Innovation and its Significance to Employees in Comparison with Invention

Innovation

Contents
INTRODUCTION...........................................................................................................................................3
TASK 1..........................................................................................................................................................3
P1 Innovation and its significance to employees in comparison with invention......................................3
P2 Way in which organisational vision culture leadership and teamwork can shape commercialization
and innovation.........................................................................................................................................5
TASK 2..........................................................................................................................................................5
P3 4P’S of innovation mix & use of innovation funnel.............................................................................5
P4 State development of frugal innovation.............................................................................................6
TASK 3..........................................................................................................................................................7
P5 Significance of commercial funnel & application of new product development................................7
P6 Innovation business case for Unicorn grocery....................................................................................7
TASK 4..........................................................................................................................................................8
P7 Evaluation of different tools used to develop retain and protect knowledge and intellectual
property...................................................................................................................................................8
CONCLUSION...............................................................................................................................................9
REFERENCES..............................................................................................................................................10

INTRODUCTION
Innovation is identified as a process of making goods, services, processes and
workflows of business more effective and efficient . In present competitive business
environment, it is very essential for every business organisation to bring innovation within firm
or its products. Innovation means executive new ideas, developing dynamic goods and services
or make improvements in existing products of company in order to gain competitive advantage
in market over Rivals (Rosenbusch, Brinckmann and Bausch, 2011). It acts as a catalyst in growth as
well as success of an organisation. It also supports business in adapting and growing as per the
market needs and requirements ineffective way. The present assignment is based on Unicorn
Grocery which is the grocery store of England. The report includes difference between
innovation and invention as well as various steps of innovation. It also includes process needed
to commercialize innovation in market and range of methods are evaluated for protecting ideas
as well as understanding their advantages and disadvantages.
TASK 1
P1 Innovation and its significance to employees in comparison with
invention
Innovation is the term which means converting a productive idea into concept on
effective goods and services that creates some value for customers or for which they are willing
to pay. Generally, it means come up with creative ideas and doing similar things in Unique way.
Innovation concept is different from invention and covers several aspects that assists company in
attaining its objectives it through and structured manner. It arise in the form of changing
processes of business and adapting with environmental transformations in order to administer
better quality of goods and services to customer which effectively meets their requirement.
Innovation needs to be considered by every organisation in order to get high growth and success
in market. Firm considered it as a part of inbuilt strategy which generate innovative culture
within company and promotes creative and strategic thinking. An organisation which constantly
undergo innovation, creates more effective and efficient work process as well as chances of
accomplishing high productivity increases very fast. In order to beat the competition that is
prevailed in market, it is very essential for company to come up with creative and unique idea
which distinct their goods and services from competitors.
The firm Unicorn Grocery wants to introduce their mobile application so that they can
easily sell their goods online (Wilson, 2014). This innovation makes the firm distinct from other
small medium enterprises in UK bye launching their mobile application. Main cause behind
bringing this innovation is to get competitive edge in market. It a sister company in making
strong consumer base and gain their loyalty. They also emphasize on embed sheer layout that
makes easy for customers to find out their goods as early as possible. Below mentioned are some
advantages of innovation that Unicorn grocery get: