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Innovation INTRODUCTION 3 TASK 14 P1 Innovation and Commercialisation

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Innovation and determine its significancetoorganisationsin comparison with invention 4 P2 Organisational leadership, culture, vision and teamwork in innovation and commercialisation 6 TASK 27 P3 4Ps of innovation and use of innovation funnel in order to examine innovative ideas 7 P4 Explanation of developments in frugal innovation9 TASK 39 P5 Importance of commercial funnel and the application of new product development 9 P6 Innovation business case for 4com company 11 TASK4 12 P 7. Innovation and

Innovation INTRODUCTION 3 TASK 14 P1 Innovation and Commercialisation

   Added on 2020-10-22

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Innovation INTRODUCTION 3 TASK 14 P1 Innovation and Commercialisation_1
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1 ...........................................................................................................................................4P1. Innovation and determine its significance to organisations in comparison with invention..4P2 Organisational leadership, culture, vision and teamwork in innovation andcommercialisation...................................................................................................................6TASK 2............................................................................................................................................7P3 4Ps of innovation and use of innovation funnel in order to examine innovative ideas.....7P4 Explanation of developments in frugal innovation...........................................................9TASK 3............................................................................................................................................9P5 Importance of commercial funnel and the application of new product development.......9P6 Innovation business case for 4com company..................................................................11TASK4...........................................................................................................................................12P 7. Different tools used to develop, retain and protect knowledge and intellectual properties..............................................................................................................................................12Conclusion.....................................................................................................................................12REFERENCE ................................................................................................................................13Books and Journals ..............................................................................................................13
Innovation INTRODUCTION 3 TASK 14 P1 Innovation and Commercialisation_2
INTRODUCTIONInnovation can be described as certain unique idea, model, technique or input that leadsto formulation of new and improved product and service for a firm. Innovation andcommercialisation forms two major points of discussion in this project. Commercialization isassociated with marketing activity which assists a firm in gaining advantage of market byanalysing different trends and strategies prevailing in it (Aghion, Van Reenen and Zingales,2013). 4com company is telecommunication company which was established in 1999 with itsheadquarters in Bournemouth, Dorset, UK. It specialises in providing telecom equipments,services and solutions for UK SME's. This assessment will discuss about meaning and significance of innovation for a firmalong with impact of vision, leadership, teamwork and culture in shanghaiing innovation. It willalso give a brief about 4P's of innovation along with innovation funnel and its significance innew product development cycle.
Innovation INTRODUCTION 3 TASK 14 P1 Innovation and Commercialisation_3
TASK 1 P1. Innovation and determine its significance to organisations in comparison with inventionInnovation is one of the most critical yet important issue of an firm as it serves a catalystin capturing attention of new potential buyers and retain existing ones by providing themproducts and services as per changing needs and requirements. In case of business, innovationmake it to earn higher return on its investment by enabling firm to get adaptive as well to growin dynamic business environment. In simplest context, innovation is defined as application ofcreative and unique ideas, information, procedures and applying them in order to manufacturean entirely unique product or to enhance the existing product so that company achievecompetitive edge over its business rivals. On the other hand, Invention is described as process ofcreating and cultivating a unique, peculiar, discernible idea that has not been made, introducedor utilized by any person (Anderson, Potočnik and Zhou, 2014). In today's of dynamicenvironment where in there is immense competitive innovation serves as an significant asset forgaining advantage over business rivals by increasing customer's satisfaction. Most prominentfeature of innovation is that it not just create something new but also enhances its utility forcustomers as well as for society and environment.In case of 4com , innovation is the way in which firm make alteration in its services andproducts to ensure that it remain ahead of in market by successfully achieving its targets withhigher returns. Out of the many, certain most prominent significance of innovation is mentionedbelow:-Helps in improving communication: If a company wants to be more innovative thancommunication needs to be underpin its entire effort from start to finish. It is becauseany idea, suggestion or opinion might results in some great innovation. Thus, 4commaintains a two way communication between is hierarchy levels encouraging itsemployees to be participative in decision making process to get the advantage of theirskills and knowledge to innovate something new (Battistella and Nonino, 2012). Increases safety and health: Product and service innovation increasing the efficiency ofthem by reducing their previous defects and lacking thereby making them more secure touse and reducing probability of accident at the workplace. It supports 4com company tomake use of robots in moving heavy things so as to provide security and safety to
Innovation INTRODUCTION 3 TASK 14 P1 Innovation and Commercialisation_4

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