Report on Innovation and Invention - Unicorn Grocery
12 Pages3926 Words56 Views
Added on 2020-06-06
Report on Innovation and Invention - Unicorn Grocery
Added on 2020-06-06
ShareRelated Documents
INNOVATION1
Table of ContentsINTRODUCTION ...........................................................................................................................................3TASK 1..........................................................................................................................................................3P1 Explaining innovation and its importance to employees and how innovation is different from ........3Invention invention .................................................................................................................................3P2 How organization vision, leadership, team work, culture can shape innovation and commercialization ...................................................................................................................................5TASK 2..........................................................................................................................................................6P3 Explaining 4P’s of innovation and use of innovation funnel ...............................................................6P4 Explaining frugal innovation ...............................................................................................................7TASK 3..........................................................................................................................................................8P5 Importance of commercial funnel and application of new product development .............................8P6 Building an innovation case ...............................................................................................................8TASK 4........................................................................................................................................................10P7 Different intellectual property tools used to protect and retain intellectual property.....................10CONCLUSION ............................................................................................................................................11REFERENCES..............................................................................................................................................122
INTRODUCTION The term Innovation innovation is viewed as the basic requirement of every organization. Itrefers to the process of converting an idea into a goods or services that creates values forcustomer or for which buyer are willing to pay. It can simply be defined as “new idea, method,process or device. It is also considered as an application of providing better solution thateffectively meet existing market needs, new requirement or unarticulated needs (Baldwin andVon Hippel, 2011). In terms of business, innovation means changing the process, product,services or workflows so as to make it more effective and efficient that achieve organizationalobjectives in a systematic manner. It is an aggregation of ideas, opportunities, sales, productionand marketing. The choose chosen organization for this report is Unicorn Grocery, which is theCooperative grocery store headquartered in Manchester, England. The company isdemocraticallycontrolled by its owner or members. The report covers how innovation isdifferent from invention, innovation mix, importance of commercial funnel, application of newproduct development and different intellectual property tools.TASK 1P1 Explaining innovation and its importance to employees and how innovation is different from Invention The concept of innovation deals withcreating new idea, product and method that effectivelymeets customer requirement. It refers to the process of converting an idea into a solution thatadds value from the viewpoint of customer. Basically, it refers to new product or concept thatoriginate individual’s idea or from scientific research. In simple words, it means something newor different introduced in the market that gives high competitive advantage to the company overtheir rivals. In terms of business, innovation act as a catalyst for their growth and development.From the last few decades, with the rapid advancement in technology, communication andtransportation chances of innovation increases. Innovation is positively linked with organizationefficiency, quality, productivity, competitiveness and market share. It means creating moreeffectiveproduct,workfloworservices. Unicorn Grocery is a small scale cooperative grocery store which is mainly controlled byits members. The company was founded in 1996 mainly deals in selling fresh, dried andprocessed food and drink and other general grocery, household and body care items. The3
company is the largest independent whole food groceries in the UK with an annual turnover ofaround 7 million ( in pounds). The company has also won 2 National Award named "best localfood retailer" and " best independent retailer". With fast changing technology and business, thecompany and its members has have decided to undergo innovation in terms of organizationculture. As the business entity is having only limited number of employees, it is important forthem to maintain and retain them for longer period. By innovating organizational culture, theycan improve overall organizational productivity and effectiveness. Therefore, the company hasdecided to start rooftop meeting, arranging yoga classes for workers, unlimited vacations forthem etc. This helps in building strong relationship among employees and moreover they starttrusting each other blindly. As the company operates by limited number of employee, the primeresponsibility of company is to satisfy their employees first (Manyika and et. al., 2011). This isthe reason why they have decided to put innovation in their organizational culture. In addition tothat, they have also decided to launch its online mobile application that makes them the firstamong other SMEs who is going to have mobile application. Following are the importance ofinnovationincontextofemployees:Development of skill: Company undergo innovation so as to increase the skill and efficiency ofemployees that further benefits them both personally and professionally. They can perform taskmore effectively and efficiently. All workers can easily accomplish their desired objectives andtarget. It also leads to growth and development of employees. Due to innovation in organizationculture, employees came to learn about to deal with different situations and how to co-operatewith other co-worker For example: Unicorn Grocery is decided that from now onwards, they willconduct rooftop meeting and promote open and friendly environment in the company. Thisenable. This enables workers to treat other employees as their colleagues and not asrivals(Rosenbusch, Brinckmann and Bausch, 2011).Efficiency of work: Innovation mainly deals in modifying existing features of a particularproduct or create an entirely new product that satisfies customer needs and wants in an effectiveand efficient manner. Thus, it leads to enhance the efficiency and productivity of employees. Forexample: Unicorn Grocery embedded change within its organization culture; it positively affectemployee’s performance as they started feeling more inspired and motivated which ultimatelyleads to improve their quality of work. 4
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Innovation and its Significance in Comparison with Inventionlg...
|9
|3575
|61
Innovation and Commercialization | Assignmentlg...
|9
|3762
|63
Innovation and Commercialization in Unicorn Grocerylg...
|9
|3751
|32
Innovation and Commercialization (Solution)lg...
|13
|3770
|205
P1 Innovation and Its Significance as Compared to Inventionlg...
|12
|3867
|163
Innovation in Unicorn Grocery : Reportlg...
|11
|3409
|31