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Innovation Assignment - Incite

   

Added on  2020-07-22

13 Pages4126 Words31 Views
Leadership ManagementMechanical Engineering
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INNOVATION
Innovation Assignment - Incite_1

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Innovation and its importance for organisation in comparison with invention.....................3P2 Vision, leadership, culture and teamwork can shape innovation and commercialism..........4M1...............................................................................................................................................5D1................................................................................................................................................6TASK 2............................................................................................................................................6P3 4P's of innovation and use of innovation funnel to examine and shape innovative ideas....6P4 Development of Frugal innovation........................................................................................7M2...............................................................................................................................................8M3...............................................................................................................................................8TASK 3............................................................................................................................................9P5 Importance of commercial funnel and application of New product development.................9P6 Building of innovation business case including ways to access funding.............................10M4.............................................................................................................................................10D2..............................................................................................................................................11TASK 4..........................................................................................................................................11P7 Different tools that an organisation can use to develop, retain and protect intellectualproperty.....................................................................................................................................11CONCLUSIONS............................................................................................................................11REFERENCES..............................................................................................................................13
Innovation Assignment - Incite_2

INTRODUCTIONInnovation is referred to as concept which specifies that management require to makealterations in existing items and in production activities to manufacture creative products. It is aprocess which includes various components such as use modern tools and techniques in system(Johnston and Marshall, 2016). With this, company manufacture quality items and deliveradequate services to people. This help organisation to establish advantage over rival firms.Present report is based on Incite marketing partnership company, which has its outlet establishedin London and consists nearly 150 workforce. This firm carries out business activities whichincludes formulating plans for other enterprises and provide them adequate solution for strategicissues. In this assignment innovation funnel is used for new product development; so that goalsand objectives get accomplished within specified time frame.TASK 1P1 Innovation and its importance for organisation in comparison with inventionIn organisation, innovation is essential process through which modification in system andproducts are made in according to demands of people and market situations. Incite marketingpartnership which frame strategies; require to have information about innovations which aremade in products and service in according to need and wants of people (Mowery and et. al.,2015). Thereby, benefit from competitors and deliver unique and appropriate offerings inmarketplace. So, innovation is a creative process through which changes are made existingproducts, through which adequate profit are incurred by firm. Thus, transformation andmodification are done in business activities which may be positive or negative for organisation'sperformance. These are various requirements for innovation are stated beneath:Management uses innovation activity through which they are able to lead members tointroduce new concepts and make alterations in business operations; through whichtargets are accomplished timely.Incite marketing partnership firm is able to attract large number of customers with help ofinnovation and make system function creatively.Firm which includes creativity is able to position higher than other organisation in samesector.
Innovation Assignment - Incite_3

Innovation is concept through which company make alterations in tools and techniquesand launch new items and services in according to demands of people. Thus, this benefitfirm to get adequate return from business.Innovation and invention differs from each other, which is as follows:InnovationInvention This is referred to as process which specifieschanges that are made in tools and techniquesto manufacture creative items. Thereby,improve performance of employees throughwhich quality products are delivered inmarketplace.It is defined as novel thought which arelaunched first time. This include products andservices that are formed in according todemands of people.Firm uses modern technologies to enhancemarket position of item. This help managementto establish brand with use of updatedstrategies and system.If organisation members have ability throughwhich they are able to generate unique servicesis defined as invention.Therefore, it can be concluded that both innovation and invention are made by firms todeliver adequate products and services in according to needs and wants of people. InciteMarketing Partnership which conduct business operations to provide appropriate work to othercompanies. Management of company require to develop unique services; so that they are able tocompete with rival organisations (Wallace, 2017). For this, innovation is effective tool thaninvention through which firm is able to utilise funds, material and labour properly. Thereby,timely make alterations in system through which company is able to advantage from othercompetitors. So, members are able to deliver efficient service to clients with help of latesttechnologies. Thus, timely innovation in organisation benefit executive to enhance market imageand reputation. P2 Vision, leadership, culture and teamwork can shape innovation and commercialismIn every kind of organisation, administration formulate vision and mission, throughwhich they are able to direct subordinates and make system function properly. This help them toutilise funds adequately and conduct operations through which goals and objectives are attainedtimely. Executive of Incite Marketing Partnership firm have established adequate vision through
Innovation Assignment - Incite_4

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