Frugal Innovation and its Benefits to Management

The provided text discusses the concept of frugal innovation, which involves using existing resources in new ways to create value. It is a strategy used by businesses to reduce costs, eliminate unnecessary factors, and control expenses. Frugal innovation also promotes commercialization, allowing companies to launch new products and services, thereby improving market image and reputation.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and its importance for organisation in comparison with invention......................1
P2 Vision, leadership, culture and teamwork can shape innovation and commercialism...........3
TASK 2............................................................................................................................................4
P3 4P's of Innovation and innovation funnel...............................................................................4
P4 Development of Frugal innovation.........................................................................................6
TASK 3............................................................................................................................................7
P5 Importance of commercial funnel and application of New product development.................7
P6 Building of innovation business case including ways to access funding...............................8
TASK 4............................................................................................................................................9
P7 Different tools that an organisation can use to develop, retain and protect intellectual
property........................................................................................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation is defined as process which includes exploration of new ideas and thoughts; and
implementing changes in system. This helps management to manufacture items and services in
according to demands of people (What is innovation?, 2017). Superior makes transformations in
tools and techniques in system, so that organisation is able to make appropriate changes in
products . This help firms to deliver innovative and creative items in market and benefits from
competitors in same sector. Present report is based on Wiser, which provide recruitment
consultancy services to various organisations; and is popular in United Kingdom. Company have
competent and skilled workforce, so administration is able to deliver quality facilities to clients.
Innovation funnel and frugal aspects are uses by management to conduct new product
development process in system. This benefits firm to improve market goodwill also timely attain
goals and objectives.
TASK 1
P1 Innovation and its importance for organisation in comparison with invention
Innovation process is executed by administration which includes transformation of ideas into
reality and manufacturing products to fulfil needs and wants of people. Superior make changes in
existing items and services and deliver unique and creative offerings in marketplace. For this,
appropriate modifications in system and latest tools and techniques are implemented in
organisation (Bain and Kleinknecht, 2016). This benefit firms to compete with rivals and make
business function in according to market trends and situations. Thus, consumers have choices
and they can purchase products in respect to their taste and preference.
Invention is activity which includes concepts and ideas that are launched by individuals for
first time in market. This tactic benefits firms to use new technologies and provide creative items
to people. So, administration delivers variety of products and services and enhances market
reputation.
Wiser Consultants, which is a service company, require using adequate techniques in
system; so that efficient facilities are delivered to clients. Management need to frame appropriate
strategies and use modern technologies in system, so that resources are utilised proficiently. So,
innovation process advantages them to provide quality services and retain customers for longer
time (Brunswicker and Vanhaverbeke, 2015). This also helps superior to attract large number of
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people and enhance market position and share. Therefore, these are various facts which define
importance of conducting innovation process in system are as follows:
 Administration of Wiser is able to implement new ideas and thoughts in system and make
employees perform tasks appropriately. So, innovation activities benefits firm to provide
use latest technologies and provide services in according to demands of clients.
 Company uses adequate techniques in system, so they are able to grab attention of large
number of clients and compete with competitors in same sector. This helps superior to
improve market share and profitability of business.
Thus, it can be concluded that Wiser is able to provide quality recruitment services to other
firms and helps clients to have sufficient manpower and carry out appropriate activities. With
help of innovation and invention activities, modern technologies are used by management(De
Vries Bekkers and Tummers, 2016). So, company provide quality facilities to customers and
generate adequate revenue for business.
Difference between innovation and invention is stated below:
Innovation Invention
Administration makes modifications in tools
and techniques, so that appropriate changes are
made in items. This process helps them to add
new features and characteristics in products in
according to taste and preferences of people.
Novel ideas and thoughts are launched by
individuals in marketplace and provide new
variety of products and services to people.
For conducting innovation processes, it is
necessary that superior of Wiser have research
and marketing capabilities.
Invention activities need that person have
scientific abilities to introduce and launch new
concepts and theories.
Modifications in tools and technologies are
made by members, so that quality services are
provided to clients.
Management make changes in system so that
appropriate facilities are delivered by Wiser to
fulfil requirements of people.
Wiser Consultants is able to improve market
image, goodwill and establish brand with help
of innovation processes.
Company is able to compete with rivals and
deliver services in according to demands of
clients, with help of invention activities.
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Thus, it can be concluded that management make appropriate transformations and
modification in system; so that items and services are delivered in according to needs and wants
of people. With help of modern tools and technologies, superior provide creative and unique
products to customers (DiMasi, Grabowski and Hansen, 2016). In Wiser Consultants firm,
innovation and invention process are conducted by superior. These concepts help company to
deliver quality services to clients and make system function in respect to market trends. Apart
from this, administration is able to utilise resources efficiently and provide adequate facilities to
people. So, innovation activities benefits subordinates to acquire new skills and capabilities;
thereby enhance in their career. Therefore, adequate business activities are conducted and quality
services are provided to clients.
P2 Vision, leadership, culture and teamwork can shape innovation and commercialism
In each and every kind of organisation, administration has frame statement which specifies
mission, vision, goal and objectives. It is essential that system function appropriately and in
according to market situation. Management provide duties to staff members and assign them
targets which need to be accomplished by them (Dodgson, 2018). Apart from this, they even
require to provide adequate guidance and instruction to make employees perform tasks
effectively. Thus, superior are able to generate appropriate outcomes and profit for business.
Vision: Supervisors main motive is to accomplish achievement and success in particular
time. Wiser Consultants which provide recruitment service, goal is to provide quality facilities to
clients and construct strong bond with them.
Leadership: This concept specifies that superior require establishing healthy relationship
with members and providing them adequate information about system and duties assigned to
them. As in case of Wiser, leader provide appropriate guidance and instruction to staff members;
to make them perform tasks properly and attain targets timely. Seminars and sessions are
conducted by management to enhance skills and abilities of employees. So, quality services are
delivered by company and market image is improved. This also helps superior to retain
competent and skilled workforce.
Culture: Management need provide duties and targets to employees in respect to their
skills and abilities. It is essential that staff members get positive working environment in
organisation. So, subordinates will perform duties appropriately and produce products and
services in according to needs and wants of people (Donate and de Pablo, 2015). Wiser
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Consultants provide employees various opportunities to get appropriate return and develop their
personality. Workers will function effectively and accomplish targets within specifies time, if
management provide adequate organisation environment and culture to them. This helps firms to
make system function in according to market conditions.
Teamwork: It is necessary that administration divide members in different departments
and make them function properly. In Wiser, superior responsibility is to provide appropriate
duties to employees, making them perform tasks effectively and coordinate efforts of all. They
even require constructing relations with them to anticipate conflicts and issues exist between
team members; thereby provide them adequate solutions. This help company to generate
appropriate outcomes and deliver quality services in market.
Therefore, it can be concluded that commercialisation process helps management to
provide adequate instruction and information to staff members about duties and targets assigned
to them (Guttentag, 2015). Vision and mission statement helps administration of Wiser to make
system function appropriately and accomplish goals and objectives timely. Apart from this,
subordinates function properly; as they get positive working environment and adequate
organisational culture. So, employees perform tasks in team and deliver quality services to
clients. Thus, management is able to utilise resources efficiently and improve market reputation.
TASK 2
P3 4P's of Innovation and innovation funnel
Administration need to make system function in according to market conditions and
customer’s demands. It is necessary that latest technologies and techniques are implemented in
firm; so that superior is able to utilise funds, material and manpower efficiently. For this,
alterations and modification in tools are made my management. Thus, these are innovation 4P’s
which are formulated by members of Wiser to deliver appropriate recruitment services are
discussed beneath:
Product: This component specifies that management conduct innovation process to
produce creative and unique items in according to needs and wants of people. It is necessary that
companies provide variety of products to give choices to customers. Superior makes changes in
techniques to launch new variants and add features in current items (Johnsto and Marshall,
2016). This helps Wiser to use modern technologies and deliver quality services to clients. So,
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superior provide adequate facilities to people and retain them for longer period. This benefits
company to improve sales and profitability.
Paradigm: It is essential element which defines that management formulate appropriate
program and plan, so that innovation process is conducted properly. They should examine all
aspects and factors before executing modifications and alterations in system and techniques.
Superior of Wiser, evaluate impact of creation and changes have on business functionality. This
benefits them to provide adequate items and services to clients and improve market position.
Process: This component defines that administration need to use appropriate tools and
techniques, so that products are delivered in according to needs and wants of people. Apart from
this, it is necessary that superior utilise resources efficiently and timely deliver items
(Kleinknecht, 2016). Wiser Consultants, management uses modern technologies to provide
innovative and creative facilities to clients. This benefits firm to reduce cost of business activities
and make staff members function in team.
Position: This element specifies that management provide quality items and services to
customers to enhance their market goodwill and reputation. In Wiser Consultants, latest and
effective technologies are implements in system, so quality services are provided to clients. This
helps company to attract large number of people and retain them for longer period. Thus,
superior are able to position firm higher than other enterprises in same sector.
Innovation Funnel
Administration of small and medium organisations uses this concept to utilise funds,
material and manpower properly. This tool helps them to make system function appropriately
and deliver items and services in according to needs and wants of people. Management of Wiser
Consultants uses innovation funnel device to remove problems and difficulties from system,
thereby get adequate solutions to handle difficult situations. This tool helps superior to execute
new concepts and ideas in firm and produce creative and unique offerings. Apart from this, it is
necessary that management evaluate impact of new ideas that are introduced by them in market.
This helps superior to acknowledge market situations and customer’s demands. Thereby, conduct
sessions and seminars to improve skills and abilities of staff members and make them perform
tasks effectively. This benefits company to make them capable to work with latest technologies
and willingly adopt modern techniques. So, innovation funnel benefits Wiser to make employees
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perform tasks effectively and deliver quality services to clients. This tool also helps firm to retain
customers, competent workers and compete with competitors.
(Source: Innovation funnel, 2016)
Investigation is first part of innovation funnel which defines that management have ideas
which are used as for making system function effectively. Resources development is another step
which determine that funds, material and manpower are used efficiently to deliver appropriate
items and services to customers.
P4 Development of Frugal innovation
Administration will be able to utilise resources efficiently, if adequate tools and techniques
are implemented in system. They even require removing inappropriate and inadequate elements
from items. Superior uses frugal innovation concept to control production cost and diminish
complex activities from organisation (Moulaert, 2016). This tool helps small and medium firms
to use funds, material and manpower adequately. Apart from this, it also benefits members to
deliver items and services in according to needs and wants of people. Management of Wiser
Consultants uses frugal innovation concept to make staff members function effectively and
provide quality services to clients. This helps company to improve market image and reputation.
Thus, this benefits firm to grab attention of large number of people and attain objectives and
goals in proficient manner.
Staff members function effectively and accomplish targets timely, if superior provide
them adequate instruction and guidance in respect to duties assigned to them. Frugal innovation
concept benefits management to utilise resources efficiently and accomplish objectives. Apart
from this, this helps them to make members dedicated and motivated (Love and Roper, 2015).
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Illustration 1: Innovation funnel

So, these are various stages that are conducted by superiors to provide adequate products to
people are as follows:
 Recognise tools and technologies that help management to implement new ideas and
concepts in system.
 Approximate cost that will be invested for execution of ideas.
 Examine reports and make adequate decisions which are advantage for firm. This help
member to overcome problems and complex activities from system.
 Superior will be able to make staff members perform tasks effectively and provide
quality items and services to clients.
Therefore, frugal innovation concept is used by administration of Wiser Consultants to utilise
resources appropriately and make system function effectively. This also helps management to
establish competitive advantage and compete with rival firms. Thus, company provide quality
services to customers and generate adequate profit for business.
TASK 3
P5 Importance of commercial funnel and application of New product development
Management need to use appropriate tools and techniques in system; thereby provide items
and services in respect to demands of people (Laeven, Levine and Michalopoulos, 2015).
Alterations in system and technologies are made, so that innovative and creative products are
delivered by firms. Commercial funnel is used by superior of Wiser Consultants to provide
quality services to clients and attract large number of customers. Business activities are executed
proficiently, if latest technologies are implemented in system.
Commercial funnel concept benefits Wiser Consultants to launch new items and services in
domestic and international market. This benefits superior to utilise market opportunities and
deliver innovative products globally. These are various steps of new product development which
are executed by management are as stated beneath: Idea generation: It is starting phase of NPD which defines that new ideas and concepts
are introduced by superior. This helps members to add new features in items and services
in respect to taste and preference of people (Kogan and et. al., 2017). Idea screening: Market survey is conducted by management to acknowledge recent
trends and evaluate feasibility of concept and ideas.
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 Testing the concept: This phase is conducted by superior to ascertain system abilities
and anticipate whether adequate amount of resources are available with organisation. Analyse products and services: Management need to design items and services in
according to demands of customers; thereby examine whether products are manufactured
appropriately or not. Commercialisation: This phase consist activities which are conducted by superior to
promote information to public about items and services that are launched by them.
 Product launch: It is last stage of new product development which specifies that
management need to transform ideas into reality. Modification in items and services are
made by members in according to needs and wants of people. This helps company to
compete with competitors, enhance sales and profitability.
P6 Building of innovation business case including ways to access funding
Organisation need to provide products and services in respect to needs and wants of people.
It is necessary that management uses appropriate tools and techniques in system, so that
resources are utilised properly. With help of innovation process, superior manufacture creative
and unique items. This also helps subordinates to perform tasks properly and deliver adequate
items and services in marketplace. Alterations and technologies in technologies helps companies
to utilise market opportunities and provide products in according to taste and preference of
customers (DiMasi, Grabowski and Hansen, 2016). In Wiser, superior uses modern technologies
in system; which helps them to provide quality recruitment consultancy services to clients. This
helps company to improve sale and retain customers for longer period. Management uses
innovation funnel and commercialisation concepts to conduct appropriate business operations
and improve market image. This also helps firm to construct advantage over competitors in same
sector. Apart from this, these tools benefits company to launch products globally and generate
adequate profit for business. Thus, these are various facts which are conducted by superior are
stated beneath:
 Management need to anticipate quantity of financial resources require by them to conduct
appropriate business activities.
 Administration requires acknowledging areas which need extra funds, as new items will
be launched in various countries.
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Modifications and alterations are to be made by superior of Wiser Consultants to make
system function effectively and in according to market conditions. It is necessary that products
and services are delivered by firms in respect to needs and wants of people. Management is able
to utilise resources efficiently with help of wireless technologies that implemented in system.
This helps them to make staff members perform tasks effectively and accomplish targets timely.
Additional funds are easily available through financial institutions and shareholders; which helps
Wiser to expand business and conduct appropriate activities. This also benefits administration to
provide quality services to clients and enhance market reputation and image.
TASK 4
P7 Different tools that an organisation can use to develop, retain and protect intellectual property
Management require conducting adequate appropriate business operations and using
appropriate devices to safeguard essential assets of firm. To secure important properties and
resources, government had formulated various laws and legislations. Proprietors get certification
from regulatory bodies to protect assets from usage by other individuals (Johnsto and Marshall,
2016). These are various aspects which are designed by government to secure intellectual
properties are stated beneath:
Copyright: Novels and books which are author’s work are protected with help of these
laws. This prevents these things from being used by other persons.
Trademark: This legislation is used to secure logo, name, symbol and design of
company. Administration can secure these components from usage by other organisations; and to
establish strong brand image in market.
Therefore, it can be comprehended that each and every kind of firms needs to get
certification from government to secure intellectual properties from usage by other individuals
and organisations. Wiser Consultants which provides recruitment services to clients; it is
essential that management protect logo, mane pattern, technologies and other important assets.
For this, trademark is used by company to certify these components and secure them. Thus,
executive are able to enhance market share and position.
CONCLUSION
As per above report, it can be concluded that innovation process is conducted by
management to make system function appropriately. It is essential that alterations and
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modification in technologies and products are made in according to needs and wants of people.
Management will be able to utilise funds, material and manpower properly, if appropriate tools
and techniques are implemented in system. Market survey helps members to acknowledge needs
and wants of customers thereby provide them adequate items and services. Innovation funnel is
efficient tool which is used by superiors to take care of unnecessary factors, elements and control
cost. Besides this, commercialisation concept is used for new product development and launch
new items in marketplace. This helps companies to grab attention of large number of customers
and provide them variety of products. Therefore, frugal innovation benefits management to
improve market image and reputation.
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REFERENCES
Books and Journals
Bain, D. and Kleinknecht, A. eds., 2016. New concepts in innovation output measurement.
Springer.
Brunswicker, S. and Vanhaverbeke, W., 2015. Open innovation in small and medium‐sized
enterprises (SMEs): External knowledge sourcing strategies and internal organizational
facilitators. Journal of Small Business Management. 53(4). pp.1241-1263.
De Vries, H., Bekkers, V. and Tummers, L., 2016. Innovation in the public sector: A systematic
review and future research agenda. Public Administration. 94(1). pp.146-166.
DiMasi, J. A., Grabowski, H. G. and Hansen, R. W., 2016. Innovation in the pharmaceutical
industry: new estimates of R&D costs. Journal of health economics. 47. pp.20-33.
Dodgson, M., 2018. Technological collaboration in industry: strategy, policy and
internationalization in innovation. Vol. 11. Routledge.
Donate, M. J. and de Pablo, J. D. S., 2015. The role of knowledge-oriented leadership in
knowledge management practices and innovation. Journal of Business Research. 68(2).
pp.360-370.
Guttentag, D., 2015. Airbnb: disruptive innovation and the rise of an informal tourism
accommodation sector. Current issues in Tourism. 18(12). pp.1192-1217.
Johnston, M. W. and Marshall, G. W., 2016. Sales force management: Leadership, innovation,
technology. Routledge.
Kleinknecht, A., 2016. Innovation patterns in crisis and prosperity: Schumpeter’s long cycle
reconsidered. Springer.
Kogan, L. and et. al., 2017. Technological innovation, resource allocation, and growth. The
Quarterly Journal of Economics. 132(2). pp.665-712.
Laeven, L., Levine, R. and Michalopoulos, S., 2015. Financial innovation and endogenous
growth. Journal of Financial Intermediation. 24(1). pp.1-24.
Love, J. H. and Roper, S., 2015. SME innovation, exporting and growth: A review of existing
evidence. International small business journal. 33(1). pp.28-48.
Moulaert, F., 2016. Social innovation: Institutionally embedded, territorially (re) produced.
In Social innovation and territorial development. pp. 27-40. Routledge.
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Online
What is innovation?. 2017. [Online]. Available through:
<https://www.merriam-webster.com/dictionary/innovation >.
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