Innovation and Its Significance in Unicorn Grocery : Report

   

Added on  2020-07-23

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INNOVATION
Innovation and Its Significance in Unicorn Grocery : Report_1
ContentsINTRODUCTION ...........................................................................................................................................3TASK 1..........................................................................................................................................................3P1 Explain the term “Innovation’’ and its significance in comparison with invention .............................3P2 How company vision, leadership, team work can shape innovation and commercialization ............4TASK 2..........................................................................................................................................................4P3 Explain the framework of innovation mix and use of innovation funnel ...........................................4TASK 3..........................................................................................................................................................6P5 State the concept of commercial funnel and also evaluate application of new product development.................................................................................................................................................................6P6 Business Case for Unicorn Grocery ....................................................................................................6TASK 4..........................................................................................................................................................7P7 Different intellectual property rights tools that help in protecting and retaining intellectual property ..................................................................................................................................................7CONCLUSION ..............................................................................................................................................7REFERENCES................................................................................................................................................9
Innovation and Its Significance in Unicorn Grocery : Report_2
INTRODUCTION Innovation refers to the process of making change in workflows, products or services with an aim of making it more effective and efficient that fulfil customer requirement properly. Innovation often results in businesses when ideas are executed by firm forefathers satisfying needs and demands of consumers (Baldwin and Von Hippel, 2011). In context of society, innovation facilities in creating new techniques for Alliance creation, flexible work hours, joint venturing and creating purchasing power of buyers. The chosen organization for this report is Unicorn Grocery which is a UK based co-operative retail store. The report include the main difference between invention and innovation, application of new product development, frugal innovation, commercial funnel, sources of funding and different intellectual property rights tools.TASK 1P1 Explain the term “Innovation’’ and its significance in comparison with invention Innovation is a concept of translating an idea into product or service which generate somevalue for customers. It is necessary that an idea should be innovative, replicable at economical cost as well as should satisfy particular need. It includes deliberate implementation of imagination, initiative and information driving distinct value from resources. It’s involved all such processes switch a new idea is generated as well as transformed into useful good. It is categorized into two broad types, that is, evolutionary and Revolutionary innovationInnovation is an activity of organizations and people to change themselves as well as environment. It means dominant thinking ways and breaking routines, introducing new behaviour and things and launching new standards. In this similar things are doing by an individual in different ways. An innovative and creative idea assist firm in yielding high profit and revenues by selling innovative foods to customers. It helps in accomplishing goals and targets of company in an effective and structured manner. For attaining high growth and long-term sustainability in market, it is required by managers to utilize the concept of innovation so that high quality goods and services can be produced and offer to customers that provide some value to them for the money they will pay to buy a product. It is the key success factor of every organization that leads it towards high growth and long term sustainability in market. This concept helps in creating and promoting strategic and creative thinking. Bringing innovation in constant manners provides a competitive edge to company over the Rivals in market. Organizations with continuous innovation develop more effective and efficient work processes. There is a high competition prevailed in market and in order to beat it, a company requires to bring continuous innovation which helps them in coming up with unique and creative ideas that are different from competitors.Mobile application introduced by Unicorn grocery so that then able to sell their goods online in effective way. This innovation differentiates from others and provide it competitive edge in market over their Rivals. It helps in maintaining strong consumer base and attain loyalty of customers by satisfying them with their offerings. Some advantages that is getting by Unicorn grocery for building innovation in company are define below: Its facilities in developing good brand image.By bringing innovation in company, overall productivity and profitability is increase. It helps company in acquiring large portion of market share and attaining competitive advantage in overseas market (Boudreau and Lakhani, 2013).It helps in satisfying customers in better way.
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