(solved) Innovation : Assignment
Added on 2020-09-17
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INNOVATION
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and its importance to firm in comparison to invention........................................1P2 Vision, lead3ership culture and team work role in shaping innovation andinnovationisation.........................................................................................................................2TASK 2 ...........................................................................................................................................3P3 4p's of innovation and innovation funnel use........................................................................3P4 Developing frugal innovation................................................................................................6TASK 3............................................................................................................................................7P5 Importance of innovation funnel and application of NPD for innovationisation..................7P6 Innovation business case and ways to access funding..........................................................8TASK 4..........................................................................................................................................10P7 Tools for developing, retaining and protect knowledge and intellectual property..............10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONIn the present working environment where there is a lot of competition, it is important forfirms either big or small to introduce innovative ideas, products or services on regular basis. Ithelps them to obtain innovation benefits from their business. Innovation provides assistance tocompany’s sustainable growth (Bogers and West, 2012). Bigger firms such as Apple and Virgingroup set a perfect example how innovation can take them forward. These two firms makeseveral changes in its products and structure so as to have competitive edge over others. Tounderstand the importance of innovation in context of Small Business Enterprise, the firm,Jellyfish has been chosen. It deals in the business of digital marketing which includes SEO, payper click, etc. It provides assistance to many clients across the globe with its innovative digitalmarketing ideas. This report highlights the need of innovation and commercialisation in businessoperations. Also, it studios the role of new product development in achieving high level ofcustomer satisfaction.TASK 1P1. Innovation and its importance to firm in comparison to inventionTerm innovation is used when there is an ongoing process that leads to addition of certainnew things in the existing product of firm. It is done to make changes in accordance with therequirements of business. Somehow, it can be said that professional creativity leads toinnovation. Being in digital marketing field, Jellyfish appreciates the role of innovation in asuccessful business. Citing the example of Apple, it can be seen that how smaller changes inproducts like Ipod and Iphone has made this company one of the biggest in industry asinnovation helps in attracting consumers at a large scale.On the other hand, invention is creation of process or launch of product for the first timein market. Invention helps the firm to enter in new areas of business. Invention has much largerscope of providing profits than innovation as it has flavours of uniqueness (Chun and et al.,2015). Jellyfish understood the importance of invention and innovation in expansion of marketshare. It involves procedures that are replicated on paper, tested using trials and errorsexperimenting with taking it to the market.It is essential for companies of smaller scale like Jellyfish to make continuous innovationin their products which will help them in attracting more clients and expanding market share.3
Smaller firms face a lot of competition from bigger companies hence, it becomes more importantfor them to innovate ideas in their business. Cited company has to innovate marketing softwareand new website design that is needed to be inculcated as per their client’s requirement.Importance of innovation can be understood through following points:Competitive advantage: It is important to have competitive advantage over rivals inorder to increase profit in the market which is being felicitated by innovative ideas. Establishing better methods of business: In order to expand in terms of business reach,it is important for firms to establish new methods of business which help them to providequality services and products (Datta, Jessup and Reed, 2011). It also helps organisationalfunctions especially marketing in making its activities effective.Invention and innovation are two separate thing and their differences could be understoodby following points:Innovation InventionIt is a process of making required changes inthe existing services and products of thecompany. It is process of bringing new idea in realitywhich did not had its existence before.It is process of adding into existing product.It is process of creating new product.It can be linked with numerous products andservices at once.It is related to single product or processTactical, strategic, marketing and technicalskills are required.For invention scientific skills needs to bepresent.It is related to every function of firm. It is generally done by Research anddevelopment department.P2. Vision, leadership culture and team work role in shaping innovation and commercialisationFor any business innovation and its commercialisation is essential. Jellyfish is a smallfirm and needs to make time to time changes in its services which it offers to its clients.Innovation always helps company in achieving its objectives smoothly. There are various factorssuch as vision, mission, work culture that adds to innovation and innovation.Vision: It is important for the firm to have vision as it act as a torch bearer for makinginnovative plans. It is initiator of innovative process. Innovation and commercialisation is4
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