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Innovation Assignment - A1 communication company

   

Added on  2020-10-23

12 Pages3894 Words307 Views
Business DevelopmentLeadership ManagementProfessional Development
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Innovation
Innovation Assignment - A1 communication company_1

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Importance of Innovation and its comparison with invention..............................................1P2 Organisational vision, leadership, culture and teamwork can shape innovation andcommercialisation.......................................................................................................................2TASK 2............................................................................................................................................3P3. 4P's of innovation and use of innovation funnel to examine and shape innovative ideas....3P4 Explain frugal innovation and its importance .......................................................................4TASK 3............................................................................................................................................5P5 Commercial funnel and the process of new product development........................................5P6 Innovation business case and ways of funding.....................................................................7P7 Tools to develop, retain and protect knowledge and intellectual property............................7CONCLUSION................................................................................................................................9REFERENCES .............................................................................................................................10
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INTRODUCTIONSmall business organisations who act upon the opportunities and possibilities for changethrough innovation in present volatile. Innovation helps businesses to compete as well as flourishin emerging markets, it also fluctuate a firm and economic conditions. In present scenario, smallbusinesses are tend to use innovation as a human centred, strategic and technological tool so asto develop an agile innovation cultural. It is assistive in attaining high market growth andimproving bottom line results of the company. The present assignment is based upon A1communication; it is a communication provider firm by having independent communicationspecialists (Aghion, Van Reenen and Zingales, 2013). The firm providers data options toindividuals or groups by ensuring flexibility and cost effectiveness. Apart from this, the presentassignment will be described significance of innovation for business units. There will be adiscussion vision, leadership and cultural of the firm which gives shapes to innovation. Readerswill also come to know 4Ps of innovation and use of innovation funnel. Furthermore, process ofnew product development will also defined. TASK 1P1 Importance of Innovation and its comparison with inventionIn this competitive business environment, number of factors which can affect businessactivities or tasks in direct and indirect manner. Thus, it is essential for associations to workaccordingly as per the market situation. In this context, A1 communication is focused onimplementing new and innovative processes which lead to increase efficiency and productivityof the firm and enables it to accomplish organisational goals and objectives. As every SMEworks for fulfilling demand of its customers in the best possible manner for this it needs toimplement innovative procedures in working environment (Amit and Zott, 2012). The terminnovation refers with determining a new idea or method; its an application which providesbetter solutions so as to meet market requirements and unarticulated needs. Importance of innovation for A1 CommunicationEvery business leader thinks that innovation is crucial for them in terms of improvingworking capabilities and efficiency. Basically, innovation means turning an idea into a solutionwhich adds value for customers' and provide them high level of satisfaction. In context of smallbusinesses, innovation helps them in respect of enabling brands to compete in incremental newmarkets or category segments. It captures individuals imaginations in order to increase their faith1
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and loyalty for long term period. For example – if a firm offers best products and servicesfrequently by adding innovative characteristic into it; this lead customers' touchpoints or brandloyalty. Difference between innovation and invention: -Innovation Invention It is the process which determines new andunique concepts which relies upon moderntechnology and prevailing existing marketconditions (Ariga and et. al., 2013). Invention is the process which is related withinventing new or fresh products and modify theexisting one so as to deliver somethingdifferent to society. Innovation entails with a new idea which sticksa scientist. It is concerned with a new productor process. It is a need which felt for a specific product ormaking changes in current products. Inventionlinks with generating several products andservices. P2 Organisational vision, leadership, culture and teamwork can shape innovation andcommercialisationWhile making innovation several kind of prospectus are getting involved which improvesits efficiency and effectiveness. It is necessary for business organisations to coordinate all thosefactors so as to attain desired outcomes in a certain time period. Management of A!Communication should make aware employees with organisational cultural, vision andleadership as they can work accordingly. Following is defined how these elements can giveshape innovation, such as - Organisational cultural – A cultural for an organisation involves different policies,strategies, communication process, laws and legislations under which all employees arebeing worked. For example – in A1 communication it is must for all staff members towear uniform while working in order to maintain equality and discipline at workplace(Boons and Lüdeke-Freund, 2013). Henceforth, organisational cultural of the companyshould be free from all bias and spread positivity in employees' mind; it led they willwork more effectively. Leadership – In small businesses, leaders play a vital role in providing assistance ordirections to employees as they work appropriately and efficiently. A strong leadership2
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