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Innovation Business Case 7 TASK 48 P7 & M5 Innovation Business Case 7

   

Added on  2020-06-03

13 Pages3927 Words274 Views
INNOVATION

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Innovation and its importance to employees with a difference with invention...............1P2 Organisation Vision, leadership, culture and teamwork shape innovation.......................3M1...........................................................................................................................................4D1...........................................................................................................................................4TASK 2............................................................................................................................................4P3 Explain 4P's of innovation and use of funnel innovation..................................................4P4 Development in frugal innovation.....................................................................................5M2...........................................................................................................................................6M3...........................................................................................................................................6TASK 3............................................................................................................................................6P5 Importance of commercial funnel and application of new product development.............6P6 & M4 Innovation business case........................................................................................7TASK 4............................................................................................................................................8P7 & M5 Different tools which used to develop, retain and protect intellectual property rights................................................................................................................................................8D2 ..........................................................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10

INTRODUCTIONIn modern era, bringing innovations and inventions are has became essential for everysingle firm in order to sustain at marketplace for a longer period of time (Aarikka-Stenroos andSandberg, 2012). Making modifications in products and services that already exists in market byadding new flavour, material or any sort of ingredient can be stated as innovation. With the helpof this, administration of firms can gain competitive advantages and also it aid in giving rivalryto rivals. Along with this, it has been analysed that many people do take both innovation andinvention as same but they differs from each other. Therefore, it is essential for every singleorganisation to understand them in appropriate manner and consider both while manufacturingproducts. Under this project, Wiser which is a small business enterprise and offers variousservices to its clients that are related to consultancy. Assignment will include various elementslike concepts and type of innovation and lastly it will show process that is related tocommercialized funnel.TASK 1P1. Innovation and its importance to employees with a difference with inventionIn business world, innovations can be defined as altering products and services so thatsales of company can get enhanced or to grab attention of consumers in huge number. Bringinginnovation at workplace in must for every single firm that aid in hitting desired goals andobjectives. Market share can also be enhanced by conveying innovation in an appropriatemanner. Along with this, superiors of firms needs to do continuous research or investigations inorder to better understand all the trends, customers needs and strategies that are being used bytheir rivals. This action can aid firm in enhancing their both productivity and profitability bymodifying products with innovative ideas.When an organisation is looking forward to expand its business at global level, it hasbeen located that implementing innovative ideas into workplace may aid in reaching to a reputedlevel. Wiser is trying to bring innovations in their business purpose (Bogers and West, 2012).Therefore, management has to conduct research through which they can take appropriatedecisions that are related to conveying innovations in an appropriate manner. In this context,some of importance of innovations that are related to staff members are given below:1

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