought into
a good product or services which create value for firm as well as customers. In this modern era
each small as well as large business enterprises are concern on implementing innovation at work
place in respect to developing their performance and productivity at market place (Amit and
Zott, 2012). Plan.com is the chosen organisation for this particular report, it is a mobile
communication provider serving organisation. The was established in the year of 2013 by
director Dan Craddock. This report contents the study about the importance on innovation and
effective comparison among innovation and invention, the utilisation of new and innovative
technologies at work place, the effectiveness of organisational vision, mission, teamwork and
leadership will be analysed, the need of innovation will also be discussed with 4 P's of
innovation as it provides shape to the innovative ideas, the development of frugal innovation, the
importance on commercial funnel and the importance of new product development, various tools
that organisation can use to develop, retail and protect knowledge and intellectual property will
also be discussed in detailed manner.
TASK 1
P1) Innovation and its importance to organisations in comparison with invention
Innovation is consist to be the most essential term which helps in developing the overall
performance and productivity of firm through implementing new ideas and thoughts. Innovation
refers as process of translating an innovative idea or invention into a effective product or service
which create value for organisation and customers are ready to pay. An idea to be called as
innovation needs to be replicable at an economical cost and also able to satisfy some specific
needs and wants. Innovation is a vast concept which involves deliberate applications of
information, imagination and initiative in order to leading greater or different values through
resources and also includes all the processes through which a new and innovative idea are
generated and converted into appropriate action as to developing some useful products and
services. Innovation is also effective in providing appropriate solution for the issues and
conflicts that has a direct influence on the organisational performance (Davila, Epstein and
Shelton, 2012). The term innovation and invention are totally different from each other as
innovation helps in creating some new and innovative features in the existing products which
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create value in maximizing the sales and revenue of firm. On the other side invention consist to
be a new scientific and technical idea which used in developing a new product or services for the
very first time as it create value in introducing new and effective goods at market place. Small as
well as large business enterprises are concern on implementing new and innovative ideas at work
place in order to developing more effective products as to satisfying the desired of people at
market place. Innovation has various importance in which some are described as under:
Developing the performance of firm: Innovation helps in creating some new ideas and through
which support the firm in developing new and innovative products at market place as to
developing the performance of firm. Innovation renders a new way to effectively accomplishing
the organisational operations through producing new and effective products at market place.
Optimum Utilisation of resources: Innovation also create value in utilisation of organisational
resources in an effective and appropriate manner. As a small business enterprises plan.com is
concerned on implementing innovative plans and ideas as to managing their operations more
effective in nature. This help substance in use every one of its assets and assets to an ideal level.
With this, organization make and offer quality items to its clients which increment benefits of
firm.
Difference between innovation and invention is described as below:
Basis Innovation Invention
Meaning Innovation is effective in creating
appropriate changes in the existing
products and services of firm through
implementing new ideas and methods
(Drucker, 2014).
.
This is different from the innovation,
in this an effective idea has occurs
which helps in implementing a new
and innovative product for the first
time which has never been take place
in the market.
Need Innovation is widely applied by
organisation as to adding some new
value and feature in the existing
products of firm.
The major needs of invention is to
developing some new products for
the first time.
Skills
Required
This concept requires some set of
technical, marketing and strategic skills.
It is significantly works on the basis
of scientific skills and ideas.
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P2) Culture, teamwork, vision and leadership of organisation in shape innovation.
Innovation is consisting to be a broad concept which plays effective role in development
of organisational performance and productivity. Innovation and commercialization are depend on
each other and works together as to attaining higher growth and success at market place. In an
organisation management plays effective role in creating clear and concise vision and mission as
to providing appropriate guidance to their employees in order to attain significant objective
(Gordon, 2012). on the other side culture and teamwork also plays effective role within
organisation the difference among culture affects the performance of employees which has a vast
influence on the performance of employees and this create the satisfaction among employees.
Leadership is also effective in promoting the walking activity and ability of workers as to
producing more effective and innovative products at Marketplace. As a small business
organisation plan.com is focused on implementing innovative technologies in order to enhancing
the efficiency of work at workplace which create value in attaining higher growth and
profitability. There are some essential points which are needs to be followed by company in
order to attaining competitive edge which are described as under:
Vision: This consists to be a predetermined statement in which organisational objectives and
plants are involved which are needs to be accomplished by organisation as to attaining the
targeted goals. This provides an appropriate path to manage for implement all business operation
in effective manner which create vale in higher profitability. The essential vision of firm is to
providing high quality and services to their significant customers through applying innovative
ideas and technologies.
Culture: this is also another essential aspect of business as it is the major responsibility of
Management and higher authority to manage and effective culture in order to encourage and
motivate employees at workplace. It is essential for each business organisation to provide an
effective culture and environment to their employees so that their working ability can be
improved this create value in completion of organisational task through effective collaboration of
people. As a small UK based company plan.com has some norms moral values rules and
regulations which are needs to be followed by employees as to maintaining an effective culture
at workplace. Plan.com is widely concerned on applying equality culture as in this they are not
creating discrimination among employees as per their caste, religion, colour and norms.
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Leadership: This is also an important aspect in which the quality of employees as to
commanding others and directing them for moving forward towards right direction. Leaders
plays effective role in implementing collaboration with them employees in order to reduce
conflicts and issue. this create advantage for Company to complete the work within desired
period of time throw effective coordination of employees at workplace. Land.com is concerned
on assigning leaders in each team all departments as to completion of work with motivation and
collaboration (Huizingh, 2011).
Teamwork: the suspect is more effective in establishing effective relationship among employees
as this create a positive atmosphere at workplace. As a small business organisation pnal.com is
concerned on building small teams in order to completing different task as per the essential
qualities and skills of employees.
TASK 2
P3 4P's of innovation and use of innovation funnel to develop innovative ideas within an
organisation.
4ps of innovation is an effective concept which is based on four major aspects such as product
process position and paradigm. This concept of innovation is widely applied by each small as
well as large business organisation as to improvising the quality and feature of product in order
to gaining attention of more and more customers which create value in developing sales and
profitability of firm. The major element of four P’s of innovation is described as under:
 Product Innovation: this is the primary aspect of four P’s of innovation products are
considered as a representative of company as the performance and productivity of form
can be analyzed through the quality of products. The aspect of product innovation involve
about the process of including some new features and design into the existing products of
company Ash to making them more innovative and attractive (Jaffe and Lerner, 2011).
Fan.com use innovation as to introducing new and innovative products and Marketplace
and gaining attention of customers which helps the farm in capturing More market share
and profitability.
 Process Innovation: the aspect is effective in adopting innovative Technologies and
processes which are valuable for organisation as to produce Singh more attractive and
highly qualitative products at Marketplace. As a small company plan.com is focused on
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applying innovative technologies in order to reducing extra cost and expense of
production which create higher profitability for firm.
 Position innovation: this can be described as a most considerable aspect of innovation as
it is the major responsibility of firm or its management to position their products at right
place where the demand of product is high as this creates benefits for firm through
enhancing the sales and revenue of firm. Plan.com is concerned on position their stores
and outlets in developing an industrial areas where other organizations hire the company
for enhancing their sales and profitability.
 Paradigm Innovation: This means the state of hierarchical outlets. A compelling
hierarchical condition helps in spurring workers as to contributing their tremendous
endeavours in expanding the efficiency of firm. This is the fundamental wonder of
advancement which is straightforwardly associated with the psychological impression of
person.
Innovation Funnel: An association improve diverse kinds of systems, strategies, structure that
can help in accomplishing business goals. Development is the procedure of alteration and
rotation that aides in shifting the administrations and items in more critical way. An association
need to enhance and alter their items and administration inside certain timeframe so as to
maintain and create in the aggressive commercial centre (Manyika and et. al., 2011). This is
based on three major aspects which are described as below:
Wide Of mouth: This is based on gathering most innovative idea and information from the
market; this provides an appropriate direction to the employees as to enhancing skills and ability
of work.
Selection of idea: This incorporates about the choice of best thoughts which encourages the
organization to enhance the nature of their item and diminishes the cost of tasks.
Implementation of thought: This procedure incorporates about the usage of such thought which
select above. This gives the chance to organization get upper hand
P4 Development in frugal innovation and its uses within an organisation.
Issues and conflicts are unwanted in nature these can arises in any situation and has a huge
influence on the growth and development of firm. Frugal innovation is widely applied by
organisations as to reducing the chances of complexities; this concept of innovation helps in
resolving the issues and conflicts which are arises within the operations of firm as also plays
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effective role in reducing the extra cost upon the process of production. The method of frugal
innovation is applied by plan.com as to removing the non essential elements form the products
and services of firm which are not essential and has direct influence on the cost of production.
This also create value in developing more qualitative and effective products at market place
which are appropriate in gaining competitive edge at market place through increasing the
attraction of customers towards the firm (Mowery and et. al., 2015). There are various benefits of
frugal innovation which are described as below:
Reduction of extra cost: The management department of plan.com are concern on adopting new
and innovative ideas and strategies as to decreasing the extra cost of production. This render
effective opportunities to firm to save cost on production and offer variety of services to their
significant customers.
Use of new technologies: As a marketing and advertising company plan.com and its
management department is concern on adopting most suitable tools and technologies as to
developing the productivity and performance of firm at market place. appropriate utilisation of
resources helps the firm in developing more innovative products and services which are able in
fulfilling the desires of people at market area.
TASK 3
P5) Significance of commercial funnel and application of new product development for
innovation
Product is consist to be the most essential part of business organisation as it works as a
representative of firm at market place. Product helps in creating awareness about the firm or its
offered goods and services in the mind set of people. Commercial funnel is includes about the
fast concept which is related to determine different ways as to attain high growth and
profitability (Patti, Yanes and Siuzdak, 2012). An organisation and its higher authorities which
are related to and its higher authorities which are concerned on to design a plan and implement
them in effective manner as to reach at desired goals and outcomes.
The fundamental process which is concerned with commercial funnel is to determine all
the new and innovative ideas which shows the values in order to improve the profitability of
organisation.
Process of new products development:
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this process concerned with different stages which are explain below:
Idea generation: this is the first phase in which it is necessary for an company in order to
generate new ideas as to enhance the performance and profitably of organisation. In this phase
the department of department of research and development which performed vast role in gather
information
Idea Screening: In this the generated idea has to be screened organisation provide expertise
knowledge and then the perfectness of the ideas has to be analysed.
Concept development: This phase is related to implement effective strategies which is acquired
by organisation
Development of strategy: in this stage an effective strategy in order to execute ideas.
Examine business condition: After generating the strategy it is needed to determine the
condition of business.
Product development: this phase is the final feature and design of the different products neds to
be selected.
Test marketing: in this phase products and services which are offered in specified market
where the demand is good is high (Patton, 2011).
Commercialisation: in this phase organisation advertise different products in proper manner.
P6) Innovation business case for an enterprise
IN this competitive era both types of business enterprises like small and big enterprises
which are related to implementation of innovative technique in order to develop the performance
and profitability at market. Plan.com is a marketing and advertising company which launch new
products like business which able to increase the rate of sales and growth of organisation in
proper manner. There are different stages which are concerned with innovative business which
are described below:
Executive summary: this organisation is concerned with different variety of products
and services of organisation which launch new and innovative products at marketplace.
Innovation plays a significant role in order to attract large number of customer toward the new
and innovative products of organisation (Rice, 2013).
Target: organisation needs to focus on the needs and want of different consumer, as
small organisation target small organisation which are related to small sector business.
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Solution: this factor is related with the different feature and process in order to
implement a products which have very attractive design. This is very important for organisation
in order to deliver goods and services according to choice made by customer.
Why product is innovative: Innovation is most important factor which aids to grab
attention fo different people towards the firm. It is most important for organisation put
innovative products in order to fulfil demand and desire of organisation (Ries, 2011).
Research on customer: The major advantages of this steps is to implement different
types of innovative modification in different product and services according to demand and
desire of customer.
Funding: this include about the most effective part of organisation which is ascertain for
every small as well as large business organisation in proper manner.
Expected profit: This is concerned with make profit for organisation after implementing
innovation in performing work.
P7) Various tools that can be used by enterprise to develop and protect intellectual property
There are different types of products and service which termed as proper manner in order
to attain high growth and success for organisation. There are different tools which are
ascertained by organisation in order to protect their intellectual property in which some are
discussed are as follow:
Professional Help: This can be determined as the most relevant methods which aids to
attain growth and success for organisation (Rosenbusch, Brinckmann and Bausch, 2011). There
are different types of tools and techniques which are ascertain by the organisation to protect the
different property which are mentioned below:
Trademark: this is the pictorial form of organisation which are in the form of logo,
symbol in order to make the customer aware about the products. This aids the customer easier to
purchase by them.
Patent: this is also an effective tools in order to protect organisations which are related
to rational property. In this the owner and higher authority of organisation needs to recites their
ideas in the patent office so that number is having the authority to copy them.
Copyright: This is the tools which aid to provide support the intellectual property for
the stipulated time period. There are different types of activities of organisation in proper manner
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(Sawyer, 2011). The organisation do not have right to copy the article of existing company
without prior permission.
CONCLUSION
From the above given discussion it has been concluded that it is essential for each small as
well as large business organisation to implement innovative ideas and plans into work place in
respect to developing the performance and productivity of firm at market place. Organisation is
also concern on creating some effective goals and objectives as to attaining competitive edge at
market area. Companies are also focuses on building teams in respect to completion of
organisational operation through the coordination of employee’s at work place. Frugal
innovation is also effective in developing innovation within the working environment as to
gaining attention of people towards the firm or its offered goods and services.
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REFERENCES
Books and Journal
Amit, R. and Zott, C., 2012. Creating value through business model innovation. MIT Sloan
Management Review. 53(3). p.41.
Davila, T., Epstein, M. and Shelton, R., 2012. Making innovation work: How to manage it,
measure it, and profit from it. FT press.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Gordon, R. J., 2012. Is US economic growth over? Faltering innovation confronts the six
headwinds (No. w18315). National Bureau of Economic Research.
Huizingh, E.K., 2011. Open innovation: State of the art and future perspectives. Technovation.
31(1). pp.2-9.
Jaffe, A. B. and Lerner, J., 2011. Innovation and its discontents: How our broken patent system
is endangering innovation and progress, and what to do about it. Princeton University
Press.
Manyika, J. and et. al., 2011. Big data: The next frontier for innovation, competition, and
productivity.
Mowery, D.C., and et. al., 2015. Ivory tower and industrial innovation: University-industry
technology transfer before and after the Bayh-Dole Act. Stanford University Press.
Online
Patti, G. J., Yanes, O. and Siuzdak, G., 2012. Innovation: Metabolomics: the apogee of the omics
trilogy. Nature reviews Molecular cell biology. 13(4). pp.263-269.
Patton, M. Q., 2011. Developmental evaluation: Applying complexity concepts to enhance
innovation and use. Guilford Press.
Rice, A.K. ed., 2013. Productivity and social organization: The Ahmedabad experiment:
Technical innovation, work organization and management. Routledge.
Ries, E., 2011. The lean startup: How today's entrepreneurs use continuous innovation to create
radically successful businesses. Crown Books.
Rosenbusch, N., Brinckmann, J. and Bausch, A., 2011. Is innovation always beneficial? A meta-
analysis of the relationship between innovation and performance in SMEs. Journal of
business Venturing. 26(4). pp.441-457.
Sawyer, R.K., 2011. Explaining creativity: The science of human innovation. Oxford University
Press.
Online
What is innovation? 2011. [Online]. Available through:
<http://www.innoviscop.com/en/definitions/process-innovation>.
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