P1 Innovation And Its Importance To Organisation
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Added on 2020-10-23
P1 Innovation And Its Importance To Organisation
Added on 2020-10-23
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Innovation andCommercialisation
CONTENTSContents...........................................................................................................................................1INTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and its importance to organisation.......................................................................1P2 Leadership, vision, teamwork and culture shape innovation.................................................2TASK 2............................................................................................................................................3P3 4Ps of innovation and use of innovation funnel to analyse innovative ideas.........................3P4 Development is frugal innovation and its use in organisation...............................................4TASK 3............................................................................................................................................4P5 Significance of commercial funnel and application of new product development................4P6 Innovation case for an organisation........................................................................................5TASK 4............................................................................................................................................6P7 Various tools that can be use by organisations to develop, retain and protect intellectualproperty........................................................................................................................................6CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
INTRODUCTION Innovation is a concept under which company add some unique and new features in orderto increase its usefulness and satisfy the needs of its customers. One of the main benefit of this isthat it help in increase the profits of enterprise and also provide competitive benefit to company.Implement the concept of innovation on continuous basis is very important for a businessorganisation in order to sustain in market for long run. Healthy Juice, a firm that offer varioustype of drinks to its customers is consider in this report for study. Importance of innovation for abusiness enterprise is mentioned in this report. Different tools that a company can utilise in orderto protect its intellectual property is all given in this. TASK 1P1 Innovation and its importance to organisationInnovation is known as the process in which company offer some new features to itscustomers in order to fulfil their needs. One of the main feature of innovation is that it help inutilise all business resources at an optimum level. This improves efficiency and help entity inoffer featured products to its customers at affordable prices. It is very important for important formanager to encourage employees to think creatively so company can attain its set goals andobjectives in adequate manner. Innovation provide various long term benefits to company andsignificance of innovation for business enterprise can be understood by following points:Provide competitive benefit: Concept of innovation is the one that help in manufactureand offer better products to its customers. Unique features attract more customers and thisprovide competitive benefit to entity (Anderson, Potočnik. and Zhou, 2014). With thiscompany can generate more number of profits and can sustain in market for long timeperiod. Ensure optimum utilisation of resources: When entity offer something new to itsconsumers then it help in utilise all resources at an optimum level. This improveefficiency and increase profits of company.Increase profits of company: Innovation is the one that make the entity different from itscustomers. With this company can step forward from all its customers. This increaselarge number of customers and increase profits of enterprise. 1
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