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Innovation business of a company

   

Added on  2020-07-22

15 Pages4176 Words28 Views
INNOVATION
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................1P.1 Importance of innovation to company in comparison with invention.................................1P.2 Organization vision, leadership, culture and teamwork can create innovation andcommercialisation.......................................................................................................................3TASK 2 ...........................................................................................................................................4P.3 4P'S of innovation and use of innovation funnel to shape innovative ideas.........................4P.4 Development of frugal innovation .......................................................................................6TASK 3 ...........................................................................................................................................7P.5Importance of innovation funnel and application of new product development...................7P.6 Innovation business of 4.Com company...............................................................................8TASK 4............................................................................................................................................9P.7 Tools to develop,retain and protect intellectual property and knowledge............................9CONCLUSION..............................................................................................................................10
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INTRODUCTIONInnovation is creating new and innovative products in business so that company can runsmoothly and successfully (Aarton, 2015). It is done by evaluating needs and wants ofcustomers. Hence firm can develop unique and distinct items and can satisfy customers. So itcan earn more profits and can increase the market share. So organization can give strongcompetition to other firms. Report discusses about 4Com company which is telecommunicationfirm. It is founded in 1998. Firm sells handsets, mobiles such as Redmi, Redmi note 4,computers etc. to the customers. Project explains about innovation, and its importance inorganizations in comparison with invention and methods through which company vision,leadership, culture and teamwork can shape innovation and commercialisation. Assignment willdiscuss about development in frugal innovation and application of this in organizational contextand importance of commercial funnel and use of new product development forcommercialization of creativity. Report explains about the innovative business case includingways to access funds and different tools to develop, regain and protect knowledge.TASK 1 P.1 Importance of innovation to company in comparison with inventionInnovation : It is the process in which company can develop new and creative ideas tocreate unique and distinct products. Through this employees can also become creative as theythink new ideas to create the products. Hence they bring innovation in the company. Thus firmcan earn more profits and can increase the market share. So it can also give strong competition toother firms. Sources of innovation used by 4.Com company are:Unexpected: Through innovation organization can get best results which is far moregrater than expectation of the company and is done through experiment. It is called unexpectedinnovation. But company do not always get desired outcome. Process need: If firm wants that there is some changes in the system so hence it can bringmodification in the process .Thus it can bring the innovation in the firm. Change in perception: When there us change in attitude of a particular person then theycan bring this innovation. Person can starts with small level. Invention: It is the process in which company can create products which it has never createdbefore (Cossle, M. and et. al., 2016). All employees apply their technical and other skills so thatthey can invent something which is different from other firms. Through this they can gain market1
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share and hence it increases the reputation in the market. Hence company can increase theprofits and maintain good status in front of all customers (Camagni, 2015)7Importance of innovation to 4Com-Company can develop new and creative ideas through process of innovation. Hence theycan develop new and creative products such as mobiles, handsets, laptops, phone systemand iPads etc. Hence5it helps in increasing the satisfaction level of all the customers.Thus firm can earn more profits. Company innovate new products so hence it increase the value to all items. Hence theycan provide superior quality of products to customers. So it helps in increasing thereputation of company in front of all consumers. Thus all users remain loyal to thecompany. This helps in maintaining brand loyalty among all people For example firm cancreate products such as Redmi phone,Redmi note 4 etc.Importance of innovation to employees of 4Com company As employees think of new and innovative ideas so hence it increases the knowledge andskills. Thus they can create unique products which are different from other firms. It alsoresults in increasing the efficiency and effectiveness in all the activities and tasks. So thusthey can function smoothly and successfully. Through developing of new and distinct ideas, it helps in enhancing the effectiveness andefficiency of all employees (Fodgson, 2018) - . Thus they can develop creative ideas andcan perform better. So workers can give good results and it results in improving theirperformance.Difference between innovation and inventionInnovationInventionIn this company can create new andinnovative products. It is the process in which company candevelop new products which has neverbeen created before and they arelaunched in first time in market.Innovation is done by the group.Invention is done by a single person.It helps in solving issues and problemsof all customers.Invention helps in giving solution tocomplex issues. 2
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