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Innovation business case and tools for access funding

   

Added on  2020-06-04

15 Pages3717 Words82 Views
Leadership Management
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INNOVATION
Innovation business case and tools for access funding_1

INTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and its importance by comparing it with invention.............................................1P2 Leadership, vision, culture and teamwork can shape innovation..........................................3TASK 2............................................................................................................................................4P3 4Ps of innovation and use of innovation funnel....................................................................4P4 Development of frugal innovation.........................................................................................5TASK 3............................................................................................................................................6P5 Importance of commercial funnel and application of new product development processing.....................................................................................................................................................6P6 Innovation business case and tools for access funding..........................................................7TASK 4............................................................................................................................................8P7 Tools used by organization for developing, retaining and protecting intellectual property..8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
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INTRODUCTIONInnovation is one of the most indispensable factor that is used by entire corporate worldfor gaining maximum benefits by satisfying consumer needs or demands. Its all about bringingsomething new or advanced at marketplace in order to generate more or more revenue in aminimum time period (Johnson, 2016 ). Rowlinson knitwear is a small business entity whosemain motive is to offer best or qualitative garments to desired consumers. Therefore, assignmentis going to highlight the significance of innovating something new or different as compared withcompetitors. Along with this, frugal innovation and various P’S are also outlining in this projectfor understanding the effectiveness of creating something new or different. Additionally,companies are also designing their intellectual properties for establishing goodwill atmarketplace and making the product totally different from others. At the end project is showingthe tools of preventing intellectual properties from getting misused by rivalries. TASK 1P1 Innovation and its importance by comparing it with inventionRowlinson knitwear is engaging in offering best clothing facilities to their desired clientsin order to create a positive relations with customers. As a result it helps in improving theircompany performance by increasing sales due to increment in consumer demand. Innovationplays a very vital role in corporate world because every individual wants something new ortrendy for experiencing totally unique items. Therefore, company is involving in manufacturingcreative products for capturing attention of millions of users. However, number of factors areidentified which shows that innovation is highly indispensable for company success. Some ofthem are describing as follows:- Sales volume:- First or foremost objective of business entity is to maximize theircompany sales in a minimum time period due to which they are involving in designingunique products because clients get attracted towards creativity ( Seebode, Jeanrenaudand Bessant, 2012). In today’s advanced world most of the users are curious to try todifferent items as compare with others and ready to pay high amount for innovativeitems. It means, it is essential for small and medium business to bring something creativewhich make their organization different from large enterprises and get succeeded inmaximizing company sales by satisfying customers needs.1
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