Contents INTRODUCTION..........................................................................................................................4 MAIN BODY...................................................................................................................................4 TASK1............................................................................................................................................4 P1 Define innovation and analyse its importance to company as compared to invention...........4 P2 Discusshowacompany’sleadership,vision,cultureand teamworkhelp toshape commercialisation and innovation...............................................................................................6 M1 identify various sources of innovation and how companies can develop and foster culture of innovation and environment...................................................................................................6 TASK2.............................................................................................................................................7 P3 Describe the 4Ps of innovation and along with that examine the use of innovation funnel that helps to construct innovative ideas......................................................................................7 P4 Discussabout the developmentsin frugal innovation.Explain it with examplesin organisational context..................................................................................................................9 M2 Explain innovation funnel in relation to organisation.........................................................10 M3 Appraise the role of frugal innovation in respect to organisation.......................................10 D1Analyse how innovation is embedded, measured and developed with reference to organisation................................................................................................................................10 TASK3...........................................................................................................................................10 P5 Discuss the importance and need of commercial funnel and its application in relation with Development of New Product....................................................................................................10 P6 Construct an Innovation Business Case in relation to organisation that includes ways to access funding............................................................................................................................12 M4 Set Up an Innovation Business Case that includes various techniques that help to measure the overall effectiveness of an organisation..............................................................................13 TASK4..........................................................................................................................................13
P7 Analyse the various tools that organisations can use to retain, protect and develop intellectual property and product knowledge.............................................................................13 M5 Provide evidence-based analysis of various tools in context of business environment......14 D2 Critically analyse the nature of innovation and the circumstances in which it is developed bhy providing evidence-based judgements that state how the organisations can cope up with the challenges to develop successful innovations......................................................................14 CONCLUSION..............................................................................................................................15 REFRENCES.................................................................................................................................16 Books and Journal......................................................................................................................16
INTRODUCTION Innovation is a process that is related to development of product or innovating the product that increases the satisfaction level of customers in market. This helps to attract more and more customers and it leads to increase in profitability of the business (Sluiter, 2017). The report is based onF-drones. The company is building world’s first transition drone to enable aerial deliveries to ships and offshore platforms. They provide unique designs that have combination of long-range capabilities and heavy payload that is creating competitive advantage inthemarket.YASHVARDHANReddyandNicholasYAGistheco-founderofthe organisation(Datta, Saad and Sarpong, 2019). There is discussion related to importance of innovation and invention along with the difference between both of them. The vision, culture leadership, and teamwork can shape innovation and commercialisation. The 4P's of innovation and explanation related to developments in frugal innovation is given in the report. Along with that there is discussion related to need of commercial funnel and its application in Product Development. An innovation business case related to a company is also part of this report. In the end of the report there is discussion related to different tools that are used by organisation to protect, retain and develop intellectual property. MAIN BODY TASK1 P1 Define innovation and analyse its importance to company as compared to invention. Innovation:Thetermisdefinedasaprocessofintroductionofnewproductor combination of two or more products to attract more customers(Gustafsson, Snyder and Witell, 2020). The task is to improvise the product to satisfy the needs and wants of customers. A proper research is required to innovate the product or service that is related to trends in the market.The process of innovation is taken by F-drones and they started their new drones that have good capacity. F-drones started the drones that have high capacity and this is due to innovation. They helped to make remote deliveries and as well as emergency delivery. Importance of innovation Creativitydevelopment:Innovationisdirectlyrelatedwithcreativityofthe organisation. It is creativity that leads to innovation(Godin, 2017). In relation to F-drones the company is using creative ideas to bring innovation that would help them to achieve
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competitive advantage. Hence, it can be said that with the help of creativity the company is able to innovate in an effective as well as efficient manner. F-drones believe that creativity is one of the most important factors for the process of innovation. Continuousimprovement: Another benefit that is associated with innovation is that the company is able regularly improvise the product and service.As in case of F-drones the company regularly make improvements in branding of the products so as to attract customers.Also they make effective advertisements of the new and innovative products. The needs and wants of the customers are regularly enhancing so to satisfy the customers continuous improvement is required and will be beneficial for the company as well will satisfy the customers of F-drones.Respond to competitors and trends: To compete in today's dynamic world it is important to regularly bring innovation in the products and services. F-drones that regularly make innovation in their products are able to gain competitive edge. Along with that to remain trendy and gain loyal customer base it is vital for an organisation to innovate regularly(Dahlborg, 2017). In context of F-drones the company is creating a new trend in the market by using innovative ideas in their products.All the companies want to gain advantage over the competitors and gain powerful image, so F-drones have achieved competitive edge with the help of innovating the drones that have high capacity as well as they work without the contact that is helpful in case of COVID-19. Invention: Innovation is a unique process that leads to development of product. There may be improvement is machine, product and the result is a new object. Importance of invention Helps in producing new goods: Invention means producing something new. It is a process that helps company to invent a new product or service that helps the company to attract more customers and establish a brand image in the market. To minimise the cost:Another advantage associated with innovation is the new products launched are produces keeping in mind the cost factor. It helps to save cost and achieve economies of scale that make the company more profitable. Comparison among innovation and innovation BasisInnovationInvention PurposeThe motive behind innovationThemainmotivebehind
is to make some changes in the existing product and that helps the company to increase the profitability. invention is to increase the market share by launching a newproductorservice (Audretsch,andLink, 2018). RequirementTo gain competitive advantage and to attract more and more customersorganisationsuse innovation. When a new idea is used to launchanewproductor service and that helps the organisationtogenerate more profits. P2Discusshowacompany’sleadership,vision,cultureandteamworkhelptoshape commercialisation and innovation. Vision:Vision of F-drones is to build aviation grade drones that provide reliability and safety standards. The organisation is aiming to become the leader of heavy payload drones logistic across industryto gain competitive advantage and to attract more and more customers organisations use innovation(Damanpour, 2017).For example:The vision of F- drones is in support of innovation and that will help company to grow and achieve the goals and objectives effectively.The company will use innovative ideas and make improvement in design of achieve the vision of the organisation. Leadership:It is a process in which a person known as leader directs a team. The people understand the team and motivate them to work for the organisation and achieve the goals and objectives of the organisation(Davidovski, 2018). To illustrate: The leadership style followed in F-drones is democratic leadership and transformational leadership. This helps the organisation to achieve the objectives by making employees part of decision making process. Teamwork:Teamwork is essential part of an organisation as it helps the organisation to achieve the objectives on time(Meissner, Polt and Vonortas, 2017). In relation to F-drones the managers are using appropriate strategies that help the company to achieve team working spirit. It helps to gain new ideas and enhance the performance of employees. Innovativeideasaregeneratedinteamasithelpstoincreasetheproductivityand
profitability of the F-drones.For example:By working is team the company get good ideas and that they change into reality to achieve the goals and objectives successfully. Culture:Culture plays a vital role in success of an organisation. Introducing innovation is part of the culture(Chen and Tang, 2020). An organisation that has healthy culture is able to motivate employees and make them understand the importance of innovation and how to implement the innovative ideas.Let’s understand it with the help of example of F-drones the company uses measures that increase the motivation of employees and improve the chances of innovation in the business. Allof the above discussed points are vital part of an organisation. It is seen that F-drones believes in innovation and the vision and mission of the company is based on the innovation. It is seen that the F-drones makes all the efforts to bring innovative drones that help to shape innovation and commercialisation. M1 identify various sources of innovation and how companies can develop and foster culture of innovation and environment As per the view point of Peter F. Drucker there are seven types of sources that help the organisation to attain innovation: Unexpected: This includes the innovation that is not expected by the management in the organisation. Incongruities: The feedback, reviews and complaints of the customers are considered for the innovation. Processneeds: It is a major source of innovation where the focus is on task rather than situation. It helps the organisation to improvise the task and achieve the goals and objectives effectively. Change in Industrial market structure: Changes in the industry also impact the requirement of innovation in the organisation. It is vital for an organisation to study the changes taking place in the industry. Demographic:Demographicsituationofthenationalsoinfluencesinnovationin company. Changes in perception: The needs and perception of the customers are rapidly changing that is leading to innovation in the organisation(Gobble, 2018). The company that is able
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toprovidegoodsandservicestothecustomersaccordingtotheirneedsand understanding the perception are successful. New knowledge:New knowledge and technology are also the reason behind bringing innovation.As thereisneedto use innovativeideasto competein thedynamic environment. TASK2 P3 Describe the 4Ps of innovation and along with that examine the use of innovation funnel that helps to construct innovative ideas. 4p's of innovation The 4P's of innovation that helps an organisation to become successful are as follows: 1.Product:The innovation in product of the company means increasing the value of goods that are offered to its customers. The needs and wants of customers are changing so to retain the customers it is important for organisations to innovate the product(Cusumano, Gawer, and Yoffie, 2019).In relation to F-drones, company regularly bring innovation in the products to increase the satisfaction of the customers. 2.Process:The process that is used by company to accomplish its operations is vital. Innovation in process focuses on changes made in operations to achieve economies of scale(Piller, 2018). Through innovating the process and using technology F-drones is abletoboosttheprofitabilityofthecompany.Companyusesvarioustoolsand techniques to bring innovation in the process followed by the organisation. 3.Positioning: Every company wants to set a positive image of the products offered by the company. Innovation in relation to positioning can be understood as when company
launches a new product then there is requirement to reposition the product to gain competitiveadvantage.ItisusefulforF-dronesascompanywillgetbenefitof repositioning the product and it will help the company to generate more profits. 4.Paradigm:The challenges faced by organisation while they are innovating the product come under paradigm. F-drones also face challenges while innovating so there is need to study the factors that have impact on the organisation. Along with that take creative measures that help to cope up with the hurdles(Bacârea, Bacârea, and Bacârea, 2017). Innovation funnelis an efficient way to develop and innovate a product. It helps the company to satisfy the customers by serving them product according to their needs and wants (Schatzberg, 2020). Also it leads to increase in market share and take innovative actions when there is requirement.The same is taken care by F-drones and that will help the company to innovate and formulate good and innovative drones.There is a process that is used by the management team to use the innovation funnel, the same is discussed below: Focus on wide mouth of funnel:The first step in process relates to focus to enhance the knowledge by collecting more ideas. Use the knowledge to innovate the product and service as that will help F-drones to achieve success. The narrow segment of funnel: This is the next stage and under this the idea that is generated above is matched with the goals of the F-drones.This is one of the important stages that will help to accomplish the goals that are set by the company. This is narrow segment but clarity is achieved in this stage.
The narrow segment of funnel:Under this stage an idea selected is tested and checked whether it helps to achieve the goal of the F-drones. The helps in improving the existing product(Michelino and et, al., 2017). Innovation Funnel is a useful way that helps the organisation to make innovation in the product by making research of all the internal and external factors. P4Discussaboutthedevelopmentsinfrugalinnovation.Explainitwithexamplesin organisational context Frugal innovation: It is a process that reduces the cost of goods and services that are produces by the organisation. The focus is to reduce the complexities in the process. It makes the product more durable and increases the satisfaction level among customers(Burrus, Graham and Jones, 2018). The task is to remove the non-essential features from production of goods and selling them in developing countries. In context of F-drones are using high capacity drones that help in transportation. The organisation develops drone to achieve its objectives and reduce the burden of customers. It helps the organisation to manage the profits and improve the productivity (Andrews, 2017).F-drones are planning to produce innovative drones that will unique for the customers and make their work easier.Frugal innovation helps to reduce the complexities and provide more and more values to the customers. In regard to F drones the company is not only coming up with new idea but the focus is on customers and enhancing their ease. F drone will use frugal innovation and will aim to reduce the cost of drones and enhance the experience of its customers.For example the concept of frugal innovation is beneficial for F-drones as it helps the company to reduce all the complexities and produces innovative drones that have high capacity in an effective way. This has helped company to attain its objectives and accomplish goals and objectives. Along with that it helps F-drones to gain edge over the competitors. M2 Explain innovation funnel in relation to organisation In relation to F-drones the company can use innovation funnel to accomplish its targets in respect to innovation. The company has to focus on wider mouth to generate knowledge and ideas related to developing its drones. The organisation has to match the plan with the objectives so as to improve the product and service (Doran and Yoon, 2020). Innovation funnel process is prominent and helps the organisation to generate and implement idea and gain competitive advantage. Also it helps F-drones to establish brand image in the market.
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M3 Appraise the role of frugal innovation in respect to organisation It is an essential part of an organisation as it assists to achieve objectives of the organisation(Mariev, Nagieva and Simonova, 2020). F-drones are able to increase profitability due to frugal innovation. Along with that it helps the organisation to provide innovative product and gain competitive advantage. So it can be said that companies should use frugal innovation and achieve economy of scale. D1Analysehowinnovationisembedded,measuredanddevelopedwithreferenceto organisation. The 4P's of innovation helps organisation to make development in product. These 4P's focus on, process innovation, paradigm innovation, position Innovation and product innovation (Ezeanya-Esiobu,2019).Alongwiththatithelpsthecompanytogainadvantageover competitors.Innovationisaprominentpartoforganisationthathelpstoachievebetter profitability. TASK3 P5 Discuss the importance and need of commercial funnel and its application in relation with Development of New Product Commercial funnel: It is a process that involves various steps that attracts the customers towards the organisation(Domanski, Howaldt and Kaletka, 2020). The focus is on studying the customer behaviour and makes strategies that help the organisation to achieve its goals and targets. It helps in making a marketing strategy: Commercial funnel assists the organisation to identify appropriate marketing strategy to gain advantage in the market. Help in creating customer: It makes strategies and takes actions that are used by the organisation to attract more customers and create loyal customer base(Karlson, Sandström and Wennberg, 2020). Provide ways to improve business Innovation: It is useful as a proper study related to customers is done so it is easier to innovate and develop products that will attract moe and more customers. Application of new product development process
Idea generation: This is the first step under which idea is generated in relation to innovation in the product and services. Idea screening: This is the next step in which the ideas that are generated in the first step are screened. Concept development and testing: As idea is selected so now it is time to test the product in relation to meaningful customers. Making strategy development:Then the next step is to formulate strategy related to marketing of the business. Business analysis:Current environment in relation to the business is studied in order to successfully develop new product. Product development:A new product is developed in relation to market situation and industry analysis that would help company to boost profitability. Test marketing:This is an essential stage as the sample of new product is tested. It helps to identify the reaction of customers in relation to the product. Commercialization:This is the last and most important the under which the product is finally launched in the market. A brief introduction related to product is given to the customer’s. P6 Construct an Innovation Business Case in relation to organisation that includes ways to access funding. F-drones are using innovation in its business operations to perform well in the market. It helps organisation to compete in the market. The vision, vision and objectives of the organisation are mentioned underneath:Mission: To build world’s first transition drone that will enable Arial deliveries to ship and offshore platforms.Vision: To provide heavy payload and long range capacity drones in relation to existing delivery drones. Objectives: To become leader of heavy payload drones logistic across industry in next 5 year. Market research: It is essential for a business to do proper research of market for successful implementation of business plan(Flath, Wirth and Thiesse, 2017). It helps to analyse the needs and wants of customers and satisfy them in an appropriate manner.
Target market:Target market includes the customers that are in need of product that is offered by the company. In relation to F-drones the target market iswhere the demand of heavy-duty drones increasing.Financial analysis: Finance is backbone of the business, it is vital for an organisation to analyse the financial requirement by the business. In respect to F-drones the company should know about the financial requirement that will help the company to accomplish the task effectively. The sources through which funds can be collected by F-drones are as follows:Bootstrapping:It is cheapest way of funding as the funds are taken from relatives, friends or family(Gupta, 2018). It is advantageous for F drones to use the savings of the family as it is a method of self-funding.Crowdfunding: It is a method of funding in which small amount of money is raised thorough large number of people. It is a form of alternative finance and will help F drones to raise funds.Venture capitalism:Venture capitalist are the private bodies that invest in the businesses that show growth potential and have good business idea(Gupta, 2018). This is a form of capital investment to support the small companies financially. F-drone is a new and innovative idea and they can attract venture capitalist and arrange money from them. Angel investors:It is a high net worth individual that provides support to businesses that are in need of money. This is another way through which F drones can take money for their business operations. M4 Set Up an Innovation Business Case that includes various techniques that help to measure the overall effectiveness of an organisation. In relation to innovation in F-drones they are planning to increase the payload of drones so that it can assist them in relation transportation system of cargo ships. The business is using innovativeideasandformulatingstrategiesthatwillimprovethepositionofbusiness (Dechezleprêtre, Martin and Bassi, 2019). Company has to plan and test new product in the market and find ways to generate fund. It is vital to follow the process and effectively implement those strategies on time.
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TASK4 P7 Analyse the various tools that organisations can use to retain, protect and develop intellectual property and product knowledge Intellectual property: It can be classified as property which includes various intangible assets that are creation of human intelligence. Intellectual property helps the business to increase its ability. Tools to save intellectual property rights Copyright: It is one of intellectual property that gives exclusive rights to owner to make the copies of creative work for a limited time period(Godin and Gaglio, 2019). It helps to protect the original idea from being copied.As F drones is coming up with a new idea of drones and to safeguard the idea copyright is important for them. This will helps them to earn more profits.Strength:It helps to save the creativity and innovative idea that is launched by the organisation. Weakness: It is for a limited time period and the organisation has to bear cost to renew the copyright. Patent:This is another tool that is used to save the intellectual property. This is a right given by government to inventor and a title is also given(Siota, 2018). This right restrict others to use, make, copy and sale the invention of individual in a legal way.In case of patent no other person can use or sell the new invention without taking the permission of F drones. It is important that the invention is not used by others.Strength: It helps in saving the intellectual property rights of individual. Along with that patent sparks innovation. Weakness: It is costly for organisation to use patent and it is for a limited time period. Trade mark:It is a recognisable design, sign, symbol, expression that is used by organisation to distinguish its product and services(Dutta and Hora, 2017). It creates a different identity of the product and helps to gain advantage over the competitors. The logo or any statement he F drone has should not be copied or used by others. This helps to protect sign, design, expression or symbol.Strength: Trade mark helps to establish a brand position in the market and increase the goodwill of the product. It distinguishes the product and service from the competitors.
Weakness:The major disadvantage associated with trademark is the company and individual has to pay fees in every 10 years. If that is not paid it may lead to removal of trademark from the registers. Intellectual property rights are important for an organisation as it helps the company to form a positive image in the market and achieve competitive edge. The task is to regularly pay fees and renew the intangible asset.It is vital that all things that are unique of F drones should be protected. Intellectual property plays an important role in success of an organisation and it makes it different from others. So it is important for businesses to protect their intellectual property and build a strong image in the market. M5 Provide evidence-based analysis of various tools in context of business environment In relation to F-drones the company is using intellectual property right to gain a competitive advantage in the market. Copyright is used by organisation as it makes the product secure and gain competitive advantage(HE and ZHANG, 2017). Along with that it helps to attract more customers. As drones are created in a unique way patent gives F-drones a title that forms an image in the market. Also it helps the organisation to use technology and save it from being used by competitors. It is beneficial for F-drones to properly use intellectual property right and gain advantage. D2 Critically analyse the nature of innovation and the circumstances in which it is developed bhy providing evidence-based judgements that state how the organisations can cope up with the challenges to develop successful innovations Innovation is a wide concept and is used by organisations to develop a product or service. Company make a proper research and studies current trends in the market that help them to innovate the product. It is an important process as it helps organisation to serve the customers according to their needs and wants(Kong, Zhu and Yang, 2020). Along with that innovation helps to maintain a good working culture and formulate strategies for the benefit of employees. It suggests methods to make the procedures related to operations easy and achieve economies of scale. The environment is dynamic and to organisations faces many challenges that can be deal byusinginnovativeideas.Alltheemployeesshouldbeprovidedpropertrainingand development related to innovation and strategies formulated in relation to innovation. It is duty of manager to take care of all these functions and achieve success.
CONCLUSION It can be stated that innovation is on-going process that is used by organisation to satisfy the wants of customers. There is difference between innovation and invention that is important to be studied by the company. 4P’s of innovation and how they help company to achieve innovation targets that are fixed by the organisation. Frugal innovation provides assistance to develop the product and service of the organisation. Along with that necessity of commercial funnel and its application in respect to development of new product is mentioned. In the end there is discussion related to intellectual property rights and the tools used by company to retain, develop and protect intellectual property rights of the company.
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