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Innovation and its Importance Report

   

Added on  2020-07-22

14 Pages4285 Words69 Views
Innovation

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and it importance to organization in comparison with invention...................1P2 How organizational vision, leadership, culture and teamwork can shape innovation andcommercialisation...................................................................................................................2TASK 2............................................................................................................................................4P3 4P's of innovation and use of innovation funnel to examine and shape innovative ideas.4P4 Development in frugal innovation and provide example of how it is used in anorganizational context............................................................................................................5TASK 3............................................................................................................................................6P5 Importance of the commercial funnel and the application of new product development(NPD) processing for commercialisation of innovation.........................................................6P6 Build an innovation business case for an organization including ways to access funding8TASK 4............................................................................................................................................9P7 Different tools that organizations can use to develop, retain and protect knowledge andintellectual property................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11

INTRODUCTIONInnovation is one of the important process for every business organization to enhancetheir performance level at market place in order to attain competitive advantage. Basically, it isan term to introduce as well as launch something new in business activities to improve theiroverall performance in front of customers (What is innovation?, 2011). Mainly, it define as anew and unique ideas to meet customers requirements. With the help of this company easilyexpand their operations in another locations to attain competitive advantages. Current report isbased on plan.com, which is a mobile communication provider. They operate their business atsmall level and provide services to business customers with their needs. This report discussedabout innovation and inventions which helps in attaining company goals and objectives inappropriate time frame. Along with this, 4P's of innovations are also mentioned in this report. Atthe last, various tools and techniques also mentioned which used by company to develop as wellas protect knowledge and intellectual property.TASK 1P1 Innovation and it importance to organization in comparison with inventionEvery organization needs creativity within their process in order to improve overallperformance. By this company easily attain positive results by implementing new and innovativeways. As plan.com deal in mobile communication in which they needs more innovation toenhance their services. For this, they create something new and different to attain competitiveadvantage for it rivals at market place. In this context there are some importance of innovationare as follows:Innovation helps in defining improvement in existing services of the plan.com whichleads in inviting more and more customers towards its products and services. Innovation also contribute in achieving organization growth at market place. It helps in maximize overall profitability of the company. Innovation helps in differentiate the specific products from its rivals (Anderson,Potočnikand Zhou, 2014). It also contribute in effectively change in current goods and services to improve overallperformance.1

Apart form this, it is also important for employees at workplace which can be understood bysome points are as follows: Improve skills: It is important for workers to define new and innovative ideas whichleads them in improving their skills and knowledge. By this employees easily performtheir work within appropriate time frame (Boons and Lüdeke-Freund, 2013). Improve efficiency: It is also important for Plan.com to use new and latest methodswithin their items which leads in increasing the effectiveness. With the help of thiscompany attain log term benefits and capture larger market share form it rivals.Enhance productivity: By providing training to workers help in enhancing theirperformance level which directly contribute in increasing their productivity level. Creative mindset: It is also important for manager to define as well as implement newways into their activities to invite number of customers in order to enhance market share.Along with this, innovation and invention both are totally different and play importantrole in every business organization to improve productivity at market place. Innovation InventionIt is an appropriate process which definecreative ideas within existing products andservices to get better results.It is an effective process to define new ideasand methods to improve performance level. Innovation define as an improvement whichhelp in enhancing performance level.Invention is totally new which never comebefore. Furthermore, plan.com use better innovation and invention within their business activitiesto enhance their profitability level in effective manner. Thus, it can be said that both are moreimportant in which company easily increase their performance level by delivering qualityservices. P2 How organizational vision, leadership, culture and teamwork can shape innovation andcommercialisationFor attaining the better success it is important for plan.com to set their specific visiontowards the goals. By this company easily enhance their performance level at market place.Along with this, selected company also allot all the resources in appropriate way which leads indetermining something new and innovation (Breznitz and Murphree, 2011). In addition of this,2

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