Innovation Assignment - Iceland Ltd
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Added on 2020-10-04
Innovation Assignment - Iceland Ltd
Added on 2020-10-04
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INNOVATION
Table of ContentsINTRODUCTION ..........................................................................................................................3TASK 1 ...........................................................................................................................................3P1. Describe innovation and its importance towards organisation with invention................3P2 Organisational leadership, vision, teamwork and culture shapes to innovation...............5TASK 2............................................................................................................................................6P3. Explain 4Ps of innovation................................................................................................6P4 Frugal innovation .............................................................................................................8TASK 3............................................................................................................................................9P5 Importance of commercial funnel and the process of new product development.............9P6 Evaluation of innovation business case...........................................................................11TASK4...........................................................................................................................................11P7 Intellectual property .......................................................................................................11CONCLUSION..............................................................................................................................12REFERENCES .............................................................................................................................13
INTRODUCTION Innovation is the procedure which helps in rendering an idea or invention into a good thatinitiate value for which customer will pay. It is aggregation of opportunities identification,marketing, sales, prototype, ideation and production; innovation can be arbitrate as developmentof concept or thought that is used in operation of executing goods and services are provided tobuyers. Whereas invention in totally different from innovation; it is related to discovery of freshand innovative things, concepts as well as ideas that develops better future of the company (Amitand Zott, 2012). Iceland is the chosen organisation in this present documentation; that is BritishSupermarket chain. Iceland Ltd. emphasis upon the sale of frozen foods, encompassing preparedvegetables and meals. The company has covered the 2.2% share of the UK food market. Thecase study contains importance of innovation and invention in the context of business of businessorganisation. There will a discussion on various functions and strategics that has an effective rolein innovation and invention of new products or merchandises. A new product development planis also procedure in order to create new products and services for the company. TASK 1 P1. Describe innovation and its importance towards organisation with invention“Innovation consists turning an idea into a solution that adds value from a customer'sperspective”. In other words, innovation is an application of concepts that are reusable and novel.Creativity means the ability that is helpful in generating effective ideas, is the seed of innovationbut unless, it can be applied and scaled; it is still just an idea. Innovation is much bigger than atechnological platform or a product. Along with this, it helps in preceding new products or ideasfor the organisation and management (Davila, Epstein and Shelton, 2012). In Iceland Ltd.innovation is linked with positive dynamics in productivity, competitiveness, market share,efficiency as well as quality. It also has a complementary role within organisational culture infacilitating firms as they can interpret innovative activities into tangible performanceamendments. Business enterprises can also enhance their achievements and profits by renderingwork group possibilities as well as resources to innovate, in addition of employee's core jobstasks and activities. Invention – It refers with embodiment of new technical and scientific ideas. For abusiness entity, an invention should be patentable, novel, non-obvious as well as having the
ability of utility. It can serve many purpose but does not create positive value. It is also essentialfor legal concept to patent law systems worldwide. In broader meaning, an invention issomething that has never been made before. Difference between innovation and invention INNOVATIONINVENTIONAn innovation is the commercialization ofinvention. In other words, it creates dotsbetween inventions. An invention is an intellectual exercise that iscome up with a new combination of solutionfor the business problems and issues. It includes bringing the new concept for themarket that is able to fulfil needs and wants ofcustomers (Drucker, 2014). It is all about making such things or items thatis never ever created generated by anyone. Innovation is known as piratical performanceof innovative and fresh plan. It helps in introducing with new products intarget market those are able to meet needs anddesires of customers. In that, practices are concerned with goods andservices are carried out which are offered tobuyers. Firms are hired talented persons only just formaking an impelling design for new goods andservices. Importance of innovation and invention for business organisations: - In the business entity, innovation and inventions helps in developing or replacingbusiness activities in order to extend productivity as well as efficiency. Both are alsouseful to permit the business for increasing its quality or range of prevent products andservices. Innovation and invention has a significant role to develop the entirely new andimprovised goods and traded which often meet rapidly changing buyer's requirements ordemands. They adds value among existing goods or markets for differentiating the business from itsrivals and maximising the detected value to the markets and consumers. In modern world, every business organisation wants to perform at global level; they alsothink to grow in emerging markets. So as innovation and inventions helps such
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