Frugal Innovation in Business Management

This assignment requires students to explore the concept of frugal innovation and its application in business management. Frugal innovation is a strategy used by administrations to enhance market share and position of firms. The assignment involves analyzing research papers on frugal innovation, identifying key concepts, and discussing their implications for business management. Students are expected to provide a comprehensive summary of the topic, highlighting the importance of frugal innovation in today's business landscape.

INNOVATION

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

INTRODUCTION
Innovation is referred to as concept which specifies that management require to make
alterations in existing items and in production activities to manufacture creative products. It is a
process which includes various components such as use modern tools and techniques in system
(Johnston and Marshall, 2016). With this, company manufacture quality items and deliver
adequate 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 established
in London and consists nearly 150 workforce. This firm carries out business activities which
includes formulating plans for other enterprises and provide them adequate solution for strategic
issues. In this assignment innovation funnel is used for new product development; so that goals
and objectives get accomplished within specified time frame.
TASK 1
P1 Innovation and its importance for organisation in comparison with invention
In organisation, innovation is essential process through which modification in system and
products are made in according to demands of people and market situations. Incite marketing
partnership which frame strategies; require to have information about innovations which are
made 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 in
marketplace. So, innovation is a creative process through which changes are made existing
products, through which adequate profit are incurred by firm. Thus, transformation and
modification are done in business activities which may be positive or negative for organisation's
performance. These are various requirements for innovation are stated beneath:
 Management uses innovation activity through which they are able to lead members to
introduce new concepts and make alterations in business operations; through which
targets are accomplished timely.
 Incite marketing partnership firm is able to attract large number of customers with help of
innovation and make system function creatively.
 Firm which includes creativity is able to position higher than other organisation in same
sector.

 Innovation is concept through which company make alterations in tools and techniques
and launch new items and services in according to demands of people. Thus, this benefit
firm to get adequate return from business.
Innovation and invention differs from each other, which is as follows:
Innovation Invention
This is referred to as process which specifies
changes that are made in tools and techniques
to manufacture creative items. Thereby,
improve performance of employees through
which quality products are delivered in
marketplace.
It is defined as novel thought which are
launched first time. This include products and
services that are formed in according to
demands of people.
Firm uses modern technologies to enhance
market position of item. This help management
to establish brand with use of updated
strategies and system.
If organisation members have ability through
which they are able to generate unique services
is defined as invention.
Therefore, it can be concluded that both innovation and invention are made by firms to
deliver adequate products and services in according to needs and wants of people. Incite
Marketing Partnership which conduct business operations to provide appropriate work to other
companies. Management of company require to develop unique services; so that they are able to
compete with rival organisations (Wallace, 2017). For this, innovation is effective tool than
invention 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 other
competitors. So, members are able to deliver efficient service to clients with help of latest
technologies. Thus, timely innovation in organisation benefit executive to enhance market image
and reputation.
P2 Vision, leadership, culture and teamwork can shape innovation and commercialism
In every kind of organisation, administration formulate vision and mission, through
which they are able to direct subordinates and make system function properly. This help them to
utilise funds adequately and conduct operations through which goals and objectives are attained

timely. Executive of Incite Marketing Partnership firm have established adequate vision through
which they are able to construct relationship with their clients. By providing small mission to
members and make them perform activities effectively. Besides this, employees are given targets
which are to be accomplished by them (Bain and Kleinknecht, 2016). Thereby, management is
able to examine performance of members in accordance to goals that were specified to them.
Vision: Executive of firm prime objective is to make achievement in specified time
frame. Incite Marketing Partnership main goal is to provide efficient service to other companies
that is make plans for them and provide adequate solutions for strategic issues that are faced by
clients.
Leadership: Management require that goals and objectives of organisation are
accomplished timely. For this, it is essential that superior provide appropriate guidance and
instructions to team members to make them perform activities properly. As Incite Marketing
Partnership firm, leader established relationship with workforce to keep them motivated and
dedicated towards duties that are assigned to them. This help company to make employees
function effectively and attain targets within specifies time frame.
Culture: This element specifies that it is essential that management require to conduct
activities through which they are able to enhance skills and abilities of staff members. So,
employees are able to utilise opportunities that are present in marketplace. Incite Marketing
Partnership firm provide adequate environment to workforce for their personality development
and generate higher revenue from business (Tukker and et. al., 2017). Thus, company have
culture through which management improve capabilities of members; so that goals are
accomplish timely.
Thus, it can be comprehended that innovation concept help management to make
organisation function as per vision that is set by executive. Thereby, provide adequate
environment and culture in firm, lead members and make them perform activities in team. This
benefit company to deliver efficient services to clients and accomplish goals and objectives
timely.
M1
Management is able to produce differentiated and unique items, with help of creative
ideas. They require to add features in product in according to need and wants of people. So,
innovation is process through which new items are launched and delivered in marketplace.

Incite Marketing Partnership which is a small business firm require to make appropriate planning
strategies which are beneficial for organisation. This advantage company to attract large number
of customers and retain clients for longer period.
D1
Management require to use adequate tools and techniques in system to examine whether
innovation that are made in organisation are effective or not. Through this, advantages of
changes that are made in products and services are ascertained by members. As this is complex
activity, so Incite Marketing Partnership firm require to have competent workforce for
conducting this activity.
TASK 2
P3 4P's of innovation and use of innovation funnel to examine and shape innovative ideas
Organisation require to make alterations in products and services in according to needs
and wants of people. It is necessary that adequate changes and features are added in items
through which management is able to grab attention of large number of people. So, innovation is
effective process through which modifications are made in tools and techniques in system
(Kogan and et. al., 2017). This help Incite Marketing Partnership to deliver services in creative
way and establish competitive advantage over competitors. These are 4P's of innovation which
are used by management to make company function properly are stated beneath:
Product: Organisation require to make changes in features of items and launch new
variants in according to deliver adequate services to people. Management of Incite Marketing
Partnership make modification in system and implement updated technologies in system through
which appropriate services are offered to firms that are connected with them. This benefit
company to attract large number of people and retain clients for longer period; by providing
them efficient services.
Paradigm: This component specifies that firm require to add features in products and
extra benefits through which adequate items are delivered in marketplace. Incite Marketing
Partnership which is a service company, so it is difficult that other organisation to imitate pattern
of delivery (Voorberg, Bekkers and Tummers, 2015). For this, it is necessary that management to
conduct activities through which quality services are offered to clients.

Process: It is essential that management uses adequate tools and techniques in system
through which resources are utilised properly and adequate products are manufactured. So,
appropriate changes are made in items and operations are carried out innovatively in according to
demands of people.
Position: This element specifies that firm require to deliver quality products and services
to people; so that management is able to enhance market image and reputation. Incite Marketing
Partnership which is service provider require to use appropriate technologies and make system
function in according to market conditions.
Innovation funnel: This is defined as concept through which management is able to
eliminate difficulties and complexities of innovation process (Wu and et. al., 2015). If new things
creation was simple, so every members would be ready to implement alterations in techniques
and function properly. For this, it is necessary that executive have adequate information about
organisation and its system. Incite Marketing Partnership administration uses innovation funnel
through which they are able to sort problems that are faced by members and make them perform
tasks effectively. So, they are able to eliminate constraint of workers from adopting new
techniques. So, company is able to deliver quality services to clients and sustain them for longer
period.
Innovation funnel is efficient tool for small and medium enterprises, as they don't have
much resources such as funds, material and manpower. So, it is essential that management
provide duties to employees in according to their skills and abilities through which they are able
to perform activities effectively. Thus, workers are able to attain targets within specified time
frame. This benefit Incite Marketing Partnership to make success and growth by delivering
quality services to clients.
P4 Development of Frugal innovation
Organisation require to use frugal innovation process in system; through which
management is able to eliminate irrelevant and undesired components from products and
services (Vargo, Wieland and Akaka, 2015). So, firm is able to control manufacturing expenses,
eliminate difficulties from system and generate adequate profit for their business. Thus, small
and medium enterprises is able to utilise resources efficiently. Incite Marketing Partnership firm
uses frugal innovation in system through which management is able to deliver quality service to
clients. Through this concept, administration acknowledge competent and skilled members of

firm. Thereby, make them perform activities effectively and benefit firm to enhance their market
position. Thus, executive of firm is able to attract large number of people; thereby accomplish
goals and objectives.
Frugal innovation concept help firms to utilise resources efficiently and deliver adequate
services to clients. For this, management require to have adequate workforce through which they
are able to make system function properly (Moulaert, 2016). This benefit firm to keep members
connected and dedicated towards duties that are assigned to them. Executive of Incite Marketing
Partnership firm conduct these steps through which goals and objectives are accomplished are as
stated below:
 Identification of ideas and methods through which it can be executed in system.
 Estimate expenses which will be incurred for implementation of idea.
 Evaluation of all reports and taking appropriate decisions through which firm is able to
reduce difficulties and complexities from system.
 Management require to make workers perform activities and deliver quality services to
clients.
Therefore, management of Incite Marketing Partnership uses frugal innovation concept in
firm; through which they are able to utilise market opportunities and make system function
effectively. So, executive is able to evaluate services to acknowledge whether clients get
appropriate offerings by firm. This benefit company to increase prices of their services and
enhance profitability. Thus, management is able to make success and accomplish growth in
market with time.
M2
Innovation funnel benefit executive to control inadequate factors and reduce unnecessary
expenses through which they are able to make system function properly. This help management
to utilise resources efficiently and make employees perform tasks effectively. Thus, this concept
prime goal is that in organisation each and every stages of manufacturing process are being
conducted adequately.
M3
Incite Marketing partnership firm prime objective is to deliver effective plan to clients
and provide them appropriate solution; in respect to strategic marketing issues and problems that
are faced by them. For this, management require to use appropriate tools and techniques in

system through which they are able to utilise resources properly and deliver quality services to
other firms. This benefit company to enhance their image and reputation in marketplace.
TASK 3
P5 Importance of commercial funnel and application of New product development
Management require to use innovation tools in system through which firm is able to
enhance items and deliver quality services to people; in according to their need and wants. This
help company to sustain clients and grab attention of large number of customers. So, with
implementation of appropriate methods in system; administration is able to overcome conflicts of
employees and provide them adequate solution for issues that are faced by them. Thereby,
workers will perform tasks and attain targets within specified time frame (Love and Roper,
2015). Thus, it is essential that management implement commercialization in system to sell
products and services in marketplace. So, they are able to improve results and generate adequate
revenue for business.
Incite Marketing Partnership uses commercial funnel concept in system, through which
they are able to launch new products in domestic and international market. Management require
to deliver quality service to clients through which they are able to sustain them for longer period.
This also help company to utilise market opportunities and resources efficiently. So, commercial
funnel is beneficial through which administration is able to deliver services globally. These are
various stages that are conducted by them for new product development are stated beneath: Idea generation: This is first step which specifies that management require to evolve
new product concept and launch items in marketplace in according to demands of people. Idea screening: It is necessary that management conduct examination of new product
concept to check their feasibility (Laeven, Levine and Michalopoulos, 2015). Testing the concept: This stage specifies that executive require to formulate idea in
according to needs and wants of people. Thereby, they need to conduct examination of
concept to check whether appropriate services are delivered to clients. Analyse products and services: Management require to launch new items in marketplace
and evaluate success of products in according to requirements of people. Commercialisation: This step states that if organisation are making success, then firm is
able to develop new items and launch it in market.

 Product launch: It is last stage of new product development which defines that company
require to execute idea and transform it in reality. This help management to deliver
adequate products and services to clients in according to their demands and requirements.
P6 Building of innovation business case including ways to access funding
Administration require to implement updated tools and techniques in system through
which they are able to produce adequate products and deliver quality services to people. Through
this organisation is able to establish competitive advantage and enhance market position. For
this, executive require to conduct examination of system and take care that appropriate business
activities (Brunswicker and Vanhaverbeke, 2015). This help executive to generate appropriate
profit for business with help of commercialisation and innovation concepts in firm. Thus,
executive require adequate financial resources through which company is able to launch new
products and services globally. These are various stages which are conducted by administration
are stated beneath:
 Recognise that adequate financial resources are available with executive.
 Identify sectors which require funds and then management can launch items in various
nations.
Administration of Incite Marketing Partnership firm make alterations in system in
according to deliver effective services to clients. For this, wireless technologies is implemented
in company through which resources are utilised properly (De Vries, Bekkers and Tummers,
2016). So, it is necessary that management require to conduct activities and accomplish
objectives timely. Administration can take help from financial institutions and shareholders in
respect to funds required by them. This help them to use appropriate tools and techniques in
system, through which adequate services are offered to clients. Thus, company is able to enhance
market position and share.
M4
With help of innovation concept, companies are able to deliver appropriate products and
services to people. This help management to conduct business activities systematically and
properly. Besides this, they are able to examine stages of manufacturing process and make
system function effectively with implementation of updated technologies in firm.

D2
Management of organisation require to frame distinctive ideas through which they are
able to make system function properly and reduce obstacles that impact on firm's success and
growth. It is necessary that administration make modifications in system, through which quality
services are delivered in marketplace. Besides this, it is essential that executive conduct training
programs to enhance skills and abilities of staff members. Thereby, administration require to
make changes in strategies and policies in according to make system function effectively. Thus,
organisation is able to deliver adequate products and services in marketplace.
TASK 4
P7 Different tools that an organisation can use to develop, retain and protect intellectual property
Administration require to utilise funds, material and manpower properly, through which
adequate products and services are delivered by firm in marketplace. Besides this, it is essential
that executive get assets protected with help of certification from government (Donate and de
Pablo, 2015). Incite Marketing Partnership firm logo, symbol, sign and various other elements
which are being registered by owner. This help executive from prevent their usage by
competitors. These are various components which are used to secure intellectual assets are as
follows:
Copyright: This element is related with author's work like novels and books. For this,
government had frame laws to protect writings of people being used by others.
Trademark: Logo, symbol and name pattern are various components that are secured
with help of laws that are made by regulatory bodies.
Thus, executive of Incite Marketing Partnership uses trademark tool to protect symbol,
logo and other aspects of firm. This help administration to secure this components from usage of
other companies.
CONCLUSIONS
From the above report, it can be comprehended that innovation concept plays essential
role for every type of organisation. This help administration to make alterations in products and
services in according to demands of people. Besides this, it is essential that company launch new
items through which executive is able to gain advantage from rival firms. For this, innovation
funnel is concept which are used by management through which they are able to utilise resources

efficiently and make employees perform activities effectively. So, organisation are able to
deliver quality services to clients and sustain them for longer period. Besides this, frugal
innovation is uses by administration to enhance market share and position of firm.

REFERENCES
Books and Journals
Bain, D. and Kleinknecht, A. eds., 2016. New concepts in innovation output measurement.
Springer.
Brunswicker, S. and Vanhaverbeke, W., 2015. Open innovation in small and medium‐sized
enterprises (SMEs): External knowledge sourcing strategies and internal organizational
facilitators. Journal of Small Business Management. 53(4). pp.1241-1263.
De Vries, H., Bekkers, V. and Tummers, L., 2016. Innovation in the public sector: A systematic
review and future research agenda. Public Administration. 94(1). pp.146-166.
Donate, M. J. and de Pablo, J. D. S., 2015. The role of knowledge-oriented leadership in
knowledge management practices and innovation. Journal of Business Research. 68(2).
pp.360-370.
Johnston, M. W. and Marshall, G. W., 2016. Sales force management: Leadership, innovation,
technology. Routledge.
Kogan, L. and et. al., 2017. Technological innovation, resource allocation, and growth. The
Quarterly Journal of Economics. 132(2). pp.665-712.
Laeven, L., Levine, R. and Michalopoulos, S., 2015. Financial innovation and endogenous
growth. Journal of Financial Intermediation. 24(1). pp.1-24.
Love, J. H. and Roper, S., 2015. SME innovation, exporting and growth: A review of existing
evidence. International small business journal. 33(1). pp.28-48.
Moulaert, F., 2016. Social innovation: Institutionally embedded, territorially (re) produced.
In Social innovation and territorial development. pp. 27-40. Routledge.
Mowery, D. C. and et. al., 2015. Ivory tower and industrial innovation: University-industry
technology transfer before and after the Bayh-Dole Act. Stanford University Press.
Tukker, A. and et. al., 2017. System innovation for sustainability 1: Perspectives on radical
changes to sustainable consumption and production. Routledge.
Vargo, S. L., Wieland, H. and Akaka, M. A., 2015. Innovation through institutionalization: A
service ecosystems perspective. Industrial Marketing Management. 44. pp.63-72.
Voorberg, W. H., Bekkers, V. J. and Tummers, L. G., 2015. A systematic review of co-creation
and co-production: Embarking on the social innovation journey. Public Management
Review. 17(9). pp.1333-1357.
Wallace, D., 2017. Environmental policy and industrial innovation: Strategies in Europe, the
USA and Japan. Routledge.
Wu, D. and et. al., 2015. Cloud-based design and manufacturing: A new paradigm in digital
manufacturing and design innovation. Computer-Aided Design. 59. pp.1-14.