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Innovation and Its Importance Assignment Solved

   

Added on  2020-09-08

10 Pages3729 Words77 Views
INNOVATION

ContentsINTRODUCTION.....................................................................................................................................3TASK 1.......................................................................................................................................................3P1 Define Innovation and its importance in comparison with Invention.................................................3P2 How company’s vision, leadership and culture can shape Innovation and Commercialization..........4TASK 2.......................................................................................................................................................4P3 Explain the 4P’s of Innovation...........................................................................................................4P4 Describe the developments in Frugal Innovation................................................................................5TASK 3.......................................................................................................................................................6P5 Importance of Commercial funnel and application of new product development...............................6P6 Business Case for Mr. Green..............................................................................................................6TASK 4.......................................................................................................................................................7P7 State different intellectual property tools that help in protecting and retaining intellectual property..7CONCLUSION..........................................................................................................................................8REFERENCES................................................................................................................................................9

INTRODUCTION Innovation deals with making business process, product or services more effective and efficient so that it satisfies diverse needs and wants of customers in an appropriate manner. It is mainly related with implementing with new ideas, enhancing existing product or services so as togain high competitive edge in the market or to develop new product or services (Baldwin and Von Hippel, 2011). It act as catalyst for company’s growth and development. This report is based on Mr. Green Healthy milkshakes which is a UK based company that mainly deals in providing healthy drink to customers. The report covers how innovation play key role in increasing the sales figure of the company and how it is different from invention. Along with thisit also covers application of new product development, commercial funnel, building a business case and different intellectual property tools. TASK 1P1 Define Innovation and its importance in comparison with InventionInnovation means translating a productive idea into actual goods and services that create value for target customer or for which the customer is willing to pay. It simply means coming up with unique ideas for doing identical or similar things but in innovative manner. In context of business, it can be defined as a change in workflow or business process that help company in gaining high competitive advantage in the Marketplace. In order to make it successful, firm consider innovation as a part of their in-built strategy which help them in sustaining in market forlonger period of time. It has been believed that company who constantly undergo innovation process, develop more efficient and effective workflows, their chances of achieving higher profitability tremendously increases. In order to beat the competition prevailing in the market, is primary important for any business entity to come up with unique idea that keep their products, process or services fresh. In the given case, Mr. Green has figured out there is a constant decrease in their overall sales because of change in customer taste and preferences. However in order to deal with such situation he needs to do innovation in their product line. As a result, he decided to launch some new flavors of juices, drinks and smoothies. Earlier the company was deals in selling only one healthy juice but now they have decides to offer multiple option to customer that too made up with organic ingredients. This also assist them in attracting large number of customer and as a result their overall profitability and sales increases (Boudreau and Lakhani, 2013). Some of the advantage of innovation are discussed below:1. Help in building brand image2. Help in gaining high competitive advantage in the Marketplace3. Satisfy diverse needs and wants of customer in an effective and efficient manner4. Increase in sale figures5. Overall performance and productivity of a company increasesDifference between innovation and invention InnovationInventionIt is concerned with novelty and modernization It deals with creating something exceptionallynew in the marketIt refers to a modern idea that can applied to existing situation prevailing in the company. Invention can only be assessed by target customers.

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