Creativity and Innovation Assignment (Doc)
Added on 2020-09-17
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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1. Innovation and its importance ..............................................................................................3P2.Shape of innovation through organisational culture, vision..................................................5TASK 2............................................................................................................................................6P3 4P's of Innovation and innovation funnel .............................................................................6P4 Frugal Innovation ..................................................................................................................8TASK 3............................................................................................................................................9P5 commercial funnel and application of New Product Development.......................................9P6 Business case of Iceland ltd.................................................................................................10TASK 4..........................................................................................................................................11P7 Developing, Retaining and protecting intellectual property................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................122
INTRODUCTIONInnovation is the fundamental requirement of every organisation. It is that essentialactivity which helps company to grab more customers and maintain their place in the market. Itis a process in which an idea is developed for bringing new features in their existing products orinventing a whole new product. It is basically an aggregation of opportunities, identification,marketing, sales, prototype, idea and production (Aarikka-Stenroos and Sandberg, 2012). Itrefers that innovation helps company in gaining competitory benefit over challengers and gainingmore market share and customers. Here, a product is given with a new design, colour and size.The firm which is chosen here is Iceland that is a British supermarket chain having 2.2% share ofUK food market. In this report, an overview of what innovation is about will be discussed andalso, various sources of innovation, commercialisation and management will be assessed. Theapproaches of creating innovation culture in company and legislations of protecting creativitywill also be studied with reference to Apple and Virgin Group. TASK 1P1. Innovation and its importance Innovation can be defined as a process of turning an idea into a product which is madeas per the customer’s preferences. In simple words, it can be said that innovation is theapplication of concepts that can be reused by company and are novel. In order to bringinnovation in organisation, employees need to be creative and smart. They should be able tounderstand which opportunities can bring innovation in company and which are useless. Ifemployees are creative then they will be able to give effective ideas to company and once allthese ideas are applied, then it leads to innovation. In Iceland Ltd., innovation can be achieved inmarket share, its productivity, customer handling procedures, competitiveness and the mostimportant thing i.e. quality (Bogers and West, 2012). It also plays a complementary role inmaintaining Iceland organisational cultures. Innovation is highly required in that side oforganisation also because innovative activities helps in improving performance of employees. Ifinnovation is actively initiated in companies then their achievements and profits can be improvedand resources will be well used. Invention – It means creating something different that has never been made before. Itincludes embodying new technical and scientific skills in the product. It is adopted by company3
when they are losing their place in market and want to regain it by introducing something uniqueand creative in market for the customers (Chun and et. al., 2015). It brings a fresh start forcompany. Difference between Innovation and Invention is given as below:-InnovationInvention MeaningHere, an idea which has beenevolved is implemented forcreating new products andservices.Here, an idea has beengenerated for the first time inthe mind of any person. Skills RequiredSkills that are used here aremarketing, research andmanagement mainly.In this, mainly scientific skillsare used. Effect on companyIt always brings changes inorganisations.It may bring changes and maynot. ActivitiesIn this, activities are spread inthe whole organisation. In this, main activities areconducted by research anddevelopment department only. Importance of Innovation for the employeesof Iceland Ltd.:-It helps in gaining new skills and knowledge which can help them in improving theircareer. It develops a sense of creativity in the minds of employees which can further helpcompany by providing effective ideas. Improvement in efficiency and effectiveness of employees. Importance of Innovation in Business organisation:-1.It helps in developing business activities which will help in improving the quality andefficiency.2.It helps in developing entirely new and improvised goods which are prepared as per thecustomer's preferences.3.They help in adding value to the existing products so that they will be able to maintaintheir place in market. 4
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