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Innovation in 4Com plc Assignment

   

Added on  2021-01-02

13 Pages4080 Words21 Views
Innovation

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Innovation and its significance in enterprise....................................................................1P2. The way vision, culture, teamwork and leadership of enterprise shape innovation.........3TASK 2............................................................................................................................................4P3 4Ps of innovation and use of innovation funnel to shape innovative ideas.......................4P4 Development in frugal innovation and its use in organisation..........................................5TASK 3............................................................................................................................................5P5 Significance of commercial funnel and application of new product development forinnovation...............................................................................................................................5P6 Innovation business case for an enterprise........................................................................7TASK 4............................................................................................................................................8P7 Various tools that can be used by enterprise to develop and protect intellectual property8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10

INTRODUCTIONIn modern era, innovation is one of the important concept for every business organizationthrough which company produce something new to fulfil customers needs and wants. Basically,it is an appropriate process to add values within company products which offered by thecompany with the purpose of increasing profitability level. This will help in enhancing as well asimproving convenience for target customers (Anderson, Potočnik and Zhou, 2014). Mainly, themain advantage of innovation is to invite as well as attract larger number of customers and at thesame time also retain them for longer period of time. For attaining higher success in marketplace, implementing innovation process is vital for company by which they easily improve theirquality products in market place. Current report is based on 4Com plc, is telecommunicationcompany which manufacture phones, software and also deliver internet services to its customers.This report discussed about concept and importance of innovation which contribute in enhancingbrand image. In addition of this, 4P’s of innovation is also mentioned in this assignment.TASK 1P1. Innovation and its significance in enterpriseFor grabbing as well as satisfying customers, innovation is main process for businessthrough which company adopt new and innovative methods to produce quality products andservices. Mainly, innovation refer to developing new products which may helps in offering newand quality services to customers to satisfy their needs and wants (Rosenbusch, Brinckmann andBausch, 2011). Along with this, by implementing innovation concept firm easily attain variousopportunities to invite as well as attract larger number of customers towards company productsand services. With the help of this c company easily manufacture new and features items whichmay leads in satisfying customers’ needs and wants in appropriate manner. In context of 4Complc, they also use innovation concept within their product line as they offer features products toservice users with the purpose of fulfilling their requirements. In this, there are some importanceof innovation are as follows:Increase productivity of the company: Concept of innovation helps in improvingproductivity level of the company which contribute in producing quality products and serviceswhich helps in reducing the cost and time as well. With the help of this company enhanceprofitability level at market place.1

Increase effectiveness of communication process: Innovation is considered as an importantconcept in which company needs to effective communication for implementing it appropriatelywhich may contribute in improving overall performance of the company (Metcalfe and Miles,2012). Ineffective communication arises various issues in process of innovation which enhancecost of the products. For attaining better results, good cooperation between business functionsand innovation. This will enhance the effectiveness of the company and its activities.Aid in optimum utilisation of available resources: As innovation concept help in increasingthe chances of improving production process. This will be reducing the chances of wastage of theresources and also utilise at optimum level as company easily deliver quality services to itscustomers. It directly contributes in retaining customers for longer period of time.Provide competitive advantage: New and innovative products are always grab customersattention as company also produce features and attractive products which may help in increasingcustomers base (Manso, 2011). With the help of this company enhance their productivity leveland at the same time also attain competitive edge in appropriate manner. By using new products,4Com plc easily satisfy customers’ requirements which contribute in attaining positive results.In addition of this, difference between innovation and inventionBasisInnovationInventionMeaningInnovation is a process whichimplement new ideas and ways toimprove products in first time.Invention is totally new inwhich company produce newideas to produce new productwhich never been developbefore.ConceptBy innovation process, firm addvalues within existing products toimprove its quality.Invention is a process throughwhich company develop newproducts.SkillsConcept of innovation requiredtechnical skills for implementingwithin the firm.Invention concept needsscientific skills to implementin effective manner.Activities Under this, innovation activitiesare spread which may enhance theperformance level oforganizational function.Invention activities are limitedas it is related with researchand development function ofthe company.2

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