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Technology and Innovation | Boundless Management

   

Added on  2020-06-06

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INNOVATION
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Table of ContentsIntroduction...........................................................................................................................................3Task 1.....................................................................................................................................................3P1 Innovation and Invention ............................................................................................................3P2 Organization Mission, Vision leadership and culture ..................................................................4Task 2.....................................................................................................................................................5P3 4P’s of innovation........................................................................................................................5P4 Developments in frugal innovation with examples......................................................................6Task 3.....................................................................................................................................................7P5 Commercial funnel's importance and product development process.........................................7P6......................................................................................................................................................8P7 Tools used for retaining, developing and protecting intellectual property..................................9Conclusion ..........................................................................................................................................10REFERENCES ........................................................................................................................................11
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IntroductionInnovation plays a significant role in the success for every business organization inthe long run. Innovation related to the advancement of new product and use creative ideas toconvert in to reality and gain competitive advantage. It is long way approach where acompany try to identity customer need develop such need and make appropriate product andservices to them. The present report based on 4Com which is a small business organizationlisted in the United Kingdom. There are two case discussed related to Apple and VirginGroup based on innovation and technology (Drucker, 2014). The main aim of this report is touse creative idea transform in to a business by using various approaches, so that they canattain their long term goals and objectives in an effective manner. Task 1P1 Innovation and Invention Innovation is related with the creating new idea and developed such idea in to aproduct and services which satisfy customer needs. On the other hand, invention is refers tothe discovering new things through knowledge and skills. In the context of 4Comcommunication to develop their product and launch in the market in an effective manner. It isa systematic process which needs large number of investment and expertise for development.Difference between innovation and invention Innovation Invention In this approach discovering new idea veryfirst time which has never been madebefore. Innovation refers to develop and implementidea for product and also improve existingproduct or services. Improve product and services whichalready exist in the market.Create a new product or services very firsttime. It required various skills like marketing,technical and management skills. It needs scientific knowledge and expertise. It needs limited research and development.On the other hand, invention needs moreresearch and development. Importance of innovationCreate differentiate product: Innovation helps to develop creative and advancedproduct which is too essential in the competitive market (Teece, 2010). For example, 4Comcan introduce such mobile phones which unique in design and technology. It helps to attract
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customer and increase their sales of the company which helps to develop competitiveadvantage as compare to rival corporation. Increase customer expectation: It is another significance which helps to increasecustomer expectation. For example, Apple is produce advanced IPhone which increasecustomer satisfaction due to high product quality. Therefore, smart phone user waiting everyyear for new product launch of Apple. Long term success: Innovation need large investment for research and developmentso that they can develop advanced and superior product as compare to its rival companies(Manyika, and et. al., 2011). They having one step ahead in the market n research field whichprovide long term success for their business in the future. P2 Organization Mission, Vision leadership and culture The mission and vision plays a significant role in the long term success for theirbusiness. it provides a long term direction to its business. The mission statement of 4Com isto provide advanced products to its customer and increase their market share in an effectivemanner. Mission statement:A business entity mission statement is related with thestakeholder’s interest, ethical consideration of their business and long term target for itsbusiness. each company is having own mission on the basis their operations. According to theApple case study the mission statement” man is the creator of change in this world. As such,he should be above systems and structure, and not subordinates to them. In the context of4Com their mission statement is to provide customer value in order to providing high qualityproducts and services. Vision statement:It is related with the belief of a group of people where theemotional invested. Each and every company is having their own values which helps inattaining organizational goals and objectives (Tebbe, 2011). As per the Apple case study thevision statement of the company is to producing those products which not changing over aperiod of time by improving technology. They also focused on innovation which helps toattract customer.com which is quite small as compare to apple needs to develop innovativeproduct and enhanced customer value. Role of leadership:Leadership plays a significant role in success for every businessorganization. It provides a right direction to their company which is too essential. It also
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