(solved) Innovation Assignment Sample

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Added on 2020-07-22

(solved) Innovation Assignment Sample

Added on 2020-07-22

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INNOVATION

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1............................................................................................................................................3P2............................................................................................................................................4TASK 2............................................................................................................................................5P3............................................................................................................................................5P4............................................................................................................................................6TASK 3............................................................................................................................................7P5............................................................................................................................................7P6............................................................................................................................................9TASK 4..........................................................................................................................................10P7..........................................................................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12

INTRODUCTION Innovation means converting an idea into products and services that often creates valuefor end-users. In terms of business, it refers to the process of generating new ideas,methodologies, workflows, product or services. Innovative ideas are applied by businessenterprise so as to satisfy the requirements and wants of customer in appropriate manner(Baldwin and Von Hippel, 2011). To be called as innovation, an idea should be replicable ateconomical cost and must fulfil consumer's expectation. It is similar with risk-taking andcompanies that develop revolutionary goods and technologies takes on higher risk as they createnew market. The chosen organisation considered in this project is Unicorn Grocery, that isworker’s co-operative grocery store, headquartered in Manchester, England. The entireorganisation is run, controlled and managed by its owners or members. This report covers thesignificance of innovation, funnel of innovation, 4Ps of innovation and sources of funding aswell as tools which can be utilise by companies to protect intellectual property. TASK 1P1The concept of innovation deals with translating an idea into effective product or servicesand for which consumer is willing to pay. It means coming up with new or creative ways ofdoing things. For businesses, it can be defined as executing new ideas, generating dynamic goodsor enhancing the existing to get benefit over its rivals in the market. It acts as catalyst forbusiness success and growth and moreover, helps the organisation in growing and adaptingthemselves in the marketplace in an effective manner. Being innovative does not mean invention. It can be in the form of changing processesand adapting changes take place in external environment so as to deliver better goods andservices to potential buyers. For making it successful, it should be considered as an in-built partof company's strategy, in which they often develop a culture in which employees are encourageto boost up their creativity so company can find effective solution of complex business problems.It has been believed that organisations who frequently offer innovative solutions are moreeffective and efficient as this help them in attract more number of customers. One of thesuccessful key to any entity is to come up with creative or new ideas to maintain products,operation and services fresh. Currently, Unicorn Grocery is yielding significant profits for

managing their business activities and day to day operations in a structured manner (Boudreauand Lakhani, 2013). But however, there are many other firms as well that are delivering sameproducts or service as the referred one. So, in order to gain high competitiveness level, they needdo something new or creative which distinguish them from their rivals. Thus, their membershave decided to launch online application which leads to reduce the effort, time and energy ofboth customers and company. Moreover they are also emphasising on sheer layout which makesproduct finding very easy (Drucker, 2014). Given below are the main benefits of innovation:1.With innovation, Unicorn Grocery can attract more number of customers and cangenerate more profits.2.Effective innovation is one of the great way to develop a unique selling proposition forparticular product or process. 3.Enhanced employee retention, motivation and flexible recruitment. 4.Helps in building a brand 5.Improved performance and productivity and reduces cost 6.Higher profit and sales 7.Rapid increase in the satisfaction level of customers. Comparison between Invention and InnovationInnovation Invention It is related with modernisation and novelty. It is related with developing something newwhich never exist before.It is a modern idea which can only be appliedto existing or present situation. It is practical i.e. can be felt or assessed bycustomers. It is concerned with amalgamation of variousprocess and products.It deals with single product or process. Innovation needs to wider set of strategic, technical and marketing skills. It requires scientific skills.P2 Vision: Their vision is to “server high valued product to customers to get their satisfaction and tosustain them for long time”. According to their vision statement, it can clearly figure out that theorganisation is focusing towards meeting the requirement of customer in an effective manner

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