Understanding Innovation in Business

This assignment delves into the multifaceted nature of innovation within a business context. It encourages students to analyze various aspects of innovation, including its driving forces, different types (radical vs. incremental), and the influence it exerts on organizational performance. The readings provided offer diverse perspectives on innovation, ranging from theoretical frameworks to practical applications and case studies.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Highlight Importance of Innovation to employees and its comparison with invention...1
P2 Describe ways in which organisational vision, leadership, culture and teamwork can shape
innovation and commercialisation..........................................................................................2
TASK 2............................................................................................................................................3
P3 4P's of Innovation and use of innovation funnel to shape innovative ideas.....................3
P4 Developing process of frugal innovation................................................................................4
TASK 3 .........................................................................................................................................6
P5 importance and application of commercial funnel and application in relation to new
products. ................................................................................................................................6
P6 Innovation observer in business case ..............................................................................7
TASK 4............................................................................................................................................8
P7 Tools required to develop, retain and protection of knowledge and intelligence properly 8
CONCLUSION ............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is basically a concept of introducing new ideas and thoughts which have
certain motives to be achieved. It involves creation of new things and content to perform
actions. Hence, some fresh concepts are introduced that full fills the needs and requirements of
target groups. This report highlights various aspects defining pros and cons of innovation in
respect to distinct methods or ways. Innovation have major impact on society and people in
many various ways which leads to satisfaction of necessity and wants. It includes EE limited
company of telecommunication industry which was constituted in 2010. This is a small business
entity which focuses on introducing new and diverse products for their customers. Hence, helps
in maintaining their good image in the market place. Along with this, report also features 4P's of
innovation and utilization of commercial funnel. Moreover, it also comprises of various
techniques of safeguarding intellectual property rights.
TASK 1
P1 Highlight Importance of Innovation to employees and its comparison with invention
As innovation always concentrates on rising new and innovative things in the society
whose aim is to accomplish success in long term (Sawyer, 2011). EE limited is well known for
its networks and renders benefits to personnels and workers in an organisation. Apple Inc is a
well established technology company which always attracts prospective people with their
products. This company always act as a tuff competitor for other company. Basically, Innovation
is a vital process because of number of reasons which are discussed below:
 Attracting huge number of customers
 Facilitative in constructing goodwill in the competitive market area
 Achievement of final mission and goals of business entity in a particular time frame.
 Enhancing different methods and ways of increasing knowledge of work force through
introduction of modern technology and tools.
 It helps in modifying the existing prevailing products by moulding it according the
consumer demand and taste.
Innovation have many associated advantages in regard to company and each individual as
it serve as a flourishing and developmental means. That is the reason EE limited wants to enlarge
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their operations and working all over the world. There is another term invention which sounds
similar to innovation but are different on certain grounds.
INNOVATION INVENTION
It is a process of improving present equipments
which aims in pulling more number of
prospective buyers.
On the other hand, Invention refers to
proposing entire originative and fresh thoughts
or process in the society.
While examining scenario of apple company, it
is observed that they always come up with new
and innovative iPhones which are different
from its previous model. They introduce new
features and styles in their various models.
On contrary, if Apple company pioneered their
phones with completely distinct features and at
the same time no other replacement is available
than it will be described as invention in that
particular field.
Alterations can be conducted by inexperienced
and less skilled individuals just by employing
specific occurrence.
Under invention, knowledgeable and talented
people can conduct this process. As it is a
complex process.
From the above discussed part, it has been concluded that innovation and invention are
completely contrary in their scope and roles. Apple Inc is a excellent instance of innovation as
well as invention. In regard with this, EE limited have to attain their elementary objectives that is
profit maximization and cost reduction .
P2 Describe ways in which organisational vision, leadership, culture and teamwork can shape
innovation and commercialisation
It is very much require to have a clear and brief mission that are directed in attaining final
goals and objectives (Goldberg, 2013). EE limited have their own vision which has to be earned
in their business life. Vision of the company may include creation of respectful place in the
market which is full of number of players who are struggling for the same. Organisation culture,
leadership, teamwork also have a critical role in forming commercialisation and innovation
because of its wider scope. Apple Inc vision involves securing the top position among best
computers in the world. Hence, they work accordingly to achieve their final goals. Vision- Vision of any company involves what are their aims and objectives. Similarly,
EE limited have their transparent objectives to increase their revenues each year.
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Basically, it is a clear statement highlighting intention and reasons behind operating the
business. Purpose of the company is mentioned which provide direction to every people
associated to it so that they do work accordingly. Leadership: It is a process carried out in the organisation which aims in influencing
behaviour of other people towards attaining final goals of the company. Innovation helps
in infusing new ideas and process. Culture: This element of innovation underlines beliefs, concept and regulations which
are drawn by higher level of management of EE limited to carry out operations in a
effortlessly manner. Culture showcase the attitudes of work force in the institution
(Wolin, 2016).
 Teamwork: It is based on the synergy concept where group of people work together in
the work place towards accomplishing goals in a set time frame. Structure is divided into
different departments performing distinct type of jobs of their key area.
Hence, concluding this part it is highlighted that teamwork, organisation culture, vision,
mission all these elements have a prominent function in introducing advanced ideas and process.
Moreover, it focused on gaining loyalty of customers and buyers to maintain conducive
relationship with them for longer period of time (Jaffe, 2011). Every company is set up with
some vision and mission which has to attained in its working life. There fore, it is made at
initiation point when it starts its work process in the market area. Apple Inc vision is clear in
every ones minds hence, it only works to attain it in any possible ways.
TASK 2
P3 4P's of Innovation and use of innovation funnel to shape innovative ideas
Innovation is all about processing in a systematic manner in order to increase features of
particular products or services. Marketing mix innovation consists of 4P's of innovation which
are adopted by EE company in their business model. John Bessant and Joe Tidd commences 4P's
model which is an efficient component of buyer's demand as per which leader can adopt
reformatory and suitable actions.
 Product Innovation: under this concept, it is the responsibility of personnel of
company to improve products and services. This is titled as innovation process.
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Apple Inc always come up with new versions of mobile phones frequently. This is
a major attractive point for the customers.
 Process: Process refers to the steps which are carried out in processing any
particular product (Lichtenthaler, 2011). Hence, it is essential and prominent to
deliver best quality goods and services to the proficient buyers or customers.
 Position: It refers to existing place of organisation's products in the market place.
This helps in deciding and take decisions regarding products that how they are
concentrating on full filling desires of individuals. Apple Inc secure among the
top positions in information technology company.
 Paradigm: It is among the last component of 4P's innovation factor. It highlights
recent paramount paradigm of specified organisation.
Moreover, innovation funnel aids in supplying needed phases to increase the
value of current commodity.
 In the first step of innovation funnel, data collection is performed.
 In the second step, comparability of important subjects and goals are done.
 In the third step of innovation funnel, collected information of first step is evaluated and
applied into actions.
P4 Developing process of frugal innovation.
This is regarded as an unique action plan, outlining a item, reconfiguring series which
helps them in getting acknowledge by a large number of populations who are unable to bear cost
of goods of organisation. It is an important device for both invention and innovation technology.
This is being utilised by companies and develop extra elements or add features to existing ones
which help them to minimise wastage and utilisation of scraps (Chiaroni, 2011). EE limited
concentrate on administrative activities in making planning regarding current services and
making coordination between their internal and external environment. This helps them to
penetrate deep in market structure and helps in fetching more customer to their. Development in
market structure:
New market opportunities – Exploration of market and investigation as well as predictions and
surveys are conducted by organisation. EE limited focus on penetrating into new markets
and increase their network . EE limited is a part of BT group so initially it was facing many
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problem in developing in new market but having innovative ideas they are able to extract
customers towards their businesses.
Resources- To be success in market place it is very important for organisation to utilise their
resources effectively and making maximum output from minimum resources it. For having a
better place in marker they must give better alternatives to clients as well as increase their
productivity. They must plan to increase their resources in dealing in competitive markets
like EE limited focus on three factors like increasing network affinity better offers to
customers and working on customer's feedback. Frugal innovation helps in analysing and
organising these activities in a better way.
Innovation funnel – It is related with development of their product by putting some innovative
ideas in and promoting that idea effectively (Zhou, 2012).
Frugal innovation have two segment which follows :
 Related to products- this is related to marketing where potential of people increases to
purchase their products. It is related to to merchandising technique in relation to
product .
 Problems – funnel helps in identifying problems which are to be tackled.
Steps taken according to this -
 Generation of idea of innovation- opportunities are investigated and planning are made
to grab maximum from market
 screening of new ideas – planning is done including all necessary factors
 Idea screening process – numerous ideas are generated and alternatives are discussed
 testing – relevant strategies are made and best strategy is selected
 Internal analysis – it relates to administration of asserts and their utilisation.
 Analysis of Market – It is very important for company in analysing the market so that
that they can position their product very effectively in market.
 Commercialisation – customers will be more satisfied if services are created
accordingly
 Monitoring and review of market – it is very important to analyse market as well as
review their product in market place.
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TASK 3
P5 importance and application of commercial funnel and application in relation to new products.
Commercial path divide work into 3 phases fro reforestation of their existing product as
well as implementations of useful strategies related to it. This funnel makes out to be an
important factor in growth and development of EE limited.
 Implementation of investigation programmes – Research and development plays a
very important role in gathering required from customer feedback and modify
their current service in an effective way. Investing program is an effective
program which is taken seriously by EE limited for gathering need and want of
customer from their network services as well as how they can improve their
product and services.
 Quality improvement – there are many other telecom industry present in market
so it is very important for small scale industry like EE limited to improve their
network quality. The main features of a telecom industry is to provide best
network for callings and internet services so they have to step up and improve
their network strengths.
 Goodwill – Its is very important to have and healthy relation with customer a
company can do so by giving best services as well as give positive response to
customers feedbacks.
 Implementation of advance technology - Technology keeps on upgrading in
current environment so it is very important factor to keep upgraded with latest
industry e.g. in electronics sector Apple keep upgrading their services by
manufacturing new phones like wise Vodafone is improving their services EE
must be upgraded with technology to sustaining changing environment.
 Gain – technique is also useful in profit maximisation.
 Minimising losses –funnels are used for estimation of cost and reduction of losses
 Pricing policy – covering clients of different sectors.
Instead of this development of new product can be achieved through using proper method
 developing new ideas- it is an important factor to generate innovative ideas to
survive in market. In current scenario innovation is a better prospect in surviving
in chancing marketing scenario..
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 screening – creation of new ideas and its planning is needed otherwise it will not
be successful in business environment
 testing – it is a simulation process on analysis of the plan which is t be executed .
This helps in monitoring the process and rectifying flaws if they exist.
 Business analysis – analysis of product and business is important for sustaining in
market place
 product development – organisation wish to develop their product in market so
they must take necessary step to develop that product in market and gain profit
from it
P6 Innovation observer in business case
Business cases are in relation to goals and objectives an organisation as per themselves.
There are several elements required which helps in determining components which do not create
any negative influence in future ventures and prospectives (Küster, 2011).
Mission statement – it is termed as a disclosure which contains frames and show objectives ,
targets and aims of that company.
Proposal statements in EE limited contains:
 elements regarded as essential of firm
 uniqueness in administrations and items in different division of market.
 Able to know all prospects and factors about the organisation.
Proposal statement
there are number of offers and factors which are to be considered like aims , goals , simulation
process, and analysis of data. Based on which final outcomes are determined
 there are different types of asserts and inventory which are used for development of
products
 time management- it helps in achieving target on time as well as produce scopes for
future development lie EE limited is a small scale organisation and managing their times
marked it a fast growing organisation.
 Funding- there are different sources of funding from friends , angel investors hence more
and more investors funding helps in increasing organisational captivity and productivity
in market
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 Financial specialist – these specialists have a defined role to analyse market , business
and help in producing opportunities for growth of that organisation.
 Government - they also plays a very important role in developing organisation . By
easing of certain factors related to licensing and growth will help organisation to proposer
in market very easily.
TASK 4
P7 Tools required to develop, retain and protection of knowledge and intelligence properly
All large and small business have several ideas of running businesses in their market
place everyone have their own ideas and innovation techniques in prospering in market place. So
it has become important for EE limited to protect their creative ideas which help them against
any misuse and exploitation. For helping them government bodies have enacted different laws
and strategies for saving organisation from all negative impacts. With advancement of latest
technology and devices chances of unauthorised entries into system have occurred ,with
adequate knowledge they can overcome from these factors (Cavagnoli, 2011). Certain
strategies which help the organisation are stated below -
Trademarks – It is a combination of signs and symbols which differentiate their product
from other competitors. They help customers to easily recognize their brand with symbols which
are printed on packages and coupons. Adding to this their is a special mention of of building EE
limited.
Copyrights – It means legal rights which used by producer for a specific time period
like years, records and publishers. Apart from this production of specific artist which are well
protected by misused by fraud and hackers (Vaccaro, 2012).
Patent – This right was given by authorised government body for a specific company for
establishing monopoly in market place. According to statement of this protocol other
organisation are not permitted to copy services of EE limited .
Trade secrets - It is regarded as highly confidential data which EE limited helps in
processing their business. This gives right to business to adopt secret features and equipments
and latest technology and implement their manufacturing work.
In conclusion it is understood that how technology, intelligence and knowledge helps in
securing creative ideas of EE limited.
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CONCLUSION
According to above mentioned report it is being concluded that innovation plays a
important role in growth and development of every organisation. Adding to this, if innovative
techniques are used by companies in their business activities it will help them in competing in
market place. They must consider different sectors of business development analyse them as well
as make effective planning accordingly. It will help managers for providing best services to their
clients. In small scale organisation like EE limited must use analytical tool for surveys to get
adequate market report as well fro protecting their rights they must have certain copyrights and
trademark for protection of their organisation.
REFERENCES
Books and Journals
Sawyer, R. K., 2011. Explaining creativity: The science of human innovation. Oxford University
Press.
Goldberg, D. E., 2013. The design of innovation: Lessons from and for competent genetic
algorithms (Vol. 7). Springer Science & Business Media.
Wolin, S. S., 2016. Politics and vision: Continuity and innovation in Western political thought.
Princeton University Press.
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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.
Lichtenthaler, U., 2011. Open innovation: Past research, current debates, and future directions.
The Academy of Management Perspectives.25(1). pp.75-93.
Díaz-García, C., González-Moreno, A. and Jose Sáez-Martínez, F., 2013. Gender diversity
within R&D teams: Its impact on radicalness of innovation. Innovation. 15(2). pp.149-
160.
Chiaroni, D., Chiesa, V. and Frattini, F., 2011. The Open Innovation Journey: How firms
dynamically implement the emerging innovation management paradigm. Technovation.
31(1). pp.34-43.
Zhou, K. Z. and Li, C. B., 2012. How knowledge affects radical innovation: Knowledge base,
market knowledge acquisition, and internal knowledge sharing. Strategic Management
Journal, 33(9). pp.1090-1102.
Küster, I. and Vila, N., 2011. The market orientation-innovation-success relationship: The role of
internationalization strategy. Innovation. 13(1).pp.36-54.
Cavagnoli, D., 2011. A conceptual framework for innovation: An application to human resource
management policies in Australia. Innovation. 13(1). pp.111-125.
Vaccaro, I. G., Jansen, J. J., Van Den Bosch, F.A, 2012. Management innovation and leadership:
The moderating role of organizational size. Journal of Management Studies. 49(1).
pp.28-51.
Yam, R. C., Lo, W., Tang, E.P. and Lau, A.K., 2011. Analysis of sources of innovation,
technological innovation capabilities, and performance: An empirical study of Hong
Kong manufacturing industries. Research policy. 40(3). pp.391-402.
Asheim, B. T., Smith, H. L. and Oughton, C., 2011. Regional innovation systems: theory,
empirics and policy. Regional studies. 45(7). pp.875-891.
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