Project on Innovation and Invention - Fordway
Added on 2020-06-04
14 Pages4041 Words47 Views
Innovation
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Difference between innovation and invention and its significance.......................................1P2 Vision, mission, culture and teamwork shapes innovation and commercialization..............2TASK 2............................................................................................................................................3P3 4Ps and use of innovation funnel and examination of this new idea.....................................3P4 Process of developing frugal innovation in FORDWAY......................................................4TASK 3............................................................................................................................................5P5 Importance of commercial funnel and application of new product development process.....5P6 Innovation building case for FORDWAY including way of access fund.............................6TASK 4............................................................................................................................................8P7 Different tools for developing retaining and protecting intellectual property.......................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONIn today competitive environment, innovation is very important because if company willnot implement this then it will not be able to survive in the market. Every enterprise adopts thispolicy on the basis of demand of customers as well as on the basis of market situations.Organization should design their products and services in that manner which will aid inachieving competitive advantages over its rivals (Amit and Zott, 2012). This innovation is verynecessary for small scale organization because it focuses on limited area by which efficiency offirm can be improved and aids in serving to the customers in an effective and efficient manner.This project is based on FORDWAY which is small scale industry which provides technologicalsolutions to their target market. This report will state about difference between innovation andinvention and has main objectives to define various ways by which company can design uniquegoods or services for improving their performance as well as for satisfying consumers’ needs orwants. TASK 1P1 Difference between innovation and invention and its significanceInnovation- It is a process of converting new idea in to real which aids in producing products orservices in unique manner and satisfied needs or wants of customers. This strategy creates valuefor FORDWAY as well as for its consumers. In this, firm generates goods or services on thebasis of changing demand of target market so that they can satisfy the requirements of customersand can convert them into loyal ones (Krishnan and Ramachandran, 2011.).Many people think that innovation and invention is the same thing but in real, both aredifferent with each other. As in given case study, Apple Inc. introduced I-pod as a music playerand also increased storage capacity, so in this situation, expansion of capacity will be assumedinnovation while launching of music player is invention process. There are many differencesbetween invention and innovation which are given below-InventionInnovationIn this, idea, products or services are made forthe first time which has never been madeearlier.It includes implementation of idea or plan ingoods or services for first time.In this process, new goods or services arecreated.Some modifications and changes are done inexisting products.1
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