Assignment on Innovation and Invention : Unicorn Grocery
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Added on 2020-06-04
Assignment on Innovation and Invention : Unicorn Grocery
Added on 2020-06-04
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Innovation
INTRODUCTIONInnovation is identified as a process of making goods, services, processes andworkflows of business more effective and efficient . In present competitive businessenvironment, it is very essential for every business organisation to bring innovation within firmor its products. Innovation means executive new ideas, developing dynamic goods and servicesor make improvements in existing products of company in order to gain competitive advantagein market over Rivals (Rosenbusch, Brinckmann and Bausch, 2011). It acts as a catalyst in growth aswell as success of an organisation. It also supports business in adapting and growing as per themarket needs and requirements ineffective way. The present assignment is based on UnicornGrocery which is the grocery store of England. The report includes difference betweeninnovation and invention as well as various steps of innovation. It also includes process neededto commercialize innovation in market and range of methods are evaluated for protecting ideasas well as understanding their advantages and disadvantages. TASK 1P1 Innovation and its significance to employees in comparison withinventionInnovation is the term which means converting a productive idea into concept oneffective goods and services that creates some value for customers or for which they are willingto pay. Generally, it means come up with creative ideas and doing similar things in Unique way.Innovation concept is different from invention and covers several aspects that assists company inattaining its objectives it through and structured manner. It arise in the form of changingprocesses of business and adapting with environmental transformations in order to administerbetter quality of goods and services to customer which effectively meets their requirement.Innovation needs to be considered by every organisation in order to get high growth and successin market. Firm considered it as a part of inbuilt strategy which generate innovative culturewithin company and promotes creative and strategic thinking. An organisation which constantlyundergo innovation, creates more effective and efficient work process as well as chances ofaccomplishing high productivity increases very fast. In order to beat the competition that isprevailed in market, it is very essential for company to come up with creative and unique ideawhich distinct their goods and services from competitors. The firm Unicorn Grocery wants to introduce their mobile application so that they caneasily sell their goods online (Wilson, 2014). This innovation makes the firm distinct from othersmall medium enterprises in UK bye launching their mobile application. Main cause behindbringing this innovation is to get competitive edge in market. It a sister company in makingstrong consumer base and gain their loyalty. They also emphasize on embed sheer layout thatmakes easy for customers to find out their goods as early as possible. Below mentioned are someadvantages of innovation that Unicorn grocery get:
Innovation assist the company in capturing large market share as well as attaining highcompetitive advantage in overseas market. Helps in developing good brand image. Facilities in generating high revenue and profits.Effective innovation is the way by which business can easily create its unique sellingproposition for particular good, service or processes (Wolin, 2016). Satisfaction level of consumers is increased very rapidly.Overall productivity as well as performance of company is enhanced.Assistant improving motivation of employees and retain them for long period of time.Helps in generating higher sales.Invention is a different term from innovation as in invention, offerings are completely new but ininnovation, modification are done in goods and services which are already exist in market and are offered to customers. Difference between invention and innovation:InnovationInventionIt deals with modernization andnovelty.Innovation refers to an idea that can beimplemented to existing situation.It is a consolidation of various goods,services or processes.It requires managerial as well astechnical skills.It is concerned with creatingsomething that is completely new tomarket.It can only be evaluated or assessed bypotential buyers.It deals only with single good orservice.Scientific skills required in invention.P2 Way in which organisational vision culture leadership and teamworkcan shape commercialization and innovationVision: To deliver high quality product to customers in minimum price and satisfy them as well as retain them for longer period of time. It is the vision statement of Unicorn grocery. According to this statement, it is interpreted that companies more focused towards fulfilling needs and wants of customers in most effective way. In present competitive market, likes and dislikes of people are changing frequently and it becomes essential for company to administer search products and services that creates some value to customers(Strayer, 2012)..
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