Innovation Assignment - EE limited

Added on - 21 Jul 2020

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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Importance of innovation to employees and its comparison with invention.........................1P2 Vision, leadership, culture and teamwork shape innovation and commercialisation............2TASK 2............................................................................................................................................3P3 4P'S of innovation and use of innovation funnel to shape innovative ideas..........................3P4 Development of frugal innovation.........................................................................................4TASK 3............................................................................................................................................6P5 Importance of commercial funnel and application of new product development..................6P6 Innovation business case........................................................................................................7TASK 4............................................................................................................................................8P7 Tools to develop, retain and protect knowledge and intellectual property............................8CONCLUSION................................................................................................................................9REFERENCES................................................................................................................................9
INTRODUCTIONInnovation is a term which is defined as a creation of something new or emerging ofdifferent ideas or methods to meet the requirements of whole society. In other words, it alsorefers as creating something original and more impressive which satisfies the needs of differentcustomers. In fact, main motive of innovation is to develop the economy of nation by generatingnew and creative ideas (Wonglimpiyarat, 2010). This report is going to be classified into fourdifferent parts for explaining the advantages and disadvantage of innovation with the help ofdifferent methods or tools. EE limited is one of the small business enterprises that believe inintroducing some new ideas by modifying their existing products. Apart from this, assignmentalso highlight 4P's of innovation and use of innovation funnel by considering all essential factors.Further, it also covers the importance of commercial funnel and describes an appropriateinnovation business case for implementing this method appropriately. At last, report is going toexplain various tools of protecting intellectual property.TASK 1P1. Importance of innovation to employees and its comparison with inventionInnovation is a term whose main focus is to emerge something new and original for longterm success (Walsh, 2012). EE limited is famous for its electronic gadgets whose main focus isto introduce different and innovative products which are beneficial for employees working in anenterprise. Basically, innovation is very much indispensable due to various reasons which arementioned as below:-Improvement in existing products by modifying it on the basis of consumer taste andpreferences for attracting millions of consumersEmerging with different ideas and goodsCapturing the attention of millions of consumersHelpful in establishing goodwill at the marketplaceAttaining goals and objectives of enterprise within minimum time periodImprovement in the method of enhancing knowledge of employees by implementingadvanced technology (Thore, 2012).Apart from this, innovation is very useful and necessary for employees and overallbusiness as it act as a developmental and growing tool. Therefore, EE limited wants to expandtheir business across national boundaries by generating new ideas. In additions, innovation and1
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