Importance of Innovation for Organisations

This document discusses the importance of innovation for organisations and compares it to invention. It explores how vision, leadership, culture, and teamwork shape innovation and commercialism. The document also explains the 4P's of innovation and the use of the innovation funnel. It further discusses the development of frugal innovation and its benefits. Additionally, it highlights the importance of the commercial funnel and the application of new product development (NPD).

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and its importance for organisation in comparison with invention.....................1
P2Vision, leadership, culture and teamwork can shape innovation and commercialism...........2
M1...............................................................................................................................................3
D1................................................................................................................................................3
TASK 2............................................................................................................................................4
P3 Explain 4P's of innovation and use of funnel innovation......................................................4
P4 Development of Frugal innovation........................................................................................5
M2...............................................................................................................................................6
M3...............................................................................................................................................6
TASK 3............................................................................................................................................6
P5 Importance of commercial funnel and application of NPD...................................................6
P6 Building of innovation business case including ways to access funding...............................7
M4 ..............................................................................................................................................8
D2................................................................................................................................................8
TASK 4............................................................................................................................................8
P7 Different tools that an organisation can use to develop, retain and protect intellectual
property.......................................................................................................................................8
M5...............................................................................................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is a process that brings some changes in current style and patterns in order to
increase efficiency for attaining all targets in limited period of time. Innovation is a procedure of
adding some features to make the things more properly. Majorly, innovative tools and technique
are being used in manufacturing and promotion patterns because these two functions are
backbone of every business firm. Innovative tools and techniques aids higher quality in goods
and services which association serves its clients (Aghion, Van Reenen and Zingales, 2013).
Incite Marketing Partnership is a firm is a business solution company and this firm is resolving
problems of ventures in UK by taking assistance of around 165 employees and headquarter of
this company is in London. Matthew Froggatt is managing director of this business organisation.
In this report, discussions has been made on utilization of Innovation funnel in relation to new
product development and hitting all targets in certain time frame.
TASK 1
P1 Innovation and its importance for organisation in comparison with invention
Innovations are mainly used in strategy formulation and implementation. Incite
Marketing Partnership is basically a strategy formulating association which frames various
tactics according to need of companies and to fulfil this purpose service providers of organisation
need to be aware about latest and innovative tools and technologies so that servers could
implement them in their planning in order to make business more profitable because success of
Incite Marketing venture relies upon growth of client corporations. Innovations should be
introduced in business firms for at least ones whether it will generate negative or positive results.
Innovation is a creative action that brings higher quality in products and services there are some
essentialness of innovation which is described below:
 Innovation helps manager in guiding their team members for accomplishing all activities
in most advantageous manner for hitting all targets in certain time duration (Ambec and
et. al., 2013).
 Incite Marketing Partnership can attract many more clients by showing them their
knowledge about creative patterns and latest modifications.
 Higher returns relies upon innovation.
 Due to creative working style, venture can ensure their larger place in in industry.
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 Innovation is a tactic which brings some revulsions in existing procedures.
There are some differentiations between invention and innovation which is stated as follows:
Innovation Invention
Innovation refers as an up-gradation in present
working where product is existing but it
became more useful for clients by enhancing
quality of products and services.
This tool is an novel launch of products which
are never been introduced in marketplace.
This process involves addition of some
features in present working styles and this kind
off action is called as updates in latest
technologies.
When ventures are capable in doing activities
in unique manner and this pattern is never been
used by rivals.
Apart from this, Incite Marketing Partnership firm has to create unique services in order
to beat competitors at marketplace because business enemies are regularly using novel tools and
techniques in their production functions (Anderson, Potočnik and Zhou, 2014). Firms have to
take aid of innovation in order to improvise efficiency of workers for grabbing competitive
benefits because this action is only tool to prove importance of innovation and this is more useful
then invention because innovation uses less financial funds and time for being introduced.
Innovation which is launched on regular basis is very fruitful and useful for company in
increasing reputation of company at marketplace. For instance, Incite Marketing Partnership firm
is doing their operations in traditional manner and then manager of association launched some
innovative ideas in current working pattern and as resultant improvement has been seen by
managers in positive manner and performance of workers has increased.
P2Vision, leadership, culture and teamwork can shape innovation and commercialism
Mission and visions should be clearly stated to employee for strengthening relationship of
company with clients because organisation has a vision which firm wants to achieve in certain
time frame and according to this objective managers of association set some little missions which
has to be attained in short duration and these missions should be clearly informed to staff
members so that workers could compete their desired task in allotted time and when all activities
are accomplished on time then consequently, quality products would be produced and these
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improved items are able in satisfying customers and a satisfied client becomes loyal and regular
and develops a stronger consumer base for company. Performance of staff members are
measured by taking help of evaluation of mission and visions (Ariga and et. al., 2013).
Elaboration of mission and vision are stated below:
Vision: It is a core objective of association that Incite Marketing Firm has to achieve and
this aim is basis of venture origin and main motto of selecting corporation is to deliver best
quality services to their clients as solution of strategic problems. To become best service delivery
association, organisation is walking on the way of appointing new talented personnels who are
able in applying latest tools and techniques in strategy execution.
Leadership: Each and every kind of manager want to hit their all targets in limited period
of time and to fulfil this aim guidance should be provided to staff members. To guide employees,
a manager should posses all leadership qualities like taking care of group mates by satisfying
need of workers and this action will further improve accomplishment of task.
Culture: It should be evaluated by managers that is innovation is adaptable in culture or
not. According to this heading, management person need to develop some virtues and
specialisations in employees for gaining competitive advantages along with grabbing market
opportunities. A culture of accepting innovation in workplace should be developed so that junior
associates could be able in using latest tools and techniques (Battistella and Nonino, 2012).
M1
By taking help of unique idea, manufacturer can produce a good and better quality
products than rivals and this uniqueness can bring by adding some extra features and benefits in
existing items and facilities and this whole procedure is called as innovation. Main reason of
introducing these modifications in production function is that Incite Marketing Partnership firm
wants to address different kind of market demands for capturing speciality in their functions and
if all actions are taken accurately then management would be able in attaining all tasks in limited
period of time. Partnership firm is taking advantage of innovation in popularising their
business.
D1
Examination of innovation function not an easy activity as it takes time, some tools and
techniques in being examined and as resultant, this action affects effectiveness of corporation.
This action aids various benefits those are directly linked with items and facilities. In Incite
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Marketing Partnership venture is an organisation that is having skilled labour whom are quite
efficient in doing their task even in critical conditions.
TASK 2
P3 Explain 4P's of innovation and use of funnel innovation
Innovation means some drastic changes in existing offering by adding some features and
advantages for making increments in existing performance of goods and services. On the other
hand, innovation is a process of some major alterations and these revulsions are responsible for
enhancement in product's current core quality. Main motto of every company is to gain
competitive advantages in marketplace and this objective can be achieved by serving masterly
goods and services to clients (Bloom, Draca and Van Reenen, 2016). There are some elements
which elaborates 4P's of innovation and these factors are described below:
Product: This section means, innovation is launched for enhancing core value of item for
making it more abducted to competition in marketplace. This action is necessary for satisfying
clients with latest and innovative product because a satisfied consumer is one who is eligible in
creating strong customer base for association. As per present condition, Incite Marketing
Partnership firm has to develop their service delivery patterns because this way shows flaws of
company.
Paradigm: In this, managers of company uses innovation for not making some
improvements in item or facility even changes are made to add some points in whole procedure
and product itself in to maintain uniqueness of item and service. In the case of service, facilities
can not be easily imitated.
Process: It means changes are done in whole management procedure for enhancing
quality of currently available product and services. This term process is defined as innovation is
launched in operational activities conduction for making product more effective and influential
in marketplace (Boons and Lüdeke-Freund, 2013).
Positions: It means how innovation can be placed in the mind of employees as well as
customers. For example, in earlier times all situation was analysed on manual basis and it used to
take extra time and efforts to get implemented and as time passes, company founded new way to
serve their clients and many situation analysis tool and then because of this action they place
themselves in consumer's mind that the organisation is very updated and its services are very cost
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effective and facilities of this firm can be purchased for once at least then extraordinary quality
services are able in strengthening current client base of venture.
Innovation Funnel: It is a procedure which is done for diminishing some complications
of complete innovation process. This funnels contains some stages like:
1. The foremost step is information collection whether there is an option of reducing
complexities or not (Boudreau and Lakhani, 2013).
2. Nest stage is to familiarise all employees with all needed actions and check whether
workers can do these activities effectively or not.
3. If staff members are not able then flaws of performance would be monitored and all
issues will be resolved on priority basis.
4. It is last step, if all okay then by launching some innovative and new tool managers will
reduce complications of whole innovation process.
Incite Marketing Partnership is a firm which is using innovation funnel for for meeting all
desires and market demand of customers innovation funnel is best fit for small and moderate size
innovations and selected firm is also a little size corporation.
P4 Development of Frugal innovation
Frugal innovation is done for making some subtractions of irrelevant and non-desirable
items from core product and facilities. As resultant, all complications are reduced and this action
will make some reductions in unnecessary cost and with assistance of this behaviour, profit of
association is to be increased.
All firms have shortage of financial resources and for this reason all funds should be
employed in those activities which should generate higher returns in less investments. This kind
of innovation is helpful in putting monetary resources in most profitable activities. Frugal
innovations aids monitoring of capabilities and talents of association as whole and because of
this management must take advantageous in industry. This situation helps a CEO in hitting all
targets to capture larger market share in shorter duration. This heading is summarised as that
frugal innovation is a tool which is launched to reduce some complexities from innovation
function by reducing some unwanted elements and these subtracted points are responsible for
decreased cost (Díaz-García, González-Moreno and Jose Sáez-Martínez, 2013).
As an advice, all companies should launch this in their business actions to utilizing all
financial and non-financial resources in optimum manner. For completing efficient launch of
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frugal innovation, aid of all line employees should be taken because these workers are core
persons who converts all goals in reality. This type of action further aids trust and loyalty of
workforce towards Incite Marketing Company. To attain all aims, there are some steps which has
to be followed by CEO of company:
 Identification of ideas and and path of executing it.
 Cost should be analysed which would be occur in execution of idea.
 To reduce complications of innovations. All reports should be analysed to make some
right decisions (Drucker, 2012).
 And manufacturing of better quality products and services is the last step.
Therefore, frugal innovation is implemented in business operations of Incite Marketing
Partnership for converting all complexities into opportunities. Marketing consultancy firm is
using frugal innovation for making some improvements in process of service delivery pattern.
With assistance of this factor, company has increased around 25% of its fees.
M2
To decrease irrelevant cost from manufacturing process for attaining higher financial
results, innovation funnel is a useful task. This technique is useful in utilising all financial and
non-financial resources in most advantageous way in organisation. Major objective of this
function is to monitor all stages which are linked with manufacture process.
M3
Main goals of Incite Marketing Partnership organisation is to provide solutions of
strategic problems of business entities in order to meet requirements of clients in most beneficial
manner. For effectively accomplishment of all tasks and duties, proper and latest methodologies
should be applied in working pattern and then as resultant, working pattern will gonna be
improved.
TASK 3
P5 Importance of commercial funnel and application of NPD
There are some innovations tools and technologies are present which are useful in
improvising quality of products and services for meeting desires of current and potential clients
of association. It is required from manager that he should remove all conflicts and clashes among
employees otherwise this action will hamper performance of workers who are engaged in
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manufacture functions. To enlarge return of firm, it is required from company that management
personnel should apply commercialisation in organisation to make services quality wise good
(Edquist, 2013).
When a firm is wanting to launch its services in international market then commercial
funnel is most useful technique. To avail commercial funnel, product and facilities of venture
should be good for catching attention of numerous people. To make some hike in profits,
commercial funnel is best suitable method. From above description, it is clear that commercial
funnel is suitable for globalise items and services. There are few steps in commercial funnel: Idea Generation: It's a very first step, when initial thought of launching a product which
is never been introduced in marketplace. Idea Screening: Feasibility of idea is to be checked in this phase. Testing Concept: Needs of customers are distributed in this segment and further actions
will be taken as per this distribution. Analyse Product and Services: In this step, success and growth of a product monitored
for ensuring success of item in market. Commercialisation: If merchandise is rapidly growing then company can think to
introduce some idea in industry.
 Product Launch: If all results are positive then idea should be converted into reality
(Goldberg, 2013).
P6 Building of innovation business case including ways to access funding
Ventures are suppose to install some innovative tools and techniques in production
function in order to improve quality of their products and services in order to attain high
competitive advantages in market this will provide benefits to organisation by improving their
market share and rate of returns.
For making successful establishment of products and services in international market
then financial resources should be used in effective manner for smoother activities
accomplishment. So, management suppose to allot adequate funds to employee so that workers
could complete their task in beneficial way. There are some stages that are elaborated below:
 Recognition of resources for arranging it effectively.
 Identification of areas which needed money.
 Money works as blood for for associations.
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Incite Marketing Partnership is a company that is going to launch a computerised performance
monitoring system in order to find out that whether employees are attending customers well or
not and to introduce this technique in reality, fine monetary resources will be used (Huberman
and Miles, 2013).
The new business case of Incite Marketing Partnership are explained below:
Executive Summary: In this component, it provides a overall information and blueprint
of company's function and features as it involves the aspect of description of business, target
market and the measures which has been adopted to overcome market challenges or threat in
better way.
Background: Incite Marketing Partnership firm is a leading business solution company
in UK as it mainly focus to render better solution to various ventures across the globe.
Mission: The mission of Incite Marketing Partnership is to provide beat and effective
quality of service and place the brans in a better position among competitors.
Visions: The vision of Incite Marketing Partnership is to become the best and first option
for clients across the globe.
Need that the innovation will satisfy: In this, Incite Marketing Partnership makes an
effort to introduce modification or alteration in its exiting business process that help them to
enlarge its overall productivity ratio.
Opportunity in market: Under this, Incite Marketing Partnership identify the current
market trend so that they can determine all possible opportunity which empower them to acquire
best position within competing industry.
How will product meet that need: In this, Incite Marketing Partnership maintain
effective communication working structure so that company can attract more clients towards its
brand in an impressive way.
Competitive edge : For managing this criteria, organization determines market trend or
customer taste and preference which help them to analyses the competitor potentiality and can
enrich market share or size.
Size and growth possibilities : Incite Marketing Partnership obtain innovative marketing
tools and strategy in order to attain sustainable growth and development in an improved mode.
Target market : Incite Marketing Partnership mainly target all small and micro based
clients who lead them to improve its overall performance among competitors.
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Strategy : For enlarging the profit margin ratio, Incite Marketing Partnership utilize
different strategies like marketing mix, SWOT, PESTLE and so that aid them to evaluate internal
and external business environment for enhancing its sales performance.
Promotional strategy : Incite Marketing Partnership make use online tool as well as
make an effort to adopts advertisement in newspaper and many more. With then help of such
initiation, establishments can reach large number of population in an effective mode.
Funding: For accomplishing the desired goal or objective in a stipulated time period,
Incite Marketing Partnership utilize bank loan method and angel investors which help them to
establish its brand in a efficient mode.
M4
Innovation is helpful in making some imprisonments in production function for
enhancing quality of goods and facilities. Other then this, if managers want to examine
manufacturing process then all these activities will be assessed.
D2
Innovation is an idea of removing obstacles in working process for enhancing quality of
firm and innovation is a procedures of adding some extra features in current products.
Modification: association want some changes for maintaining peerless quality of firm.
Conduct improve Programs: Manpower's should be aware about all latest tools and
technologies to conduct business functions.
Change in Existing Policies: All strategies and tactics should be good in nature so that
positive result could attain.
TASK 4
P7 Different tools that an organisation can use to develop, retain and protect intellectual property
Each and every organisation own some tangible or intangible assets which rights they
want to secure. These rights are mainly linked with different work pattern. This action can
reduce any kind of risk related to antique working pattern.
There are some factors which are associated with intellectual property rights are
elaborated below:
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Copyright: It is related to authors and made to safe compositions of writers so that others
could not copy them. I respect to this concern, Govt. made some laws and regulations. If author
has copyright related to his limn then nobody can not copy them.
Trademark: Each and every kind of corporations are having some peerless logo and
symbols which make an enterprise antique and to save imitation of these logos and tag-lines,
government has some solutions like acts (Strayer, 2012). With the help of such act, it enable
establishment to differentiate its product from competitors and aid them to generate an unique
brand name within existing marketplace.,
Patents: It is related to some peerless formulas which is unique for every activity and
maker not want to popularise this and as solution he has some legal rights. This term is related to
licensing which belongs to some specific period and it includes make, use or sell an invention
(West and Bogers, 2014). One of the main advantage which patent render is that it prevent
organisation from competitors in regard of getting copied of innovation that help them to provide
their ideas to customers in a better way.
Henceforth, Incite Marketing Partnership, can make sue of patents within its business
premises which empower them to protect their product from getting copied by competitors.
Along with this, it help them to enlarge its market share or size in an improved and amended
style without any hindrances.
M5
For improvising revenues and returns of association, company runs a research program
by taking help of experts. These investigations are mostly done for identifying need of
innovation in business operations so that venture could make better quality products and
functions fro catering wants of clients in market. Research is helpful in recognising whether
innovation program is fruitful or not. As per analysis, it is understood that for grabbing
competitive advantageous, innovation is a good option because this technique also brings larger
market share for organisation (Wolin, 2016).
CONCLUSION
This project is summarised as innovation is a good idea of improvising quality of goods
and services in order to cater need of customers. Innovation funnel and frugal innovation are
good ideas of diminishing complications of modification process and are being used by
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associations in their business operations. If efficiently, innovation is launched in company then
as resultant, firm would be able in gaining competitive advantages along with larger market
share. Innovation funnel is a set of steps which is used to reduce complexities of innovation
function.
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REFERENCES
Books & Journals
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Díaz-García, C., González-Moreno, A. and Jose Sáez-Martínez, F., 2013. Gender diversity
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Drucker, P., 2012. Innovation and entrepreneurship. Routledge.
Edquist, C., 2013. Systems of innovation: technologies, institutions and organizations.
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