(solved) Assignment on Innovation
Added on 2020-06-03
15 Pages4394 Words82 Views
Innovation
Table of ContentsINTRODUCTION...........................................................................................................................3TASK1 ...........................................................................................................................................3P1. Innovation, its importance and comparison with invention..................................................3P2. Shaping innovation through organisational culture, vision, mission and teamwork............5TASK2.............................................................................................................................................7P3. 4P's of innovation and use of innovation funnel...................................................................7P4 Development of frugal innovation ........................................................................................9TASK3...........................................................................................................................................10P5. Importance of commercial funnel and the application of New product development........10P6 Innovation business case of Better placed Ltd.....................................................................11TASK4...........................................................................................................................................11P7 Tools for developing, Retaining and protecting intellectual property.................................11CONCLUSION..............................................................................................................................12REFRENCES ................................................................................................................................13
INTRODUCTIONInnovation is one the important tool in running the overall operation of business in orderto run it successfully. Further in dynamic environment changes are coming with rapid fast speedso to cope up all the challenges of external market company required to make innovative andcreative modification in their products and services so they gain competitive advantages overcompetitors (Aghion , Van Reenen and Zingales ,2013). Generally, innovation is done at the timeof launching new products and services in market which help in satisfying the recent customersneeds and demand. Under this assignment the company which is preferred i.e. Better Placed Ltd.Which is UK based recruiting organisation specialise in recruiting for marketing, sales and HRjobs and role within the agency market. The USP of organisation is that it known for providingspecialist creative recruitment offering both online and offline creative roles. Further projectdiscuss about the Innovation and its importance, shaping innovation through organisation andcultural change, frugal innovation and intellectual property right. Apart from it discuss about thecase study of Apple and Virgin Group.TASK1 P1. Innovation, its importance and comparison with inventionInnovation can be described as process in which idea come into reality in the form ofproduct that definitely satisfy the needs and demand of customers (Ariga and et. al. ,2013). Inother word it can easily be said that innovation is the application of concepts that can be reusedby company and novel. In business world individual need to become smart in order to developsomething creative and inventive. In earlier time large organisation establish their dominanceplace in market but now the thinking become change because different start-up and smallcompanies coming in market with their innovative and creative products that down the market ofbig companies. Now customer is the king of markets and producers are their servants who has toproduced according to the requirement of target audiences. If employees are creative and thinkout of the box then they able to grab all the market opportunities through their skills and talent.Better placed Ltd. Is recruitment based company that gives creative employment opportunities tothe youngsters of UK country. In this company innovation can be achieved through its quality,
quick services and better competitiveness in market. Innovation is highly required in everyactivity of organisation in order to increase profit and market share of company.Invention:- It can be described as process or product which never before in market or its aprocess of creating something that never came before in market. Further, it consist of technicaland scientific skills which needed in products and this mechanism is generally used by companyat the time when it loose its position in market and wants to revitalise the strength of productportfolio by introducing something new and innovative in market that satisfy the customerdemand.Distinguish between Innovation and Invention are described below:-BasisInnovation InventionMeaningCreation of product, processand services that add the valuefor customers.A discovery which is new tothe world or creation whichbring advance technologicaldevelopment in market.Driven towardsThe main objectives is todriven towards the desire ofcustomers by adding the valueto products.It coming through inventorcuriosity and interest ofresearcher.MeritsIts advantages can be createdthrough profitable preparation.It is known through itsuniqueness.Skills requiredInnovation can be developedthrough the formulation ofstrategicmarketing,operational and technicalskills.Based primarily throughtechnical and scientific skills.Significance of Innovation for the employees of Better placed Ltd.:-It allow workforce to enhance their skills and capability through the use of modern andinnovative ways in their working style.Develop sense of creativity in the mind of employees which can further assist inproviding most effective ideas.
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