Innovation and Commercialisation Assignment - EE Limited
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Added on 2020-09-08
Innovation and Commercialisation Assignment - EE Limited
Added on 2020-09-08
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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Importance of innovation in a organisation and its compression with invention.................1P2. Explanation of organisational vision, leadership, culture and teamwork ............................3TASK 2............................................................................................................................................4P3. 4 Ps of innovation and use of the innovation funnel to examine innovation ideas...............4P4. Development in frugal innovation .......................................................................................7TASK 3............................................................................................................................................8P5. Importance of commercial funnel and the application of New products development........8P6 Innovation business case........................................................................................................8TASK 4............................................................................................................................................9P7. Tools to develop, retain and protect knowledge and intellectual property...........................9CONCLUSION..............................................................................................................................10REFERENCES .............................................................................................................................11ONLINE.........................................................................................................................................11
INTRODUCTIONInnovation is a process in which an organisation uses different ideas or things as well astranslate them into a product as well as services that create its different value from existingproducts. Innovation includes imagination, various applications of information and differentthings from existing and specific values from resources (Teece, 2010). This project report isbased on EE limited which is one of the small business enterprises that wants to introduce newideas and innovative things to modify their existing products easily. This is determine differencebetween innovation and invention, 4P's of innovation as well as importance of commercialfunnel. It is introduce appropriate business case to use innovative methods appropriately.According to this report innovation includes various technological techniques which use as thetool of protracting its property and make its higher values easily such as copyright, trademark,patent and industrial design etc. TASK 1P1. Importance of innovation in organisation and its comparison with inventionWhen an organisation wants to take various opportunities in market as well as makedifferent values of their products and services in their consumer’s mind, they basically useinnovation in their manufacturing and servicing. Innovation is introducing different ideas, newthings and creativity to make existing products more valuable and attractive to represent in frontof the customers and earn more advantages in competitor market easily. This process is basicallymore effective and efficient to provide goods in the market easily. In this process, organisationuses systematic, strategic and technological support to make advanced culture and make theiremployees advanced in their working approaches. Basically, these ideas huge importance iforganisation uses it in an effective manner such as-This helps to increase the productivity of organisation easily.Provides growth and help in attaining future goals or objectives easily. Innovation helps to improve employee’s working ability and provide them innovativeideas to use their services.This helps to achieve competitive advantages in the market. Making productivity and provide efficiency to gain profitability (Thore, 2012).This provides higher satisfaction to customers rather than existing products.1
This is never used to replace existing products. This is basically use to provide theminnovative look .Sometimes, people thing innovation and invention they both are introduce the samemeaning but actually they both are very different to each other and they use to represent variousthings such as-Basis of differenceInnovationInventionMeaningThis is basically introduces ofdifferent ideas for products foradding at the first time.It is used to occur new ideas to inventnew things that has never madebefore. ObjectiveTo provides values and innovativethings in existing products.Create something new for customers. SkillsIn this a person need to havetechnical, advance skills This is required a high knowledge ofmarketing need and strategic skills aswell.ConceptThis is introduce when new ideasand thoughts are strike in the mind.This is execute according tomarketing need and demand.CreatorsInnovation is done by group ofmembersInvention is done by single personwho wants to make something new.It is very important to differentiate things between innovation and invention. In thisreport, EE limited also wants to use innovative ideas for their existing products and services.According to this scenario apple and Virgin group is provide a perfect example as they useinnovative ideas in their existing products to provide better services again and again to theircustomers. After this thing their consumer believe in their products and get services for a longperiod. P2. Explanation of organisational vision, leadership, culture and teamwork For an organisation, it is necessary to create their clear vision for future which helps themto use strategies and ideas to achieve them easily. For this, management of organisation usesdifferent ideas to motivate their employees towards their work and objective. Leader of the firmprovides their contribution in this process. They basically work to motivate their peers and2
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