Innovation and Its Importance - Unicorn Grocery Report

Added on - 21 Jul 2020

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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1P.1 Innovation and the importance to organizations as compared to innovation........................1P.2 Use of organization vision,leadership,culture and teamwork in creating innovation andCommercialization......................................................................................................................2P3 4P'S of Innovation and use of innovation funnel..................................................................3P4 Development in frugal innovation........................................................................................4P5 Importance of Commercial Funnel and application of New Product Development..............5P6 Build an Innovation Business Case.......................................................................................6P7 Different tools that company can use in order to develop, retain and protect intellectualproperty.......................................................................................................................................7CONCLUSION................................................................................................................................8
INTRODUCTIONInnovation is considered as the basic requirement of every business enterprise. It refers tothe activity that is concerned with attracting more and more customer and maintain strong theirbrand image in the market. It refers to the process in which idea has been generated by anyemployee or employer of the company that is related with adding new feature to existing productor totally inventing the brand new product(Amit and Zott, 2012). In simple words it anaggregation of opportunities, idea, sales, marketing and production. This report talks aboutUnicorn Grocery which is a UK based co-operative grocery store which mainly deals in sellinggrocery and household items to ample customer. This report talks about importance ofinnovation, 4P's of innovation funnel, commercial funnel, application of new productdevelopment and lastly different types of intellectual property.P.1 Innovation and the importance to organizations as compared to innovationInnovation is the process of creating new and innovative ideas in the product or service.Through this there are significant changes in the products and services. Unicorn company is thecompany which creates the beverages and foods. The manager and leader make alterations in theproducts and services. Importance of innovation to employees of unicorn grocery are -Development of skills– Company produces new and innovative products. So thus itincreases the skills of employees to create innovative products. Thus they can performefficiently and effectively. All staff members can easily achieve their targets andobjectives. It leads to growth and development of the employees. This results in efficientfunctioning of activities and tasks. It helps in increasing the productivity and profits ofthe firm(Ariga and et. al., 2013).Efficiency of work– In innovation existing product is modified to create a new product.Thus it helps in increasing the efficiency of workers to perform the work. Through thisstaff members give good results. Thus it improves the quality of work. This helps inimproving the performance of employees. It leads to increasing of productivity andprofits of company. This results in growth of firm.Enhances Productivity– Through innovation employees create unique and innovativeproducts. Thus it increases the efficiency of employees to perform better. It results inincreasing the productivity of employees. Thus staff members give good results. This1
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