Innovation Assignment of Hakim Group

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Explain innovation its importance along with comparison with invention...........................3
P2 Role of organisation vision, leadership, culture and teamwork in shaping innovation and
commercialisation.......................................................................................................................4
TASK 2............................................................................................................................................6
P3 4Ps of innovation and use of funnel innovation.....................................................................6
P4 Developments of frugal innovation and its uses within company.........................................7
TASK 3............................................................................................................................................8
P5 Applications of new product development and importance of commercial funnel...............8
P6 Innovation business case along with ways to access funding..............................................10
TASK 4..........................................................................................................................................10
P7 Different tools which assist in developing, retaining and protecting knowledge and IP.....10
CONCLUSION .............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation refers to an method of changing activities as well as process so that better
outcomes can be achieved (Adner and Kapoor, 2010). In this enterprise, its purpose is to apply
techniques as well as creative ideas which lead to creative activity of changing goods and also
improved previous goods line up of a business. By this method a business will able to achieve a
growth within a marketplace. It also helps in adopting a changing condition of operative
environment. Hakim group is a small company which was found in a year 2001 as well as give
special concentration in this optical business. This report will concentrate on the importance of
innovation along with that differentiates it with invention as well. The different approaches and
types which are linked to innovation. Also discussed about 4ps of innovation as well as roles of
companies teamwork, culture, vision and leadership is shaping commercialisation and
innovation.
TASK 1
P1 Explain innovation its importance along with comparison with invention
Innovation approaches of the company have helps to identify several kinds of opportunity
at market place. Management of an organisation take action in order to gain sustainability in long
period of time. They analysis current uncertainty and volatile of industry and find out some
factors which are increase chances of survival in an effective way. It is essential to develop
healthy culture with in an organisation to promote innovation among all employees. so that,
creativity and productivity may improve which helps to produce high quality product and
services (Dahlander and Gann, 2010). It is enhancing customer’s satisfaction that improves
market position of the company. Manager of company used innovation as a strategy, system and
technology which can assist in gaining target in an effective manner. The major benefits of
innovation are explain as follows:
Problem solving: Firm is encountered with lot of issues which are effectively solved if a
management wishes to retain it operational task efficiently at market place. The practised
convention planning which are not able to solve or reduce issues form work place. There will be
a need of innovative thing to solve problem in an effective manner. It aim to resolve problem of
company in an unprecedented way.
3

Adapting to market dynamics: Current market situation is a dynamic in nature and it is a
continuously fluctuates is create negative impact on an organisation performance. Therefore, it is
important to adopt innovation strategy so that all staff members could be engaged to develop
high quality product and services by an business enterprise.
Responding to consumer demands and expectations: In order to sustain at market place,
management of firm may identify clients needs and wants and develop product accordingly. Its
helps to increase profitability in long period of time. It is possible when company may execute
innovation strategy with in work place among all workers. Through innovation, business may
offer value to their potential buyers. This have create impact on firm performance.
Effective competing: There are numerous activities are completing by an organisation to
offers various kind of product and services. Such situation makes adoption of innovation
extremely important to create high profits through which product and services are perceived
differently (Davila, Epstein and Shelton, 2012). So that, superior market position could be
achieved.
It is very important to identify difference between innovation and invention are explain as
follows:
Difference between innovation and invention
Innovation Invention
Innovation refers as modification in existing
product and services in order to full fill
customer’s demand effectively.
Invention is referred to developing completing
new product and services to enhance needs of
clients in the best possible ways.
There is a need to identify new ideas and
process to completing task or work which are
consider by administration to gain combined
with set of marketing tools and techniques.
It is a scientific approach that provide ideas
through research are development department
and final result is produce high quality product
and services.
Innovation strategy are mostly used by small
firm because it is cast convenient and easily to
implementing at work place.
Invention is done by big organisation because
it is a costly process. For example, Apple
company used this strategy to produce new
technology in their product.
4