Innovation & Invention and Importance : Assignment

Added on - 21 Jul 2020

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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1Comparission between innovation & invention and their importance..............................3P2 Organisational objectives and innovation.........................................................................5TASK 2...........................................................................................................................................6P3 Innovation funnel and its uses and 4ps of alteration.........................................................6P4 Concept of frugal innovation and its uses........................................................................8TASK 3............................................................................................................................................9P5 Application of NPD and effectiveness of commercial funnel...........................................9P6 An innovation business case for EE limited and ways to access funding.........................9TASK 4..........................................................................................................................................11P7 Means to promote and protect knowledge and intellectual property..............................11CONCLUSION..............................................................................................................................12
INTRODUCTIONInnovation is the process through which something new is produced which is capable ofgiving healthier and improved results to management. It can be a new method product process orplacement of existing system which is better than the existing one. Invention on the other hand isentirely a different concept which results into introduction of entirely a new service or product.EE limited is the largest mobile operating company of Britain which has provided the latesttechnology communication services to user. Following report is prepared in order to understandthe importance of alternation in the given business organisation and how it differs from inventionwill also be discussed in detail (Aarikka and Sandberg, 2012). Further, various concepts relatedto modification like innovation funnel, frugal changes and 4ps of same are given which enhanceknowledge of user about how they can be utilised to implement alteration in the existing workingsurroundings and expansion can be experienced.TASK 1P1Comparission between innovation & invention and their importanceTo earn maximum profit and development is the prime objective of any enterprise. As theexternal surroundings keeps on changing pressure on each unit to produce more supported withgood quality increases. Innovation in that case help much to various industries in expanding theirscale and capacity to produce. EE limited is dealing in a product type which has variousalternatives available outside therefore it is very important for same to provide clients with thebest output.Vision of EE limited –Their vision is to make continuous improvements in the field ofnetworks so that costumer trust can be developed. In this innovation can be of great help asthrough making changes in the existing systems interest of clients can be maintained anddeveloped.Culture– To develop is the main aim of all the enterprise hence it is necessary that a culture isdeveloped which supports innovation and do not resist to change. This is due to the fact that thisway the productivity of an organisation can be developed to a great level.
There are many advantages of doing changes in the existing system which are discussed in detailbelow:Act as problem solving tool – Whenever any change takes place in the business surroundingslike entry of new firm take place it increases competitive which further leads to rise in challengesto home company to increases its quality so that their customers do not switch to the new product(Bagchi, 2007). Whenever a new entry is done they come with better features which attractsmore to public. Therefore in this case by adopting to innovation management of EE limited canmake developments in their services so which will help in maintaining long term elation withcustomers.Adapting to black swan events – In the present era were competition is at prime it is necessarythat the working staff is of adaptive nature as if they will resist to change it would be difficult tomeet the uncertain changes like sudden increase in the total demand or like factors. On the otherif the human resource is of nature that they welcome changes than this will have a positiveimpact on total business profitability as it can be improved through innovative ideas.Update code of conduct – With the advancement in business world researchers are coming upwith more and more new ideas and technologies which can give better results with theinvestment of same amount of resources. Therefore if cited company has the capacity to adoptnew technology it can give a tough competition to other companies and can maintain an effectiveproduction level (Bogers and West 2010).Invention is a different term from innovation as their implementation and results vary to agreat extent. Given below is the comparison between both the concepts.InnovationInventionIt is a introduction of a new technique toutilises resources in efficient manner.It is entirely a new product service or kindwhich increases the level of satisfaction.It require less time to innovate the work as bybringing a small change innovation can bemade possible.Much time is required to bring innovation in thetechnology.It require less investmnet.Comparatively higher investment is required tomake invention possuible.
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