Innovation and its Significance in Comparison with Invention

INNOVATION

Contents
INTRODUCTION.....................................................................................................................................3
TASK 1.......................................................................................................................................................3
P1 Define the term Innovation and its significance in comparison with invention..................................3
P2 How company’s vision, leadership, team work and culture can shape Innovation and
Commercialization..................................................................................................................................3
TASK 2.......................................................................................................................................................4
P3 State 4P’s of Innovation and use of innovation funnel.......................................................................4
P4 Development of frugal innovation......................................................................................................5
TASK 3.......................................................................................................................................................6
P5 Importance of commercial funnel and application of new product development................................6
P6 Develop a Business case for Unicorn Grocery...................................................................................7
TASK 4.......................................................................................................................................................7
P7 State different tools that help in retaining and protecting intellectual property...................................7
CONCLUSION..........................................................................................................................................8
REFERENCES..........................................................................................................................................9

INTRODUCTION
Innovation refers to the process of making business process, product or services more
effective and efficient such that it further satisfies customer diverse needs and wants in an
appropriate manner. It is act as catalyst for organizational success and growth. It means
executing new ideas, improve existing goods and services or create dynamic product that gives
them high competitive advantage over their rivals. The selected company for this report is
Unicorn Grocery which is a UK based grocery store. The report covers how with the help of
innovation, selected firm has gain high competitive advantage on the market. It also covers
various concepts like frugal innovation, sources of funding, commercial funnel, intellectual
property rights in order to retain and protect their own invention or discoveries.
TASK 1
P1 Define the term Innovation and its significance in comparison with invention
Innovation means transforming a productive idea into an effective product or services
that tend to create value for potential buyers or which they are willing to pay. It refers to the
process of coming up with unique or creative ideas of doing similar things in an innovative style.
However, it is not inter-related with invention. Both are different and shields various aspects that
help company in achieving business objective in an effective and efficient manner. It can take
place mainly in the form of converting business workflow and adapting themselves as per the
change environment that help them in delivering better product or services to potential customers
that fulfil their requirement and needs in an effectual manner. According to Wright “A company
who constantly go through innovation, develops more effective work process and their chances
of achieving higher profitability rapidly increases”. Unicorn Grocery is a grocery store who deals
in selling grocery items to its customers. With the introduction of high end technology, the
company along with its members determines that now a day’s people prefer to purchase product
through online platform. As a result, they have decide to launch its own mobile application
through they can sell they can sell their products more conveniently. They became the first one
among other SME’s in UK to launch their own mobile application. Some of the importance of
innovation are listed below:
 With the help of Innovation, Unicorn Grocery can easily capture huge market share and
gain high competitiveness level in overseas market
 Promote in building brand name and image
 Makes higher profit and revenues
 Help in developing unique selling proposition for particular product, services or process.
 Prompt increase in customer satisfaction level
 Improved overall productivity and performance (Drucker, 2014).
 Enhanced motivation, employee retention and sales generation.
P2 How company’s vision, leadership, team work and culture can shape Innovation and
Commercialization
Vision Statement: The vision statement of selected company is "to deliver such product and
services that creates value for customers and thus satisfying their diverse needs and wants in an
effective manner". As per their vision statement, the company aims at meeting customer