Importance of Innovation for Organizations

INNOVATION

INTRODUCTION
Innovation is defined as upliftment of recent activities of production process in order to
maintain and improve present quality of products and services for attaining greater competitive
advantages (Drucker, 2014). Innovation is a effective procedure that determine additional
benefits in already launched products by taking help of latest tools and technologies in
production function. Main reason of innovation process is enhancement in quality of product and
services. Incite Marketing Partnership is a firm which provides solutions to business problems
related to strategies. There are around 160 employees in this venture. Headquarter of this
association is situated in UK and managing director of firm is Matthew Froggatt. This
assignment is also based upon innovation funnel and this is used in development of new products
as well as in hitting targets of venture.
TASK 1
P1 Innovation and its importance for organisation in comparison with invention
Innovation is a procedure of putting additional value in survival product. Incite
Marketing Partnership is a firm which makes tactic building corporation and should aware about
latest techniques and tools so that all info to client companies should be spread in order to
provide solutions to customer organisations so customer firm could execute strategies with most
effective tools and technologies. Innovation should compulsorily be applied in business
operations to create creative products for enhancing more advantageous goods as well as services
to serve clients at marketplace (Bloom, Draca and Van Reenen, 2016). There are some needs of
innovation which are elaborated as beneath:
 Managers of Incite Marketing Planning co. use innovation in providing guidance to their
team members so that all workers could hit their targets in shortest period of time.
 Creativity is a good option to adopt for fascinating larger number of people towards
company.
 Innovation is helpful in providing greater returns.
 Creativity aids in securing broader market share than rivals.
There are some distinctions between innovation and invention which is stated below:
Innovation Invention
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