logo

Project Report on Innovation and Vision of 4com Plc

   

Added on  2020-06-05

15 Pages4584 Words78 Views
Innovation

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Innovation and its importance in company in comparison with invention......................1P2. Organisational vision, leadership, culture and teamwork can be shaped by innovation..2M1...........................................................................................................................................3D1...........................................................................................................................................4TASK 2............................................................................................................................................4P3. Explain 4Ps of innovation and the use of innovation funnel............................................4M2...........................................................................................................................................5P4. Developments in frugal innovation in an organization....................................................5M3...........................................................................................................................................6TASK 3............................................................................................................................................7P5. Importance of commercial funnel in the context of an organization...............................7P6 & M4. Innovation business case.......................................................................................7D2...........................................................................................................................................9TASK 4............................................................................................................................................9P7. Different tools which helps in protecting knowledge and intellectual property of firm..9M5.........................................................................................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12

INTRODUCTIONInnovation plays an important role in every business organisation. As it helps in makingnew and innovative ideas for better performance of company. In simple words, it is based on theconcept of betterment in which firms innovate something different and better (Aarikka-Stenroosand Sandberg, 2012). Generally, its main function is to develop new product, also helps inimproving existing strategies, procedures, technologies, designs. It provides various solutions ofdifferent problems so that company can increase and attract new potential customers. To sustainin competitive market place every enterprise have to produce effective products and services insome interval and it can be done only by innovation existing goods, services and strategies. Thisproject report is based on ''4com Plc'' which is a small and medium enterprise, located in UnitedKingdom (Abou-Ras, Kirchartz and Rau, 2011). It provides telecommunication services acrossall cities of UK. In this report, concept of innovation and vision, leadership, culture of thiscompany has been explained.TASK 1P1. Innovation and its importance in company in comparison with inventionInnovation is a set of actions which involves new ideas, methods, strategies and tools toimprove existing products and services within organisation. It helps companies in using uniqueand new ideas and concepts to enhance quality of existing goods and services. 4Com plc also useinnovation concepts to develop its current strategies so that it can accomplish its goals andobjectives in a better way. Invention refer as improvement in machineries, it also creates newprocesses for effective results (Bogers and West, 2010). Both innovation and invention isdifferent from each other which can be defined with the help of following comparison chart:InnovationInventionIt is a procedure of improving current products,services and process for first time.It is a process creation and introduction a newproduct which has never been made before.It includes technical, marketing and strategicskills.It involves only scientific skills. 1

Moreover, by evaluating above mentioned table it is come to realisation that innovation aand invention is different concepts. There are also some core importance of innovation for 4complc which are following as under:With the help of innovative management company can innovate and implement effectivestrategies and techniques, which will help in creating competitive advantage (Bogers andWest, 2012). If organisation will use new ideas then it can easily compete its differentcompetitors. It also help enterprise in selecting appropriate method to accomplish variousorganisational goals and objectives. Innovation leads business organisation as higher level. For example, Apple Inc. havelaunched its I-pod which can play near about 900 songs, through this innovativetechnique this company have lead to higher success (DAtta, Jessup and Reed, 2011). Innovation also helps in increasing return on investment for different stakeholder ofcompany. Through this, 4com can analysis its different competitors and can also make moreeffective plans to compete its contenders. P2. Organisational vision, leadership, culture and teamwork can be shaped by innovationInnovation can be defined as a process which is used by business enterprise to improvecurrent products, services and methods. Whereas, commercialization can refer as introduction ofnew products, services and methods into commerce or making it available in market. Vision of a company determines its main objective or for which reason it has beenestablished. Generally, it involves different goals which a organisation wants to achieve with thehelp of its stakeholders. In simple word. vision is consist of some specific organisationalobjectives which is fulfil by employees employed in organisation. On the other side, culture oforganisation is relates to its different costumes and beliefs (Datta, Mukherjee and Jessup, 2015).Through analysing vision and culture business owners can shape innovation of its differentorganisational products and services. 4Com plc is a telecommunication company which also innovate its goods and otherservices as per its organisational vision, culture, leadership and teamwork. This companydetermines its goals and objective with the help of innovation and invention. In simple words,this organisation accomplish its different goals and objectives by generating new and effective2

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Innovation and its Importance to Employees of 4com PLC
|13
|4129
|41

Importance of Innovation in Company
|15
|4075
|44

Report on Innovation in 4com company
|16
|4459
|37

Essay on Innovation and Commercialisation
|13
|4379
|48

Innovation and Its Value to Organisation - Report
|14
|4218
|43

(PDF)Innovation Commercialisation - Assignment
|14
|4087
|499