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Innovation and Its Significance Assignment - 4Com Plc

   

Added on  2020-10-04

14 Pages5159 Words34 Views
INNOVATION

ContentsINTRODUCTION.....................................................................................................................................3TASK 1....................................................................................................................................................3P1 Innovation and its importance for a business entity.....................................................................3P2 Leadership, vision, teamwork and culture of organisation shape innovation...............................5TASK 2....................................................................................................................................................6P3 Use of innovation funnel to shape innovative ideas and 4Ps of innovation..................................6P4 Frugal innovation with its development and its use in organisation.............................................7TASK 3....................................................................................................................................................7P5 Importance of commercial funnel and the application of New Product Development................7P6 Innovation Business Case for an organisation...............................................................................9TASK 4..................................................................................................................................................10P7 Different tools that organisations can use to develop and retain intellectual property.............10CONCLUSION.......................................................................................................................................12REFERENCES.........................................................................................................................................13............................................................................................................................................................14

INTRODUCTIONInnovation refers to a process which develops new thoughts as well as ideas forincreasing profit and attracts the large number of consumers. Through this image of firm willbe built positive. Firm develop new goods on the basis of needs or demands of consumers. Inthis present time period, innovation is enhancing to attract consumers towards services orgoods of firm. It is necessary for business firm to develop unique or innovative goods. Thispresent report is based on the 4 com plc which provides telephone systems in UnitedKingdom country (Manyika and et. al , 2011). Under this given report mentions about theinnovation and significance to business firms as comparison with an invention. 4 Ps ofinnovation of innovation and use of innovation funnel will also be discussing under thisreport. Firm develop new goods after knowing preferences of consumers because it developsthe positive impact on mind of customers. In order to retain and protect intellectual property,firm use various tools. In given report also discuss regarding significance of commercialfunnel as well as application of process of new product development.TASK 1P1 Innovation and its importance for a business entityProcedure of apply new methods and techniques for fulfil the specific requirements ofcustomers is known as innovation. This including the process of develops and offers a newmethod, feature or product. In today’s scenario where needs and wants of customers arechanging on a fast speed implement the concept of innovation become an essential one forfirms. When a business organisation offer something new and unique to its customers then itonly help in attract large number of customers but at the same time provide competitivebenefit to it. It is very important for a business organisation to have adequate amount ofresources for implement innovation in effective manner and to get all its benefits. It is veryimportant for 4Com Plc to identify the right time to implement this concept (Drucker, 2014).Significance of innovation for a business entity can be understood by the points given below:Enhance productivity of organisation: One of the main advantages of innovation isthat it helps entity in identify the new and effective ways to complete businessactivities. Innovation results in either new product or service which increases profitsof entity and also increases its market share (Manso, 2011). Offer a competitive benefit to organisation: When a business firm manufacture andoffer something unique to its customers then it makes it different from other playersexist in market. New product helps in get the attention the attention of morecustomers and increases the sale of company’s product. All this provide competitivebenefit to entity and ensure its long term survival. In order to get competitive benefit,it is very essential for 4Com plc to implement the concept of innovation oncontinuous basis (Freeman, 2013).

Help in utilise all business resources at an optimum level: When entity implementthe concept of innovation then it provide an opportunity to utilise all resources. Thismakes it easy for entity to manufacture and offer featured products to its customers ataffordable prices and all this increase goodwill of entity. With this 4com plc canretain its customers for a long time period (Mowery and et. al., 2015). Enhance effectiveness of communication process: Innovation concept is a broad oneas different activities are carrying out by firm under this. To get all advantage ofinnovation, it is very important for firm to use effective channel of communication. ITremove the confusion from mid of customers by make them aware by their roles andresponsibilities and at the same time decrease the rise conflicts at workplace. Duringinnovation effective communication channel is use by entity and this bringscoordination among various other functions of entity (Manyika and et. Al., 2011). All these are the major benefits of innovation. It is very important for manager of4Com plc to identify and examine the various elements that largely affect the concept ofinnovation for get all benefits. Concept of innovation and invention are totally differentfrom each other which can be understood by the table given below:BasisInnovationInvention Meaning Implement of unique idea ina existing product of firsttime is known as innovation. Invention is the new ideawhich have never been takeplace before (Christensen,Raynor and McDonald,2016).ConceptA new feature is been addedto existing product.Completely new product isinvented.Skills required It requires vulnerable skillsincludingtechnical,marketing and many more(Stokes, 2011).It only requires scientificskill.ActivitiesActivities that require toimplement the concept ofinnovation is spread acrossvarious departments of entity.On the other hand, activitiesof invention are only limitedto research and developmentdepartment.

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