Innovation Assignment - Talent Plus company

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Innovation and its importance..........................................................................................1
P2.Shape of innovation through organisational culture, vision..............................................3
TASK 2............................................................................................................................................4
P3 4P's of Innovation and innovation funnel..........................................................................4
P4 Frugal Innovation..............................................................................................................6
TASK 3............................................................................................................................................7
P5 commercial funnel and application of New Product Development..................................7
P6 Business case of Talent Plus.............................................................................................7
TASK 4............................................................................................................................................8
P7 Developing, Retaining and protecting intellectual property.............................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation reflects improvement in products and other aspect of a business through
which a company can gain higher profitability. When an association creates modifications in
business structure to launch innovative and creative products then it will help in grabbing more
attention of customers (Aarikka-Stenroos and Sandberg, 2012). For this process, business
tycoons are needed to identify trends at marketplace, needs of customers as well as technology
used for it. Therefore, for this assistance, managers need to develop organisational system and
introduce latest techniques in business. In context with an overview of innovation, an assignment
has been made by taking a company of UK i.e. Talent Plus. It is a consultancy firm which
provides candidates in other companies through various recruitment and selection process. This
report has made a discussion on sources of innovation available at marketplace along with
comparing the process of invention against it. In addition to this, techniques used for creating
modifications like marketing mix strategy and frugal innovation along with business case is also
presented.
TASK 1
P1. Innovation and its importance
Innovation is a process of improvement by turning an idea into a product concept. It is
generally created due to demand of customers for variations in commodities or services and
change in trends at marketplace. Therefore, in order to product new services and innovative
products, an organisation needs to get higher talented workforce at workplace and entrepreneurs
who give unique ideas for such creations. With efforts of these persons in enterprises, business
owners can redesign structure and creates high innovation in products (Bogers and West, 2012).
It will help them in grabbing more attention of customers as well as retaining them for long term
value.
In context with Talent Plus, making modification in business structure and other aspects
help in increasing market share, earning more revenue as well as enhancing growth in a higher
and efficient manner. In addition to this, employees play an important role in initiating
alterations therefore, managers are needed to maintain culture of organisation.
1