Innovation in Unicorn Grocery

INNOVATION

Contents
INTRODUCTION.....................................................................................................................................3
TASK 1.......................................................................................................................................................3
P1 Explain the term “Innovation’’ and its significance in comparison with invention............................3
P2 How company vision, leadership, team work can shape innovation and commercialization..............4
TASK 2.......................................................................................................................................................4
P3 Explain the framework of innovation mix and use of innovation funnel............................................4
P4 Stages of Frugal Innovation................................................................................................................5
TASK 3.......................................................................................................................................................6
P5 State the concept of commercial funnel and also evaluate application of new product development. 6
P6 Business Case for Unicorn Grocery....................................................................................................6
TASK 4.......................................................................................................................................................7
P7 Different intellectual property rights tools that help in protecting and retaining intellectual property 7
CONCLUSION..........................................................................................................................................7
REFERENCES..........................................................................................................................................9

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 1
P1 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 some value
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 innovation
Innovation 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.