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Innovation Strategies for 4Com Plc

   

Added on  2020-07-22

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Innovation
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INTRODUCTIONInnovation refers to the conversion of concepts as well as knowledge and skills into newmerchandise along with services by using appropriate process which aid in delivering best andnew products and services to purchasers in marketplace (Amit and Zott, 2012). This will helps inimproving satisfaction level of consumers and on the basis of that business entity can improvethe performance. Present report is based on 4com plc which is a supplier of telecommunicationequipments. The firm having a aim of boosting communication services of UK in small businessmarket. In the report, discussion based on innovation and also have to determine its importanceto organization in comparison with invention. TASK 1P1 Explain innovation and its importanceInvention is the new scientific as well as technical idea which needs to be implement.Invention should novel and also having a utility so that idea can properly work. Innovation isalso a change in the existing or new products and services which business entity is delivering totheir consumers which will aid business entity to attain good result. Invention helps in devisingnew ways so that they can attain good results. They have to satisfy needs and wants ofconsumers when they are facing distinctive conditions (Davila, Epstein and Shelton, 2012).They should get best outcome when they invent new things. For inventing new products, they involve some procedure so that any obstacle cannotcome in front of them. Innovation is also necessary as it assist in attracting large number of consumers by improvingexisting products of 4com Plc. There are two type of innovation which includes:Product innovation: It is a type of act which assist in bringing something new to themarketplace which aid in improving ranges as well as quality of products and services sothat they can offer best merchandise. Process innovation: It is a new way of making along with the offering of products(Drucker, 2014). Difference between innovation and invention:InnovationInventionThey have to make significant contribution inIt is a discrete creative act by innovating1
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