Innovation and Invention in Fordway : Report
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Added on 2020-07-22
Innovation and Invention in Fordway : Report
Added on 2020-07-22
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INNOVATION
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Difference among innovation and invention as well as its importance............................1P2. Perception, leadership, cultivation ,teamwork and commercialisation...........................2TASK 2............................................................................................................................................4P3. 4Ps and its uses in innovation funnel and observation of this new techniques................4P4. Process of developing frugal innovation in FORDWAY.................................................5TASK 3............................................................................................................................................6P5. Importance of commercial funnel and application of new product development process6P6. Innovation building case for FORDWAYS including way of access fund......................8TASK 4............................................................................................................................................9P7. Different tools for developing, retaining and protecting intellectual property................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12
INTRODUCTIONThe present scenario depicts, every company is adopting innovation policy which isbased on changing demand of consumers as well as on marketing situation. Company needs toproduce their products or employment with a specific aspects which helps to achieving futureobjectives over its competition in market.This alteration is very useful for pint-sizedorganisation as a result of this, number of activities are involved so it should focus on limitedarea so that it will helps to commodity to fulfil their customers demands and necessary.(Amitand Zott, 2012). This research is for FORDWAY, this is a meager business enterprise that iscontribute advanced solutions to their customers and market. This project helps to find differencebetween innovation and invention techniques, which will be helpful to define objectives ofFORDWAY and a information that how can they improve and develop their products and servicewith unique transformation which will be helpful for customers.TASK 1P1. Difference among innovation and invention as well as its importanceInnovation-This is helps to transform new ideas into products or services which will behelpful to build value for FORDWAY and also for target market. In it, new products or itsbenefits are formed which is based on the changing demand of customers. Public thinks that innovation or invention both are introduced same meaning but they arevery different to each other. As given in case study Apple Inc., introduced I-pod as a musicplayer and also increased storage capacity. This case increased storage is innovation processwhile mp3 is an invention that was made long back (Davila, Epstein and Shelton, 2012).InventionInnovationIt includes that idea, products orservices which has never been madeearlier. In this, new product is created.It happens when new idea andtechniques are knocks into the mind.It is related to only single products.In this only, R & D department assistsIt includes transformation of new ideasand plans for the first time in differentproducts.Some modification for existingproducts.It occurs when there is requirement ofsome modification or must have newfeatures in existing commodity.1
for implementing this idea into product.It is an intellectual exercise thatintroduced in the market for the firsttime.It includes various merchandise andprocess.It spreads in the entire organisation.While innovation is a ongoing processbecause in today competitiveenvironment, no organisation can getsuccess in the market.After this difference, it is a suggestion for FORDWAY that they should have to useinnovation process on the behalf of invention. While implementing this plan, employees areconsider for a different process, so its recommended that at the time of formulating this plan,worker should be considered and should also take ideas from them. After using this technique,employees will enjoying their work with new ideas and advance techniques. (Drucker, 2014).These types of innovation helps to improve peoples live who are working with theorganisation because this type of techniques helps to increase companies growth and this willdirectly effect on there workers and stakeholders.Through this process, new products and services are imported and served to customersthat never been spotted. Example- When Computer was introduced in market then at that time, itwas an invention but now if some changes will introduced then it will be known as innovationlike laptop was introduced then it is an innovation (Difference Between Invention andInnovation, 2017). This policy should be introduced as per their consumers' requirement because it willsupport in increasing profit and revenue of company. So, FORDWAY should follow that policywhich is affordable by its consumers that will help in growing business.P2. Perception, leadership, cultivation ,teamwork and commercialisationThese type of creativity is deals to achieve long term objectives of organisation. Forimplementing this plan, FORDWAY can clearly find their vision and mission that will aid inincreasingservices and productivity.For achieving new strategy and objectives it helpsinfollowing way-Vision-FORDWAY needs to clear vision statement that it want to achieve in futurebecause according to goal, innovation process is designed. If objective will be clear to2
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