(solved) Innovation Assignment Sample

Added on - 21 Jul 2020

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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
INTRODUCTIONInnovation means converting an idea intoproductsand 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 therequirementsand wants of customer inappropriatemanner(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. Thechosen organisation considered in this project isUnicorn Grocery,thatisworker’s co-operative grocery store, headquartered in Manchester, England. The entireorganisationis 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 toolswhich can be utilise by companies to protectintellectual 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 toget 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 adaptingchanges take place in external environmentso 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 whichthey often develop a culture inwhich employees are encourageto boost up their creativity so company can find effective solution of complex business problems.It has been believed that organisationswho frequently offer innovative solutions aremoreeffective and efficientas 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 brand5.Improved performance and productivity and reduces cost6.Higher profit and sales7.Rapid increase in the satisfaction level of customers.Comparison betweenInvention and InnovationInnovationInventionIt 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.P2Vision:Their vision is to “server highvalued product to customers to get their satisfaction and tosustain them for long time”.According to their vision statement, it can clearly figure out that theorganisationis focusing towards meeting the requirement of customer in an effective manner
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