P1. Innovation and Its Importance
Added on 2020-11-12
14 Pages4351 Words236 Views
Business DevelopmentLeadership ManagementEntrepreneurshipProfessional Development
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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Innovation and its importance to employees with a difference with invention....................1P2. Organisation Vision, leadership, culture and teamwork shape innovation...........................2TASK 2............................................................................................................................................3P3. Explain 4P's of innovation and use of funnel innovation.....................................................3P4. Development in frugal innovation........................................................................................5TASK 3............................................................................................................................................6P5. Importance of commercial funnel and application of new product development.................6P6. Innovation business case.......................................................................................................7TASK 4............................................................................................................................................7P7. Different tools which used to develop, retain and protect intellectual property rights.........7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONIn present scenario, firms under both domestic and international level are consideringboth innovations and inventions in their operational activities. For sustaining at marketplace for alonger period of time it is mandatory for business firms to keep on altering goods which arebeing offered by them to consumers in order to fulfil their needs. Unicorn Grocery is an workersco-operative store (Adner and Kapoor, 2010). It was located in Charlton-cum-Hardy,Manchester, England in 1996. Their are 70 numbers of workers within the company. It is an oneof biggest independent wholefood groceries within United Kingdom. In this report, innovationimportance and its comparison with invention are discussed. Role of companies vision,teamwork and culture at a time of shaping innovation as well as commercialisation along withthis also discussed about 4Ps of innovation and applications of developing a new product. TASK 1P1. Innovation and its importance to employees with a difference with inventionThe term innovation refers with development of applications and ideas which boom upthe way of doing things. It may results in new products or services, a transformed businessprocesses, changes in the way of marketing and introduction of new technology. Along with this,innovation supports small entities to grow by improvising their efficiency and productivity.Entrepreneurs ability to innovate also remain them to be competitive and respond effectivelytowards changes. Producing innovative products or services are enable to satisfy customers'needs and wants in an effective manner and supports a company to gain high competitive edge. Following is defined importance of innovation in context of Small businesses - Problem solving: Due to some external forces, business associations face several issuesthat may also affect their working activities and decision making process. By usinginnovative tools and techniques managers are enable to resolve work based problems.The practised convention and planning for solving all issues is not sufficient even there isneeded implications of several effective ideas or concepts based on innovative thinking.As the main objective of innovation is to diminish all workplace issues and perceive abusiness organisation in an unprecedented manner.Adapting to market dynamics:It is an known fact of market that enterprise rapidlychanges. Hence, it is an strong requirements for adopting of innovation techniques so that1
staff can be empowered, engaged and an improve finance condition can be achievedwithin a firm (Dahlander and Gann, 2010). Responding to customers expectations and demands: Innovative products are enable tosatisfy customers needs or demands in best possible way. Consumers are a key elementsof an enterprise in order to sustain its brand value at marketplace for long run.Implication of innovative tools bring value for customers and a firm customer-oriented. Itturn out enhancement of increasing sales and profitability of companies by which theyare able to accomplish their goals and objectives in best possible manner.Effective competing: There are various companies are competing within a marketproviding similar services as well as goods. Some of situation make it extremelyimportant for adopting it in a very creative way by which goods and services areperceived in a very different way so that manager enterprise position can be availed. For finding out major differences it is important to differentiate within invention andinnovation which is given below: Difference between invention and innovationInventionInnovationInvention relates with producing that kind ofproducts or services which never has beenproduce before; it implies to create totally newproduct. Innovation consists with modifying previousproducts and making necessary improvementsin them to satisfy customers' wants. This is a technological way of discoveringideas by Research & Development in order toformed final outcomes. This ideas is notlinked to previews goods or services.It consists with applying several ideas whichare considered by management to get highcompetitive edge. Innovation also entails withcombined with set of techniques along withtools of marketing. Invention is primarily driven by inventorcuriosity or research interest. Its merits aredefined by uniqueness and can be done byscientific knowledge or skills. Innovation is driven by desire to add customer'value and advantages are defined by profitabledeployment. It relies on a broad set ofstrategic, technical, marketing and operationalskills. 2
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