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(PDF) Invention & Innovation in Economic Change

   

Added on  2021-01-02

12 Pages3769 Words317 Views
INNOVATION1
(PDF) Invention & Innovation in Economic Change_1
ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Innovation and its importance in comparison with invention...........................................3P2 How Organisation can shape innovation and commercialisation.....................................4TASK 2............................................................................................................................................5P3 4Ps of innovation and use of the innovation funnel to examine and shape innovative ideas.................................................................................................................................................5P4 Development of frugal information...................................................................................7TASK 3............................................................................................................................................7P5 Importance of Commercial funnel and application of new development product............7P6 Innovation business case and ways of access funding......................................................8TASK 4............................................................................................................................................9P7 Different tools that can be used to develop and retain the knowledge and intellectualproperty...................................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................112
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INTRODUCTIONSurvival has become a major concern for different enterprise as competition prevailing inthe present world is increasing every day with the development of capacity of an enterprise toinnovate. It is an important concept through which business can lead towards a next level in itsoperations as through innovation a company can raise its abilities to capture greater market share(Aarikka-Stenroos and Sandberg, 2012). When change in the present offerings is made it assist indeveloping the brand image in the eyes of customers and also assist in keeping the customerssatisfied. Quick serve is a small size restaurant chain in London which is serving both vegetarianand non-vegetarian food to its customers. In order to be successful and compete in the foodindustry it has to ensure that it maintain variations in the food items. The following report willtalk about how the referred enterprise can implement innovation in business by using differentconcepts.TASK 1P1 Innovation and its importance in comparison with inventionIn an organisation there are different areas in which it is important that change ismaintained so that the potential sales are ensured. It is a difficult process to bring alteration but ifproper process and set criteria is maintained than change can be brought with less efforts.Innovation is a well-known concept which assist in attracting to new customers and also in achieving the higher scale of economies. Quick serve needs to adopt the innovative techniques so thatit can grow and add more food products in its business. There are number of options which areavailable with the management like it can innovate its production system, products process orany other sector in which change can be made (Bagchi-Sen, 2010). By doing good marketresearch the referred enterprise can identify the most suitable area in which change can be madeand higher revenues can be generated. In order to better understand how innovation can help theenterprise its importance can be evaluated which is discussed below:Helps in facing the black swan events – The business surroundings are dynamic in natureand hence it is required that organisation is capable of facing the change so that survival in theindustry can be maintained. With the assistance of innovation Quick serve can manage torespond the unpredictable events with great efficiency. It helps management in analysing thepossible ways through which the situation can be dealt with by taking the most appropriate steps.3
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The same risk is further converted into an opportunity by identifying an innovative way of doingbusiness after the occurrence of that specific event.Help in taking the global advantage – Business is growing and so is the opportunitiesassociated with same. To grow on higher scales, it is important that business adopts the differentways of doing work which is carried out by other too in the same field operating at global level.Entrepreneurship has become the latest trends as the entrepreneurs are coming with new andproductive ideas which are helpful for the economic growth of an enterprise. Flowing with advances in technology – another advantage of innovation is that it enablesthe different enterprises to adapt the various applications that are launched in the market.according to the nature and use of application an entrepreneur can implement same in ownworking. This way the use of applications can be maximised and hence overall level ofcommerce can be raised (Bogers and West, 2010).Invention on the other hand is a different concept which is most of the times mixed withinnovation which is not true. Both there are different from one another. A comparative study ofeach is given below:InnovationInventionIt is a process through which morefeature is added to a product orservice.It requires less experts to beemployed.It is done to attract or raise thecustomer satisfaction level.Less financial resources are requiredto be invested.Result of invention is creation of anentirely new concept.Specialist are needed so that aneffective result is given to society.Invention helps business inexploring more areas.Invention demand high allocationof resources.P2 How Organisation can shape innovation and commercialisationQuick eat is a part of food business where there is non-stop demand of customers andcustomers like when there are provided with new and innovative products. Effective marketresearch is required so that the best way of bringing change can be identified. Customer demand4
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