Innovation and Invention - Assignment

Added on - Nov 2020

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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation importance and its comparison with invention....................................................1P2 How companies vision, culture, leadership and teamwork can shape innovation andcommercialisation.......................................................................................................................2TASK 2............................................................................................................................................3P3 Innovation 4Ps and use of innovation funnel for shaping a innovative ideas........................3P4 Frugal innovation development.............................................................................................5TASK 3............................................................................................................................................6P5 Importance of commercial funnel and new product development process forcommercialisation of innovation.................................................................................................6P6 Business innovation case.......................................................................................................7TASK 4............................................................................................................................................9P7 Various tools used by company to develop, retain, protect knowledge and intellectualproperty.......................................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONInnovation means is the process of translating an invention or idea into a new goodswhich will create a value within buyers as they are ready to pay for their products and services.In this innovation of new products will result in implementing of new ideas within theorganisation (Zhou and Li, 2012). In order to fulfil the expectations and requirements of buyers.Fresh choice bakery is one of North West main manufacturer of bread goods, confectionery andbaked morning products. They give their customers a high range of goods and services by usinglatest as well as advance methods of baking. In this report there is a comparison withininnovation and invention and its importance. In this, also discuss about companies mission,vision, culture, leadership styles and its environment along with that 4Ps of innovation and use ofinnovation funnel. Also develop a new product of the organisation and various types ofintellectual property rights.TASK 1P1 Innovation importance and its comparison with inventionInnovationIt is referred as a implementing as well as introducing a new procedure, method, concept,idea and values which are build in the context of organisation. It is a making of new system,process, product which aid enterprise in replacing of previews as well as traditional methods forforming a modifies or new goods within the company.InventionIt refers to establish and discover a new approach, activities, goods and services for a firsttime (West and Bogers, 2014). Their are various sources of forming a innovation such as rivalsstrategies, team working and market that direct entire entity towards success of new product.Difference between invention and innovationBasisInventionInnovationMeaningIt is referred as a discovery of angoods as well as creation processwhich is introduced first time withina whole market.Innovation is defined as modificationas well as alternation in existingproducts.ConcernedIt is generally linked with ResearchIt is often implied for whole1
department& Development department byusing various different ideas withinmarketing team.business.Skills neededThis is important for possessesconcerned with scientific as well assystematic skills for providingservice.Their is a low determined skills setrequired for innovating a newproduct.Turning invention into innovationIn this, when invention is commercialised successfully then it is turned into innovation.Some of main steps for transforming a product and services are going through the componentswhich are disruption, framework, model of infrastructure, approval and timing.As the organisation relay on the strategies of McDonald and Burger King,Fresh choicebakery interpret their business structure after that they construct a model framework. Innovationapproval as well as their timing made a final result of new items of Fresh choice bakery (Stokes,2011).Sources of innovationIt is require for establishing an entrepreneurial business which is required for an smallcompany. Their are 7 main sources of innovation which are Unexpected, demographics,perception change, process needed, incongruities and a fresh knowledge.P2 How companies vision, culture, leadership and teamwork can shape innovation andcommercialisationBusinesses styles of leadership, vision, teamwork and its culture modify their strategiesof innovation as well as commercialization. Their are several ways by which these componentsinterlinked along with that impact of each other indirectly and directly (Sawyer, 2011). Some ofelements which shape innovation and commercialization which are given below:Vision:Fresh choice bakery is having a vision of consistency baking of some standardswhich help in ensuring a base of customers for a long period along with that their purposeis to provide highest quality goods by using a best process and ingredients. Vision of thecompany directly impact on practices of innovation applied within the firm. Linked tothis organisation, vision motivate their innovative practices as well as methods used infulfilling and meeting the demands of buyers in an unprecedented manner.2
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