Importance of Innovation and Its Comparison with Invention: Assignment
Added on 2021-01-03
12 Pages4105 Words23 Views
|
|
|
INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Innovation and its comparison with invention.......................................................................3P2 Organizational factors influencing shape of innovation and commercialization...................4TASK 2............................................................................................................................................5P3 4P's of innovation and innovation funnel...............................................................................5P4 What is frugal innovation.......................................................................................................7TASK 3............................................................................................................................................7P5 Commercial funnel and the process of new product development........................................7P6 Build an innovation business case for the organization.........................................................8TASK 4............................................................................................................................................9P7 Tools and techniques used to protect intellectual property....................................................9CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................11
INTRODUCTIONInnovation means generation of ideas and imagination which is totally new for everyone.These thoughts can be converted in to unique products and services which can be beneficial forcompany. The products which are produced by company should have the capacity to fulfil alldesires of customers in order to build good relationship with developments in frugalinnovation a them. It is necessary for managers and employees to implement innovationwithin their organisation in order to develop better products and maximise their profitability(Bogers and West, 2012). Talent plus is management consulting company which is based onassessing talents of candidates and make them ready for future competitive world. They arefocused towards increasing in profitability, job performance and engagement of employees, salesperformance, etc. This assignment will mainly focus on importance of innovation and itscomparison with invention. 4P's of innovation and importance of innovation funnel is also givenin this report. In addition to this, development in frugal innovation and importance ofcommercial funnel with application of new product development is also given. A business caseand elements of intellectual property is also enlightened in this assignment.TASK 1P1Innovation and its comparison with invention.Innovation is a process where ideas and imagination are translated into manufacturing ofa product or service which have the capacity to satisfy all needs of customers. By generation ofnew ideas and strategies, it result in maximizing company's profits and also enable them tomanufacture unique types of products which are totally new for customers and for the market.Talent plus is a company which are involved in future development of candidates by providingthem appropriate training and resources in order to tackle future challenges and opportunities(Van, Nijkamp and Masurel, 2013). By doing some modification and adding new ways to traincandidates can enhance their productivity and can attract large number of candidates towardstheir academy. Innovation in current era is really necessary in order to maintain and retain recentposition and to lead in the market. It is known fact that multinational companies only hires bestemployees for their organisation and Talent Plus is one such academy which provides them withhighly qualified and talented candidates. Talent Plus is not limited to training and education, italso deals in various other sectors like, health care and hospitality, financial, government,
services and utilities, consumer products, etc. In these sectors, they can also use innovation toimprove their services and also lead their company in global market. Innovation act as a catalystof growth for any organization. So, it is necessary for companies to generate new ideas toimprove their functioning. On the other hand, invention is referred to new ways or methods for manufacturing aproduct or service. Invention is totally new idea for everyone. Below is the comparison ofinnovation and invention:BAISIS FOR COMPARISONINVENTIONINNOVATIONMeaningIt is occurrence of new ideasfor product or service that hasnever been generated before.It is referred to theimplementation of new ideasfor a product or service for thevery first time.Skills requiredScientific skills required.Different skills like marketing,technical and strategic skills.ConceptGeneration of new ideas.Practical implementation ofideas.Concerned withSingle process or product.Combination of variousproducts or process. Following are some importance of innovation:Satisfying increase customers needs: Innovation help companies to work according totheir customer's desires in order to satisfy all their needs and demands. By applying innovationand creating unique products, company can attract customers for different parts of the world andincrease their sales of product and service.Competitive advantage: In this competitive world, it is crucial to develop new productsand launch it in the market at some interval of time (Edquist, 2013). This help in maintaining thecurrent position of the company and also help them to achieve competitive advantage over othercompetitors.P2 Organizational factors influencing shape of innovation and commercializationIn order to achieve targeted goals and objectives, it is necessary to adapt innovation andcommercialization process. Modification and alterations can be made in company's strategies and
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents