Innovation Assignment - 4Com Plc
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Added on 2020-10-05
Innovation Assignment - 4Com Plc
Added on 2020-10-05
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Innovation
CONTENTSContents...........................................................................................................................................1INTRODUCTION...........................................................................................................................1TASK...............................................................................................................................................1P1 Innovation and its importance for a business firm as compare to invention..........................1P2 Teamwork, leadership, vision and culture shape commercialisation and innovation............3TASK 2............................................................................................................................................4P3 Innovation funnel to analyse innovative ideas and 4Ps of innovation...................................4P4 Developments in frugal innovation and its use in organisation.............................................5TASK 3............................................................................................................................................6P5 Significance of commercial funnel and application of new product development process forcommercialisation of innovation.................................................................................................6P6 Innovation case with ways to access funds............................................................................7TASK 4............................................................................................................................................8P7 Various tools that can be use firms to develop, retain and protect intellectual property andknowledge....................................................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONProcedure of manufacture and offer something unique to respond changing needs andrequirements of customers is known as innovation. In this entity make new features in a specificproduct to enhance its usefulness and to attract more customers towards it. When entity offersomething new to its customers then it help in get a competitive place in market and providevarious long term benefit to company (Owen, Macnaghten and Stilgoe, 2012).. With help ofinnovation, entity can step forward from all its rivals. One of the main benefit of innovation isthat it help in utilise all resources and funds at an optimum level. 4Com plc, a firm that offervarious type of telecommunication services to its customers in various areas of world is takenunder this report for study. Importance of innovation for a business firm and various elementsthat affect innovative ideas is given in this. Further, importance of commercial funnel anddifferent tools to retain intellectual property is all detailed in this report. TASKP1 Innovation and its importance for a business firm as compare to inventionApplication of new methods and techniques for manufacture products and better satisfythe needs of customers is known as innovation. Large number of benefits are there related withthe concept of innovation. One of the main advantage of this is that it help in better satisfy theneeds of its customers which is very essential in today's competitive environment. Further thismake the enterprise able to capture a larger market share which help in generate large amount ofprofits as compare to its rivals. Importance of innovation for a business firm is given under thefollowing points: Provide competitive benefit to organisation: This is known as one of the most importantbenefit related with the concept of innovation. In today business environment, variousenterprise are there that offer similar products and quality to its customers at affordableprices (Ambec and et. al., 2013). In this situation, in order to grasp the attention of largenumber it is very significant for entity to manufacture and offer something new to itscustomers. With this organisation can generate large number of profit as compare to itsrivals exist in market. Ensure optimum utilisation of funds and resources: When firm start manufacturesomething new to satisfy the needs of its customers then it help in utilise all resources at1
an optimum level. This enhance efficiency of production process and provide opportunityto firm to offer better and unique products to its customers at affordable prices. With this,organisation can retain its customers for a long time period. Increase effectiveness of communication process: For get all benefits of innovation, it isvery important that there should be proper communication among all staff members asthis help in make them aware about their roles and responsibilities. Entity use effectivecommunication channels to implement innovation and all this make the communicationbetter and at the same time enhance effectiveness of innovation. Increase productivity of organisation: Innovation encourage workers to enhance theircreativity and this help entity in identify the new and effective ways to carry outproduction process. This support in manufacture better and featured products which helpentity in get customer satisfaction. All these are the major benefits of innovation so for get all this, it is very essential forentity to implement the concept of innovation. There are various differences between innovationand invention and this can be understood by the table given below:Difference between innovation and inventionBasis InnovationInventionMeaningImplement a new idea for thefirst time to increase feature ofa specific product or service isknown as innovation. When a unique or new ideaoccur for the very first time fora new product that has nevertake place before is known asinvention. ConceptUnder concept of innovation, anew feature or value is addedto the product already exist. In this a new products isdevelop for the first one. Skills requiredFor implement the concept ofinnovation, technical,marketing and financial skillsare required. Mainly scientific and researchskills are require to implementinvention. ActivitiesActivities that are performunder the concept ofMainly operations that requireto execute for invention are2
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