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Innovation Business Case

   

Added on  2020-06-04

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Innovation
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Importance of innovation in company and compare with invention.................................1P2 Organisational leadership, vision, teamwork and culture shapes innovation andcommercialization..................................................................................................................3TASK 2............................................................................................................................................4P3 4P's of innovation .............................................................................................................4P4 Development in frugal innovation.....................................................................................7TASK 3............................................................................................................................................9P5 Commercial funnel and application of NDP process........................................................9P6 Innovation Business Case ...............................................................................................11TASK 4..........................................................................................................................................13P7 Tools organisation use to germinate, protect knowledge, retain and highbrow property13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
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INTRODUCTIONTo sustain in market, an organisation require to innovate their commodities as well astheir working structure within a span of time. This assist a company in modifying and updatingtheir services, products, framework, operations and strategy building techniques. This is helpfulin renovating products or existing services by understanding expectation and requirements ofconsumers (Drucker, 2014). Although create customer through attracting them with morefeatures in market. This report analyses different aspects of commercialization and how it helpsin marketing through attracting customer with conveyed messages in business . 4Com is a small business organisation expending its market in all over UK. Thecompany facilitates networking and telecommunication services along with many technologygadget and software to its clients. This study will analyse the major two aspects of managementwhich are innovation and commercialization and how innovation helped 4com in extension. TASK 1P1 Importance of innovation in company and compare with inventionCommercialisation is process of establishing or forming fresh commodity for dealingwith help of promotional tool – providing accessible in market. In brief, process of running ormanaging something mainly in order to gain in financial situation.Innovation refer toapplication of effective resolution which enable in achieving new needs, unarticulated needs, andexisting requirements of market. This is an art to add creativity in the existing commodity whichcreate demand and make it useful for multi-purpose. Consumer is a challenge which can besolved through help of innovation, invention of new products and services. Invention is inventingor introducing a new product, services, idea, opinions, technology which have not beenintroduced in market before and able to cater change in scenario. Both terms are interdependentbut not same. 4Com need to include both in their technologies which is important for theirdevelopment. 4Com use Apple. Inc. and Virgin Group technique as innovation and inventiontechnologies and technical their products.Importance of Innovation -Build Competitive Benefits -1
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Innovation helps organisation in increasing competitive advantages through addingvalues in their products and services (Huberman and Miles, 2013). Invention helps inreintroducing a concept with a different aspects to view which attract consumer in effective way.Balance resource utilization -Organisation, especially small business such as 4Com contains limited resources andunlimited requirements. Innovation helps in allocating resources in balanced way to make thebest outcome out of all activities which is being made in company. It assist in proper utilizationof resources creatively and efficiently.Develop Communication Skills -Innovation require effective techniques and approaches whereas commercialization needmeans of communication of message of specific company that help influence the targetsaudience(Cui and Wu, 2016). This helps organisation to develop and innovate theircommunication and interaction skills through analysis of market and interaction with investorsor public and adopting effective strategies for respected techniques .Manage Healthy Workplace -Innovation is the key of updating and modifying the company commodities as well asstructure and functions. This aid in maintain healthy work environment and create positive vibesin an organisation for sustainability. Through enhancing and evolving communication andcompany product quality, they can reconfigure the workplace system and make it more better. This is a challenge for small business including promotion, raw material, technologiesand resources management to create innovative products ad commercialisation their servicesbecause the process of promotion or marketing is expensive and requires creative idea todecrease cost of it. Innovation administrate management is the procedure of monitoring anproducts modification from ideation till the successfully implication. Process of Invention transformation into Innovation When an invention is successfully commercialised, it transform into innovation. Thereare few steps of that transformation that a commodity or services go through, its elements are asbelow:DisruptionModel FrameworkInfrastructure Model2
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