Innovation Report: Innovation Strategies for Better Placed Limited

This report provides a comprehensive analysis of innovation within the context of Better Placed Limited, a recruitment firm. It explores the significance of innovation, comparing it to inventions, and examines how organizational culture, vision, mission, and teamwork shape innovation. The report delves into the 4Ps of innovation (product, process, positioning, and paradigm) and the innovation funnel, as well as the development of frugal innovation. Furthermore, it discusses the importance of the commercial funnel, new product development, and presents a business case study of Better Placed Limited. The report also covers tools for developing, retaining, and protecting intellectual property, concluding with a summary of key findings and recommendations for fostering innovation within the company. Examples of companies such as Apple and Virgin Group are used to demonstrate how companies can apply innovative approaches. The report provides a business case study of Better Placed Limited. The report also covers tools for developing, retaining, and protecting intellectual property.

Innovation

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1 ...........................................................................................................................................3
P1.Innovation, its importance and comparison with inventions.................................................3
P2. Shaping innovation through organisational culture, vision, mission and teamwork............5
TASK2.............................................................................................................................................6
P3. 4P'S of innovation and use of innovation funnel.................................................................6
P4. Development of Frugal Innovation.......................................................................................7
TASK3.............................................................................................................................................9
P5 Importance of commercial funnel and the application of New product Development..........9
P6 Innovation Business case of Better Placed Limited.............................................................10
TASK4...........................................................................................................................................11
P7 Tools for developing, retaining and protecting intellectual property..................................11
CONCLUSION..............................................................................................................................12
REFERENCES .............................................................................................................................13

INTRODUCTION
Innovation is basic requirement of every organisation .It is important method which is
used by company to attract more customers towards them and maintain their goodwill in the
market (Aghion , Van Reenen and Zingales ,2013). It is process of developing an idea or
invention something new in good or services that create value or for which customers can easily
pay for it. Innovation involves new idea, imagination, and initiative in generating different values
from resources. This include all process by which new idea can be generated and which can be
easily converted into new products. This provide help to company in gaining more customers
and market shares. This report is based on Better placed limited which is recruitment firm. This
company believes in the real network. It is new way of describing their own guiding principles
when it comes to their resources .They always try to go beyond online relationship so that they
get more about the real world. They prefer more online channel in recruiting people through
email, twitter, video Skype or many online channels. Sometimes they try to establish what
candidates are really about , rather than easily taking their CVs at face value. As per Apple and
Virgin Group company used approaches of generating innovative culture in company and for
avoiding government legislations.
TASK 1
P1.Innovation, its importance and comparison with inventions
Innovation is a process of generating new idea , method , products according to need of
customers. It is turning an idea into a solution that create values from a customer's point of view
(Anderson , Potočnik and Zhou ,2014). These are the idea that are novel and useful. Innovative
idea can be big or small. Organisation use innovation for used new products and services that
add value to their products. For taking novelty in organisation, employees need to be imaginative
and smart. They should able to understand which which ideas can bring innovation in company
and which are worthy .If employees are smart then they can able to give better ideas to company
and which are useful for their growth. In Better placed limited company innovation comes from
their way of recruiting employees in different manner which help in increase their productivity,
market shares, competition and through attracting more customers towards them. It play an
important role in maintaining good relation with people in Better placed company. Innovation is
much required in organisation because innovative methods helps in increasing performance of

employees. If new ideas are actively used by all company then they can easily achieved their
profits and their resources can easily be used in proper way.
Invention-It is process of creating new process, machine that has never be establish in
the market before and that is recognized as the product of some unique. It can also be
differentiate from ordinary mechanical skill .It can be done through improvement of machine or
product or process for creating an object. Some invention can be patented which is protected
through intellectual property rights of inventor. It can be of many types which includes
scientific-technological, economic , law and cultural. Idea for an invention can be developed on
paper, computer, by drawing and by making new models.
Difference between Innovation and Invention is given as below:-
Basis of Difference Invention Innovation
Meaning It refers to generating of an
idea for a product or process
that has never been made
before and which is unique
from others.
It is process of developing new
ideas for product or process for
the very first time.
What is it It is related with creation of
new product.
It means adding value to
something already existing
product.
Concept In this original idea and its
working in theory apply
This consider practical
implementation of new idea.
Skill required It required scientific skills In this set of marketing,
technical and strategic skills
are required.
Related It is concerned with single
product and process.
With combination of many
products and process.
Importance of Innovation for the employees of Better placed Ltd:-
 This help in foster new ideas and knowledge which help in developing their skill for
better growth.

 It develops a sense of new thinking in the mind of employees which can further help in
increasing effective ideas.
 It help in increasing brand image of company in market and also increase efficiency and
effectiveness of employees.
Importance of Innovation in Business organisation:-
 It help in increasing the return on investment to shareholders.
 It increasing business value making business more attractive to mergers and acquisitions.
 It help in increasing productivity and efficiency.
 They help in adding value to the existing goods and services so that they can maintain
image in the market.
The company Lego can be best example of innovation .The Lego new strategy aimed to focus on
the customers by linking both business and creativity. This used a co-create open innovation
model to attract more children. Its consumers can design their own Lego sets either using Lego
bricks or computer or 3D applications.
P2. Shaping innovation through organisational culture, vision, mission and teamwork
If an organisation is thinking to bring new and innovating products in the market because of
continuous demand of customers. It is not compulsory that all the innovation always give
positive results. There are many cases where innovation is not successful in the market like when
“Nokia” tried to bring windows phone in the market but it was not accepted by customers
because they prefer more androids phones and so , they had to stop supplying it.
In case of Better placed Ltd., they are using various form of channels to bringing new
services in market and also in bringing changes to their existing services. Both; Apple and
Virgin group use various tools and technique to innovate their product in the most best way and
presenting then in front of customers (Bloom, Draca and Van Reenen ,2016). Like company
Apple can be one of the best example for introducing growth in market. Apple introduced many
new products in market like I-pods instruments which is small in size but have a large capacity to
store more songs into it. This help in increasing image in market and productivity of company.
For achieving this Better Placed limited, has to develop certain vision, mission and leadership
qualities. These all play important role in defining innovation in organisation.

 Vision – In vision, generally long term goals are included which helps in decision
making. These are the written statement which help in achieving long term growth in
future. These statement helps in fill many functions for company which is related with
strategic plans, helps in motivating existing and potential employees in achieving growth
for company. While setting its vision only , Better Placed limited should try to bring
some new ideas for recruiting new persons from the market so it will ensure growth and
success. Apple's is having a vision in which they try to motivate their employees so that
they can bring changes in company by applying their new thoughts and ideas.
 Mission-A company's mission statement can be define with its culture, values, ethics, and
fundamental goals. These are short term goal which is set as per vision of company. It
help the company to achieve their objectives. Culture- Culture in an organisation is directly related with innovation activities. In Better
placed limited , there are many employees who are coming from different culture but
they are working together so that culture should be properly maintain by their values,
code of conduct of company.
 Teamwork:- Working in team spirit is very important to achieve the mutual objectives of
company. Further, it is beneficial to express innovative and creative ideas in their
products and services which help in enhancing profitability and market share.
TASK2
P3. 4P'S of innovation and use of innovation funnel
The 4P'S of innovation were developed by John Bessant and Joe Tidd which is used to
analyse the innovation in company. Further, it assist company to understand all the changes
coming in atmosphere and which need to implemented in their organisation structure. The 4P'S
of innovation are described below:- Product innovation:- This step is basically concern with all the innovative ideas and the
creativity they put their product and services (Boons and Lüdeke-Freund ,2013). This will
further help in increasing profit and sale of business. Better placed Ltd. Required to
launch innovative services in their recruitment process so that more and more customer
avail services from that company only. This can be done when products and services are
innovative as per as customer preferences and demand. In context of Apple Inc. and

Virgin group they are producing and manufacturing such type of products and services
which are innovative, creative and according to recent customer demand. Process innovation:- This step describe regarding all the innovative tools and techniques
they are using during their procedures of converting raw material into finished products
and services. Better Placed Ltd. Used those innovative channels in their services that
allows them to reduce the cost of production and increase productivity. Apple launching
IPAD in which millions of songs can be installed at one gadgets that allow costumer a
more innovative product over Sony Walkman. Under their development they use various
innovative procedures which are cost effective. Positioning innovation:- Under this company try to make changes in the perception and
thinking of customers that has establish in respect of their brand whether it is positive and
negative. Better placed Ltd. Is one of the organisation that provide employment
opportunities to people on the basis of job goals and career development so if any
costumer have wrong perception regarding their services then they have to change the
perception through their innovative marketing ideas and creativity. For example if Apple
is planning to launch the new series of IPHONE then they include all those features in
mobile which are mostly liked by youngsters not senior citizen because it allow them to
gain premium prices from customers. Paradigm innovation:- This is basically a way of creating mental models that discuss
about the how organisation will establish plans in order to bring innovation in their
products and services. Further company require to consider all the factors and elements
that help in developing innovative activities. Proper research and marketing plans is
needed in order to create something innovative models and process in organisation whole
procedures.
Innovating funnel:-
This funnel plays an very important role in overall operations of business. Under this
techniques whatever the ideas collected by organisation are allocated to that funnel in order to
get better and innovative ideas and techniques in their organisation structure. In every company
it has been seen that in order to bring new changes in their existing products and services
company use this mechanism so they enable to evaluate rational improvements in their products

and services that help in satisfying the needs and demands of target audiences. These are
generally designed by highly professional and skilled employees present inside the organisation.
P4. Development of Frugal Innovation
Frugal innovation is that type of innovation which is generally used in order to reduce the
cost of production and all the complexities arises at the time when services are offered to
costumers (Boschma and Frenken ,2010). These funnels are generally effective in order to
enhance the growth and productivity of business and apart from it these are environment friendly
and create less carbon footprints which allow them to sustain in external environment for longer
period of time. These services are less cheaper, faster and much better than the services available
in market. In order to gain more return in organisation they require to execute risky projects in
company in order to beat all the challenges of rivalry.
Different types of frugal innovation that coming in market that include TATA Nano car,
Haier washing machine in china and various environment free products. Therefore in order to
invent such type of services Better placed Ltd. Require to hire skilled and professional
employees that do something new and innovative in their product segment which uplift the living
standard of society.
For implementing properly frugal innovation in services company require to adopt marketing
tools and techniques through which they can advertised their service so that large number of
customers can avail the benefits regarding all the facilities they are given through their business.
Principles of frugal innovation are discuss below:- Literate and engage:- Under this principle the most important thing is to observe the
needs and demand of customers and then checking out whether that particular product
and services in market also. Flex your assets:- through the utilisation of different tools and techniques Better placed
Ltd. Can easily flex their logistics management, production, services in order to satisfy
customer demand and deliver the products and services on stated time period. Create sustainable solutions:- It is very important for better placed Ltd. To incurs
expenditure on research development and marketing departments which has an ability to
develop that sustainable solutions that helpful in surviving in external market for longer
period of time.

 Shape customer behaviour:- Better placed Ltd. Require to know exactly that how they
shape the behaviour of customers that help in satisfying customers by purchasing less
quantity. Co-create value with Prosumers:- Prosumers are those people who are professional
developer who design, plan and share the products and services they want from their
organisation. Therefore it is important for Better Placed Ltd. Research department to
produce goods which desired by costumers.
 Make innovative friends:- Better placed Ltd. In order to expand their business all over
the world require to plan for strategic alliances with different business partners which
help in developing frugal products in company as well as various business models.
TASK3
P5 Importance of commercial funnel and the application of New product Development
If organisation is planning to come with new and innovative services in market then it is
done because of demand and preferences arises by customers. Further commercial funnel as be
described as process in which company is trying to find out the better source which can be used
in order to deliver the goods and services in market place. Therefore it is vital for company
manger to choose better channel for distribution and manage logistic channel in order to
distribute their products and services which leads to high profitability and market growth. It is
essential for organisation to communicate with large customers which helpful in creating trust
and high profitability through the concept of commercial funnel that save the time, effort and
money of strategic level.
Therefore, it is important for Better Placed Ltd. To use this approach or concept in their working
structure at the time of launching new product and services (Christensen , Raynor and McDonald
,2016). Both Apple Inc. and Virgin group fully changed the scenario of market by launching
different new ways in order to reach to large customers like Apple come into agreement with
other telecommunication companies and maintain the contact with them.
Following are the steps that involved in new product development process are described below:- Generation of idea:- First step under NDP process is the generation of ideas which is
innovative and creative are planning to introduce in market in form of product and
services. The main objective is to create good position in market that increase profits and
market share.

 Idea Screening:- Whatever the ideas generated by individual only one is selected which
able to fulfils the requirement of vision and goals of company. From the available
alternative manager select the relevant ideas and reject other. This allow organisation to
gain competitive advantages over competitors. Concept development and testing:- under this step whatever the idea has been screened
is now converted into product and go for testing by presenting it to costumers. This will
help the firm to know the perception of consumers regarding products and services
quality, prices and their durability. Market strategy development:- Under this step marketing team require to develop
strategies and tactics on the basis of which they can use marketing promotional tools in
effective manner. Different medium like social networking, media, internet and
roadshows through which they can aware costumers regarding all the products and
services along with their innovative features. Business and financial planning:- this step is coming after analysing market strategies
in which volume of sale and profit is determined on the basis of their market size. Here
the financial manager estimate profit, sale and cost of company in order to implement
their upcoming projects. Test marketing:- At this step marketing team know the feedback of company regarding
the choice, preferences and taste of consumers and if any improvement required in
services then take corrective step to solve it.
 Commercialisation: Last step under NDP process in which company officially launches
their innovative products and services in market with the objective of strengthen their
product portfolio and increase the profitability through accomplishment of objectives.
P6 Innovation Business case of Better Placed Limited
Business case related to innovation is prepared in order to introduce new products and
services which are innovative and digitalise in market place. Companies want business case in
order to:-
 Explaining the risk of investing in particular innovation.
 Communicate the idea to whole management so they easily convince with it.
 Using of logic and technical procedures.

Apple and Virgin group need to prepare proper plan before launching product in market place.
Steps that should be followed under it are described below:- Collecting inputs:- under this manager require to collect data and information which is
beneficial at the time of carrying different organisation activities so that they analyse
them easily. Analysis:- after collecting all the data next step is to analysed and implement it properly. Starting conclusion:- It is the stage in which products and services which were
developed must be presented before strategic level in order to take their opinion for
rational decision-making.
 Objective understanding:- Company needs to understand all the objectives and goals of
organisation for which they require to select best medium through which they enhance
their profits and outcomes in future (Colombo and et. al. ,2010).
Apart from it, the case which is taken is better place limited that work in providing recruitment to
young people but due to different rivalry it affect the sales and profitability of business so there
are some mechanism and tools need to be consider for improvement. Further successful business
innovation can be done on following basis:-
 Better placed limited is suffering from the problem of low productivity and sales due to
changing perception of customer regarding recruitment agency therefore perfect strategy
is needed to overcome from such problem.
 Management need to review their mission and vision on regular basis so they make
valuable changes in order to accomplish it successfully.
 The problem they bear from long period can be overcome by establishing relevant
strategies and make modification in the services they are given in their recruitment so that
large audience attracted towards it.
 Conduct NDP stages in which market survey has been made to corporate properly.
Source of funds for better placed limited are described below:- Banks:- These are the common source through which organisation can easily get the
funds for better infrastructure and enhance the living standard of employees. Further they
low level of interest and provide good returns.

 Angel investors:- These are those medium through which management present their
business plan and if it effective they provide them loans without any interest and get
better returns at future.
TASK4
P7 Tools for developing, retaining and protecting intellectual property
Intellectual property rights are exclusive rights which are given to the owner in respect of
their innovative products and services (Lichtenthaler ,2011). Further, laws are established in
order to protect the interest of real owners from all unfair trade practices. In dynamic
environment small businesses stolen the ideas which lead to heavy losses to large company.
Different tools and techniques used under it are described below:- Patents:- It is generally given for developing innovation by launching new products and
services which never exist before. Further, it is not given for improvement in existing
services. The time period for patent is for 20 years and there is a policy to renew it. Trademarks:- Different sign, colour, symbol and design used in products and services
which distinct their goods from their competitors. The ownership is given for the period
of 10 years. Copyrights:- It is generally given for artistic, literary and chorography work and further
used at the time of poem, film and paintings. Any ideas, facts and receipts that do not
have any type of originality.
 Trade secret:- all the ideas which are different and innovative but cannot earned patent
right at their early stage then in order to protect the interest of owner trade secret has been
given from unfair trade practices.
All the products and services which were produced by O2 must be patented so no one make
similar product related to it. Apple one of the successful software company also patented all their
technical rights which help them in gaining competitive advantages over competitors.
CONCLUSION
From this report , it has been concluded that innovation and invention both plays a
important role in growth and development of company. Innovation is adopted by company to
grab market share and customer faith. In organisation there are changes coming in market and
they have to bring new innovation in their products to make an image in the market and attract