Project on Innovation and Its Importance
13 Pages4414 Words127 Views
Added on 2020-06-06
Project on Innovation and Its Importance
Added on 2020-06-06
ShareRelated Documents
INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Define innovation and determine its importance within an organisation..............................1P2 Organisational vision, leadership, culture and teamwork can shape innovation...................3TASK 2............................................................................................................................................4P3 Explain 4Ps of innovation and use of innovation funnel to analyse and shape innovativeideas.............................................................................................................................................4P4 Describe frugal innovation and how it is used within an enterprise......................................5TASK 3............................................................................................................................................6P5 Significance of commercial funnel and application of New Product Developmentprocessing....................................................................................................................................6P6 Develop innovation business case in an organisation............................................................7TASK 4............................................................................................................................................8P7 Various methods of firm which use for retain, develop and protect intellectual property....8CONCLUSION................................................................................................................................8REFERENCES .............................................................................................................................10
INTRODUCTIONInnovation is a process that helps to translate ideas and thoughts into effective services.For a business, it is use to implementing ideas and creativity into appropriate products andservices as well. Innovation does not mean to inventing things, it is basically used to improveand modify existing things in new one. It is an important factor that helps to improve businessstructure through new and creative thoughts. Innovation is used to implementing new strategiesand planning to improve quality of organisational things. Through this procedure, organisationcan easily build higher competition for other business firms. This project report is based on AtexMedia which is a small business organisation. This firm was established in the year of 1973, fordeveloping all aspects of software and hardware. This project includes meaning of innovationand its importance in an organisation, 4Ps of innovation, impact of frugal innovation andcommercial funnel as well as at last evaluation of various methods that a firm can use for retain,develop and protect intellectual property (Aarikka, Stenroos and Sandberg, 2012). TASK 1P1 Define innovation and determine its importance within an organisationInnovation is a procedure which help to implement new ideas and thoughts into businessactivities. Through this process an organisation can easily improve their existing products qualityand build new image in target market. This is also a things that use to build creativity in businessactivities. For this, Atex Media needs to provide appropriate training to their employees whomake creative and innovative products for their customers. This process is used to build effectivestrategies and planing for implementing ideas and thoughts in operational activities. Newinnovation always helps to improve existing products and services according to customers needand demand (Bagchi, 2010). Invention is a term which is used to inventing something new or different. This istypically uses for new devices and products that invented through creative ideas and thoughts. Itis uses as scientific skill with new and technical approaches. Invention is determining throughcreativity process that has never been invented before. This process help to build new image andgoodwill in market of existing organisation through invention of their products and services.Through this process organisation can easily capture their customers eyes toward new products1
and services. Innovation and invention are two different terms that define several things asfollows - BasisInnovation Invention MeaningInnovation is a process thathelp to implement newthoughts and ideas to buildcreative products and services.Invention is a implementationprocess in which a individualcreate new product that nevermade before.Skills requiredFor this, a individual needs tohave scientific and technicalskill to analyse creativethoughts and ideas (Bogersand West, 2010).For this, an individual requireto have strategic skills to createnew and creative productsaccording to customersdemand and need.Effects on organisationThis is a big process thatrequire group of employees tomake necessary changes infirm. It is also a big process but thisis done by a individual whowant specific modifications tocreate something new.ActionsThis process is arisesaccording to new ideas andcreative thoughts. Invention is done whenorganisation and market hasdemand for specific product. Importance of innovation for employees- This process help to improve employees knowledge and skill while assisting innovationin business activities.Through employees make effective changes according to their new ideas and thoughts.Innovation always help to improve working approach of employees by creative things.Importance of innovation in Atex Media- This process help to build inventive ideas and thoughts between workers to makeeffective changes in organisational products and services.Through innovation, Atex Media can easily adopt best methods of modification.Innovation helps to create competitive advantages in target market (Bogers and West,2012).2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Importance of Innovation in Company : Reportlg...
|12
|4098
|47
Innovation and Commercialisation Assignment Solution - EE Limitedlg...
|13
|3902
|46
Innovation And Commercialisation TABLE OF CONTENTS INTRODUCTIONlg...
|13
|3862
|306
Innovation and Commercialisationlg...
|15
|5393
|60
Innovation and Commercialisation Assignment : Tescolg...
|15
|5204
|26
Importance of Innovation PDFlg...
|15
|4565
|132