Innovation & its importance 1 P2 Company's Leadership, Culture, Teamwork and Vision can shape innovation

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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