The Importance of Innovation in Business - DOC

Business Environment

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation & its importance to organisation as compared to invention................................1
P2 Way in which organisation vision, culture, teamwork and leadership can shape innovation
& commercialization...................................................................................................................2
TASK 2............................................................................................................................................3
P3 4P's of innovation & of use of innovation funnel to shape innovative idea..........................3
P4 Development in frugal innovation & the way in which it used in organisation....................5
TASK 3............................................................................................................................................6
P5 Importance of business funnel and application of new product development process..........6
P6 Development of innovation business case.............................................................................7
TASK 4............................................................................................................................................8
P7 Evaluation of different tools firms use to retain and protect intellectual property................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation alludes to the procedure and result of making something new that provides
some value. In other words, it can be defined as a implementation of "new strategy, device or
thought". The aim behind innovation in context of firm is to make existing item, process, ideas
and technologies more compelling that give high focused edge to endeavours. It is regularly seen
as impetus for business innovation and improvement (Boehm and Hogan, 2013). It include use of
activities, creative energy and data in getting higher incentive from the given assets that
advantages organization tremendously. The given assignment is based on Healthy Juice which is
a United Kingdom based 2 year old start-up that provides Healthy milkshake to huge consumers.
This report covers how with the assistance of innovation Mr. Green extend its product offering
so as augment its general deals and gainfulness proportion. It incorporate innovation blend,
business channel, use of new item improvement and diverse licensed innovation rights device.
TASK 1
P1 Innovation & its importance to organisation as compared to invention
Innovation is characterized is the idea which deals with conversion of idea into product or
administrations for which consumers will pay. For bringing any sort of advancement, a smart
idea is required. Therefore, it is essential for a business visionary or a person to always concoct
thoughts and imaginative methods for getting things done in particular way. Introduction of
innovation inside business association gives it focused edge in market and firm is empower to
exploit over its rivals (Brunswicker and Van de Vrande, 2014). It encourages the organizations to
make themselves unmistakable from others. It goes about as impetus for an undertaking as far as
its innovation and achievement. It manages intensity to firm to confront challenges adequately in
the present focused world. Innovation and invention are not same, these are 2 distinct terms.
Innovation does not intend to acquire innovation organization. It is the methodology of progress
and its adjustment according to the evolving condition. It helps organization in offering such
administrations and items that helps with addressing needs and prerequisites of clients in more
better and successful way. In business associations, it must be require by business chiefs to build
up a creative culture inside firm with the goal that aptitudes of labor can be upgraded and they
inspire chance to conceive brand new ideas. It help with expanding their inventiveness and they
empower to manage issues in more better way and resolve issues successfully. Innovation gives
1