Importance of Innovation Funnel - Apple and Virgin Group Report

Added on -2020-07-23

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INTRODUCTIONInnovation is a term which is simply defined as a new idea or emergence of creativity fordifferent motives like for profit maximization, customer demand and establishment of goodwillin the marketplace. In fact, main motive of introducing different thought is to meet therequirement of domestic as well as foreign consumers. Basically, this report is going to becategorized into four different segments for explaining the effectiveness of innovation in thismodern world. 3Com is a small business firm popular for its digital electronics computernetwork found in the year 1979 by Robert Metcalfe for facilitating their native people. Therefore,this report throws some light on the importance of innovation funnel with example of APPLEand VIRGIN group as both companies are famous for its unique products with different featuresby having a monopolistic position in the marketplace (Aarikka-Stenroos, 2012). Apart from this,it also explains the role of 4P'S in attaining goals and objectives of an organization by modifyingexisting products. At last, main motive of this assignment is to highlight an eminent role of newideas in establishing goodwill of 3Com in international marketplace. TASK 1P1. Innovation and its importance to organization in comparison with inventionInnovation is one of the indispensable parts for development and growth of 3com becauseof their effectiveness and benefits towards success of an enterprise within minimum duration. Infact, creativity is mandatory for the selected organization as they introduce electronic devices aswell as provide network interface controller for whole nation. Therefore, overall society caneasily communicate with each other in an effective manner (Sandberg, 2012). Along with this,innovation is very much indispensable for 3Com as due to modernized world, demand of digitalmarketing is increasing which believes in implementing something unique. Thus, importance ofinnovation is stated as follows:- Supervisors of 3Com can enhance their current merchandise strategy for capturing theattention of number of buyers.Creativity is very much indispensable for the organization to achieve their desired goalsand objectives in minimum duration.It assists them to generate maximum revenue.
It supports them to introduce different items in comparison to their competitors. Higher authority of 3Com is trying to implement new policies as well as strategies forconducting alteration in their current goods.There are number of differences in between innovation and invention which are stated asfollows:-INNOVATIONINVENTIONThis term point outs the modification oralteration of current products which are alreadyintroduced in marketplace for fulfilling thedemand of customers.Whereas, invention is a term which ischaracterized as a presentation of productswithout any precedent for commercial centreand considered as a fresh commodity.According to given case study, modificationsin Apple iPhones is conducted by organizationfor enhancing their features to seek theattention of clients.But, if Apple is going to design totally freshgadget or any different idea it considered as aemergence of new products from which wholeworld is unaware. Therefore, it is said to be aninvention. Apart from this, 3Com needs to adopt advanced and developed ideas for improving theirexisting products by satisfying the needs and demands of customers. Basically, both the termsare very much valuable and essential for the success of association for generating maximumincome by fulfilling demand as well as tastes and preferences of various buyers (Bogers, andWest, 2010). Instead of this, it also acts as a key to progress and a useful tool for establishingtheir goodwill in the marketplace for running enterprise for a longer period of time. For example,in Apple and Virgin group, innovation is very much essential so that they can increase theirnumber of customers which ultimately results in profit maximization.P2. Vision, leadership, culture and teamwork can shape innovation and commercialisation3Com has to set a clear vision for whole organization to attain their objectives and targetswith the use of necessary resources. Therefore, vision, leadership, culture as well as teamworkplays an eminent role in shaping the innovation and corporate greed in various ways because oftheir vital and prominent role behind success of organization (Bogers, 2012).Vision: Clear targets and objectives of an enterprise motivate manufacturers of companyto introduce new or different thoughts for profit maximization by implementing an2

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