Importance of Innovation in Company

This document discusses the importance of innovation in a company and compares it to invention. It explores the role of leadership, vision, teamwork, and culture in fostering innovative practices. The document also delves into the 4P's of innovation and the development of frugal innovation. The subject of the document is innovation, and it is relevant to any course or college/university that covers the topic of innovation in business.

Innovation

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Importance of innovation in company in comparison with invention.............................1
P2. Organisational leadership, vision, teamwork and culture that leads to isometric innovation
................................................................................................................................................2
TASK 2............................................................................................................................................4
P3. 4P's of innovation.............................................................................................................4
P4. Development in frugal innovation....................................................................................5
TASK 3............................................................................................................................................7
P5. Commercial funnel and application of NDP process.......................................................7
P6. Innovation Business Case ................................................................................................8
TASK 4..........................................................................................................................................10
P7. Tools organisation use to germinate, protect knowledge, retain and highbrow property10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
An organisation need changes in system and products after a period of time in order to
sustain in the market and create a positive brand image. Through innovation, a company can
update and modify their technologies, products and services as well as their system, operations
and functions in a better version. This technique helps in launching new products and modifying
and developing existing services, ideas and understanding customer needs and expectations
through utilizing technologies and various approaches of invent. Commercialization whereas
helps an organisation to launch and attract target consumers from market and attain company
objective through effective technologies.
4Com is an SME that facilitates telecommunication services and networking facilities to
UK which aims to provide effective and quick communication and networking to customers
(Stokes, 2011). In this study, two aspects of management i.e. commercialization and innovation
are analysed and techniques to develop them as well as their roles and 4P's of innovation are
discussed as well.
TASK 1
P1. Importance of innovation in company in comparison with invention
Creativity is an art which builds products and services more versatile and innovative to
attract consumers. Innovation is a technique to amend and modify products and services which

are existing in the system and developing and evolving new products as well as services. This
helps an organisation in presenting a concept in new and creative style in order to attract
consumers towards particular ideas. 4Com uses innovation to provide unique and innovative
services to increase number of potential buyers and sustain in the market. Role of innovation in
an organisation is explained as:
Evolve Productivity -
To evolve manufacture and production process, and implement new ideas and strategy,
innovation helps a company, in order to apply all processes in convenient way. Through this,
company can enhance the productivity of products (Sawyer, 2011). Consumers prefer those
brand that is more advanced and amended in matter of provided commodities.
Utilization of Resources with Proper Balance-
Innovation make utilization of resources such as finance, human resource, technical and
other in balanced way through distributing them in different segments. Allocation of limited
resources in unlimited requirements and use them effectively and efficient is an art in which
innovation assists company (West and Bogers, 2014).
Communication and skills Development -
The function of company requires proper skills and development of entity within a
specific period of time (Strategic innovation leadership df – perth, 2011). Innovation facilitates
advanced, ideas and technologies in order to develop skills and abilities of a company as well as
provide an effective and modify ways of communication through innovating them in 4Com. This
helps in boosting and increasing confidence and quality of performance of employee.
Develop Health and Safety -
Innovation in system and framework of functions of management reduce the chances of
disputes and conflicts through improving technologies and communication system. This assures
employees and assists in creating and producing safety and healthy climate of workplace.
Difference between Invention and Innovation -
Invention Innovation
Discovering or initiating new services, idea,
concept or technology is called Invention.
Advancement, modification in existing
services, commodity, idea, technology or
product to cater change is called innovation.

Invention of a proper theory, model and
concept which have not carried before.
Alternation or amendment in existing
technologies, opinion or theories.
Require entire market study, analysis of
consumer, theories and models and use
scientific and technical process.
Use trends and scientific analysis or
investigation.
For example – Launching of WWW providing
access of internet in market.
Example -Rapid growth of WWW till recent
era of technologies through internet.
P2. Organisational leadership, vision, teamwork and culture that leads to isometric innovation
Company's culture, mission, teamwork practices and leadership forms invention and
marketing techniques of an enterprise (Zhou and Li, 2012). These elements contour and shape
invention in several ways which are like:
Vision Role in Evolution and Innovation -
Vision of company forms goals, objectives and services they produce that help company
reaching their desired results. Innovation is influenced by organisation vision and it determines
their techniques and methods that is being performed in their assets to evolve an improve them
through innovation. 4Com vision is to facilitate better and high quality services to consumers and
provide them better and quick access of technologies and networking facilities. 4Com uses Apple
and Virgin group technologies for developing their products and to keep modifying them.
Role of Leadership in Innovation and Commercialisation -
Leadership determines all activities and strategies that take place in company for
operating all functions. Leader's thoughts, idea, opinion and concept affect decision making
process of company which impact innovation and commercialization methods and strategies that
company occur and adopt for modifying their commodity. Leadership stimulates and motivates
all practices as well as employee work in various operational Dept. 4com leadership influences
marketing techniques and alternation in the products. Company leadership skills along with
innovation and effective commercial approaches can take company on path of achievement and
help in accomplishing goals.
Culture Role in Conception and Evolution -

Business culture refers to the beliefs and values of organisation set by leader which helps
in designing and planning of entity or operations (Patton, 2011). 4Com culture believes to
facilitate high and value added service quality along with less conflicts to satisfy consumers with
the services. Culture is the main asset the portray company image in market and is pride of an
organisation.
Team Work Role in Evolution and Creativity-
Team work activities flourish company’s environment as well as help in creating friendly
and flexible workplace. Such activities increase the participation of employees in decision
making practices that facilitate wide and diverse concepts, ideas, and opinions in order to build a
strategy for invention and commercialization. Creative ideas create better and effective option of
innovation strategies which company can come up with. 4Com organises team work activities in
their company which will help them in determining and managing better opportunities as well as
efficient ideas for commercialization. This is the way in which team work affects decision of
such process in an organisation’s management and operational function.
TASK 2
P3. 4P's of innovation
Innovation sets the creativity level of a company especially in the eyes of a leader.
Innovation 4P's provide a powerful idea to company that caters change in organisation’s system
and commodity (Manso, 2011). Successful invention brings a positive change in company and
helps in portraying an effective image in society. 4Com assists its technologies from innovative
technologies and techniques of Apple and Virgin group using 4P's of innovation to emerge and
enhance the growth and productivity of company. These 4P's are stated as below:

(Source: Innovation's 4P's, 2017)
Process -
The system of manufacturing, producing, distributing, delivering and designing products
is called as process. In innovation, process is a framework through which a product is being
modified. 4Com is an SME which needs resources such as manpower, funds and practical
approaches to develop (López-Nicolás and Meroño-Cerdán, 2011). Process of innovation
increases the efficiency of commodity in an effective way as well as help in attaining target
consumers.
Product -
This is most useful technique through which help in innovating and improving product
and services of a company. Product assists in achieving set goals and objectives of company.
4Com used to facilitates their customer service of 4G networking and according to the recent era

of advanced technologies, they have imitated new innovative product through providing facilities
of 5G to consumers. Thus, company need to keep modifying products through using product
innovation method for attaining more consumer.
Position -
Position is also essential in a company that determines and sets the perception of
company in minds of consumers. Positioning can set through commercialization technique and
marketing strategies which are obtained to attain and influence the target consumers. Virgin
Group has an effective tools of media for promotional goals through which company has become
able to attain potential customers. Thus, 4com uses written, electronic and other tools for
promotion and advertising their services to increase number of clients and create a positive and
effective image in their minds.
Paradigm -
Paradigm is the last P of innovation which is utilised in adopting more modified
production methods. This is based over the theories and models that company uses for
development and improving their commodity (affe and Lerner, 2011). This plans and designs
strategies for improving and developing the services. 4Com identifies industry and seek practices
to meet Apple Inc. For attaining those objectives, 4Com utilizes Apple and Virgin Group
frameworks and theories to manufacture the cost effective and quality products for fulfilling
customer demands.
P4. Development in frugal innovation
Frugal innovation is a new technological solution for introducing and manufacturing
commodity in less expansive values. This is a process of designing and creating new products
and modifying existing services by reconfiguring the value supply process. This assists in
producing products in high quality and less expensive manner through using frugal techniques
effectively. Frugal methods can help company in producing assets in affordable cost in order to
make cost effective services available for customers. It improves the involvement of upcoming
resources and help in expanding business through balancing expenses of activities (Huberman
and Miles, 2013). Below mentioned are some impacts of frugal invention in the organisation
like:
Reduce Cost of Production -

Frugal innovation helps in decreasing the production cost and gather more benefits out of
all activities and procedures from entity through using better technologies and methods in
manufacturing (Sartori Favretto and Ceschi, 2013). Through this, company can reduce the cost of
manufacturing and increase the resources expense which can maximize profits of company.
Consumers get attracted towards those products that provide high quality in cheaper cost this
concept 4Com use in their company. They adopt the features and technologies of Apple and
Virgin Group and merchandise their products and create wide varieties of services with quick
and better flow of network.
Resource in Beginner Additional Evidence -
Frugal innovation is major resource that help 4com manufacture product in regard to
enhance and improve their product quality and productivity. This assist in maintaining the
techniques that is utilized and raise revenues and outcome of company out of all strategies and
plans that is bing implied. This company furnish modern and altered featured services and tools
to clients like cordial software facility to user which is modified technology which has developed
their clients as well as portray their image.
Expend Business -
4Com introduces advanced and alternative technologies along with networking facilities
through which they created a strong brand image in the market. Through this, company can
expend their business in market in all UK. This helps in servicing customer and deploying
business line through effective and cheap promotional activities.
TASK 3
P5. Commercial funnel and application of NDP process
Commercial funnel and product selling are not same but they are interrelated. The traffic
of communication services such as business lines, Wi-Fi, broadband , networking, mobile phones
and other technological gadgets as well as software in United Kingdom Industry (Gunday, and
et. al. 2011). The company helps consumersbyfluency in technological networks through which
they satisfy consumers. Commercial funnel is analysing consumer’s demands, requirements,
needs, expectations and preferences as well as understanding new trends. This analysis helps in
product development practices that occur in company through examining the market trends

(Rosenbusch, Brinckmann and Bausch, 2011). This is like fuel of an engine which helps in the
fluctuation of procedure and keep it igniting avoiding hinders.
As an example, Apple case is better in which company use modern technologies in their
gadgets that have created its brand image of company in all over the world. 4Com supplies new
features and same technologies as Apple and Virgin Group in cost effective range to consumers
which help it in enhancing their image. For example: Apple has launched HiHi technology which
gave better access to internet and fluency in function in their gadgets and 4Com is now adopting
same technology in their system which is helping in creating a better image of this organisation
in the UK market.
Commercialization is the means of reaching and attaining customers through various
marketing and promotion techniques which are being operated for seeking customer attention
and portraying better image of company in the market. Organisation undertakes various stages
for developing new or existing products which are stated as below:
Generation of Concept -
Generation of idea is the most important and initial stage of product development when
company feel requirement of innovation. This require market trends, environment study as well
as customer expectations for new concept and idea.
Presentation of Concept -
Presentation of a concept which is being adopted or designed is needed in front of
employer and other workerin order tounderstand point of view and get opinion of every
important bodies of company. In this stage, developer discuss their strategy and explain various
elements of plans as well as budget and other aspects.
Experiment and Evolution -
Testing is required before developing the mass amount of products in the same concept.
This is an essential stage which company undertakes after which they develop and modify the
products for market launch (Drucker, 2014).
Market Evaluation -
4Com investigates the entire process and assumes and determines the possible results.
Product development -
After market evaluation, the product is practically developed by company through
undertaking required procedure.

Commercialization -
To present the new products or launch features to inform as well as attract public,
commercialization and marketing methods are used that help in creating an impact of products in
minds of them.
Result -
In the final stage, company examines the result of NDP strategies and planning that has
been implemented in the market through analysing responses and feedback of customers in
respect of launched products.
P6. Innovation Business Case
This is a business innovation case of 4Com company which is UK based small
organisation that provides a wide variety of products and services of telecommunication and
networking as well as gadgets which are introduced in the market in 1999. Business needs
sponsors, funds and investment in order to increase revenues and financial assets of enterprise
which assist company to evolve and develop. These are few steps which are required for building
a business case of 4Com as mentioned below:
Executive Summery –
The company renders networking and modern technical facilities of communication
which have expanded in all around the United Kingdom. Company is on its way to deploy
business and create a better image in the upcoming future.
Need –
Company demands new technologies, features and methods for keep increasing their
consumer of their services such as broadband, smart phones and networking in effective manner.
Solution -
To supply initial claims of tailored issue, solution or cure is required in sake of seeking it
in a span of time for the betterment of company.
Need of Innovation of Services -
Company require an innovation and excogitation plan for their existing commodity to
reach the target audience with time (Cui and Wu, 2016). 4Com use frugal innovation which has
adopted form Apple's technologies and apply in their system and managements procedure. Now
Company is using Apple's new techniques HiHi which function run smoothly and with flow.

Also, they provide high defination video an d calling system with their smart phones and pace
flow of communication and network that is main strength of company.
Consumer Analysis -
Consumer analysis is important to understand clients’ needs and expectation as well as
new trends of market. This can be understood through eliminating market into different
segments. 4Com uses demographic, Psychographic and geographic segment technique to meet
consumer and identifying their needs.
Creation and Improvement of Strategy -
Through analysing the needs and requirements of consumers, company requires to design
some innovative and creative strategies and plans such as 4Com used 5G facility plan to reach
consumer and make an impact on them.
Need of Funds and Sponsor -
An small business contain limited resources including financial assets. In order to expand
business and go through various effective strategies, company requires more funds and
investment for increasing their capital and strengthen their economical ability. Monetary assets
can help to increase financial funds. Also company can gain funds and capital through loan from
banks.
Desired Results -
Business contains various forms of benefits that a company need to acquire through
analysing the entire situation and process from advanced services of market.
TASK 4
P7. Tools organisation use to germinate, protect knowledge, retain and highbrow property
Market essential and research is significant for flow and functioning of each organisation
to understand and identify the needs. It also helps in examining all feedback whether they are
positive or negative. 4Com also needs to keep updating and altering their products according to
Virgin and Apple for expanding their business as well as to maximize the benefits (Boons and
Lüdeke-Freund, 2013). For example, I-Mac was introduced by Apple of which demand is high as
well as highly favoured product in market whole worldwide. Hence, 4Com utilizes various
patterns and approaches in their manufacturing process. These are few methods that can increase
company’s productivity and help in attaining competitive advantages:

Aware of Consumer -
4Com to analyse consumer wants, requirements, preferences and expectation go through
market analysis and survey over customer attitude and set objectives after accomplishing such
evaluation. Company collects documents, data and information through various activities by
itself for betterment and innovation of system or commodity.
Distributor and Worker -
4Com examines the implemented strategies and plans feedback and customer response to
examine previous strategy’s results and its effectiveness. Employer and distributor help and
perform such strategies for better and effective judgement and manage entire operations that runs
in management other entity.
Psychological Characteristic Respected to Trends of Industry -
To identify the present management of communication and promotional activities is
essential. This assists company to gather informations and results from industry and market and
compete the competitors (Ansell and Gash, 2012).
Investigation and physical process -
With the help of accurate market analysis and examining proper elements, 4Com can
identify the market and its various different aspects as well as insights of exchange. This also
provides access to data and information of sales and exchanges. For example, Apple created or
launched I-Mac in market which was attained and designing by company by analysis and
research of consumers.
CONCLUSION
From the above report, it can be concluded that an organisation requires both invention
and innovation of products and services to attain success and benefits. Commercialization and
innovation helps in deploying business in market and expanding rate of interest. This is essential
for developing and evolving technical. Enterprise required to keep developing and modifying
their products to maintain and gain potential buyer. Both of these techniques are useful for
creating, building and maintaining a positive brand image along with increasing customer base to
gain competitive advantages in the market. Company should keep innovate and alter product’s
features and quality for the betterment of company.

REFERENCES
Books and journals
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Huberman, A. M. and Miles, M. B., 2013. Innovation up close: How school improvement works.
Springer Science & Business Media.
Jaffe, A. B. and Lerner, J., 2011. Innovation and its discontents: How our broken patent system
is endangering innovation and progress, and what to do about it. Princeton University
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Sartori, R., Favretto, G. and Ceschi, A., 2013. The relationships between innovation and human
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Sawyer, R. K., 2011. Explaining creativity: The science of human innovation. Oxford University
Press.
Stokes, D. E., 2011. Pasteur's quadrant: Basic science and technological innovation. Brookings
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West, J. and Bogers, M., 2014. Leveraging external sources of innovation: a review of research
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