Innovative Business Case

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This report explores the importance of innovation in organizations compared to invention. It discusses how organizational vision, leadership, culture, and teamwork shape innovation and commercialization. It also covers the 4Ps of innovation and the use of the innovation funnel to examine and shape innovation ideas. Additionally, it explains the developments in frugal innovation and provides examples of how it is used in an organizational context. The report focuses on Rowlinson Knitwear Limited, a company dealing in school wear and corporate wear.

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Innovative Business
Case

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Table of Contents
INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................2
P1 Explain innovation and determine its importance to organisation in comparison with
invention .....................................................................................................................................2
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation ...............................................................................................................3
TASK 2............................................................................................................................................4
P3 4Ps of innovation and explain use of innovation funnel for examine and shape innovation
ideas.............................................................................................................................................4
P4 Explain developments in frugal innovation and provide examples of ho it is used in
organisational context.................................................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7
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INTRODUCTION
Innovation simply means some new idea or innovative product as well a it is also viewed
as application of better solutions which help in meeting new requirement, existing market needs,
unarticulated needs and many more (Gabriel, 2019). This report is based on Rowlinson Knitwear
limited which is dealing in school wear and corporate wear. Respective company was established
in 1935 and headquartered at Stockport, Cheshire. This report will going to cover several topics
such as importance of innovation in organisation in comparison with invention. Along with this,
how organisation vision, leadership culture and teamwork can shape innovation and
commercialisation. Moreover, 4Ps of innovation will elaborate with development in frugal
innovation.
TASK 1
P1 Explain innovation and determine its importance to organisation in comparison with
invention
Innovation is simply new idea, product, thought and many more which an organisation
bring for their long term success. Rowlinson Knitwear is well known organisation for their
school and corporate wear. It is important for respective organisation to come with something
innovative which help in increasing profitability. There are several importance of innovation for
respective company explanation of these are as follows :-
Up gradation within technique provide assistance in enhancing knowledge and skills of
staff with the assistance of advanced and innovative technology.
Along with this, innovation also support in building goodwill within market and it also
help in grabbing large number of customer attraction from market (Lehtimäki and et. al.,
2019).
Company bring innovation for serving customers in effective manner as per their need
and want. This will also assist in long term sustainability and generating revenue.
Apart from this, there is wide difference within innovation and invention explanation of these are
as follows :-
Basis Innovation Invention
Meaning Innovation is related to implementation of Invention is related to
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idea for particular product or procedure for
first time.
occurrence of an idea for
procedure or product which
never made before.
What is it? Adding value to something which already
exist.
Invention is related to created
of new products (Malone,
Mazzarol and Reboud, 2020).
Concept Innovation is related to practical
implementation of new ideas.
Invention is original ideas as
well as it working within
theories.
Skills required For bringing something innovative there is
requirement of several skills such as
strategic skills, technical as well as
marketing.
On the other hand, for
invention also there is
requirement of skills i.e., only
scientific.
From above difference it has been summarised that, innovation and invention both are
different from each other in several manner such as its nature as well as meaning.
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation
It is important for an organisation to have clear vision, leadership, culture and teamwork
because these help them in accomplishing goals and objectives in required duration. In relation
of Rowlinson Knitwear explanation are as follows:-
Vision – Clear vision will help in motivating leader and leader in generating several ideas
or thoughts which assist in profit maximization through implementation of effective
strategy (Mattila, Yrjölä and Lehtimäki, 2019). Vision of Rowlinson Knitwear is to make
customer satisfy through their innovative offering and gain long term sustainability.
Leadership – In an organisation leader have several role and responsibilities while
implementing innovation which help in development and growth of company. Along
with this, innovation will be shape only by manager of Rowlinson knitwear as they are
liable for building healthy relation among employers and employees.
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Culture – It shows norms, rules, regulation and beliefs which higher authority apply for
conducting business operations in effective manner. Moreover, it is important to have
healthy and positive culture which help in making employees satisfy in effective manner.
Teamwork – For accomplishing goals and objectives in effective manner within required
duration it is important for Rowlinson Knitwear to form team and assign project.
TASK 2
P3 4Ps of innovation and explain use of innovation funnel for examine and shape innovation
ideas.
Innovation is systematic procedure which is related top modernisation existing product
and services through latest ideas, thoughts as well as methods. There are 4Ps of innovation which
Rowlinson knitwear is using within their daily basis working. Moreover, these 4Ps of innovation
was launched by John Bessant and Joe Tidd as an effective tool which assist in identifying
market place and demand of customers according to that organisation can take correct and proper
actions. Explanation of these are as follows :-
Product innovation – Through product innovation technique business will able to attract
more customers and fulfil their demand in effective manner through new ideas and
thoughts (Özilgen, 2019). Thus, in relation of Rowlison Knitwear they are coming with
rapid dry school shoes for rainy season. Because students feel difficulties in this weather
as their shoes get wet due to rain water.
Process – This state that an organisation have to consider proper procedure because with
the assistance of this they will be able to serve good quality product and services to
customers.
Position – This help in reflecting actual position of an organisation goods as well as
customer demand within external market area. With the assistance of this it will be easy
to find how much requirement of changing existing goods and how these will result in
proper satisfaction to customers.
Paradigm – It is last element in innovation 4Ps which explain present dominant paradigm
of Rowlinson Knitwear within effective and proper manner.
Apart from these 4Ps of innovation there is innovation funnel also which help in defining several
important stages related to modification within existing offerings of company (Pynnönen,
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Hallikas and Immonen, 2019). Moreover, aim and objectives of innovation funnel is to get better
actual product position within external market. Explanation are as follows :-
First stage of innovation funnel is broad mouth which include actual as well as proper
information or data which provide assistance in implementing modification within
existing product. Because with no proper information an organisation can innovate thror
product and services.
Second stage is related to narrowing segment of funnel as there is effective comparing in
organisation goals as well as have to collected information for examining which is related
or not.
Last stage of innovation funnel stand for collecting data, information and idea which help
Rowlinson Knitwear in achieving goals and objective in better manner (Rosemann and
Molyneux-Hodgson, 2020). Because for long term survival it is necessary to accomplish
goals and information.
P4 Explain developments in frugal innovation and provide examples of ho it is used in
organisational context.
It is identified through distinct action plan that reconfiguring value series and outlining of
things can accepted through overall population who are not able to bear product cost of
company. Rowlinson Knitwear assisting their administration in promoting so it is essential for
them to consider such advancement within their current present product which help them in
attracting more customers.
New market opportunities – By business firm marketing exploration as well as
investigation will be conducted so they can classify components which they have to
consider. In relation of Rowlinson Knitwear they are confronting few issues within
market place as well as it is important for them to bring innovation in their product
through actualizing some extra characteristics.
Resources – It is related to business firm obligation for utilisation of assets so they will
be able to make advancement in successful manner with existing item and administration.
This will help in giving better alternative solution to customers. Moreover, frugal
innovation can be conceivable through any portion and resources which build abilities.
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Innovation Funnel – It is related to development of unique products which embraced
through company and they develop innovation. Innovation funnel started from thought of
item improvement .
Frugal innovation is comprise of two segments explanation are as follows :-
Problem – This segment of frugal innovation is recognized with problem which is
required to be handle. Development is linked with new innovation arrangement which is
designed for important thinking.
Related products – It is related with marketing where market raised through possible
existing which purchased as source. Related products is recognized with communicator
of products so business firm can fulfil requirement of people at global level.
Steps taken within this content are as follows :-
Generate idea for innovation – For bringing something innovative it is important for
company to identify market opportunities and bring something innovative as per
requirement.
screening new idea – At this phase, product planning will be done.
Idea screening – In this stage various modification will be accessible to association.
Testing – Company have to test products with their alternative for better outcomes.
Internal analysis - This is identified with administration of assets and it is utilized as a
part of the best way.
Market analysis – In this, situation of product will be known in market and it will assist in
analysing new opportunities.
Commercialisation – In this stage products introduced for satisfying need and wants of
customers with quality products.
Review market – It is important for Rowlinson Knitwear to check current position of
product in market and make essential modifications.
CONCLUSION
From above discussion it has been concluded that, for an organisation it is important to
bring something innovative in market as it help long term sustainability and generating high
revenue. Along with this, frugal innovation as well as innovation funnel assist an business firm
in implementation of innovation in effective manner.
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REFERENCES
Books and Journals
Gabriel, K., 2019. Accelerating innovation in a changing world. International Journal of
Research, Innovation and Commercialisation. 2(2), pp.105-114.
Lehtimäki, H. and et. al., 2019. Sustainable value creation in the commercialisation of
innovation: the case of Auria Biobank. International Journal of Entrepreneurship and
Innovation Management. 23(5), pp.451-465.
Malone, P., Mazzarol, T. and Reboud, S., 2020. Skin Elements Ltd—The Importance of
Knowledge Management in Commercialisation. In New Leadership in Strategy and
Communication (pp. 299-328). Springer, Cham.
Mattila, M., Yrjölä, M. and Lehtimäki, H., 2019. Drivers of and barriers to networked
commercialisation: a business model perspective. International Journal of
Entrepreneurship and Innovation Management. 23(5), pp.479-495.
Özilgen, M., 2019. Role of innovation in commercialisation of bioenergy research. International
Journal of Research, Innovation and Commercialisation. 2(2), pp.77-90.
Pynnönen, M., Hallikas, J. and Immonen, M., 2019. Innovation Commercialisation: Processes,
Tools and Implications. In Advances in Systematic Creativity (pp. 341-366). Palgrave
Macmillan, Cham.
Rosemann, A. and Molyneux-Hodgson, S., 2020. Industrial Biotechnology: To What Extent Is
Responsible Innovation on the Agenda?. Trends in biotechnology. 38(1), pp.5-7.
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