Innovation Report

This report examines the concept of innovation and its significance in the context of Rowlinson Knitwear, a clothing manufacturing company in the UK. It analyzes the role of vision, culture, teamwork, and leadership in shaping innovation, the 4Ps of innovation and the use of the innovation funnel, the importance of the commercial funnel and the application of NPD for commercialization, frugal innovation and its uses, and different tools that organizations can use to develop, retain, and protect knowledge and intellectual property rights.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1: Innovation and its significance in enterprise........................................................................1
P2: The way vision, culture, teamwork and leadership of enterprise shape innovation.............3
TASK 2............................................................................................................................................4
P3: 4P's of innovation and use of innovation funnel to shape innovative ideas.........................4
P4: Development in frugal innovation and its uses.....................................................................5
TASK 3............................................................................................................................................6
P5: Importance of commercial funnel and application of NPD for commercialisation and
innovation....................................................................................................................................6
P6: Innovation business case.......................................................................................................8
TASK 4............................................................................................................................................9
P7: Different tools that organisation can use to develop, retain and protect knowledge and
intellectual property rights..........................................................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is defined as the process of converting something into new and innovative
according to the preferences and demands of the customers so as to maximise their satisfaction
level. When an organisation implement changes in their existing products which maximises their
value is known as innovation. It should be done with an objective of achieving huge customers
strength. Increase in competition in market directs company to make innovative changes in their
existing products and services on regular basis. The present assignment is based on Rowlinson
Knitwear , a clothing manufacturing company which deals in providing school and corporate
wear garments to the people of United Kingdom. The project includes the concept of innovation
along with their importance in comparison with invention. 4P's of innovation, use of innovation
funnel, role of mission, vision, leadership in innovation and commercialisation, Importance of
the commercial funnel and the application of NPD, Innovation business case, different tools that
the organisation can use to protect intellectual property (Battistella and Nonino, 2012).
TASK 1
P1: Innovation and its significance in enterprise
Innovation: It refers to an activity which is performed by an organisation with an
objective of changing existing products and services into new and innovative so that the needs
and requirements of customers are fulfilled in satisfied manner. It is an application of optimum
solution to meet market demand which further help company in achieving strong brand image in
competitive market.
Rowlinson Knitwear is small-sized company which deals in manufacturing clothing
products to the students and corporate professionals thus capturing limited market share of UK.
To expand business on large scale, the company required to adopt innovation in their process of
execution of business activities so as to provide quality clothing products at an affordable prices.
It help company in attaining huge customer strengths which in results generating huge revenues
(Bianchi and et. al., 2010). Apart from this, innovation also brings some other advantages to
company which are given as below:
Enhance productivity: Implementation of innovation in process of marketing as well as
production will help company in minimising wastage of resources as well as produce quality
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products at less cost and time. It will increases productivity level of company due to which the
chances of expansion of business will be more.
Increase effectiveness of communication process: Making changes in marketing process
such as using online platform to advertise the clothing products along with its benefits will help
in attracting lots of customers not only from UK but also across worldwide.
Helps in optimum utilisation of resources: As Rowlinson Knitwear deals in
manufacturing professional clothing products thus it must required to focus on quality instead of
price. For this, bringing innovation in production process is must due to which the resources used
are utilised in an optimum manner (Crossan and Apaydin, 2010).
Provide competitive advantage to firm: Bringing new and innovative changes in existing
clothing products such as using quality fabrics in production process, implementing design and
pattern which are more in demand will help company in achieving competitive advantage thus
able to compete with their rivals in more effective and efficient manner.
Comparison between Innovation and Invention
Basis Innovation Invention
Meaning It is the process of changing
existing products or something
into new and innovative.
It is the process of introducing
new ideas and concepts in
market for the first time with a
motive of meeting changing
needs of customers.
Concept It includes adding new features
in existing products so as to
maximise their value in
market.
Under this, New product has
been developed.
Required skills Required specialised skills and
knowledge to implement
innovative changes in an
effective manner.
It requires scientific skills.
Activities The activities of innovation
take place in very department
The activities of invention can
be done by the department of
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of an organisation. research and developed team.
P2: The way vision, culture, teamwork and leadership of enterprise shape innovation
The concept of innovation is wide thus can be affected by various factors existing within
and outside of an organisation. Such factors includes leadership, vision, teamwork and culture
which gives huge contribution in adoption of innovation. It can be further discussed under the
following:
Leadership and innovation: Leaders are the one who has an ability to get work done
from others through providing motivation and proper guidance. It encourages employees of
Rowlinson Knitwear to bring some new and innovative ideas in order to execute business
functions in more effective and efficient manner. It can be done through adopting various
approaches and styles of leadership in an organisation (Díaz-García, González-Moreno and Sáez-
Martínez, 2015).
Organisation culture and innovation: Every organisation has adopt different culture in
order to maintain healthy environment at workplace which brings motivation among employees
of Rowlinson Knitwear to think freely and develop new ideas and concepts. It will help
employees to face issues and challenges which comes in the process of completing business
activities due to which they need to find out optimum solution to resolve such issues in an
effective and efficient manner.
Innovation and teamwork: Here, leaders of Rowlinson Knitwear play an important role
in motivating employees to work in a team so as to get maximum possible result. It can be
possible when the managers can maintain healthy relation with their employees and support them
in every step of executing business activities. Giving freedom to team members to take decision
solely expand the thinking level due to which new and innovative ideas can be easily developed.
Vision and innovation: The mission statement indicated that where an organisation sees
itself in future. All the efforts made by management and employees are given to achieve
company's vision within limited period of time. Thus, the management expected from their
employees to bring out new ideas and methods in order to bring efficiency in their work. They
can achieve its mission only with the help of brining innovation in their business structure
(Edquist, 2010).
These all are such factors which make an impact on the innovation thus need to be
considered by the management before taking decision of implementing innovation in business
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structure. Along with this, there are other elements as well which affect the concept of
innovation such as modification done in the feature of products, changing in existing
technologies etc. Thus, Rowlinson Knitwear can achieve growth and success in competitive
market only when they have an effective management which are more capable to successfully
adopt such innovation.
TASK 2
P3: 4P's of innovation and use of innovation funnel to shape innovative ideas
Such 4P's of innovation are product, process, position and paradigm which plays an
important role in enhancing the quality of product. This will bring motivation and confidence
among employees due to which they perform better than before and the chances of achieving
growth and success of company will be more. Such 4P's includes:
Process innovation: It refers to the step of implementing innovation in the process of
executing different business functions so as to improve efficiency in the performance of
company. Adoption of advanced and updated technology in the market as well as production
process will help company in achieving best possible outcomes. For example, Selling clothing
products through using online platform will help in attracting lots of customers towards
company's products (Huang and et. al., 2012).
Product innovation: It refers to implementing innovation in the existing products and
services so as to increases their value in order to grab an attention of large number of customers.
Rowlinson Knitwear deals in offering clothing products thus making changes in designs, pattern,
quality of materials used etc. will easily bring attention of new customers as well as retain loyal
customers for longer period of time.
Position innovation: It refers to position the company find themselves in market.
Therefore it is important for the management of Rowlinson Knitwear to open their outlets near to
colleges and company's due to which they can enhance their sales figure and earn huge revenue.
As they produces clothing for particular segment thus they have attained its own position in
market.
Paradigm innovation: It is related with shape of company thus to attain strong position
in market it will required to adopt changes in the business structure of company in which the
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employees has given an opportunity to create their own ideas to enhance the value of their
products and services.
Innovation funnel: It refers to the process of implementation of techniques and tools
which help company to develop the process of manufacturing as well as existing products. It is
essential for company to first identify the needs and preferences of customers and on the basis of
which make changes in their existing clothing products. It consist of three steps:
Wide of mouth: It includes identification of market needs and requirements through
conducting research in which specific questions has been asked to customers in order to get their
preferences. Due to this, the company can take corrective actions regarding adopting required
changes in their existing products and services (McCoy and et. al., 2010).
Selection of idea: It is the step in which the management select best idea of adopting
techniques and tools after ensuring the success received in future. The techniques which help in
reducing cost and wastage are given more priority.
Implementation of idea: In this step, the selected ideas will be implemented with an
expectation of achieve best possible result.
P4: Development in frugal innovation and its uses
Frugal innovation: It refers to the innovation which take place with an objective of
eliminating complexity from the business operation and thus reducing the cost of production
process. It can be adopted with the purpose of eliminating non-essential elements which are
generally required by customers in company's products. Removing unnecessary features from the
existing products help in reducing cost of products due to which the company are able to
invested saving amount in other business functions. For this, the management of Rowlinson
Knitwear need to hire researcher who conduct research and bring relevant information about the
non-essential features which restrict customers to buy their clothing products and services. It can
be better understood through following points:
Reduce production cost: Frugal innovation directs company in removing unwanted
features which are not influences the buying behaviour of customers. Collecting feedbacks and
perception of customers regarding the company's clothing products and about their features and
accordingly add or remove features from the products (Metcalfe and Miles, 2012).
Adding new feature: The concept of Frugal innovation mainly focuses on developing
existing products and services. It can be done through adding extra value to the existing products
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which maximise their value in market. This will help in increasing the demand of clothing
products.
Use of new technologies: Adoption of advanced technologies and equipments in the
production as well as marketing process will help in increasing the productivity of company. It
will further help in reducing cost of production activities due to which they can manufacture
quality products and services (Schaltegger and Wagner, 2011).
TASK 3
P5: Importance of commercial funnel and application of NPD for commercialisation and
innovation
Commercial funnel: The concept of commercial funnel is related with how to
manipulate the mind and perception of customers regarding company's products and services. An
effective management who are more capable to adopt an strategies regarding influencing the
interest and buying behaviour of customers will help in retaining loyal customers for longer
duration. It can be possible when the management has adopting an effective pricing policies,
innovative changes in existing products etc. through which the company can easily attract large
number of customers across worldwide. In addition with this, Rowlinson Knitwear can achieve
various advantages from commercial funnel which are given as below:
Identification of customer's perception: Through conducting research in market with the
purpose of identifying the interest and perception of customers, it will management to make
changes in their pre-determined decision and plans in the favourable of customers so as to retain
them for longer period of time.
Improved quality of product: The concept of commercial funnel directs company to
enhance the quality of products and services so as to influence the buying behaviour of
customers in order to achieve customer strengths (New Product Development Stages, 2017).
Reduce cost: Commercial funnel promotes the use of new technology in the process of
marketing as well production due to which the cost of company may reduces.
Improve goodwill: It will help company in attaining strong brand image in market
through providing quality products and services at an affordable prices.
New product development:
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It is the lengthy process of developing new product which includes several steps which
are further defined as below:
Illustration 1: Stages for New Product Development, 2017
Idea generation: In the first step, new ideas has been generated with the help of
information collected from the research. For this, the management need to consider rival's
strategies, customer's buying behaviour and perception, an effective suppliers etc. due to which
the ideas has been executed properly (INNOVATION AND 4Ps OF INNOVATION, 2016).
Idea screening: In this step, the management of Rowlinson Knitwear analyse developed
ideas through taking advice from experts. It will help in finding out the effectiveness of selected
idea.
Concept development: In this step, the selected idea has been taken into account in
practical form in order to know whether such idea can be implemented in practical manner or
not.
Development of strategy: This step includes the strategies and plans formulated by
management regarding arrangement of resources in order to convert ideas into actions so as to
get profitable result.
Examine business conditions: In this step, the situations arises due to complex
environment are properly analysed with a motive of resolving issues and problems which may
comes in the process of adoption of ideas.
Product development: In this step, the company make decision regarding the features
that to be added to the new products so as to maximise the satisfaction level of customers.
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Test marketing: In this step, the management took decisions regarding adoption of
marketing strategies due to which they can capture maximum areas of United Kingdom.
Commercialisation: In this step, the company finally launched their products at big level
through adopting different communication channels (Innovation Funnel. 2016).
P6: Innovation business case
Rowlinson Knitwear is small-sized organisation which deals in providing clothing
products to particular segment due to which the company are able to capture limited market
share of United Kingdom. There are several steps for innovation business case which are
determined as below:
Executive summary: Rowlinson Knitwear is a manufacturing company which is
engaged in providing school and corporate wear garments to the people of United Kingdom. The
main aim of company is to provide quality products and services to the targeted segment due to
which they can achieve strong position in market for longer period of time. Due to this, their
main focus is to bring innovative changes in business structure on regular basis.
Target: The targeted customers of Rowlinson Knitwear are students and corporate people
as they manufactures clothing products only for them. Thus, the company have captured limited
market share of UK.
Solution: It is related with delivery of clothing products to customers through such an
effective way that will help customers to get their customers without facing any difficulties and
problems. For this, the company need to open their outlets in different places so as to attract lots
of customers (Caniëls and van den Bosch, 2011).
Why product is innovative: Rowlinson Knitwear offers school and corporate wear
garments to the people of UK thus required to bring changes in the design, pattern etc. along
with the accessories which help them in looking more professionals.
Customer research: The company requires to conduct research in order to find out the
changes required by customers in their existing products. For example, giving accessories at free
of cost with the professional clothing products are easily attract lots of customers.
Funding: Implementing new and innovative changes in business structure required huge
amount of funds due to which the management of Rowlinson Knitwear need to raise funds from
different sources such as financial institutions, venture capital, Crowd funding etc.
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Expected benefits: It includes the expectation of company from the adopted new
changes. The manager may forecast whether implementing changes will bring profitable
outcomes to company or not in near future.
TASK 4
P7: Different tools that organisation can use to develop, retain and protect knowledge and
intellectual property rights
Rowlinson Knitwear is small-sized manufacturing company which performed different
business functions with an objective of expanding their business to worldwide due to which their
management have an appropriate plans and policies with the help of which they can achieve
desired goals and objective within limited period of time. Therefore, it is important for company
use different tools to protect their strategies and other material information from their
competitors. Such tools and techniques includes:
Patent: Using such tool help company in protecting their unique ideas and concept from
their rivals so as to competitive advantage. For this, the company need to first apply to
government regarding entitlement of patent about their ideas and innovation.
Trademark: Using such tool, the company can able to protect their logo or sign which
help customers in identifying them in market.
Copyright: Using such tool, the company can give permission to other specific person to
use their innovation for their own use for specific period of time.
Right about intellectual property: It is such a factor which indicates that the owner
should required to know their rights and duties in an organisation so as to use their power in
protecting intellectual property.
CONCLUSION
It has been concluded from the above project report that Innovation is basic need to very
organisation which supports them in achieving stable position in market for longer period of
time. It is essential for company to adopt techniques, methods and process through which the
business activities can be executed in an effective and efficient manner. The management should
focus on 4P's of innovation as well in order to find out own effectiveness in growth of products
and services. Different tools are also required to be adopted by company in order to secure their
crucial information from their rivals.
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