Eco-Innovation and Literature Review

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and its importance in an organisation..................................................................1
P2 Vision, leadership, culture and teamwork of an organisation for shaping innovation..........3
TASK 2............................................................................................................................................4
P3 4Ps of innovation with the help of innovation funnel so as to shape innovative ideas..........4
P4 Development in frugal innovation and its use in organisation..............................................5
TASK 3............................................................................................................................................6
P5 Significance of commercial funnel and application of new product development for
innovation....................................................................................................................................6
P6Innovation business case for Mr. John Watches.....................................................................7
TASK 4............................................................................................................................................8
P7 Different tools used by companies in order to develop and protect intellectual property.....8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation is said to be creating a new ideas, for making any product or commodity.
Thus, organisation use better solutions in order to fulfil the requirements of customers and
existing market needs by applying effective tools. Mr. John Watches is a small medium
enterprise that manufactures watches for common people according to the needs and wants.
Basically innovation helps a company in adding benefits so as to get maximum benefits. In this
report, importance of innovation is explained so that comparison can be done with invention.
Various organisational vision, leadership, culture and teamwork is included so that organisation
can shape innovation and commercialisation (Ambec and et. al., 2013). Other than this 4Ps of
innovation is explain along with the use of innovation funnel in order to examine and shape
innovation ideas. Apart form this, development in frugal innovation along with examples is done
in context with Mr. John Watches. Importance of commercial funnel and the application of New
Product Development(NDP) processing for commercialisation of innovation. Lastly, various
kind of tools that can be used by them in retaining and protect knowledge.
TASK 1
P1 Innovation and its importance in an organisation
Innovation is a process which is used make any alterations as per the requirement of the
customers. This help the organisation in satisfying the needs and wants of consumers. It is a
systematic process that evaluate the existing features so that company can make alterations
accordingly. Therefore, Mr. John Watches is gaining maximum benefits by applying different
methods in innovating their products. Further the concept of innovation can be understood with
the points that are explained below:
Increases the productivity of a company: Changes and innovation always help the
organisation in gaining maximum benefits because under this, it helps the company to
manufacture products according to customers preferences with minimum cost. As a result, an
increase in productivity can be seen (Battistella and Nonino, 2012).
Enhance the effectiveness of communication process: The concept of innovation is very
complex to understand so, to give related information it is required that a excellent
communication is maintained in the organisation amongst employees. Improper communication
can have an impact on the performance of a company and may leads to dis-balance in working.
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Assist in maximum use of resources: For giving a better result it is important that
company utilises all the resources in a proper manner. Under this, Mr. John Watches has made
proper plan which they are using in order to reduce the wastage.
Provides competitive benefits to organization: Fresh products in the market always gives
benefits to an organisation but sometimes it can have an adverse effect. Therefore, it is important
that the commodities which company are manufacturing are as per the customer's needs. As Mr.
John Watches are producing goods according to the consumer's satisfaction it is helping them in
giving tough fight to other rival organisation. As a result they are sustain the superior position in
market area for longer period of time (Boudreau, Lacetera and Lakhani, 2011).
Difference between innovation and invention
Basis Innovation Invention
Meaning Innovation is the process in
which new ideas are developed
for the first time.
This occurs all of a sudden and
the products that invented are
unique and has not developed
earlier.
Concept It adds value to the
commodities whether they are
existing or new products.
Invention of new commodities
in considered in this.
Required Skills In order to get success in in
innovation it is required that an
individual have proper
knowledge and skills about the
market.
As compared to innovation,
invention requires more
scientific knowledge in order
to perform the task in an
appropriate manner.
Activities Under this all the persons who
are appropriate information are
included. Thus, can be said
that the concept is spread all
over the company in different
departments.
Only the department that is
involved in the research are
included so that the authentic
data is not leaked.
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