Innovation and its Significance in Enterprise

Innovation

Contents
TASK 1....................................................................................................................................................3
P1. Innovation and its significance in enterprise...............................................................................3
P2. The way vision, culture, teamwork and leadership of enterprise shape innovation...................4
TASK 2....................................................................................................................................................5
P3 4Ps of innovation and use of innovation funnel to shape innovative ideas..................................5
P4 Development in frugal innovation and its use in organisation.....................................................6
TASK 3....................................................................................................................................................7
P5 Significance of commercial funnel and application of new product development for innovation7
P6 Innovation business case for an enterprise..................................................................................8
TASK 4....................................................................................................................................................8
P7 Various tools that can be used by enterprise to develop and protect intellectual property........8
CONCLUSION.........................................................................................................................................9
REFERENCES........................................................................................................................................10

INTRODUCTION
Innovation is an effective process of producing as well as delivering something new which
may lead in satisfy customers’ needs and demand. With the help of this firm create By using
this concept business organization easily enhance their performance level by add values
within their existing products and services. larger customers base in which they provide them
better convenience. Along with this, it also aids in capturing customer’s attention towards the
company products and services (What is innovation?, 2011). This concept also retains number
of customers for longer time period. As per today’s business environment, use innovation
concept is more important for business in order to make their competitive place in market
place. In absence of this firm fails in attaining better results. Present report is based on
plan.com, is mobile communication provider to its customers. They want to enhance their
business by using innovation concept in effective manner. This report discussed about
concept of innovation with its importance which aid in improving existing product line.
Along with this, 4ps of innovation also mentioned in this report. In addition of this, use of
frugal innovation in business is also mentioned here.
TASK 1
P1. Innovation and its significance in enterprise
In current scenario, innovation is an effective concept of adding new and value methods
within their process in order to satisfy customers’ needs and demand in effective manner.
Basically, innovation know by developing a new product with more efficiency in which
company easily create better customers and attain competitive place in market. By
implementing this concept firm easily offer variety of products and services to its customers
for satisfying their needs. Along with this, it also defines various ways to enhance their
image. Thus by implementing innovation, plan.com easily offer variety and features services
to its target customers. In this, there are some importance of this concept in business
organization. All these are as follows:
 Increase productivity level of company: It is considering as an important benefit in
which firm serve their services at affordable price. This will save time and cost as
well because it helps company at the time of producing better services. Along with
this, new and innovative ideas define various ways to enhance overall productivity
level at market place. Innovation aid in capturing market share from its rivals.
 Maintain better communication process: Effective communication is more important
for every business organization at the time of implementing innovation concept. It is
broad concept and complex as well so that it required effective communication which
may leads in reducing the chances of arising obstacles in overall innovation process. It
helps in increasing profitability level of the company at market place.
 Aid in effective utilization of resources: By implementing innovation concept, firm
use all the available resources in effective manner. This will enhance their better
production process in which company maintain their quality services and offer to their

customers at affordable price (Anderson, Potočnik and Zhou, 2014). With the help of
this plan.com improve their overall performance level at market place.
 Provide benefits to business organization: It is important for business organization to
produce new and innovative things in order to invite as well as attract larger number
of customers. With the help of offering new services, firm attain competitive
advantage at market place (Boons and Lüdeke-Freund, 2013). In context of plan.com,
they use innovation for serving quality services to its customers in order to satisfy
their needs.
Along with this invention and innovation both terms are differed from each other which can
be understood by following differences:
Basis Innovation Invention
Meaning Innovation can be said as
concept that is used for
implementing fresh ideas for
the products that are existing
in the market area. By making
certain changes they can
increase the brand image.
Invention is considered as an
activity that happens all of a
sudden. It occurs for the first
time. Under this, the activities
that performed are not yet
attempted.
Concept The concept is applied in order
to add value to the products so
that maximum benefits can be
gained.
Invention is done for the
betterment of people. Thus, it
is performed for making a new
product.
Required skills For innovation skills that are
required are related to
marketing, technical etc.,
As compared to innovation,
invention required more
specific skills for example: To
invent a formula it is necessary
that an individual have
scientific knowledge and skills
respectively.
Activities The activities are divided
across various departments so
that effective results are
obtained.
Activities that are performed
under this are limited to
research department thus,
confidentiality is maintained.