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(solved) Innovation Assignment

   

Added on  2020-06-04

13 Pages3470 Words64 Views
Leadership Management
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INNOVATION
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INTRODUCTIONInnovation is defined as upliftment of recent activities of production process in order tomaintain and improve present quality of products and services for attaining greater competitiveadvantages (Drucker, 2014). Innovation is a effective procedure that determine additionalbenefits in already launched products by taking help of latest tools and technologies inproduction function. Main reason of innovation process is enhancement in quality of product andservices. Incite Marketing Partnership is a firm which provides solutions to business problemsrelated to strategies. There are around 160 employees in this venture. Headquarter of thisassociation is situated in UK and managing director of firm is Matthew Froggatt. Thisassignment is also based upon innovation funnel and this is used in development of new productsas well as in hitting targets of venture. TASK 1P1 Innovation and its importance for organisation in comparison with inventionInnovation is a procedure of putting additional value in survival product. InciteMarketing Partnership is a firm which makes tactic building corporation and should aware aboutlatest techniques and tools so that all info to client companies should be spread in order toprovide solutions to customer organisations so customer firm could execute strategies with mosteffective tools and technologies. Innovation should compulsorily be applied in businessoperations to create creative products for enhancing more advantageous goods as well as servicesto serve clients at marketplace (Bloom, Draca and Van Reenen, 2016). There are some needs ofinnovation which are elaborated as beneath: Managers of Incite Marketing Planning co. use innovation in providing guidance to theirteam members so that all workers could hit their targets in shortest period of time. Creativity is a good option to adopt for fascinating larger number of people towardscompany. Innovation is helpful in providing greater returns. Creativity aids in securing broader market share than rivals. There are some distinctions between innovation and invention which is stated below: InnovationInventionIt is an up-gradation in current working styleThis is a brand-new introduction of technology1
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