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Report on Innovation in 4com company

   

Added on  2020-06-03

16 Pages4459 Words37 Views
INNOVATION

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1. Creation and its necessity for organization as compare with creativity...........................3P2. Long term, leaders, norms and togetherness can design creativity and commercialism.4M1...........................................................................................................................................5D1 ..........................................................................................................................................6TASK 2............................................................................................................................................6P3. 4P'S of creation and usage of innovation funnel..............................................................6P4. Way in which frugal innovation is developed to examine and shape innovative ideas toemployees of 4com.................................................................................................................7M2...........................................................................................................................................8M3...........................................................................................................................................8LO3..................................................................................................................................................8P5. Essential of commercial funnel and application of brand-new merchandise enhancement.8D2 ........................................................................................................................................11LO4................................................................................................................................................12P7. Tools used to improve, keep on and defend knowledge and intellectual belongings....12M5.........................................................................................................................................12CONCLUSION..............................................................................................................................13REFERENCES .............................................................................................................................14

INTRODUCTIONCreation is a term which means to introduce or launch something new or different in themarketplace to capture different minds of millions of customers. Simply, it can defined as agenerating fresh or unique idea or any device and method to meet the requirements of domesticand foreign consumers. This report is all about one of the leading companies named as 4comwhich is a telecommunication company and included as a public limited company. It is verypopular for their best networking methods across the globe by introducing different methods ortechniques to capture the minds of many clients (Aarikka-Stenroos, 2012). Basically, this reportis classified into four different parts to explain the effective use of innovation and invention aswell as their effectiveness in completing the objectives or targets of a company within minimumduration. Apart from this, it is also going to describe 4P's of innovation technique by showingdevelopment in the frugal creation. At last, it ends up with the explanation of a specificinnovation business case and signifies useful tools for protecting knowledge by developingintellectual property. TASK 1P1. Creation and its necessity for organization as compare with creativityCreativity is very much essential for 4com because they manufacture technologicaldevices and networking sites for the whole world so that they can interact with each other in anefficient manner (Sandberg, 2012). In fact, innovation is very much important and indispensablefor cited company because it is digital marketing that believes in creating something new anddifferent. Therefore, there are many more reasons which show importance of innovation. forexample- Improvement in existing goods to attract many more customersHelpful in achieving business growth within minimum durationMaximization of profit Differentiation of products of cited company from their competitorsBringing changes or reformation in the recent goods and strategies as well as policiesInnovation and invention; both the terms are very much different from each other due totheir roles towards organization’s betterment (Bogers, 2010).

INNOVATIONINVENTIONThis term shows modification or reformationof existing product that has already beeninvented with the help of different ideas orcreative thinking. Whereas, it is defined as an introduction orlaunching of a product for the first time inmarketplace which is fully considered as afresh item. According to the above case, modification inApple iPhones by bringing similar product butwith some new applications or functions showsinnovation. Whereas, if Apple is going to invent newdevice or any advanced technology then it issaid as an invention from which whole world isnot familiar. Apart from this, 4com wants to use innovation and invention to maximize their profitwith the help of creative ideas or technologies. Therefore, both the terms are very much usefuland essential for organization to gain more income by considering actual demand, tastes andpreferences of various clients (West, 2010). At last, it acts as a key to success and helpful indifferentiating company product from other competitors and able to build their goodwill in themarketplace. P2. Long term, leaders, norms and togetherness can design creativity and commercialismFor the achievement of 4com, they need to set a clear vision of their respective goals andobjectives by allocating all resources in a perfect way which may enforce managers to createsomething different. In fact, vision, leadership, culture and teamwork can easily shape innovationand commercialism in different ways due to their broad concept and eminent role behind thesuccess of company (Ettlie, 2012).Vision – Clear objectives and goals of enterprise enforce leaders to generate unique ordifferent ideas to earn more profit by applying appropriate strategy. Basically, vision isall about clear statement about company’s scope and purpose of implementing impressiveschemes. Apart from this, it is a term which helps in estimating the future plans byconsidering all necessary elements and factors which play a major role in maximizing theprofit as soon as possible. Leadership – Innovation is an idea which was given by leaders to create new devices andtechnologies to facilitate their customers and overall society with fresh products.Basically, leaders are liable for activities which were taking place in an organization and

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