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Innovation in business case

   

Added on  2020-06-05

14 Pages4048 Words499 Views
INNOVATION

Table of ContentsINTRODUCTION...........................................................................................................................1TASK-1............................................................................................................................................1P1- Importance of innovation and its comparison with invention..............................................1P2- Affect of mission, vision, leadership, culture and team work in shaping the innovation.....2TASK-2............................................................................................................................................3P3- 4Ps and use of innovation funnel in determining innovative ideas for Austin Fraser. .......3P4. Development in frugal innovation........................................................................................4TASK-3............................................................................................................................................5P5. Significance of commercial funnel and application of new product development...............5P6. Innovation business case.......................................................................................................7TASK-4............................................................................................................................................8P7. Tools that can protect organisational intellectual property...................................................8CONCLUSION ...............................................................................................................................9REFERENCES..............................................................................................................................10.......................................................................................................................................................11

INTRODUCTIONInnovation can be defined as introducing any new method or idea. In context of market,this concept can be clearly seen as way of implementing new techniques into the product andservices that are being offered to the customer for the purpose of providing full customersatisfaction and company can also avail the benefit of profit. This can be represented as a form ofdeveloping new features within a product as per customer need and wants (Krishnan, 2010). Thismethod can be better understood as providing best solution to the current market demand. As faras this report is concern about then Austin Fraser is one of the world's leading organisationthough comes under small business. This is a recruitment a consultancy firm. They are meant tobe advice and support people. For each clients and candidates , they provide best recruitmentservices (Bruns and et. al., 2010). This report will enable to understand the basic differencebetween invention and innovation. Vision, mission, leadership, culture and team work helps inshaping the innovation and commercialisation.TASK-1P1- Importance of innovation and its comparison with invention.Innovation can be considered as the most important task of any organisation. This isbecause market is changing day by day. This leads to change in customer taste and preferences.There is also cut throat competition in the market. Therefore, companies need to develop thoseideas and plans which will support them to sustain in the market. In context of Austin Fraser,there has always been some scope of product innovation. As this company is a recruitmentconstancy firm, they have to work upon the part of their quality of services that are being offeredto the candidates or clients (Rothwell, 2010). Creativity should be there in order to get suitabilityin the market. There can be many reason of introducing and adopting innovation in the citedcompany. 1. It helps in improving existing product and services and thus this can attract a numberof customer. As this company is solely comes under the head of small organisation, thereforethey need to focus in customer satisfaction in order to get a marginal growth in the market. 2. Chances of getting higher profit increases and this will automatically provide aposition of suitability to the company. 1

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