Innovation Assignment - Rowlinson Knitwear
Added on 2020-12-10
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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1: Innovation and its significance in enterprise........................................................................1P2: The way vision, culture, teamwork and leadership of enterprise shape innovation.............3TASK 2............................................................................................................................................4P3: 4P's of innovation and use of innovation funnel to shape innovative ideas.........................4P4: Development in frugal innovation and its uses.....................................................................5TASK 3............................................................................................................................................6P5: Importance of commercial funnel and application of NPD for commercialisation andinnovation....................................................................................................................................6P6: Innovation business case.......................................................................................................8TASK 4............................................................................................................................................9P7: Different tools that organisation can use to develop, retain and protect knowledge andintellectual property rights..........................................................................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONInnovation is defined as the process of converting something into new and innovativeaccording to the preferences and demands of the customers so as to maximise their satisfactionlevel. When an organisation implement changes in their existing products which maximises theirvalue is known as innovation. It should be done with an objective of achieving huge customersstrength. Increase in competition in market directs company to make innovative changes in theirexisting products and services on regular basis. The present assignment is based on RowlinsonKnitwear , a clothing manufacturing company which deals in providing school and corporatewear garments to the people of United Kingdom. The project includes the concept of innovationalong with their importance in comparison with invention. 4P's of innovation, use of innovationfunnel, role of mission, vision, leadership in innovation and commercialisation, Importance ofthe commercial funnel and the application of NPD, Innovation business case, different tools thatthe organisation can use to protect intellectual property (Battistella and Nonino, 2012).TASK 1P1: Innovation and its significance in enterpriseInnovation: It refers to an activity which is performed by an organisation with anobjective of changing existing products and services into new and innovative so that the needsand requirements of customers are fulfilled in satisfied manner. It is an application of optimumsolution to meet market demand which further help company in achieving strong brand image incompetitive market. Rowlinson Knitwear is small-sized company which deals in manufacturing clothingproducts 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 ofexecution 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 tocompany which are given as below:Enhance productivity: Implementation of innovation in process of marketing as well asproduction will help company in minimising wastage of resources as well as produce quality1
products at less cost and time. It will increases productivity level of company due to which thechances of expansion of business will be more.Increase effectiveness of communication process: Making changes in marketing processsuch as using online platform to advertise the clothing products along with its benefits will helpin attracting lots of customers not only from UK but also across worldwide. Helps in optimum utilisation of resources: As Rowlinson Knitwear deals inmanufacturing professional clothing products thus it must required to focus on quality instead ofprice. For this, bringing innovation in production process is must due to which the resources usedare utilised in an optimum manner (Crossan and Apaydin, 2010).Provide competitive advantage to firm: Bringing new and innovative changes in existingclothing products such as using quality fabrics in production process, implementing design andpattern which are more in demand will help company in achieving competitive advantage thusable to compete with their rivals in more effective and efficient manner.Comparison between Innovation and InventionBasisInnovationInventionMeaningIt is the process of changingexisting products or somethinginto new and innovative.It is the process of introducingnew ideas and concepts inmarket for the first time with amotive of meeting changingneeds of customers.ConceptIt includes adding new featuresin existing products so as tomaximise their value inmarket.Under this, New product hasbeen developed.Required skillsRequired specialised skills andknowledge to implementinnovative changes in aneffective manner.It requires scientific skills.ActivitiesThe activities of innovationtake place in very departmentof an organisation. The activities of invention canbe done by the department ofresearch and developed team.2
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