Innovation and Invention
Added on 2020-07-23
14 Pages4776 Words440 Views
INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and its importance in comparison with the invention....................................1Importance of innovation and invention.................................................................................2P2 Shape of innovation and commercialisation through various factors...............................3TASK 2 ...........................................................................................................................................4P3 4P's of innovation and use of its funnel............................................................................4P4 Innovation Funnel ............................................................................................................5P5 application of new development process and importance of the commercial funnel......6P6 Innovation case for the enterprise.....................................................................................7P7 Tools utilized by enterprise for protect intellectual property............................................8CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONInnovation is one a essential factor of any firm, this is important as because a companycan introduce or innovate new thing in the company which helps the firm in attracting morecustomers towards them and help in providing more better services to the customers. Innovationhelps in creating of new things and introducing of new products in market. Periscopix is a Smallmedium business which do work in marketing area it is in UK (Aryal and et. al., 2016). There aresome other companies which offers there services at large scale such as Apple and Virgin Groupand they mainly focus on having new innovations and inventions in there company to becomemore effective, in this report the essentialness of innovation as well commercialisation is beingexplained in under. And this report also contain the information about innovation funnel as wellfrugal innovation. The reader can get help in knowing about innovation and inventions and whyit is important to have in firm. TASK 1 P1 Innovation and its importance in comparison with the invention.Innovation is a process in which something new is being created which provides strengthto the enterprise, this supply help in change over the useful goods and services in operation's soinnovation can be done. Changes and innovation are the two various terms which isinterconnected to each other and this has to be understood by everyone. For example whenanything new is created then some change occur in the activities of the business (Breznitz andEtzkowitz, 2016). Firms like Periscopix use to do innovations at some time so that they can beable to create value to the market and so that they can provide something new to there customers.For example- Apple use to do innovations in with the iPhones and try to innovate something newand advanced with the other in market, they use new techniques and add new technologies inthere products so that they can attract more customers to them.Invention is a process in which something new is being created which is totally new tothe market and which is not made before. Invention is that which is made for the first time. So itis different from innovation. For a company do to inventions provides strength and power tofight in market and help in taking there standard to high level. This is known as the competitiveadvantage of any firm. If any of the companies will do inventions then it will be very effectivefor them and that would help in staying in the market for long time period. 1
Basis for comparisonInnovation InventionsMeaningThis understands theapplications of the ideas forthe goods and the processwhich is for the first time.This refers to thedevelopments of the idea for aproduct and services which isnever being made before. What is itThis adds the value to thoseproducts which already exists. It is a activity of creating ofnew products. ConceptThis a form in which the ideasare being practicallyimplemented. It is an original idea whichworks in theory. Skills requiredIt is a set of marketingstrategics skills (Chun and et.al., 2015). It is based on scientific skills.Occurs whenIt is a basic requirement of aproduct which is already made.This is made when scientistgets the idea.Concerned withThis is a combination ofdifferent products andservices.It is a individual products andservices.ActivitiesThis is extended across thefirm.This is only limited to theresearch and developmentdepartment. Importance of innovation and inventionIt is very essential for the firm to think about creating something new, and to have newchanges in the firm, which would help them in securing the competitive advantage in marketarea. This firms is mainly based on marketing and they offers there services in having propermarketing. To secure competitive advantagesInnovations and invention helps the firm in growing in market area properly and having greatdevelopment (Xiao and et. al., 2016). Having innovation in company it can provide manyadvantages to them in many ways. There are many tools and techniques which can be innovated2
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