Assignment on Importance of Innovation and Comparison with Invention
Added on 2020-06-04
13 Pages4154 Words30 Views
Business DevelopmentLeadership ManagementProfessional Development
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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Explaining innovation and its importance and comparison with invention......................1P2 Role of companies vision, leadership, culture and teamwork in shaping innovation.......2TASK 2............................................................................................................................................3P3 4P's of innovation and use of innovation funnel...............................................................3P4 Developments in frugal innovation...................................................................................5TASK 3............................................................................................................................................6P5 Importance of the commercial funnel...............................................................................6P6 Form an Innovation Business Case...................................................................................8TASK4.............................................................................................................................................9P7 Tools to develop, retain and protect knowledge and intellectual property.......................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONInnovation is a adoption of smart and new methods and strategies in their products andservices. It aid in enhancing a latest goods and attracting a new customers. It also help in makinga proper image within a marketplace as well as in a consumers mind. By this method an businesswill able to meet market growth as well as also help in adopting a modified circumstances withinenvironment. In this report it also consider Hakim Groups as it is an small company which isestablished in 2001 as well as caters specialised concentrating in optical business (Adner andKapoor, 2010). This assignment concentrate on importance of innovation along with thatcomparison with invention. The different kinds and approaches which are linked to innovationare also discussed in this report. TASK 1P1 Explaining innovation and its importance and comparison with inventionInnovation methods of an company aid in finding out market opportunities along withthat acting upon a same so that operations of sustainability can be developed. It refer to measurea survival in present volatile and uncertain market. It is important to develop a innovation culturewithin firms so that they can generate confidence within workers can enhanced. It aid in utilizingas an technology, systematic and strategy measures which can help in meeting a pre-determinedtargets of an business. The main advantages can be meet by practising innovation are givenbelow: Problem solving: A business is encountered with various issues which are to be solved ifenterprise wishes to retain for a long time within a market place. The convention solvingof problems and practised planning will be not sufficient along with that there is arequirement for creative thinking so that issues can be solved. Its purpose to solve issuesand 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 marketsof an enterprise dynamically changes. Hence, there is a healthy requirement for using aninnovative techniques so that members of staff can be empowered, engaged and improvefinancial condition which can be achieved by an enterprise. Responding to consumer demands and expectations: Consumers are a main factorwhich assist industry in sustaining the market operations for a long period of time. By1
innovation a enterprise can give value to their buyers as well as became higher buyercentric. It will directly influence the experience after utilizing of services and productswithin company. Effective competing: Their are various company which are competing within a marketprovide similar services and goods. Some of market circumstances are very important touse it in a creative way by which services and goods are utilized differently so thatmanagers enterprise position can be achieved (Davila, Epstein and Shelton, 2012). Differences within invention and innovation are given below: Difference between innovation and inventionInventionInnovationInvention is referred to make a goods andservices which satisfy people demands in avery best way. Innovation confines to make modifications inpreviews line-up of services and goods forimprovement. This is an scientific method in which theydiscovered ideas by Research andDevelopment as well as final result is formed.The ideas which has been formed is not linkedto previews services and products.There is a requirement of ideal applying ofideas which considered by an managementwhich are combined again with set ofmarketing tools and techniques. Inventions is a costly process which is mainlypractised by mega organisation. This method is mainly emphasized in smallbusiness as it is cost as well as timeconvenient.P2 Role of companies vision, leadership, culture and teamwork in shaping innovationIt is an fact that innovation is an main factors which assist enterprise in competing amarket 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 anbusiness 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 anorganisation promotes creativity as well as innovation than managing a firm will definitely makeefforts to make a suitable culture of company. Hakim Group vision is to enhance innovation sothat edge of competitive can be retained for a long time along with that workers can pursue thatideas for betterment of enterprise. 2
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