Assignment on Innovation - Ovation Systems Ltd

Innovation

INTRODUCTION
Innovation is the process in which people make new and unique products and goods for
customers. Innovation defines to implement the new product in the market with innovative
thinking. It is an activity in which company modifies their goods or products in new shape, size
and colour as well as change their old design in an effective way which is liked by new and
existing customers. Innovation means to make new things and develop innovative ideas. . It
helps to provide high growth and development to an organisation. Ovation Systems Ltd.
manufactures innovative products for the military forces, policemen and government agencies.
Company is established in April 2008 and it is a highly reputed organisation which win many
awards like Queen's Awards for innovation and Queen's awards for international trade in 2009.
This is a small enterprise which increases their within country (Lundvall, 2010). They cannot
afford to serve their services in international market. Main purpose of this report is to understand
the importance of organisation in innovation in an organisation and elaborate the organisational
vision and mission that helps to innovate their goals and objectives which help to achieve the
target goals. Company also describes 4Ps of innovation such as process, products, positioning
and paradigm..
TASK 1
P1. Importance of innovation in comparison with invention
Innovation is the process which provides growth and development to organisation. It
helps to enhance the number of customers who purchase new innovative products in market.
Every company needs to bring innovative items which increase their productivity and
profitability. It also enhances the quality of products which provides effectiveness and efficiency
in a positive manner. Innovation helps to modify items which increase sale and develop unique
products which satisfy customers’ needs and wants (Drucker, 2014). A person who innovates a
new product and thinks design, shape, colour and size in the mind.
An employee is always confused to understand the difference between innovation and
invention. Innovation and invention are different from other but they helps to provides growth
and make profit to the company. The difference between innovation and invention is stated as:
Basis Innovation Invention
1