Innovations and Inventions of Periscopix
Added on -2020-07-23
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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1) Innovation and its importance to organisations with invention...........................................1P2) Organisation leadership, innovation and teamwork for commercialisation and innovation3TASK 2............................................................................................................................................4P3) Evaluating 4 P'S of innovation............................................................................................4P4 Development of Frugal innovation.......................................................................................6TASK 3............................................................................................................................................7P5 Concept of commercial funnel and New Product Development process..............................7P6 Evaluation of Innovation Business Case................................................................................9P7 Different tools used by organisation....................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................13
INTRODUCTIONInnovations are defined as development of business ideas which can be applied to goodsand services which are offered to customers. Innovation includes various processes such asproduction, market and sales, prototyping and idea generation. Through this process various newdevelopments are generated in products, inventions in existing products, methods to developeffective product and technologies used to innovate product ranges which are helpful forgovernment and society. Innovations are helpful in achieving business goals in an effectivemanner. Periscopix is market consultancy in UK (Amit and Zott, 2012). This report containsstudy about difference in innovations and inventions, Strategies and functions which are helpfulin innovation. Apple is famous company which is targeting towards innovation in products todevelop new product ranges. They are thus helpful in providing innovative services to theirprospective buyers so as to increase their sales. In commercialization new products are launchedby organisations at market places. Innovations process are defined as discoveries of new productwhich are helpful in growth and development of firms. TASK 1P1) Innovation and its importance to organisations with inventionInnovation: This process involves generation of new ideas to meet needs of customers. Itis also referred as turning an ideas which can provide solutions and adds values for clients.Alternation are made in product ranges which are helpful in satisfying differential needs ofcustomers. Innovations can be implemented in existing product ranges or new products aredeveloped at market places. Changes in products can be implemented with the help of up-gradation in technology, transformation in product process and modification in services.Redesigning of products are helpful in fulling current market situation in relation to existingproduct. Plans and policies which are used in development of new ideas or translate ideas intomerchandise sold are all covered under one umbrella which is known as innovation (Drucker,2014).There are various importance of innovations which are described as:It is helpful in expanding existing product lines as new products are developed at marketplace.1
Competitive advantages are created for business which are helpful in selecting beststrategies and objectives so that products can be made available to individuals around theglobe.It is helpful in capturing Unique business picture which are assistive in effectivelyachieving business goals.Innovations are helpful as economy is changing and new trends are evolving at marketplaces.Customers are connected all around the globe thus they can share their views. This ishelpful in establishing strong relations.Innovations has offered various choices to customers according to demands in relation toproducts and servicesThere are various difference between innovation and invention which are discussed below:InnovationInvention1.It involves generations of new ideaswhich are helpful in implementingchanges in products and services.2.The ideas which are evolved areapplied in real world in makingchanges in products.3.Various technical and marketing skillsare needed in making innovate products(Huizingh, 2011).4.The activities are carried out with arerelated with goods and services whichare offered to customers.5.The products which are developed withthe help of innovation process areaccessed all around the globe.6.Measures are taken to makeimprovement in existing products.1.It involves the process where ideas aregenerated for first time about theproducts.2.The theoretical concept is applied ininvention.3.Scientific skills are necessity forinventions.4.They are designed for specific productsor services.5.Their products are limited to researchand development areas. 6.New ideas are evolved in scientificresearch process.2
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