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Meaning and Importance of Innovation

   

Added on  2020-07-22

16 Pages4418 Words78 Views
INNOVATION

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1: Meaning and importance of innovation to employees.....................................................1P2: Organisational vision, leadership,culture and teamwork related with innovation...........2TASK 2............................................................................................................................................3P3: 4ps of innovation that are used in innovation funnel.......................................................3P4: Frugal innovation development can be used by 4Com plc..............................................5TASK 3............................................................................................................................................6P5: Benefit of commercial funnel and it application related with NDP.................................6P6: Innovation in relation to business case of 4Com.............................................................8TASK 4............................................................................................................................................9P7: Tools used to protect intellectual property right and knowledge.....................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12

INTRODUCTIONInnovation is said to be new thought or product that conclude from individual ideas. Itincludes application of information, imagination and various value from resources and includesall processes by which fresh ideas are originated and transformed into useful product. It isimportant for every small and medium size business organisation to form new curiosity into theirproduct and services so that customers will get new taste and attitude in favour of buying thatproducts (Drucker, 2014). The product is one that satisfied demand of customers through its quality and featuresthat are available into that particular products. There are various tools and techniques that areused by companies in order to make their product more attractive and innovative. Under thisproject has different aspect that are require to be contained under the product it consist ofinformation of 4ps that are useful in serving innovation. Commercial frugal is important indelivering best quality product to their respective customers.TASK 1P1: Meaning and importance of innovation to employees4Com company is public limited company which is dealing in telecommunicationactivities. Its products and services consists of digital headsets, call recording and other services.They are planning to make their products more specific for people to transfer their informationwith one click. With the latest innovation in their technology they are planning to reach intointernational market to increase market share as well as efficiency.A company can modify their business through making innovation in their productcharacteristic and quality because innovation is developed through creativity. The changes inproducts according to their usefulness and demand among the customer its objectives can bedecided. It will help to achieve competitive advantages over other products of company. 4Com isone of the best example in the field of innovation that prove to be successful in deliveringsuperior quality products to their customers. As it was involve in electronic product like phone,broadband and other electronic devices. In keeping cultural aspect in mind to make innovation asmore appropriate aspect of company in transforming new ideas in producing best outcome bytheir product and services (Stokes, 2011). Some of the most importance regarding innovation areas follows:1

Resources are utilised in proper manner: Resource are available in limited quantity socompany are trying to cover most of their resources in producing best quality of product and alsokeep in mind to control their wastages such as manpower, material, machine and money.Increase in production capacity: The main objective of 4com company is to increase theirproductivity through innovative ideas and implementation of new techniques that are require indevelopment of product and services. All those factors are taken into consideration that wouldhelp in maximising profitability as well as productivity at the same point of time.Build better communication system: innovation lead to develop more effectivecommunication system among each level of department so that positive results are developed(Tebbe, 2011). By which both individual as well as company growth and development areincrease. It will lead to boost the moral and motivation between employees and management.Provide safe and secure atmosphere: employees should work in proper manner only ifthey get more comfortable and secure environment at the workplace. So 4com company is tryingto keep all those aspects which will lead to low down the workers performance they reduce thechance of accidents.Comparison among innovation and invention:InventionInnovation It is said to be novel goods and device, processkind of concept.It is said to be new and better solution that arerequired under the current market.It requires proper knowledge and financialassistance.It requires technical knowledge, trends andfinancial support.Examples are: Invention of electricity andtelephone etc.Examples are: I phone and tablets etc.P2: Organisational vision, leadership,culture and teamwork related with innovationIn any business concern various department are to be considered that would help todevelop culture, vision and teamwork in an organisation. In case of 4com company they aretrying to focus all those areas which are more appropriate in delivering best quality of services totheir customers. It is important for the company to develop and control different activities thatare going to be implement by company in their manufacturing process (Huizingh, 2011).2

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