Innovation in Better Placed Limited : Report
Added on -2020-07-22
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Innovation
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1 ...........................................................................................................................................3P1.Innovation, its importance and comparison with inventions.................................................3P2. Shaping innovation through organisational culture, vision, mission and teamwork............5TASK2.............................................................................................................................................6P3. 4P'S of innovation and use of innovation funnel.................................................................6P4. Development of Frugal Innovation.......................................................................................7TASK3.............................................................................................................................................9P5 Importance of commercial funnel and the application of New product Development..........9P6 Innovation Business case of Better Placed Limited.............................................................10TASK4...........................................................................................................................................11P7 Tools for developing, retaining and protecting intellectual property..................................11CONCLUSION..............................................................................................................................12REFERENCES .............................................................................................................................13
INTRODUCTIONInnovation is basic requirement of every organisation .It is important method which isused by company to attract more customers towards them and maintain their goodwill in themarket (Aghion , Van Reenen and Zingales ,2013). It is process of developing an idea orinvention something new in good or services that create value or for which customers can easilypay for it. Innovation involves new idea, imagination, and initiative in generating different valuesfrom resources. This include all process by which new idea can be generated and which can beeasily converted into new products. This provide help to company in gaining more customersand market shares. This report is based on Better placed limited which is recruitment firm. Thiscompany believes in the real network. It is new way of describing their own guiding principleswhen it comes to their resources .They always try to go beyond online relationship so that theyget more about the real world. They prefer more online channel in recruiting people throughemail, twitter, video Skype or many online channels. Sometimes they try to establish whatcandidates are really about , rather than easily taking their CVs at face value. As per Apple andVirgin Group company used approaches of generating innovative culture in company and foravoiding government legislations.TASK 1 P1.Innovation, its importance and comparison with inventionsInnovation is a process of generating new idea , method , products according to need ofcustomers. 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. Innovativeidea can be big or small. Organisation use innovation for used new products and services thatadd value to their products. For taking novelty in organisation, employees need to be imaginativeand smart. They should able to understand which which ideas can bring innovation in companyand which are worthy .If employees are smart then they can able to give better ideas to companyand which are useful for their growth. In Better placed limited company innovation comes fromtheir 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 animportant role in maintaining good relation with people in Better placed company. Innovation ismuch 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 theirprofits and their resources can easily be used in proper way.Invention-It is process of creating new process, machine that has never be establish inthe market before and that is recognized as the product of some unique. It can also bedifferentiate from ordinary mechanical skill .It can be done through improvement of machine orproduct or process for creating an object. Some invention can be patented which is protectedthrough intellectual property rights of inventor. It can be of many types which includesscientific-technological, economic , law and cultural. Idea for an invention can be developed onpaper, computer, by drawing and by making new models. Difference between Innovation and Invention is given as below:-Basis of DifferenceInventionInnovation MeaningIt refers to generating of anidea for a product or processthat has never been madebefore and which is uniquefrom others.It is process of developing newideas for product or process forthe very first time.What is itIt is related with creation ofnew product.It means adding value tosomething already existingproduct.ConceptIn this original idea and itsworking in theory applyThis consider practicalimplementation of new idea.Skill required It required scientific skillsIn this set of marketing,technical and strategic skillsare required.Related It is concerned with singleproduct and process.With combination of manyproducts 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 forbetter growth.
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