Innovation and Invention in Fordway : Report

Added on - 22 Jul 2020

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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 scenariodepicts, every company is adopting innovation policy which isbased on changing demand of consumers as well as on marketing situation.Companyneeds toproduce their products or employment with a specific aspects which helps to achieving futureobjectives over its competition in market.This alteration is very usefulforpint-sizedorganisationas a result ofthis, number of activities are involved so it should focus on limitedarea so thatit will helps to commodity to fulfil theircustomers demands and necessary.(Amitand Zott, 2012). Thisresearch is forFORDWAY,this is a meagerbusiness enterprise that iscontribute advanced solutions to their customers and market.This project helps to finddifferencebetween 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 intoproducts or services whichwill behelpful to buildvalue for FORDWAYand also fortarget market. Init,new products oritsbenefitsare formed which is based on the changing demand of customers.Public thinks thatinnovation or inventionboth 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 happenswhen new idea andtechniques are knocks into the mind.It is related to only single products.In this only, R & D department assistsIt includestransformation of new ideasand plans for the first time in differentproducts.Some modificationforexistingproducts.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 intheentire 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 thetime 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 achievelong term objectives oforganisation. Forimplementing this plan, FORDWAYcan clearly find their vision and mission that willaid inincreasingservices and productivity.For achieving new strategy and objectives it helpsinfollowing way-Vision-FORDWAY needs toclear 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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