Innovation Assignment - Talent Plus

Innovation
CONTENTS

Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Innovation and its importance to organisations in comparison with invention.....................1
P2. The way organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation........................................................................................................................2
TASK 2............................................................................................................................................4
P3 4Ps of innovation and use of the innovation funnel...............................................................4
P4 Developments in frugal innovation........................................................................................5
TASK 3............................................................................................................................................6
P5 Significance of commercial funnel and application of New Product Development (NPD)...6
P6 Innovation Business Case for and organization.....................................................................7
TASK 4............................................................................................................................................8
P7 Different tools that organisations can use to develop, retain and protect knowledge
and intellectual property.........................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is an important concept for every business organization because it defines new
ideas and invention within the organization. With the help of this, firm convert their ideas into
quality services for their customers. Basically, it plays important role in developing overall
performance of the company which may leads in attaining set goals and objectives. The process
of innovation also contributes in satisfy the customers’ needs and wants as per their needs. It
directly contributes in enhancing the profitability level of company at market place. Along with
this, by implementing innovation concept within their business, firm easily attract larger number
of customers by producing quality goods and services. Talent Plus is a HR consulting firm which
deal at small level (Anderson, Potočnik and Zhou, 2014). This report is based on invention which
aid in improving the performance level of the company. Innovation and its importance to
business organization in comparison with invention is also mentioned in this project. Along with
this, organisational leadership, vision, teamwork and mission also discussed in this project which
can shape innovation and commercialisation. In addition of this, 4P'S of innovation and use of
innovation funnel is also mentioned in this assignment.
TASK 1
P1. Innovation and its importance to organisations in comparison with invention
Innovation define an effective activity as well as procedures in which company improve
their quality services. This will aid in developing the overall growth of the company at market
place. By using innovation concept, company easily produce new and quality services as
compare to its competitors which may leads in improving the positive brand image at market
place. Along with this, innovation helps in establishing effective production process by which
company serve variety of services to its customers as per their needs and wants. With the help of
this company attain better success. Basically, this procedure includes various aspects like any
kind of modification, alteration within the existing production process by implementing new and
innovative ideas. With the help of this company enhance their profitability level and at the same
time they also invite large number of customers towards the products and services (Boons and
Lüdeke-Freund, 2013). In addition of this, invention and innovation both term are different and
play their specific role in business environment. The difference between both term can be
understood following points:
Basis Invention Innovation
1

Meaning Invention is a process in which firm
completely develop new products
within the organisation that never
been made before.
Concept of innovation refer to
the modification within the
existing products and services
with the purpose of attaining
better results from its consumers.
Skills Invention required scientific skills
by which workers easily invite
larger customers towards the
company products and services.
For implementing innovation
concept, person required
technological, strategic skills in
order to enhance the growth level
of the company.
Concept Invention is based on original ideas
which introduce by individual at
market place.
The innovation concept is based
on practical implementation of
new ideas within the company.
Importance of innovation in comparison with invention:
Basically the concept of innovation is one of the important procedures foe business
organization by which company enhance their profitability level by delivering quality services to
its customers. Along with this, it also develops actual theories, confidence and skills towards the
implementation of innovation process in most effective manner. With the help of this company
produce creative services for their customers with the aim of attaining better success at market
place. By using innovation concept, firm attain competitive advantage form its rivals by
providing attractive services in market place.
P2. The way organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation
A concept of innovation required an effective way to develop business activities in order
to attain positive outcomes. In context of Talent Plus, company use various tools and techniques
within their organizational activities in order to attaining set goals and objectives in appropriate
time frame (Breznitz and Murphree, 2011). This will aid in enhancing the positive brand image
at market place. In addition of this, manager also play vital role in providing better direction to
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