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Innovation and its Importance to Organisations with Invention

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Added on  2020-06-06

Innovation and its Importance to Organisations with Invention

   Added on 2020-06-06

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INNOVATION
Innovation and its Importance to Organisations with Invention_1
Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1 .........................................................................................................................................1P1) Innovation and its importance to organisations with invention...........................................1P2) Organisation leadership, innovation and teamwork for innovation and commercialisation .....................................................................................................................................................3TASK 2 ...........................................................................................................................................4P3) Evaluating 4 P'S of innovation............................................................................................4P4) Development of Frugal innovation.......................................................................................7TASK 3 ...........................................................................................................................................8P5) Importance of commercial funnel and NDP in an business firm.........................................8P6 Evaluation of Innovation Business Case................................................................................8TASK 4 .........................................................................................................................................9P7 Different tools used by organisation......................................................................................9CONCLUSION .............................................................................................................................10REFERENCES..............................................................................................................................11
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INTRODUCTION Innovation is defined as an adoption of new idea and plan for making an effective futureof an industry. Innovation is combination of opportunity identification, prototyping, ideation,marketing, sales and production (Sawyer, 2011). It can be determined as development of ideaand thought which can be used in operation of implementing goods and services that are offeredto consumers. Invention is different term and it is described as discovery of new and innovativeidea, thoughts and things that are helpful in creating better future. Innovation is needed in eachand every firm after a period of time, because people get bored with same things. Innovation isproviding help and support in achieving organisational goals and objectives. Periscopix is wellknown marketing consultancy, headquarter in UK. The major purpose of this company is toprovide best and innovative service to their customers in order to get more profit. This reportcontains the study about various differences between invention and innovation. It describesmultiple strategies and functions which are helpful in effective functioning of innovation andinvention. Apple is most popular brand which is focuses towards implementing new ideas andthoughts into proper action. Large number of customers are attract towards apple just for theirinnovative feature in their products. TASK 1 P1) Innovation and its importance to organisations with inventionInnovations: Innovations is termed as a process which includes generation of new ideasthat are helpful in meet with needs and wants of customers. It can also be defined as thoughtsthat can helpful in rendering proper solution for issues of customers. Alteration meansmodification of goods that are important in every business firm for satisfying different needs andwants of customers. Innovation is required for create new feature in existing products anddevelopment of new good at market place that meets the need of consumers. Companies usevarious techniques, technology and methods for implementation of new ideas into proper action.Up gradation is possible with the use of modification in technology. The needs and wants ofcustomers are rapidly change as per the change in society and cultural. Organisation redesignproducts as per the new market demand (Rosenbusch, Brinckmann and Bausch, 2011). Policiesand plans that are helpful in development of thoughts and ideas or convert them intomerchandise form. 1
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