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Assignment Innovation and commercialisation

   

Added on  2020-01-28

13 Pages4163 Words98 Views
Innovation

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1 ...........................................................................................................................................4P1 Explanation of innovation and its importance for organisation.............................................4P2 Support of organisational leadership, culture, vision and teamwork in innovation andcommercialisation.......................................................................................................................5TASK 2............................................................................................................................................6P3 4Ps of innovation and use of innovation funnel in order to examine innovative ideas.........6P4 Explanation of developments in frugal innovation................................................................7TASK 3............................................................................................................................................8P5 Importance of commercial funnel and the application of new product development............8P6 Innovation business case for 4com company.........................................................................9TASK 4 .........................................................................................................................................11P7 Tools used by an organisation to develop, retain and protect intellectual property andknowledge.................................................................................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13

INTRODUCTIONIt is necessary for each and every organisation to create several new changes intheir products and services which they are offering to their customers in order to improve theproduct quality. Innovation and commercialisation are the two main points of in this report, itcan be defined as the process in which changes are being made by the company in order toimprove utility of goods and services for their consumers with the help of developing newstrategies and ideas (Thore, 2012). The commercialisation is in relation with the marketingactivities which helps an organisation in developing products so as to gain advantage of marketby considering different market trends and strategies.This report is based on 4com company, which a small sized telecommunication companyin UK. The main of the company is to provide innovative services to its customers. This reportwill help in understanding the innovation and its importance, 4ps of innovation, frugalinnovation and various tools which are used by an organisation to protect and retain intellectualproperty . TASK 1 P1 Explanation of innovation and its importance for organisationInnovation can be defined as the process in which change ins made by an organisation ina particular product to make it more useful for the consumers. In the case of 4com company,innovation is the way in company make modification in its goods in order to meet the targets ofthe organisation in the competitive environment (Snow and et.al., 2011). 4Com companymaintains its culture in regards with innovation so as to make enhanced technical devices bymaking new ideas so as to implement it on the products and services of the company. Importanceof innovation for an organisation can be described as follows:Enhance productivity: If the various new innovative ideas will be implemented in theproduction process of services and goods, then it will help in increasing the productivityof the employees as they will be using new techniques and tools. Helps in optimum resource utilisation: Innovation will be helpful in reducing thewastage regarding organisation's wealth like human, technology and finance. It also helpsin the employee engagement and proper resource utilisation (Walsh, 2012).

Helps in improving communication: Innovation helps to make flow of information in anorganisation which helps in operating functions properly. It also helps in the propercoordination, increase employee's morale and develops team work. Propercommunication in 4com will help in understanding desires and needs of company. Increases safety and health: Innovation in the goods and services will help to reducepossibility of accident at the workplace. It supports 4com company to make use of robotsin moving heavy things so as to provide security and safety to employees from seriousinjuries. New idea also helps in proving appropriate working conditions to the employeesby which health and safety problems will be reduced (Wonglimpiyarat, 2010).As per the case of Apple Inc., innovation helps company to grow when they launch iPod,similarly 4com will also achieve success if they will make innovative business mobile with morefunctions. Invention and innovation are different from each other, and this difference can be seenas: InnovationInventionInnovation is implied in the product andservice for the first time. Invention is being applied to make changes inthe existing product and services. New idea is being implemented practically.Working of an original idea in theory.Technical, strategic and marketing skills areused (Difference Between Invention andInnovation. 2016).Scientific skills are used. Combination of different process and products.Concerned with single process or product.P2 Organisational leadership, culture, vision and teamwork in innovation and commercialisationInnovation and commercialisation is not at all possible without the support of company'sculture, vision, teamwork and leadership. Role of vision in innovation and commercialisationThe vision of the 4com company is to improve the services of communication in UK.This vision of the company helps them in implementing innovation and commercialisation intheir products and services, as they wants to improve the communication services, so they madevarious innovations like they provide business phones supported by 4com's UK based supportand installation. This things helps to raise the demand of business phones among the corporateclients and other customers.

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