Innovation in Unicorn Grocery : Report
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Added on 2020-07-23
Innovation in Unicorn Grocery : Report
Added on 2020-07-23
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INNOVATION 1
ContentsContents...........................................................................................................................................................2INTRODUCTION..........................................................................................................................................3TASK 1............................................................................................................................................................3P1 Innovation with its importance and its comparison with invention.....................................................3P2 How organizational leadership, vision, team work and culture shape Innovation...............................4TASK 2............................................................................................................................................................5P3 Innovation funnel and 4Ps of innovation............................................................................................5P4 Development of frugal innovation......................................................................................................6TASK 3............................................................................................................................................................7P5 Importance of commercial funnel and its application.........................................................................7P6 Business Case for Unicorn Grocery....................................................................................................8TASK 4..........................................................................................................................................................10P7 various methods and tools for protect intellectual property..............................................................10CONCLUSION.............................................................................................................................................10REFERENCES...................................................................................................................................................112
INTRODUCTION In context of business, Innovation is known as the procedure of making business workflows, goods, services or process more efficient. It also means implementing new ideas, creating dynamic product or services or improving the existing goods or services so as to attain higher competitiveness level in the market place over other rivals (Baldwin and Von Hippel, 2011). It often acts as a catalyst in terms of organizational success and growth and it also assist business in growing and adapting as per the requirement of market in an effective manner. The chosen organization for this report is Unicorn Grocery which is based in England. It covers how innovation and commercialization assist the selected firm in gaining high competitive advantage.It also encompasses innovation mix, application of new product development, frugal innovation, business case, sources of funding and various tools that help in protecting and retaining intellectual property rights. TASK 1P1 Innovation with its importance and its comparison with inventionThe term “Innovation” simply means converting a productive idea into effective product or services which create value customer or for consumer remain willing to pay more. Basically itmeans coming up with creating ideas of perform same tasks in unique or innovative way. The concept of innovation does not related with invention. Both concepts are different and covers different aspects that support firm in attain set goals in a structured and thorough manner. It can occur in the form of transforming business process and adaptable to environmental changes so asto provide better and featured goods to target customers that meet their requirement in appropriate manner. To make it more successful, every company needs to consider innovation as an essential part of business strategy which often leads to generate culture of innovation and promotes creative problem thinking and strategic thinking. According to Frank and Wright “An organization who continually undergo innovation, develops more efficient and effective process of carry out activities and increase chances of attaining higher profitability increases rapidly”. In order to beat prevailing market competition, it is essential for each firm to come up with unique or creative ideas that keeps their products, processes or services fresh and distinctive. Unicorn Grocery has decided to launch its online mobile application so that they can sell their offerings through online medium as well. With this innovation, entity will became the first 3
one among all small enterprises in UK that introduce its mobile application. The main reason behind this innovation is to take the advantage of higher competitive edge in the overseas market. As a result, their members have come up with an idea of launching online mobile application that strong their both customer and market base (Boudreau and Lakhani, 2013). Theyare also focusing on embedding layout that makes easier for customers to get its product easily. Following are some of the advantage of Innovation in terms of Unicorn Grocery are mentioned below:With the help of Innovation, it become much easier for Unicorn Grocery to capture large market share and gain high competitive edge in overseas market Assist in building brand image Generates higher profit and revenues Though effective innovation, company can easily develop its USP for specific goods, process or services Rapid increase customer’s satisfaction. Enhanced overall performance and productivity (Drucker, 2014). Improved motivation level of workers and help in retain them for long time period.Difference between invention and innovation InnovationInventionDeals with modernization. It is mainly concerned with developing and create something new that does not exist.This can be applied to existing or new situation. It can only be examined or felt by potential buyers.It is a consolidation of various services, processes and goods. It only deals with single product or process. It requires technical and managerial skills Mainly scientific skills are required for implement this concept. P2 How organizational leadership, vision, team work and culture shape Innovation Vision: The vision statement of Unicorn Grocery is “to delivered high value product to customers that help in fulfil their requirements and support in retain them for longer period of time". According to their vision statement, it can clearly interpreted the main objective of company is to effectively satisfy customer requirement and retain them for longer period. In 4
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