Importance of Innovation for Organisations

Innovation

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 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......2
M1...........................................................................................................................................3
D1...........................................................................................................................................4
LO 2.................................................................................................................................................4
P3 4P's of innovative and use of innovation funnel...............................................................4
P4 Development in frugal innovation and its use...................................................................5
M2...........................................................................................................................................6
M3...........................................................................................................................................6
LO 3.................................................................................................................................................7
P5 Importance of commercial funnel and application of new product development.............7
P6 & M4 Innovation business case........................................................................................8
D2.........................................................................................................................................10
LO 4...............................................................................................................................................10
P7 Tools used to develop, retain and protect knowledge and intellectual property.............10
M5.........................................................................................................................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation can be defined as a development of fresh thought, device, procedure or
method in order to meet the prerequisites of domestic as well as foreign clients. 4Com is one of
leading organisation and famous for their best networking method in world. It introduces various
sorts of techniques for their buyers to accomplish their needs and wants (Aarikka-Stenroos and
Sandberg, 2012). This assignment is classified into some different parts, which will aid to
explain effective use of innovation as well as effectiveness in fulfilling goals and objectives of
enterprise within time period. Additionally, in this report, it is going to describe that there are
4P's of innovation method which can be used by firm in their business, that will help them to
provide growth and development. Enterprise can use some business case which is related with
innovation and can utilise various tools for protecting knowledge by developing intellectual
property.
LO 1
P1 Innovation and its importance for organisation in comparison with invention.
For 4Com creativity is very important because they create technological devices as well
as networking sites for overall nation. Thus, people can interact with other in an effective and
efficient manner. Along with this, innovation is much essential and critical for firm because it is
like a digital marketing which believes in creating something unique and different (Bagchi Sen,
2007). Thus, there are numerous reasons which represent significance of innovation, such as:
 Manager of enterprise can improve their current merchandise to attract many buyers.
 Creativity is very helpful for them to attain desired goals and objectives within a given
time period.
 It assists them to enhance their revenues.
 It aids them in differentiation of items from their rivals.
 Director of 4Com can make some policies as well as strategies to bring alteration in their
existing goods.
There are various difference among innovation and invention which are mentioned as
below:
INNOVATION INVENTION
1