Understanding Innovation in Business

This assignment delves into the multifaceted world of business innovation. It encourages you to examine various forms of innovation, including technological and social, and their influence on a firm's success. You'll analyze how resources are allocated for innovation, the relationship between innovation and growth, and the role of knowledge management in fostering innovative practices.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Innovation and its importance for organisation in comparison with invention.................3
P2 Vision, leadership, culture and teamwork can shape innovation and commercialism......4
M1...........................................................................................................................................6
D1...........................................................................................................................................6
TASK 2............................................................................................................................................6
P3 Innovation 4P'S and use of innovation funnel to examine and shape innovative ideas...6
P4 Development of Frugal innovation...................................................................................8
M2...........................................................................................................................................8
M3...........................................................................................................................................9
TASK 3...........................................................................................................................................9
P5 Importance of commercial funnel and application of New product development............9
P6 Building of innovation business case including ways to access funding........................10
M4.........................................................................................................................................11
TASK 4..........................................................................................................................................11
P7 Different tools that an organisation can use to develop, retain and protect intellectual
property.................................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation is concept which defined new ideas and thoughts which are formulated by
management and implemented in organisation. This process includes modification in existing
products and adding new features in them. Besides this, alterations in tools and techniques are
made in system through which superior are able to manufacture adequate items in according to
needs and wants of people (Moulaert, 2016). So, administration deliver creative and unique
products in marketplace; through which organisation are able to advantage from competitors.
Present report is based on Wiser Consultants which is a service firm and has established branch
in United Kingdom. Executive have competent and skilled workforce through which they deliver
recruitment consultancy and appropriate solution to clients. In this assignment, innovation funnel
frugal innovation concept is used for new product development. This benefit company to deliver
quality services and accomplish goals and objectives timely.
TASK 1
P1 Innovation and its importance for organisation in comparison with invention
In every kind of firm, it is necessary that administration uses innovation concept in
system; through which adequate alterations and changes are made tools and techniques. This
help superior to manufacture creative products and services in according to needs and wants of
people. As in Wiser, which is a recruitment consultancy firm require to formulate strategies and
use updated technologies in system. This help administration to utilise resources properly and
deliver quality services to clients (Mowery and et. al., 2015). So, innovation concept helps
executive to establish advantage from rival firms and sustain customers for longer period. By
implementation of changes in system help company to generate adequate profit for business.
Since, modification and transformation which are made in business operations may be positive or
negative for functionality of firm. Thus, these are requirements that innovation concept is used
by management are as follows:
 With use of innovation process, administration implement new ideas and alterations are
made in activities; through which superior are able to make employees perform tasks
effectively.

 Wiser Consultants uses efficient technologies in system through which executive is able
to compete with other firms in same industry. This help company to grab attention of
large number of people and sustain clients.
 Innovation process help administration to make system function effectively and deliver
quality services to customers. So, company is able to generate appropriate profit and
return from their business.
Innovation and invention are concepts which consist different meaning are as stated beneath:
Innovation Invention
It is defined as concept which specifies that
management implement changes in tools and
techniques through which they are able to
manufacture creative products and deliver
quality services to clients.
This is referred to as novel thought which are
launched by an individual in marketplace for
first time. These are items, services and
technologies which are invented in according
to requirements of people.
Innovation process help organisation to
enhance market position and reputation. With
modification in technologies and strategies
benefit firm to create brand.
Invention activity require that individual are
competent and consist adequate knowledge
require to introduce new concepts and ideas.
Thus, it can be concluded that management in organisation uses innovation and invention
concept in system. These are activities which are carried by individuals through which adequate
changes are made in system and strategies in according to market conditions. This help
companies to use updated technologies and deliver appropriate products and services in
marketplace (Tukker and et. al., 2017). Wiser which is a recruitment consultancy firm, require
that executive make adequate modification and transformation in system; through which they are
able to utilise resources efficiently. As, innovation process require adequate amount of funds and
manpower. So, administration of Wiser firm makes changes in system through which effective
services are delivered to clients. This benefit company to advantage over competitors and
enhance their market position.

P2 Vision, leadership, culture and teamwork can shape innovation and commercialism
Executive frame vision and mission statement through which they are able to design
system and use resources in proper manner. Besides this, goals and objectives are formulated by
administration to provide direction to subordinates and make them perform activities effectively.
This help firm to utilise funds and implement appropriate tools and techniques in system;
through which products and services are delivered in according to needs and wants of people
(Vargo, Wieland and Akaka, 2015). Wiser Consultants firm's consists vision through which
executive are able to establish relationship with their clients. Apart from this, small targets and
goals are provided to staff members; thereby make them perform tasks effectively. This help
management to evaluate employees performance and accomplish goals and objectives timely.
Vision: Administration main objective is to accomplish achievement and success in
specified time. Wiser Consultants firm prime goal is to deliver effective service and recruitment
assistance to clients. Along-with this they want to offer innovative and new products and
services to their clients so that they attracted towards respective company.
Leadership: This concept specifies that superior require to establish relationship with
workforce; provide them adequate instruction and guidance to employees about duties that are
assigned to them. Wiser Consultant require to have skilled and competent employees through
which firm deliver effective service to clients. For this, leader conduct appropriate sessions and
seminars to enhance skills and abilities of members. Besides this, management even require to
keep employees motivated and dedicated towards job. This benefit company to make staff
function effectively and accomplish targets timely. The leader of respective company conduct
research of market on continuous basis and launch or introduce new, unique and innovative
products and services that customers attract customers and encourage them for spending money.
Culture: It is essential that administration provide efficient working environment to
members in organisation. Besides this, it is necessary that superior conduct activities to improve
capabilities of workforce and make them perform duties properly. Wiser which is a recruitment
consultancy firm provide opportunities to members for personality development and generate
appropriate profit from business. For this, it is necessary that subordinates and employees get
effective culture in firm through which they are able to perform activities effectively. Along with
this it is responsibility of management to introduce innovation at workplace which leads to

enhance the productivity of employees. Which increase motivation and satisfaction of staff
which leads to positive culture at workplace.
Therefore, it can be concluded that administration establish vision, mission, goals and
objectives which are used by them in designing system and use adequate techniques (Voorberg,
Bekkers and Tummers, 2015). Besides this, management provide appropriate organisation
culture to members and make them perform tasks in team. This help company to use resources
efficiently and deliver quality services to clients; thus firm's goals and objectives are
accomplished timely.
M1
Administration use updated techniques in system through which firm deliver unique and
creative items and services to people. So, it is essential that superior make changes in products
and add features in according to requirements of clients. For this, innovation is appropriate
process which specifies that management launch new items. Wiser Consultants which is a small
firm require that executive frame strategies and make system function effectively. This help
company to deliver efficient services to grab attention of large number of clients and retain them
for longer period.
D1
In organisation, it is necessary that management uses appropriate technologies in system
through which they are able to deliver efficient services to customers. Besides this, they even
require to evaluate impact on innovation process on functionality of Wiser firm. This help
superior to acknowledge whether changes were effective for company's performance or not. By
this, members acknowledge that products and services are manufactures in according to demands
of clients. For this, administration require to have skilled employees which can carry out
complex activities properly.
TASK 2
P3 Innovation 4P'S and use of innovation funnel to examine and shape innovative ideas
Administration of firm need to make alteration and modification in tools and techniques
through which firm deliver products and services as per need and wants of people. This help
superior to make changes in system and strategies through which company is able to grab
attention of large number of customers (Díaz-García, González-Moreno and Sáez-Martínez,

2015). For this, innovation is efficient process which are used by management and make changes
in products. Besides this, adding features in items and establish benefit over competitors. Wiser
Consultants firm require to use appropriate technologies in system through which management
deliver effective services to clients. These are 4P's of innovation which are to be designed by
members are as follows:
Product: This is component which specifies that superior require to add features in items,
launch new variants and make changes in features in according to demands of people. Wiser
Consultants firm's manager require to use appropriate techniques in system and make alterations
in tools. This help company to deliver effective services to clients and retain them for longer
period. For this, innovation process is used by administration to launch new variants and make
changes in services as per needs and wants of people. This advantage firm to grab attention of
large number of customers and improve sales and profitability of business.
Paradigm: Organisation require to manufacture products and deliver services as per
demands of people. It is essential that superior add features and additional benefits in items;
thereby deliver effective offerings in marketplace (Wallace, 2017). Wiser Consultants, which is
service firm require that management use adequate technologies in system through which quality
work is delivered to clients. As, imitation of service is difficult task; so management doesn't
require to carry out activities to secure them.
Process: This component specifies that superior implement adequate tools and
technologies in system; through which resources are utilised properly and items are produced
appropriately. Besides this, management even require to carry out innovation activity and make
changes in items in according to needs and wants of people.
Position: Administration of Wiser Consultants firm used appropriate technologies in
system through which quality services are delivered to clients. Besides this, superior are able to
make employees perform tasks effectively and provide adequate products and services to people.
This benefit company to enhance goodwill and reputation in marketplace.
Innovation funnel: This is an effective tool which is used by small and medium
enterprises, through which resources are utilised properly. Superior of Wiser company uses
innovation funnel concept, through which they are able to reduce difficulties and complex
activities from system. So, making creation of new things and ideas simple and make staff ready
to work with modified technologies (Kung and Schmid, 2015). This help management to make

employees perform activities efficiently and accomplish targets within specified time. Besides
this, conducting sessions and seminars to enhance skills and abilities of members. This benefit
company to deliver efficient services to clients and retain them for longer period. Thus,
innovation funnel help executive to evaluate impact of new concepts and ideas that are launched
by firm. Thereby, make system function according to market conditions and customer's demands.
P4 Development of Frugal innovation
Administration is able to reduce undesired and irrelevant elements from items and
services, with implementation of frugal innovation process in system. This help them to control
production cost, difficulties from system and generate appropriate revenue from business. With
use of frugal innovation, small and medium enterprises are able to utilise resources efficiently.
Management of Wiser Consultants have skilled and competent workforce in firm; through which
quality service is delivered to clients. Frugal innovation concept is developed and implemented
in system; which help superior to improve their market share and position (Chrisman and et. al.,
2015). This benefit company to grab attention of large number of people and attain objectively in
proper manner.
Wiser Consultants firm is able to utilise resources properly and make system function
effectively with application of frugal innovation in organisation. This help management to keep
workforce motivated and dedicated towards job, so that they perform activities effectively. Thus,
executive of company uses these steps to attain goals and objectively are as follows:
 Recognition of methods through which ideas are implemented in system.
 Approximation of cost that will be generated for implementation of idea in system.
 Examination of reports and making adequate decisions for firm. This help management to
eliminate problems and difficulties from system.
 Superior make employees function effectively and deliver effective services to clients.
Henceforth, frugal innovation concept is used by administration of Wiser Consultants
through which they are able to utilise resources efficiently and make system function properly.
Besides this, executive are able to utilise opportunities that are present in market and establish
competitive advantage (Blok and Lemmens, 2015). This help company to charge higher prices
for services, as clients are given quality work by members. So, management is able to enhance
profitability and prosper in market with time.

M2
Administration uses innovation funnel concept through which they are able to take care
of inadequate components and control unnecessary cost from operations. Thereby, superior
utilise resources efficiently and make staff members perform activities effectively. This help firm
to make system function adequately and deliver quality services to clients. So, innovation funnel
concept benefit companies to conduct each production activities in proper manner.
M3
Wiser Consultants enterprise main goal is to provide quality recruitment service to
clients. Through this, management is able to take care that firms that are part of them have
adequate number and skilled workforce. Besides this, conducting training programs to enhance
skills and abilities of members and make them perform tasks effectively. So, superior of
company are able to utilise resources efficiently with implementation of adequate tools and
techniques in system. This help company to deliver quality services to clients; thereby improve
their market image and position.
TASK 3
P5 Importance of commercial funnel and application of New product development
In organisation, administration use innovation tools and techniques in system through
which appropriate products and services are delivered in marketplace. This help firm to improve
items and deliver quality services in according to needs and wants of people. So, firms are able
to attract large number of customers and retain clients for longer period. With help of
commercial funnel in system, management use adequate technologies in system; through which
appropriate products and services are delivered in marketplace (Balland, Boschma and Frenken,
2015). This help superior to solve issues and conflicts that are faced by staff members; thereby
provide them adequate solutions. Thus, commercial funnel concept helps organisation utilise
resources properly and deliver quality services to clients. This benefit executive to enhance
outcomes and generate sufficient amount of profit for their business.
Commercial funnel concept is used by management of Wiser Consultants in firm through
which new items and services are launched in domestic and international marketplace. Besides
this, company is able to utilises market opportunities and deliver quality services to clients. This
help superior to use resources efficiently and provide items as per needs and wants of people. So,

organisation uses commercial funnel to deliver quality services globally and retain clients for
longer period. For this, it is necessary that management execute these stages for new product
development are as follows: Idea generation: It is starting phase of NPD which describes that superior develop new
product concept through which items are launched as per requirements of clients. Idea screening: This step specifies that management evaluate feasibility of new product
concept and conduct market survey to acknowledge market trends. Testing the concept: After formulation of new product concept and feasibility check; it is
essential that superior evaluate system and make it function in accordingly. Analyse products and services: This step defines that management need to launch new
products and services in market. For this, it is necessary that items are designed as per
demands of people. Commercialisation: This stage companies develop new product and promote information
to public about services that are launched by management for success of firm
 Product launch: This is last step of new product development which specifies that
superior transform idea into reality (Smink, Hekkert and Negro, 2015). So, administration
deliver appropriate products and services in according to needs and wants of people.
Besides this, making modification in items and launch new products in market. This help
company to advantage from competitors and enhance sales and profitability of busienss.
P6 Building of innovation business case including ways to access funding
Business case of Wiser Consultants is mentioned below:
Executive Summary Wiser Consultants provide recruitment
consultancy to other firms. Besides this,
management even provide solutions to clients
to overcome strategic issues and problems.
Need In Wiser Consultants, innovation is necessary
for company to enhance position and
reputation in market. It is necessary that
executive provide good recruitment
consultancy to client firms.

Solution Management of Wiser Consultants require to
use software which helps them in maintaining
account of people for recruitment purpose.
Consumer Analysis This tactic is used by business person of Wiser
Consultants to get information about demands
of buyers. Feedback from clients helps them to
have knowledge about system and employees
efficiency.
Creation and Improvement In Wiser Consultants, new software are used
to maintain record of clients and users.
Training and development sessions are
conducted by business person to improve skills
and abilities of subordinates to give appropriate
solutions to clients about strategic issues.
Acquisition of funds In Wiser Consultants, management increase
funds from bank and angle investors for
increasing business.
Benefits Availed Business person of Wiser Consultants uses
advanced technologies and software which
helps them to give good services to client
firms.
M4
Innovation concept is uses by management to deliver adequate items and services to
customers. For this, it is essential that business activities are conducted properly and
systematically. So, in organisation superior evaluate stages of production activities and
implement updated tools and techniques in system. This help management to utilise resources
efficiently and make system function effectively.

TASK 4
P7 Different tools that an organisation can use to develop, retain and protect intellectual property
Executive require to use appropriate tools to secure assets and conduct business
operations in proper manner. It is necessary that management gets certification from government
and protect important elements and components of firm (Kogan and et. al., 2017). Wiser
Consultants which is service firm require that proprietor get registration of logo, name, symbol
and technologies. This help company to prevent these elements being used by rival firms. For
this, these are various laws designed by government to secure intellectual property are as stated
beneath: Copyright: Author's work like books and novels are consistent of this legislations. This
help individuals to secure their writings from being used by other people. Trademark: This law was framed by government to protect logo, symbol, name and
design of firm and its products. Patent: It is considered as the government authority which provides licence or right to the
owner for particular period of time. This is one among the best way to secure intellectual
property of organisation by using patent.
 Trade secret: This form of protecting intellectual property emphasizes on securing the
confidential information of the company by not disclosing it with the outsider. For
example: Soft drink Organisation like Coca Cola, Pepsi etc. does not share their formula
or process of producing soft drinks with any one.
Therefore, trademark is used by executive of Wiser firm to secure logo, name pattern and
other elements from use by other firms in same industry (Love and Roper, 2015).
CONCLUSION
As per above report, it can be concluded that innovation concept is used by
administration; through which adequate modification and transformation are made in system.
This help management to use appropriate tools and techniques in system; thereby deliver quality
products and services to people. It is essential that superior make changes in system and
strategies in according to market conditions. With use of innovation funnel concept, manager is
able to reduce unnecessary cost and factors. Besides, this commercialisation tool is used for new

product development. This help firm to launch new items in according to demands of people.
Apart from this, frugal innovation is used by superior to enhance market share and position.

REFERENCES
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