Innovations and Invention Assignment (Doc)
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Added on 2020-09-17
Innovations and Invention Assignment (Doc)
Added on 2020-09-17
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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P.1 Importance of innovation in comparison with invention ................................................1P.2 Organisational vision, leadership, culture and teamwork can shape innovation andcommercialisation...................................................................................................................2P.3 4P'S of innovation and use of innovation funnel to create innovative ideas ...................3P.4 Development in frugal innovation....................................................................................4P.5 Importance of commercial funnel and use of new product development process...........6P.6 Innovation business case for Unicorn grocery.................................................................7P.7 Tools used by firm to develop,retain and protect intellectual property and knowledge .8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONInnovation is the process in which products can be referred in unique and distinctmanner. It is crucial so that company can create new products and can create something new infirm. Through this it can gain more revenues and can increase the market share. Hence it alsohelps firm to give competition to the companies. It also helps company to maintain unique imagein market as well as front of employees. Commercialization of new ideas is also crucial for firm.Thus firm's innovation can become in many countries (Clegg, Kornberger and Pitsis, 2015).Report describes about Unicorn Grocery firm which is a grocery store. It was found in 1996 inU.K. It explains about concept of innovation and difference between innovation and invention.It further explains about different types of innovation, describing the process required tocommercialize innovation. It further describes about the range of methods protecting their ideasand their advantages and disadvantages. TASK 1P.1 Importance of innovation in comparison with invention Innovation is creation of new ideas and process in company. In this existing products aremodified and launch in market. While in invention there is launching new products in market andthey give solution to complex problems. They are performed by single person.Commercialization are the operations and tasks related to selling of items of company. Itincludes the production,distribution,marketing and sales function. Various sources of innovationused by Unicorn grocery are-Unexpected: Company has to create such innovation which is different from othercompetitors. The results are far better as they have expected by company. There are somecircumstances they they cannot get success in all time (Damanpour and Aravind, 2012). Unicorngrocery is first SME and they are organizing rooftops meetings,yoga classes and other extra co-curriculum activities in office so that they can refresh themselves and they can work with moreenergy and enthusiasm. Process need: A firm can change the existing methods and processes which is known asprocess need. For example Unicorn grocery can give training and communicate with allemployees so that they can work properly. Hence it helps in improving the efficiency in process. Change in perception: Unicorn grocery is same which have organized meetings,yoga andvacation for all their employees. Through this they can communicate with each other and can1
solve their problems which can improve culture. Initially they do not focus on people but nowthey only concentrate on employees and not on machines. So hence manager interact with themand solve all issues so that they can increase their productivity. As a result they can performbetter. It can also maintain good image in front of all users and changes their attitude towardsfirm (Drucker, 2012). New knowledge: Unicorn grocery motivates all employees and interact with them so thatthey can give more innovative ideas and hence they can bring innovation in firm. Through thisthey can sell different and unique products which increase the knowledge of all users. Unicorn grocery can can create such a positive environment in which new process can bedeveloped It can give training to all employees and motivates staff members so that they can alsogive innovative ideas and through this it can increase the efficiency of firm . Hence they can alsoinnovate new ideas related to pronation of products in unique manner (Hall and Wagner, 2012). Difference between innovation and invention InnovationInventionThey are the methods on whichexisting products are modified. They are process in which newproducts are lunched in market. It is performed by groupIt is performed by an individualIt helps in solving issues of usersIt give solution to high issuesItrequirestechnicalknowledge,analysis of market etc. Proper knowledge, eagerness andscientific skills to create manyproductsP.2 Organisational vision, leadership, culture and teamwork can shape innovation andcommercialisation.There are different factors which can influence the company in various ways. Factorswhich can influence Unicorn grocery are-Organization vision: Unicorn grocery has a vision that to increase the productivity ofemployees and to satisfy the customers through innovation of new products (Hallerstede, 2013).Thus they helps in giving training and motivation so that they can achieve this vision. Hencethey use various techniques to increase the skills and potential of employees so that they can2
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