Innovation and its Importance

Innovation

Table of Content
 Introduction
 Innovation and its importance
 Vision, leadership, culture and teamwork can shape innovation
 4Ps of innovation and use of innovation funnel
 Developments in frugal innovation
 Significance of commercial funnel
 Innovation Business Case
 Various tools that organisations can use
 References

Introduction
Innovation is a procedure of converting an invention or idea
in to the services or goods which develops value for
consumers. Innovation applied on new designs, thought
and also action plan which can not developed before.

Innovation and its importance
Innovation is that activity which help in enhancing
development and productivity of firm in a better manner.
With the help of using innovation, company can increase
effectiveness of process and making quality of services of
goods better. . It involves various activities like for an
instance alteration, changing, develop new design and
many others.

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Difference among
innovation and
invention
Basis
Invention Innovation
Meaning Under this, an individual
develops unique services or
goods which are not
created before.
It is an activity under which company
provides new size, featured and shape to
existing services as well as goods so
that more people can be attracted.
Works Person develops new
thoughts, ideas and then
manufacture new product
with unique features.
Mainly, firm make change sin existing
products through advanced technology.
Necessary skills Person conduct technical
and scientific skills which
can develop new goods to
attract customers and retain
at market place.
Under this, an individual should have
technical as well as merchandising skills
which will be helpful in increasing
development of an organisation.

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Importance of innovation in comparison with invention:
Innovation is necessary for firm in making products as well
as services more attractive. It will give rapid development
in the success of firm and helpful in developing better
connection with consumers.