The Importance of Innovation and Strategy

This assignment delves into the significance of innovation and strategy as key drivers of business success. It examines how these concepts intertwine and influence organizational performance. Students are required to analyze real-world case studies, discuss theoretical frameworks, and synthesize their understanding of the interplay between innovation and strategy in achieving sustainable competitive advantage.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explaining innovation and its importance and comparison with invention......................1
P2 Role of companies vision, leadership, culture and teamwork in shaping innovation.......2
TASK 2............................................................................................................................................3
P3 4P's of innovation and use of innovation funnel...............................................................3
P4 Developments in frugal innovation...................................................................................5
TASK 3............................................................................................................................................6
P5 Importance of the commercial funnel...............................................................................6
P6 Form an Innovation Business Case...................................................................................8
TASK4.............................................................................................................................................9
P7 Tools to develop, retain and protect knowledge and intellectual property.......................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation is a adoption of smart and new methods and strategies in their products and
services. It aid in enhancing a latest goods and attracting a new customers. It also help in making
a proper image within a marketplace as well as in a consumers mind. By this method an business
will able to meet market growth as well as also help in adopting a modified circumstances within
environment. In this report it also consider Hakim Groups as it is an small company which is
established in 2001 as well as caters specialised concentrating in optical business (Adner and
Kapoor, 2010). This assignment concentrate on importance of innovation along with that
comparison with invention. The different kinds and approaches which are linked to innovation
are also discussed in this report.
TASK 1
P1 Explaining innovation and its importance and comparison with invention
Innovation methods of an company aid in finding out market opportunities along with
that acting upon a same so that operations of sustainability can be developed. It refer to measure
a survival in present volatile and uncertain market. It is important to develop a innovation culture
within firms so that they can generate confidence within workers can enhanced. It aid in utilizing
as an technology, systematic and strategy measures which can help in meeting a pre-determined
targets of an business. The main advantages can be meet by practising innovation are given
below: Problem solving: A business is encountered with various issues which are to be solved if
enterprise wishes to retain for a long time within a market place. The convention solving
of problems and practised planning will be not sufficient along with that there is a
requirement for creative thinking so that issues can be solved. Its purpose to solve issues
and perceive of enterprise in an unprecedented way (Dahlander and Gann, 2010). Adapting to market dynamics: It is a fact which is known that circumstances of markets
of an enterprise dynamically changes. Hence, there is a healthy requirement for using an
innovative techniques so that members of staff can be empowered, engaged and improve
financial condition which can be achieved by an enterprise. Responding to consumer demands and expectations: Consumers are a main factor
which assist industry in sustaining the market operations for a long period of time. By
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innovation a enterprise can give value to their buyers as well as became higher buyer
centric. It will directly influence the experience after utilizing of services and products
within company.
 Effective competing: Their are various company which are competing within a market
provide similar services and goods. Some of market circumstances are very important to
use it in a creative way by which services and goods are utilized differently so that
managers enterprise position can be achieved (Davila, Epstein and Shelton, 2012).
Differences within invention and innovation are given below:
Difference between innovation and invention
Invention Innovation
Invention is referred to make a goods and
services which satisfy people demands in a
very best way.
Innovation confines to make modifications in
previews line-up of services and goods for
improvement.
This is an scientific method in which they
discovered ideas by Research and
Development as well as final result is formed.
The ideas which has been formed is not linked
to previews services and products.
There is a requirement of ideal applying of
ideas which considered by an management
which are combined again with set of
marketing tools and techniques.
Inventions is a costly process which is mainly
practised by mega organisation.
This method is mainly emphasized in small
business as it is cost as well as time
convenient.
P2 Role of companies vision, leadership, culture and teamwork in shaping innovation
It is an fact that innovation is an main factors which assist enterprise in competing a
market effectively. It defines level of failure and success which are used to achieve by firms.
There are various factors which are useful in uplifting and forming state of innovation in an
business like as teamwork, culture, vision and leadership. These are discussed in detail below:
Vision: It defines the aims of existence of an company (Drucker, 2014). If visions of an
organisation promotes creativity as well as innovation than managing a firm will definitely make
efforts to make a suitable culture of company. Hakim Group vision is to enhance innovation so
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that edge of competitive can be retained for a long time along with that workers can pursue that
ideas for betterment of enterprise.
Leadership: They are known as an main part of an firm as they set a course of innovation which
are follow by workers. This method of leadership like as vision for a long time as well as
building trust aid in shaping innovation according to firm. Chief executive officer of an
organisation is Imran Hakim are known for catalyst for measuring innovation which are
undertaken within organisation.
Culture: It is affected by their attitude as well as their behaviour which are practised in
company. Leaders of enterprise help in making a climate which aid to cultivate innovation within
company. The components of building motivation, speedy behaviour and collaboration tend to
shape a innovation within the firm. The workers when they give a perfect climate help in shaping
innovation which aid in success of enterprise.
Teamwork: It is measure when various members of organisation create synergy and collaborate
efforts. The different components which are inculcated in working in group are cohesion, mutual
support, coordination and communication. It is rightly said that proper teams carry a innovative
capacity as well as ends up making a competitive edge of an company (Gassmann, Enkel and
Chesbrough, 2010). The various experience and opinions turns into strength of an company as
well as firms accountability lead to make a ideas which is assured changes of previews goods
and services of an company.
TASK 2
P3 4P's of innovation and use of innovation funnel
Creativity is explained as the emergence that could lead to form new or innovative
henceforth, requirements of the clients would be satiated. issues that are persistent by the clients
are addressed via editing goods and services. the main categorization of the creativity approach
are bring out on the basis of the enhancement and radical innovation. enhanced innovative
practices small positive variation in the working that could lead to have most of the editing in the
long run. radical innovation is the most disruptive method that could lead to the shale atmosphere
of the market and elaborates that in its own manner. innovation mix covers 4 elements like,
product, price, place and promotion (Hall and Lerner, 2010). these are the base on which an
organization could innovate their goods and services henceforth, development of a firm could be
have. a little elaboration is as follows:
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 Product: This is known as the most effective approach at the time of looking to creative
products and services. offerings of the firm are enhanced henceforth, requirement of the
clients are satisfied in an enhanced way.
 Position: This component of innovation mix purpose is to find out targeted segments as
well as way in which goods and services are perceived. Hakim groups is known as an
brand of innovation as well as emphasis on bringing small positive dynamic
modifications so that others requirements of persons can also be satisfied. By positioning
method untapped market segment can considered along with it capitalised upon. Paradigm: It is a innovation form of radical in which efforts are made to alter a dominant
paradigm persistent within a marketplace. Innovation of mental model are work on for
perceiving a favourable condition within a market. It also define what enterprise does as
well as way in which its activities are carried out (Hjalager, 2010). Example: Lomb and
Bausch is an main players in a optical business have again defined their paradigm from
'Eye care' and 'eye wear'. Process: Innovation also have to concentrate on the process by which goods are dilevered
or created. Due to having various goods used for relief setting are firstly developed for
the context of non-relief. They have to improve by using process so that they can be
quicker, cheaper or efficient.
Concept of Innovation funnel
A Innovation funnel is a journey starts from an development ideas of particular good or
service. This concept is mainly categorised on to three levels which are as follows:
The first level concentrate on wide mouth on funnel which purpose is to gather ideas
from workers. Higher number of ideas raise chances of enterprise to enhance services and goods.
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(Source: Innovation funnel, 2018)
The second level began to narrow down which means that ideas are critically measured
on the basis of returns as well as risks so that decision can be made.
The final stage concentrate on ideas which are chooses at a the end of funnel. Priority to
choose a ideas enhanced goods and services are provided within a marketplace.
P4 Developments in frugal innovation
Frugal innovation: It is a process of cut down manufacturing cost as well as complexity
of work. Management of the company has implemented frugal innovation at their work place
which help to reduce production cost by effective utilisation of available resources in order to
produce high quality and advance feature in commodities. Through this activities firm are able to
achieve their target in specific period of time (Huizingh, 2011). By executing frugal innovation,
firm are capable to take advantage of core competences which help to gain competitive benefits
in long period of time.
Management of HAKIM group has pricing strategy to gain economic of scale in their
production activities, by this they are produce low cost product and services in order top
attracting high market share. For example, Apple which are known for their innovative
commodities in the whole world, they are used frugal creativity plan at their work place by this
they remove unnecessary or unneeded feature form product resulted price of the commodities
should be reduce automagically like in iphone 6 Apple has add some technology and
simultaneously remove unnecessary feature and make new product called Iphone 7. in order to
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Illustration 1: Innovation funnel

execute frugal innovation at work place, management of the firm has follow some step which are
explain below: Identify improvement area: It is a first step and most important as well because with out
identification of weak area firm are not able to improve their performance. In this,
management of the company has identify gap between actual and standard performance,
they are find out weaknesses of that area in order to operate work effectively. Make alternative solution: In this step, manager of HAKIM group has make alternative
solution of each one identifying weak area and prepare list of it. Administration take
opinion from all staff members in order to solve problem in significant manner by which
they are able to implemented strategies effectively (Leiponen and Helfat, 2010). Choose most appropriate solution: From available all alternatives management of the
company may select most appropriate one according to their own capabilities and needs.
Through this, they are effectively utilise their available resources which help to achieve
aim and objectives appropriately. Sustainable solution: It is a manager responsibility to identify whether chosen solution is
appropriate or not if not then take action to solve issues in given time frame as well as
prescribable manner. Thus help to gain sustainable answer of problem. Shape clients behaviours: According to their product and services, marketing manager of
the company has develop strategies to shape clients behaviours. For this, they are use
advertisement, promotions, charity and other activities in order to position their goods in
clients long term memory. Through this, firm has gain high brand value of their existing
commodities thus enhance customer's satisfaction in long run.
 Engage and iterate: Some time, consumers can not needed advance technology in goods
because it increase cost of product and buyers can not ready to pay higher prices of same
commodities. So that, enterprise should be consider this factor and produce product
accordingly at economic scale (Manso, G., 2011).
TASK 3
P5 Importance of the commercial funnel
Commercial funnel: It is ideas in which firm has focus on large customers segmentation
rather then small those are actually make purchase of product and services. Commercial funnel is
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a promotional activities in which firm are spread information at market place and clients should
be aware about their offer and services accordingly they are make decision which one goods and
selected. It covers various stages like purchase and repurchase decision, evaluation & re
evaluation, interest and many more. Value of commercial funnel has explain as follows:
 Marketing manager of the company has conducting research in order to analysis clients
needs and wants. They are evaluating all gather information and its reliability in order to
draw valid outcome in an appropriate manner. By this, they are able to get higher
customer's satisfaction as well as long term sustainability (Melville, 2010).
 Through this, company has manufacture higher quality goods and services to gain large
market share that help to achieve goals in specific time period.
 By implementation of commercial funnel, organisation has make higher brand value with
positive image in customer's mind, through this overall goodwill has increase in same
sector that provide higher profits.
Application of new product development: Management of an organisation has prepare
blue print of development of new goods and services. In this, they are mention all step which are
follow by project manager in order to achieve target in given time frame. Some important step of
product development are explain as follows: New product strategy: Why we needed change, dose it is compulsory, if yes which kind
etc. several kind of question has arise and management of the company has decided to
produce new product and services. For this, identify consumers demand and make
strategies accordingly. Idea generation and screening: After analyse the need of development, firm are
generating ideas in order to full fill that demand effectively. They are observe market
trends and find out available opportunities in order to develop goods. Management has
used feasibility test to analyse as well as screening whether their ideas are real or
executable (Sartori, Favretto and Ceschi, 2013).
 Business analysis: Enterprise has create or find growth opportunities that has improve
market position in future. They are analyse opportunities and develop plan accordingly. Organisation has identify growth opportunities to enhance their market position in long
run and develop plan accordingly.
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 Commercialisation: It can be define as sell commodities and services in order to full fill
needs of large number of buyers and receive profits. In this step, firm are fix price,
colour, size, feature and many more.
 New product: In the last, development process of product should be completed according
to plan.
P6 Form an Innovation Business Case
Innovation is very in order to build core competences which help to produce differentiate
product as compare to their competitors. Through this, firm are capable to achieve competitive
benefits and with creative goods attract large number of consumer toward their commodities. It
is a process of making higher quality items. By implementation of innovative ideas into work
place enhance working process thus increase brand value and profitability. For HAKIM group
management has used this strategy to manage all work effectively in order to deal with
competition in same industry (Teece, 2010). There are explain some case of innovation below:
Executive
summary:
HAKIM group has offer optical facilities to their clients with their
diversified portfolio through this they are able to get high market share.
Holland opticians has provide eye care services to whole family which are
based on Malvern, Worcestershire. They are focus on local buyer.
Aim: “To provide world class facilities to their buyer product expansion is right
things”. A case study on HAKIM group.
Objectives:  Develop diversify product portfolio in order to increase reachability
in all segment.
 Focus on niche optical market for build brand value.
Organisation's
Vision
Each one company has develop vision thus help manager to completing task
effectively to gCompany has find out their target segmentation accordingly
they are manufacture commodities in order to full fill their demand
effectively. By this, they are identify improvement area and add some
feature to enhance customer's satisfaction. Thus help to get clear short term
objectives. Company has find out their target segmentation accordingly
they are manufacture commodities in order to full fill their demand
effectively. By this, they are identify improvement area and add some
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feature to enhance customer's satisfaction. Thus help to get clear short term
objectives. ain objectives in future period of time. For this they are make
strategies to executing plan and make strong communication with their
buyers.
Target Company has find out their target segmentation accordingly they are
manufacture commodities in order to full fill their demand effectively. By
this, they are identify improvement area and add some feature to enhance
customer's satisfaction. Thus help to get clear short term objectives.
Customers
research
HAKIM group management has conducting market research to analyse
buyers behaviours, attitude, perception, motivation factor, learning style,
preference and many more or manufacture goods accordingly.
Funding HAKIM group has several alternative to get fund loan like financial
institutes, banks, investors, government etc. by which they are run entire
business activities effectively. In current market scenario, equity is most
famous sources of funds in the industry (Yin, Shi and Yan, 2014).
TASK4
P7 Tools to develop, retain and protect knowledge and intellectual property
In this process manager has remove unnecessary feature from their commodities and
services by which automagically cost should be cut down. It focus on decreasing employees
workload by proving advance technology machine which help manufacture goods at low efforts
with higher quality. Administration of the firm has used low cost strategies in order to attract
large number of clients toward their commodities which help to gain higher profitability as well
as long run sustainability. Some important techniques to project intellectual property as well as
knowledge has detail below:
Copyrights- This method to protect their innovative goods and services has used by big
firm. If any enterprise has make copy of projected goods has punishable offense in United
Kingdom (Adner and Kapoor, 2010). Through this, organisation has save only tangible goods
like biopic, photographs, nobles, books, software, painting and many more.
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Patents- It save money, time, resources, efforts, of inventor to develop new product but it
should be done for limited time period. When government of UK has permit to copy original
product them firm do the same.
Trademark- Name, logo, tag line, brand image etc. all these things are protected by
organisation because to represent their goods. It includes product, name, business name, tag line,
phrases, picture and many more
CONCLUSION
As per above report it is concluded that innovation is a feature of paramount within small
companies. It gives them with various opportunity to provide desires and needs of customers in
an effective way. Innovation is vary from inventions as well as comparatively low as it included
changes in previews goods and services. Keeping with a base of market innovate it is important
to concentrate on accessibility and costs features so that mass market is able to achieve in a
effective way. Creation of an particular person can retain for a long time as well as protect it with
a intellectual effective tools like as copyrights, patents and trademarks.
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