P1 Innovation and Its Significance as Compared to Invention

INNOVATION

Table of Contents
INNOVATION................................................................................................................................1
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Innovation and its significance as compared to invention.....................................................3
P2 State how organizational vision, culture, team work, leadership can shape innovation and
commercialization ......................................................................................................................5
TASK 2............................................................................................................................................6
P3 Explain 4P's of innovation and use of innovation funnel......................................................6
P4 Development in frugal innovation.........................................................................................6
TASK 3............................................................................................................................................7
P5 Significance of commercial funnel & application of new product development..................7
P6 Building an Innovative Business Case ..................................................................................8
P7 Tools used by firm to retain, secure and protect intellectual property...................................9
CONCLUSION..............................................................................................................................10
REFERENCES.............................................................................................................................11

INTRODUCTION
The process of converting an invention or idea into final goods or services that create
value for customer or for which consumer is willing to pay is known as Innovation. In context of
business, it is normally applied by company for satisfying diverse needs and wants of customer's
in an effective and efficient manner (Aarikka-Stenroos and Sandberg, 2012). It often seen as the
application of providing better solution that complete unarticulated needs, new requirement and
existing marketing needs in an appropriate manner. Generally, it refers to the process of
developing more effective products, process, ideas and workflows. With the help of innovation,
association can gain high competitive advantage in the marketplace. The selected organization
for this report is Unicorn Grocery which is a co-operative grocery store, headquarter in
Manchester, England. The main aim of given report is to figure out how innovation and
commercialisation help in achieving business goals in an effective manner. It also include
application of new product tool, sources of funding, commercial funnel, innovation mix and
various tools for retaining and protecting intellectual property rights.
TASK 1
P1 Innovation and its significance as compared to invention
Innovation concept is dealing with conversion of an idea into product or service for
which buyers are willing to pay. A new idea is very essential for any innovation and individuals
or entrepreneur are require to come up with creative ways and new ideas for doing things in
different way. Bringing innovation within firm provides competitive advantage to company
within market. It assists in making business distinctive from others. Its contribution is very high
in success as well as growth of firm. It is like catalyst for firm as it assists in growth by providing
competitiveness to company.
There is a difference between innovation and invention. Bringing innovation within
company doesn't mean it is invention (Difference Between Invention and Innovation. 2016). It
refers to the process of change and adapting themselves as per the changes takes place in
environment. Innovation assists in delivering such goods and services that completely satisfy
needs and requirements of customers. If a innovative culture is developed within firm,
employees are being more creative and an ability is developed among them for solving problems
in effective way. It is believed that sustainability of a business organisation highly rely on

innovation. So, firms are require to constantly innovate in their goods and services for
maintaining their position in market for long term. The success key of every business
organisation is unique and creative idea (Bagchi-Sen, 2010). Currently, significant profits are
earn by Unicorn Grocery in market but, there are some other firms which offer similar products.
So, for maintaining its position in market and gaining high competitiveness, it is required by firm
to do something different. So, management has takes decisions for launching an mobile
application so that time, efforts and energy of firm as well as its customers can be reduced. They
also emphasize on making their layout properly structured in order to make it easy to find
product. Some advantages of innovation gain by firm are defined below:
 One of the greatest means to create unique selling proposition for specific process or
goods is effective innovation.
 Higher profit & sales are yield by company.
 Increased motivation, retention of workforce and flexible recruitment.
 Helps in developing good brand image or brand.
 Innovation is the best way of gaining high competitive edge and acquiring large portion
of market share (Bogers and West, 2010).
 Improved productivity as well as performance of company and reduces its cost. Speedy increment in satisfaction level of buyers or consumers.
Comparison between Invention and Innovation:
Innovation Invention
Innovation occurs when significant
improvements are made in existing goods and
services.
It is a comparatively discrete creative act in
which the product or service is completely new
or which never exist before.
It refers to a modern idea that can be applied to
existing situation.
Invention is a practical aspect and can be
assessed by people.
It is about making product reach to final users
or make it marketable.
It is a alteration of novel notion in substantial
idea.
Innovation consist of amalgamation of
different products or processes.
The concern of invention is single product or
process.