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Innovation and Importance of Business Plan

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Added on  2020-06-06

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1 INNOVATION INTRODUCTION 1 TASK 11 P.1 Innovation and its importance as compared to invention 1 P.2 Organization vision,leadership,culture,teamwork can create innovation 3 TASK 24 P.3 4P's of innovation and application of innovation funnel to create innovative ideas 4 P4 Development in frugal innovation 4 TASK 36 P.5 Importance of new product development process and importance of commercial funnel6 P6 Build an innovative business plan of 4Com 7 TASK 4

Innovation and Importance of Business Plan

   Added on 2020-06-06

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INNOVATION
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P.1 Innovation and its importance as compared to invention.................................................1P.2 Organization vision,leadership,culture,teamwork can create innovation........................3TASK 2............................................................................................................................................4P.34P's of innovation and application of innovation funnel to create innovative ideas........4P4 Development in frugal innovation.....................................................................................5TASK 3............................................................................................................................................6P.5 Importance of new product development process and importance of commercial funnel6P6 Build an innovative business plan of 4Com......................................................................7TASK 4...........................................................................................................................................8P.7 Tools used by firm to develop,retain and protect intellectual property and knowledge. .8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
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INTRODUCTION Innovation is translating an invention or idea into better services which create a valuewhich is paid by consumers. It should be applicable at a cost of economy as well as satisfy aparticular need (Ahmadi and O'Cass, 2016). It involves initiative, imagination and information ofvarious values of resources. Innovation contains all processes by which creative ideas are madeand transferred into a useful product. 4com was established in 1999. Its purpose is to improve thecommunication services of United Kingdom. They believe in rewarding their employees. Greatcompact of pride in culture of an organisation. They provide services of enterprise phone system,business internet and broadband, software & applications etc. Firm established on working hardacross the achieving, striving and business excellence at everything they do. In this report,discussed about innovation and its important compared to invention. 4ps of innovation also learnabout funnel innovation. Importance of new product development. TASK 1P.1 Innovation and its importance as compared to invention Innovation is the creativity in business to produce goods and application of new tools andtechniques so that new ideas and thoughts can be created in the company. Inventions givesresponse to complex and tough problems which are faced in the firm. They are done by a singleperson. Inventions gives response to complex and tough problems which are faced in the firm.They are done by a single person. Inventions gives response to complex and tough problemswhich are faced in the firm. They are done by a single person. Commercialization includes allactivities related to selling of product. It includes the marketing,selling,promotion and serviceprovided to customers. The different sources of innovation used by 4.Com company-Unexpected – Company has to do various innovation. The outcomes are far good as theyare expected by the firm. Sometimes there can be failure as power the expectation of theorganization. This is called unexpected innovation (Akinwale, Adepoju and Olomu, 2017). Process need – Organization can make modifications in the activities or task in thecompany. Thus it is called as process need. Due to changes in methods all activities and task canrun efficiency and smoothly. Thus it helps the form in earning more profits. Change in thinking – When firm change their views and opinions regarding anysituation, it is known as exchange in perception. It is done so that innovative and creative ideas1
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