Innovation Strategies for Business Success

The report highlights the significance of innovation in achieving business success, and introduces various tools such as copyright, patent, trademark, and trade secrets to manage intellectual property. It emphasizes the importance of protecting unique ideas and creations through these mechanisms, ensuring their safe and secure use.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and invention & its importance.......................................................................1
P2 Company's Leadership, Culture, teamwork and vision can shape innovation.................2
TASK 2............................................................................................................................................4
P3 Use of innovation funnel and 4p's of innovation..............................................................4
P4 Frugal innovation developments......................................................................................5
TASK 3 ...........................................................................................................................................6
P5 Significance of commercial funnel and applications of NDP ..........................................6
TASK 4............................................................................................................................................7
P6 Business case related to innovation for 4 com plc business firm......................................7
P7 Various tools that company use to retain its intellectual property....................................9
CONCLUSION...............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation means to creating and introducing new ideas related to any products, services,
machinery, technology and any types of process. From innovation, managers and employees find
new and easy ways to completing their tasks or activities (Brown and Wyatt, 2010). 4 com plc is
a small business organisation and and this firm provides internet telecom services to its
customers. It is a small- scale company and there are small number of employees are working. In
this above report mentioned about the invention and innovation and also their difference among
them.
There are various types of innovation and use of innovation funnels to managing the
development about product or business. In this present report mentioned that there are 4 p's of
innovation. At the time of introducing new products and services, this business firm use new
development process for successful launching. There is a big role of innovation funnel in relation
to business enterprise.
TASK 1
P1 Innovation and invention & its importance
Invention refers to inventing and to discovering new things which do not survive before.
It can be a device and can be a process. With the help of research, researcher can find new and
unique things. Inventor can be provide security and can be patented his intellectual property. 4
com plc business organisation try to find new things which can make its mobile services better.
Innovation means to searching new thoughts or ideas. It is a type of creativity. With the
help of this, management or employees can find new ways to complete task or work in an easy
way and with in a given period of time (Crossan and Apaydin, 2010). It is a process to
transforming the ideas in to products and services which creates some value for consumers for
which they will pay. A idea should be economical which can satisfy the needs and wants of
customers. Innovation gives good result when the thoughts are applicable by a business
enterprise in order to fulfil the expectations and demands of buyers. There are following points
listed below which state the difference between invention and innovation:
INNOVATION INVENTION
It means to developing new methods to do It refers to searching and inventing new and
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things and work in a better and easy way. unique things which do not sustain before.
It is concerned with combination if many
different process or can say goods.
It is also concerned with single goods or
processes.
The activities in innovation extended across
the company.
In this, activities are related to Research and
Development departments.
It is related to make modification in to existing
products or services .
It is affiliated with generating new materials
There are some main significance of innovation:
Provide better services and products- Innovation helps in making goods or materials
in a good form. From searching introducing new ideas, it will be easy to change in existing
process or adding some features and specification on the basis of their tastes and preferences in
current goods which can helps in satisfy the needs and wants of its customers.
To pull new customers- If this business firm will provide better quality services and
make make modification in existing products, then it will be easy to attract new buyers.
Enhances growth and profitability- By developing new goods and by adding some
additional features in present products according to the tastes and preferences of customers on
reasonable cost, then from this the sales of this company will be increased and it will also helps
in maximising the productivity and profitability of business (Dahlander and Gann, 2010).
Improving communication- If this will be work in a team for developing any new
materials, then from this employees will work together and search idea for make creativity and
for introducing new products in good way. From this every worker interact with each other and
discuss about their thoughts and views with each other. With the help of this, their
communication level will be increased.
Apple company and Virgin both works on providing good quality services with the helps
of innovation to their buyers. They always tries to make new features in their mobile phones
which can helps in attracting the customers towards their products.
P2 Company's Leadership, Culture, teamwork and vision can shape innovation
In business organisation, culture, vision, teamwork plays important role and they all are
helpful in making a business successful (Davila, Epstein and Shelton, 2012). 4 com plc company
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has stood leaders and managers, who provide good guidance or advises to its team members and
employees.
Vision- The vision of this company is to provide better communication and internet
services to its customers. It is related in future context. Vision refers to decide what to want in
future and what is the future plans of company, the vision of Apple and Vision com plc
companies both wants to give some unique features to its customer and make new strategies for
attracting new consumers.
Teamwork- The main motive of team work is to bring all employees together and all
works on achieving a common goals of business firm. To work in a team, each and every worker
think new and better ways to implement new serves on existing products. All workers work in a
team by contributing their skills, knowledge, abilities and capabilities (Drucker, 2014). If every
employee will work in a team, then from this new ideas will be generated for making new things
good. Team work helps in making the business of company successful. In 4 com plc business
firm, every employees employees works together for accomplishing the goals and objectives. It
will helps in improving the communication level among employees and employers. Team work
can be give the shape to commercialisation and innovation.
Leadership- In an organisation, leaders plays important and necessary roles. The main
duty and responsibility of leader is to guide or lead his/ her team members to work in a team and
find out new and easy ways to do the work on reasonable period of time. Team members think
innovative thoughts and leaders support them. They motivate their employees to do their work in
a good way and also motivate its team members to work in a team.
Culture- It means values, beliefs, norms and the rules and regulations which are made
through people of society. So, it is necessary to company top work according to social norms of
society. Culture of every business firm is contrasting from each other (Edquist, 2010). In 4 com
plc organisation, every employee are from different regions, culture. There should be a common
culture of an organisation which everyone accepted. In a business organisation, culture consists:
 a way in which business firm treats its employees and conducts its business
process.
 Give freedom to its employees to take any decisions and includes them in any
decision making process and take their suggestions. From they, employees will
motivated and developing new thoughts.
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It will helps in increasing the growth and productivity of business process. To creating
good organisational culture, it is necessary to create safety and positive working environment to
its employees, so that they can work properly. These all are helpful in give the shape to
commercialisation and innovation.
TASK 2
P3 Use of innovation funnel and 4p's of innovation
Innovation helps in generating new thoughts and them implementing them in to action
form. There are four p's of innovation and these are product, process, position and paradigm
innovation.
Product- In this innovation, business firm works in introducing new goods and also
focus on modification in its existing products and services. Employees find new ways to do
products better for attracting customers (Gassmann, Enkel and Chesbrough, 2010). To make
goods attractive, it is necessary to make changes in its quality and its production system.
Process- If company wants to make changes in its products and want to attract buyers
towards it services, then it is important to change in its manufacturing process and improve its
quality standard. To improving in process, it will help in enhancing the efficiency of its goods or
services and from the sales of company will be increased and its growth will also maximizes.
Position- In this type of innovation, there is a need to company to re- position its
materials in to another place. It means to make modification in particular goods and serves for
accomplishing the objectives and goals of business firm.
Paradigm innovation- This trope of innovation states the framework and shape of its
business firm. It is mainly a result of social changes which are impact on attitudes of people for
services and goods. This creativity helps in developing new ideas.
Funnel innovation is mails used to describe all steps that help in generating all types of
products, processes or materials. 4 com plc company works on this innovation and it try to make
changes in its mobile communication services. This abusiveness firm tries to provider high speed
data or internet services to its customers. Main motive of this innovation is to make goods which
can helps in satisfy the demand of buyers (Hjalager, 2010). It renders a graphic structure for
thinking about the secondary opinions related to development of new products. It includes three
main types of funnel innovation:
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Wide of mouth- This type of creativity helps in maximizing the knowledge base of an
enterprise. The main goal of this type of innovation is to collect many thoughts and after then
one one best and suitable idea which can helps in generating the materials and production
process. By conducting research programme, this business firm can gathered information from
primary and secondary sources. In primary, information can be taken from surveys,
questionnaire etc. and in secondary the data can be taken from existing partners, internet, books,
journals, institutes etc.
Narrowing segment of funnel- This business firm generating new ideas with the help of
doing screening (Huberman and Miles, 2011). It means to meet thoughts from its organisational
goals. After this, management and business needs to identify all risks and returns related to any
goods or production processes.
Narrow segment of funnel- In this type of innovation, this business firm confirms that
the thoughts selected delivered on the goals of an organisation that are expected at the time of
company was started.
P4 Frugal innovation developments
The frugal innovation helps in generating new busienss models which can helps in make
changes in its products and services and focus on providing good quality services to its
customers on reasonable price. Some times company faces some problem and constraints at the
time of launching products or services. This innovation helps in reducing the wastage or any
difficulty in production process. It helps in improving the quality standard of products and
services. 4 com plc firm provides internet services at high speed at reasonable period of time.
In future, advances technology and new machineries both will help in make
manufacturing process good (Huizingh, 2011). From this, the sale of company will be increased
and firm will try to segment its business in to new markets, cities or countries. It will helps in
generating the employment for local people and it will increases the income level of economy.
From this, customers will buy products on maximum price. This innovation develops many
strategies to make change in production areas and to maintaining the process of business. There
are some pints which will discuss about the development of Frugal innovation:
Decreasing manufacturing cost- With the help of using this technique, 4 com plc
enterprise focus on minimizing the manufacturing cost and also concentration on developing
good quality of goods and services by reducing in production cost. To buying raw materials from
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suppliers at lesser price, company can gives products and services to its buyers at minimum
price.
Additional specification in current products- From adopting or from using this
technique, the production department will make some changes in its present good by adding
some extra features and specifications which can satisfy the needs and wants of customers.
Growth in advanced devices- According to this, business firm produces products or
materials by adopting new and advanced technology (Lee and et.al., 2010). It helps in
manufacturing good quality standard of products and provide it reasonable price rate. From
which, every person can use its services.
TASK 3
P5 Significance of commercial funnel and applications of NDP
Commercial funnel is related to purchasing process which business firm lead purchase at
the time of consuming any products. It is a blueprint that shows about the current sales
prospectus. This funnel helps in modification of present products for attracting nee customers
and for retain existing buyers. There are some importance of this commercial funnel:
To improving quality- It helps in improving the quality standard of good and services by
improvement in production process. By adopting new techniques, business can improve in
quality standard of its production process.
Helps in creativity- With the help of this, every employees focus on generating new ideas
for developing services, goods or processes.
To increase goodwill- If this company will provide good provide at minimum price and
which can satisfy the needs and wants of customers (Leiponen and Helfat, 2010). It will helps in
increasing the reputation of company.
Growth and productivity- If this business organisation will produces goods on the basis
of customers demand, then from this the growth and profitability of company will also be
increases.
Conducting research- Before introducing any products and services, it is necessary to
know about market strategies, competitors, do market analysis. The information and data can be
collected with the helps of primary and secondary sources.
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When 4 com plc organisation, develops any new products and services, then this business
firm follow the New Product Development process. In this process, there are some stages are
included:
Idea generation- It is a first step and in this step, this company needs to develops ideas
for goods and materials. Like for instance types of products, what technology should be used,
what type of raw materials must be used (Lundvall, 2010). In this, it is very important to conduct
market research to know about all market conditions and to select good suppliers who supply
raw material on proper time at reasonable price.
Idea screening- After generating ideas, then in this step, there is a need to select one of
the best and suitable idea. The selected idea should be flexible and meaningful.
Conduct testing and development- In this step of new product development, the
selected idea can be transformed in to the actionable form. The testing of goods and service
should be conducted inside the laboratory and keep in mind the safety concerns.
Test marketing- After testing, company do the test marketing of new products, at market
place. In testing the good at market, this business firm use marketing mix before introducing. In
this includes price, product, promotion, place, people, physical evidence and process. These all
are very helpful in in launching (Melville, 2010). After introducing the new material in market
and if it fails to attract customers, then the employees or marketing executives will take feedback
from all people and then make change on the basis of their suggestions or feedbacks.
Commercialisation- After introducing new products at small scale, now in this company
launches its goods at large scale such as in other cities, countries or different markets etc. 4 com
plc invest more money on new development process and it also invest on different promotional
activities. It gives advertisement with the helps of posters, television, holders, radio, through
social media etc. It provides attractive promotion to aware people about its services or facilities.
Take review of market performance- This business organisation should be take review
from market about the new products. From taking review about the performance about the new
materials from market, then it will be easy to know about the customers tastes and preferences.
Company should be make time to time changes in marketing strategies and plans. These both are
helpful in making business operations successful.
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TASK 4
P6 Business case related to innovation for 4 com plc business firm
This company is a small scale company and there are small number of employees are
working. The main motive of this business enterprise is to provide better quality communication
and internet services to it clients. But some of the times, this organisation faces many issues at
the time of operation process. The 4 com plc provides the phone systems, applications, software,
internet and also the broad band services. The innovative product that 4 com plc wants to be
prepare that is a mobile phone with 4G services. With the mobile phones, this company will
provides the 4G SIM to its customers. For this, it uses new technology and many machineries.
For this purpose, it is necessary for the manager of this company is to appoint the capable
employees who can use their skills to introducing the new products. In this business case, there
are some stages that are required to be incorporated:
Executive summary- This business firm, is a small and private limited. This company
deals in voice calling, provide internet services at high speedo, mobile network etc.
Need- The need of this company is to develop its business by rendering good services at
reasonable price to all people (Patti, Yanes and Siuzdak, 2012). This need to be innovative
because with the help of this people can connected to any where with any person at the
reasonable cost. From this, people will get the high speed internet services.
Solution- The solution is that it should also be provided 4G services in its phones and by
adopting new and advanced technology, update itself and design products according to
customers demand. It will be very beneficial for the 4 com plc business organisation from this
the productivity of company will be enhanced and also the profitability. From introducing the
new and innovative product, more and more customers will be attracted towards company.
Buyers research- After make the solution of problem, there is a need to search those
customers who will be loyal towards it products. This company can search its customers in
different markets or cities
Design of products- In this stage, company start to design its products and make then
planning about the quality standard and promotional activities.
Resources required- For making the new mobile phone, 4 com plc should use the good
quality of resources or raw materials. For increasing the speed of internet, it is necessary to this
firm is to adopt and also use the advanced technology or machineries.
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Investment requirements- After doing all this, there is a need of financial helps. The
funds which 4 com plc has to required for introducing the new products will arrange from its
existing bondholders, speculation and banks provides funds to company.
An innovation going to be carried out from the regular changing in the existing products
of company. With the help of this people will be interested in existing products of 4 com plc
organisation. The time frame of an innovation should be carried out regular change with in a 4
months and also prepare a plan to make some innovative things after 6 months.
To protecting an intellectual property, 4 com plc organisation use the copy right, trade
marks, trade secrets and also a patent. From this, no one can use its products as well as services
with out its permission. Among all these tools, 4 com plc used the copy right tool. Under this,
company takes the legal rights to sell its goods and along with this government gives legal
document top protect its intellectual property.
P7 Various tools that company use to retain its intellectual property
It is very important to safe and retain its valuable property and its discovery. 4 com plc.
company use copyright, patent and trademark to make its invention and creativity secure and
safe.
Copyright- Under this, business firm registers its work and the government of United
Kingdom provide rights to business owner to sell and promotes it products and services.
Government provides a legal document to owner of company to keep secure its intellectual
property (Teece, 2010). Then no company or person can use its services without any permission.
Patent- It provides a legal right to producer to use or to sell its services for certain period
of time. Under patent there is some years mentioned related to using services.
Trademark- Under this, company registers its name, sign, tag line and other necessary
things which helps in differentiate the 4 com plc company from any other abusiveness firms.
Under this the symbol, logo, device of an organisation registered under the government. These
all things represents an organisation.
Trade Secret- It is a technique which a business organisation used in producing the
products or giving services. The trade secret refers to any confidential information of company
which gives an organisation competitiveness. It is a process, instrument, practice and also
completion of data and information.
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CONCLUSION
It is concluded from the above report that innovation helps in making business successful
and from invention, company can inventing unique things. Innovation has some its importances.
The vision, leadership, teamwork and culture of a business enterprise can shape to
commercialisation and innovation. In this present report studied about the types of innovation
and uses of innovation funnel to evaluate and give the shape to creature ideas. There are some
development areas in frugal innovation and company used this for providing better quality
services. Before introducing any goods, it is necessary to use the process of New Product
Development.
REFERENCES
Books & Journals
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