Innovation and Commercialisation Assignment - Mr. Johnson Watches
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Added on 2020-11-12
Innovation and Commercialisation Assignment - Mr. Johnson Watches
Added on 2020-11-12
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Innovation
ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and its significance to enterprise with comparison of invention..........................1P2 Leadership, teamwork, culture and vision shape commercialisation and innovation............3TASK 2............................................................................................................................................4P3 4Ps of innovation and use of innovation funnels to shape innovative ideas..........................4P4 Developments of frugal innovation and its use in organisation.............................................5TASK 3............................................................................................................................................6P5 Application of new product development for commercialisation and significance ofcommercial funnel.......................................................................................................................6P6 Innovation case for enterprise and ways to access funding....................................................7TASK 4............................................................................................................................................8P7 Different tools that a firm can use to develop, retain and protect intellectual property andknowledge....................................................................................................................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONAn innovation is known as the process of add new or unique features in current or newproduct. In present business scenario where needs and wants of customers are changing on a fastspeed, implement the concept of innovation and offer something new to customers is become anessential one. One of the main benefit of innovation is that it help in attract large number ofcustomers and create goodwill of firm (Anderson, Potočnik. and Zhou, 2014). For execute theconcept of innovation in an effective manner it is very essential that firm should have requiredresources and funds. Mr. Johnson Watches, a small firm based in UK. Importance of innovationfor a business entity and various factors that shape innovation is all included in this report.Innovation funnel with 4 Ps of innovation is all mentioned in this. Further, frugal innovation andits use in an enterprise is given in this. In addition to this, various tools to protect intellectualproperty is also included in this. TASK 1P1 Innovation and its significance to enterprise with comparison of inventionInnovations is known as the procedure of add new features in a product for better satisfythe needs of customers. Continuous innovation help firm in increase its market share and at thesame time support in retain customers for a long time period. Innovation help firm in get aeffective position in market (Brynjolfsson and McAfee, 2012). For get all benefits of innovation,it is very essential for firm to develop and implement an effective strategy. Importance ofinnovation for a business organisation can be understood by the following points:Enhance efficiency of firm: One of the major benefit of innovation is that it help firm inmanufacture quality products and offer the same at lower prices to customers. All thismake the product more reliable and help in attract more customers (Boons, Lüdeke-Freund, 2013). All this strengthen positive image of brand and provide various other longterm benefits. Help in utilise all resources at an optimum level: When firm add new features in itsexisting product or manufacture a new product for its target customers then it help inutilise all business resources at an optimum level which enhance efficiency of productionprocess. For attract more customers towards its products it is very essential for Mr.1
Johnson watches to make a plan as in this way entity can ensure effective utilisation of allresources. Increase effectiveness of communication process: Communication is known as one of themost significant element of every business process. It is very important that right tool ofcommunication should be use by firm as this bring cooperation among various activitiesand help firm in get all benefits of innovation. When firm use right tool ofcommunication then it decrease the chances of rise conflicts and provide maximumbenefits to firm. Increase profits of business entity: Something unique and new always help firm in get theattention of large number of customers (Cross, 2011). All this increase profits of firm andensure its long time survival. By implement the concept on innovation on timely basisMr. Johnson watches can attain its set business objective. All these are the major benefits of innovation. Large number of individuals think that bothinvention and innovation are the same thing buts there are various differences between boththese terms as given in the following table:Basis Innovation InventionMeaningProcess of make a specificproduct more reliable by addnew features in that is knownas innovation. Specificmodifications are introduceby firm for increase the salesof product and to bettersatisfy the needs ofcustomers. When a new product orservice come into existencefor the first time is known asinvention. every activity iscarry out for the first time. ConceptUnder concept of innovation,new features are added in aproduct for increase itsusefulness which enhance itssales and profits. Invention is carry out forfulfil the specificrequirements of customerswhich existing products arefail to satisfy the same. that’swhy a new product ismanufactured under this. 2
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