Innovation INTRODUCTION

Innovation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and its importance................................................................................................1
P2 Role of organisational leadership, culture, vision and teamwork in shaping innovation......2
TASK 2............................................................................................................................................4
P3 4ps of innovation and innovation funnel...............................................................................4
P4 Development in frugal innovation.........................................................................................5
TASK 3............................................................................................................................................6
P5 Commercial funnel's importance and new product development's application.....................6
P6 Innovation case of business for 4Com...................................................................................7
TASK 4 ...........................................................................................................................................8
P7 Tools used for retaining, developing and protecting intellectual property............................8
CONCLUSION................................................................................................................................9
REFERENCES .............................................................................................................................10

INTRODUCTION
Innovation can be termed as the new thought or new idea which is accepted in market for
achieving success. It is a new kind of method used for invention for developing valuable
thoughts in a business in order to be successful. So as to achieve growth and success, different
techniques in daily life must be used by every person. Innovation assist in analysing the
organisational structure as well as aspects of economy, and it also serves as efficient way to
produce process and products (Balachandra, Nathan and Reddy, 2010). This report is based on
the topic of innovation, on the case study of 4com company, a small scale telecommunication
company in UK. The company's major aim is to produce innovative products to their customers.
Understanding of the topic innovation and their importance will be discussed in this report,
frugal innovation, different tools and 4ps of innovation that are being used in organisation to
retain and protect intellectual property.
TASK 1
P1 Innovation and its importance
Innovation is termed as the process with the help of which change is being implemented
in an organisation for a specific product in order to make it useful for customers. As per the case
of 4com company, innovation is a way through which modifications are made by company so as
to meet organisation's target in order to survive in environment full of competition. 4Com
company maintains their organisation culture regarding innovation, so that they can produce
advanced technical devices by producing new ideas to execute it in services and products.
Innovation's importance in enterprise can be defined as follows: Enhance productivity: If several new innovative ideas will get implemented in process of
production of products and services, then it will support in maximising employee's
productivity as there will be a use of advanced tools and techniques (Johnstone, Haščič
and Popp, 2010). Optimum resource utilisation: Innovation will be supportive in minimising reduction of
waste which are in regards with wealth of an organisation such as finance, human and
technology. It also support in proper utilisation of resource and engagement of
employees.
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