Innovation Management: Strategies and Practices

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Innovation and its comparison with invention.......................................................................3
P2 Organisational factors influencing shape of innovation and commercialization...................5
TASK 2............................................................................................................................................6
P3 Explain the 4Ps of innovation and innovation funnel............................................................6
P4 What is frugal innovation.......................................................................................................7
TASK 3............................................................................................................................................8
P5 Commercial funnel and the process of new product development (NPD)............................8
P6 Build an innovation business case for the organization.........................................................9
TASK 4..........................................................................................................................................10
P7 Tools and techniques use to protect and retain knowledge and intellectual property..........10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation means generation of new ideas and thoughts which are translated into goods
or services. The product which is manufactured should be able to fulfill all requirements and
need of customers. Manager can implement innovation process in different procedures, products,
technologies, services, etc to maximize productivity and profitability of their company. Every
organization is applying this process in their business activities to satisfy their target consumers
by providing them innovative products with unique qualities (Camisón and Villar-López, 2014).
This will attract more customers towards their goods and company will ultimately achieve
desired success. Talent plus is management consulting company which is based on assessing
talents of candidates and make them ready for future competitive world. They believe in
maximizing profitability, job performances and engagement of employees, sales performance,
retention ability, etc. This assignment will focus on comparison of innovation and invention and
its importance in relation to business context. Importance of commercial funnel and application
of new product development and critical elements that are used to protect intellectual rights of
organization are mentioned in this project.
TASK 1
P1 Innovation and its comparison with invention.
Innovation is a process of translating new ideas and imagination into manufacturing of a
product or services which can satisfy need of consumers as well as company. By implementing
innovative ideas at the time of strategies generation can lead to better productivity and
completion of business objective and goals of company. Talent plus is a company which help
candidates to prepare them for future challenges and opportunities. They do this by building up
their self confidence and enhancing their skills and talents required to perform a particular tasks.
By modifying and implementing some new methods in their activities, company can provide
better training to candidates (Dewald and Truffer, 2011). This increases talents and knowledge of
that individual which produce more outputs in future. Company hire only best talented and
skilled people for their company and Talent Plus helps them to provide all rounder candidates.
This enterprise also deals in many more sectors like health care and hospitality, financial,
government, services and utilities, education, consumer products, etc. and they can maximize
results of various activities by modifying it with new ideas. Innovation act as a catalyst of growth

for any organization. So it is necessary for companies to generate new ideas to improve their
functioning.
On the other hand, invention is related to new ideas which has never been thought or
generated before and is totally new to everyone. Difference between innovation and invention
are described below:
BAISIS FOR COMPARISON INVENTION INNOVATION
Meaning- Invention is defined as new
ideas which has never been
thought before and is
extremely new for customers
as well as for company also.
Innovation is related to
implementation part of those
new ideas and imagination to
manufacture any new products.
Concept- Some new ideas are generated. Practical execution of ideas for
producing goods and services.
Occur- When new ideas occur in mind
of someone (Bogers and West,
2012).
When there is need to improve
existing products.
Commercialization- Commercialization is not
requires.
It results into
commercialization.
Concerned with- Single process or product. Combination of various
process or product.
Below are some importance of innovation and invention which are related to business
organization:
Create a competitive advantage: It is very crucial to manufacture new products and
services at some interval of time to lead in this global world. With the help of innovation
process, company can always stay ahead of their competitors and they can easily achieve
competitive advantage over their rivals.
Responding to increasing customers expectations and choice: Every organization
work in direction to fulfill its ultimate target and that is customer satisfaction. They produce
suitable goods which should have power to satisfy their consumers with their features. Once they