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Importance of Innovation in Business Organisation : Assignment

   

Added on  2020-07-22

13 Pages3671 Words81 Views
INNOVATION

INTRODUCTIONInnovation is referred to any fresh opinion or thought that can be utilized to createinnovative product or service. This concern usage of various cognition , data, creativity andimplement those to make a different thing. In relation with business concern context, managersthinks new ways which can raise their enterprise and employ advanced opinion so that they canmake something assorted from their rival. Collaborative Store is a retail company which mainlyprovide stylish clothes, accessories, furniture, art, independent designers (Union, 2014). Thisassignment will mainly focus on importance of innovation and how this company's vision,leadership, culture shapes innovation and commercialization. 4 P's of innovation and importanceof commercial funnel and different application of new product development is described in thisproject.TASK 1P1Innovation and compare with inventionFrom the mentioned above, innovation is a procedure of processing something freshwhich has unique quality and is different from others. This process can be used to meet differentrequirement of business and can enhance their products and services. With the help of innovativeproducts, company can take a lead from other competitors as this has become a trend to launch adifferent and new products in market. Collaborative store company is a mainly a retail store,where they can provide different and unique designs which are not available anywhere in market.They can use innovation in up grading their technologies which can help the company toincrease their profits (Drucker, 2014). It is and important tool and acts a catalyst to companysuccess and growth. Along with this, invention of specific products is new and creative for customers so theycan attract with this. There are various differences between innovation and invention aredescribed as under: BASIS INVENTIONINNOVATIONDefinitionInvention is defined as an ideafor a process or product that isnew to everyone. Innovation is related to theimplementation of ideas for aproduct or process for the firsttime.

What is it?It is creation of something newChanges are done in existingproducts. ConceptIt is an original idea.Practical implementation ofidea.Occur whenWhen new idea occur in themind of scientist. When existing product requireimprovement.Concerned with Single process or product.Combination of variousprocess or products. Above were some difference between invention and innovation. Below are some importance of innovation for a business organization :-Responding to increasing customers expectations and choice: Through innovation,company can satisfy needs of customers. By providing them with different and unique products,they can retain and attract many customers towards their products and services. Thus, innovationincreases profits for company.Create a competitive advantage: By up grading technology and procedures, companycan lead in the market and through this they can achieve competitive advantage over others. Thishelps them to stand up their business in competitive market and can attract many customerswhich is prime goal of collaborative store (Berry and Berry, 2018).Implement best method for organizations: Innovation help managers to develop newmethods for designing products by considering different trends of market. This leads to newproduct development and through this company can earn their profits. P2 Form of commercialization and innovationInnovation is essential factor that help organization to reach competitive advantage and tolead a successful venture. As mentioned above innovation is implementation of new ideas toimprove existing products or goods and commercialization is a process to launch a new productinto commerce or to market. Managers of store can invent something to attract attention ofcustomer towards their products. With this, they can achieve ultimate goal of company i,e., largenumber of satisfied customers. Below are some factors which contributes in innovation andcommercialization:

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