Innovation and Invention in PERSCOPIX : Report

Added on - 21 Jul 2020

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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Explaining the importance of innovation to organisations in comparison to invention.......1P2. The way in which vision, teamwork, culture and leadership can shape innovation.............3TASK 2...........................................................................................................................................4P3 Describe innovation funnel and 4Ps of innovation................................................................4P4 Explain frugal innovation and its importance.......................................................................6TASK 3............................................................................................................................................6P5 Commercial funnel and the process of new product development........................................6P6 Innovation business case and ways of funding.....................................................................7TASK 4............................................................................................................................................8P7 Intellectual property and its elements....................................................................................8CONCLUSION................................................................................................................................9REFERENCES.............................................................................................................................10
INTRODUCTIONThe term innovation is the procedure of converting an idea or thought into the finishedproducts that are able to create value for its buyers for which they will pay. The concept or anidea should be replaceable at an economic cost of company. It must also satisfy the specificneeds of its buyers. Along with this, innovation also embroils the deliberative application ofinformation and imagination. This drives all processes and activities through which innovativeideas can be generated and converted into finished goods (Drucker, 2014). PERSCOPIX is thechosen organisation in present report; which is a marketing consultancy in UK . In thisdocumentation, there will be a discussion on the importance of innovation for businessorganisations and 4Ps of innovations. Frugal innovation and the uses of innovation funnel will bealso explained in this report. Further, a new product development plan is created forcommercialisation of innovation.TASK 11.1 Explaining the importance of innovation to organisations in comparison to invention“Innovation is helpful in creating new or fresh methods for joint venturing, alliancecreation and flexible working hours”. It is also liable in increasing of buyer's purchasing power.Along with this, innovation is identical with risk taking and business organisations that designsrevolutionary techniques or products take high risk cause they develop new market for theirproducts. In other words, it means successful exploitation of new concepts and ideas. Apple andVirgin group are the two big leading firms across globe; they have different possibilities as theycan produce or innovate better. These organisations always tend towards continuousimprovements but that is not able to regularly focuses on competitive advantages of the firm butcontinuous improvements can manage the competitiveness of products within target markets interms of costs. There are two types of innovations such as product and process innovation.Product innovationconsists with changes in attributes of the product so that it willbecome noticeable among customers (Stokes, 2011).Process innovationrelates with changes regarding the production process of product. Ithas direct impact on increasing the productivity and reduction costs.Invention:- The core concept of invention is considered with an object and techniquewhich displays a component of novelty. But in some circumstances, legal protection may be1
granted to an invention by the way of a patent. In this sense, innovative products are the engineof powerful growth of company. No firm can grow without effective and attractive products inthe competitive market. Main credit of Apple is linked with reinvention of mobile phones,computers and music industry. The firm has a sleek looking device i.e. iPod and a digital musicplayer; it weights 6.5 ounces and held 1000 songs. Recently, company has launched I Phone 7and soon it will be introduced as I Phone 8.Difference between innovation and invention: -INVENTIONINNOVATIONInvention refers to the occurrence of an ideafor a product or process that has never beenmade before.Innovation implies implementation of an ideafor products or services for the very first time.It is helpful in generating new ideas for thefirm as ; innovation can achieve growth andsuccess in the target market.It provides a unique competitive position forthe enterprise in marketplace.The core concept of invention is an originalidea that tends towards producing new andInnovation consists of core practicalimplementation with fresh ideas and thoughts.2Illustration 1: innovation
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