Table of Contents INTRODUCTION...........................................................................................................................3 TASK 1............................................................................................................................................4 P1 Describe about the innovation and determine the importance of organization..........................4 P2 Explain about organizational vision, leadership, culture and teamwork which shape innovation and commercialisation...................................................................................................5 M1Examine different sources of innovation, and how organisations can foster and develop an surroundings and culture of creativity.............................................................................................6 P3 4Ps of Innovation and the use of innovation funnel...................................................................8 P4 Developments in frugal innovation with examples....................................................................9 M2 Apply innovation funnel in organisation context....................................................................10 M3 Function of frugal innovation..................................................................................................10 TASK 3..........................................................................................................................................11 P5 Importance of commercial funnel and application of New Product Development (NPD).......11 P6. An innovation business case for an organisation.....................................................................12 M4. Innovation business case which consist how to evaluate its over all effectiveness...............13 TASK 4..........................................................................................................................................14 P7. Different tools that organisations can use to develop retain and protect knowledge and intellectual property.......................................................................................................................14 M5. Evaluation of different tools...................................................................................................15 CONCLUSION..............................................................................................................................15 REFERENCES..............................................................................................................................16
INTRODUCTION Innovation is a basic process that is used for purpose of creation of a value for customers. Innovation is used for purpose of innovation and applying all the innovative objectives in achievement of higher business values. In every business there are some desired gaols and objectives that have to be achieved in course of business(Bandarian,2019). Commercialisation is also a process that is having relation with how manufacturing and supplying strategies can be applied for improvement of efficiency in a organisation. Present report is based on Apple. There is discussion of invention and invention for achievement of business objectives. Vision and leadership is also used for shaping of innovation so that desired goals can be achieved. TASK 1 P1 Describe about the innovation and determine the importance of organization Innovation:It is a method that is used for creating a idea ion a company that can be used as a motivation factor for purpose of attainment of success. Innovation is also helping in capturing larger share in market. For building of a suitable brand image there is requirement for innovation as in case of Apple thereis use of innovation for purpose of launching a new phone that will be water resistant and will reached in a time period of just 5 minutes. Inventions:it is used for purpose of generation of something new and not in the existing product or service of a organisation(Çengel, , 2019).It is useful for attainment of success by increasing the value to be provided to various customers. Such as new electric vehicles is a type of invention that has been done for purpose of ensuring cost effectiveness for people living in the society. There is requirement of huge research for attainment of particular objective related to innovation. Importance of Innovation over Invention Reinforce Brand:Company its brand plays a very important role in capturing larger share of market. It is a basic process that is helping in achievement of more innovation for a organisation. There are various driving forces that are being considered for purpose of achievement of success. It is also used for sustainability for longer term in a business organisation. Helping in growth of organisation:According to many experts it can be said that innovation is also very helpful in expansion of business and growing in an effective manner. Innovation is providing constant support and growth in fulfilment of requirement of a company. It is also used for purpose of reduction of risk and theft that is present in external market of a company. Creating of a unique selling point:In case of innovation it consist of such things that are different in value for a company or a product. Innovation is helpful for providing right advantage to
a organisation that is helping in changing of requirements according to external environmental needs. Difference between Invention and Innovation BasisInventionInnovation MeaningIt refers to a new strategy that isadoptedbyabusiness organisation for the purpose of launching of a completely new product or a service in market. There is a new invention that is made and it does not has a relationwithalreadyexiting productorservice(Gabriel, 2019). It is a process that is connected with creation of a new idea or a concept of development in a exitingproductoraservice that is being developed in a organisation. It is very helpful formakingnewinnovations andincreasingutilityofa particular product or a service fortheirpresentandfuture users. ConceptIt is concept that is used for providingservicesthatare better to be used by certain consumers in the society. Each invention is made for different segmentofcustomersanda particularinventioncan posse’s utility for one segment and for other it may not. It is a process that is mainly concern with enhancement of value of a particular product andprovidingthat enhancement of value to their customers. ActivitiesIt is mainly limited with the approachofresearchand development. Itisspreadinwhole organisation and can never be limitedtoaparticular department of a organisation. spread across entire P2 Explain about organizational vision, leadership, culture and teamwork which shape innovation and commercialisation In every organisation growth and long term survival are the two primary motives that has to be achieved in long run by a business organisation. There are various factors that are helping a
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organisation in achievement of overall desired objectives that is acting as a differentiation of factors for company: Organisational vision:It is the action that actually helping in pulling out of a innovative idea for a company for achievement of desired objectives. Companies are using their overall vision as a tool of communication to achieve desired goals( Grace, 2019) .It is an inspiring action that is used for purpose of establishment of coordination of employees. Apple has a vision that is getting involving in a process of continuous innovation. In case of apple, vision of the brand is to involve in a process of innovation for their present and prospective customers. It also leads for customer loyalty in long term. Leadership:Itisaprocessthatdealswithguidanceandpathforachievementof organisation’s objectives. Effective leader is one that posse’s quality to influence employees and work towards achievement of objectives. Leadership skills are used in Apple for purpose of transformational & transactional leadership so that new process can be adopted positively. Change is not easy to be adopted in nay organisation, so Apple may face resistance from their employees. So it is responsibility of all the leaders in organisation to use leadership style in a more effective manner so that employees have a positive attitude towards new changes that have to be adopted in the organisation Culture: It is the overall characteristicsthat consist of languages, background and religion that is art of every organisation. In every organisation culture in defining the internal environment of a organization(Mazzarol and Reboud,2020. It is based on shared attitudes, habits and overall beliefs of the organisation. Apple is willing to achieve desired objectives according to new innovation that is being implemented in coming period of time Team work: It is very helpful for a organisation to work in a team so that various tasks have to be performed in way according to coordination among overall workforce. In case of apple teams have been made buy higher management so that every department has some specific number of people who are visiting towards achievement of objectives. It is helping in improvement of skills’ of all employees at various levels in organsitaion M1Examine different sources of innovation, and how organisations can foster and develop an surroundings and culture of creativity For Apple it is very important in achievement of desired objectives in given point of time. There is various different emerging business that are helping in gaining competitive advantage in the market. There are various source of innovation such as engineering, innovation that has been adopted by Apple in implementation of creativity in their new innovation.
TASK 2 P3 4Ps of Innovation and the use of innovation funnel Innovation is a process that is used for creation and development of a new product and service in market in improvement of overall effectiveness in market. The 4Ps of innovation has been developed by bessant(Mazzarol,and Reboud,2012).It is used for purpose of implementation of results in given point of time. 4Ps of innovation such as paradigm, position, product and process. This model in case of apple is discussed below: Paradigm –it is the first element that is used for determination of various ways that has been formulated for enhancement of effectiveness in functioning of a organisation. In Apple, it can be identified that this is a system innovation is helping in understanding future ways of the new innovation. Product –innovative product is that is being launched in market accordance with attracting new customers. Implementation of a new innovative idea is helping in attracting of more customers(Naughton,. and Foss, , 2019). In case of Apple, it is helping in attracting of more customers as the new feature if water resistant will enable people to pay more as such type of innovation will help in creation of a unique position in the external market Position –It is the element that deals with target area that is helping n deciding target market of organisation. Apple is launching new product in market and it is helping them in creation of a product that is used for purpose of achievement of organisation’s objectives that is increasing of sales. The overall process of creation of a different position in external market in adoption of a new concept that is totally different from already prevailing products. Process –Management of a firm has the responsibility that they have to make a proper analysis and adopt for manufacturing of new product. The overall process that will be used for launching of new product such as Apple will also be using online channels along with offline channels. It will help in increasing the reach for their customers through both the mediums. Innovation funnel Innovation funnel can be defined as a mechanism that is used for purpose of constant flow of that enables the constant flow information in a unique manner. It is used by many organisations for purpose of implementing in business, for launching of various innovative ideas in market a company can make use of innovation funnel. There are three major stages that are part of this innovation funnel as described below: Investigation –In the first stage of innovation funnel is used for the purpose of analysing of are situations that are helpful in development of plans for further adoption. This step is used
for purpose of making detailed investigations of the macro environment in which innovation has to be launched by a particular organisation. In Apple there is a special research team who has been assigned the work of performing a detailed research relating to aspects such as scenario of market, actions of competitors before adoption of new plan of innovation. Development –It is the second stage that is used for development of a target market in which the product will be launched by the organisation. In apple present the exiting market where their products are already present such as markets of USA an Europe has been considered for launching of their new innovative product Product Delivery –It is the last stage of a innovation funnel that is sued for development of final product that has to be launched in market. It is step that is used for overall growth after the innovation has been launched in market. In case of Apple, after new product has been launched in the market. P4 Development in frugal innovation along with examples Frugal innovation is defined as a procedure that assist in declining cost and complexity of production as well as product. It is basically remove unnecessary activities from the production process that save cost and raise profit of an organisation. By the acquisition of this method, it is easy for companies to lower down cost of manufacturing process in a positive manner. Frugal innovation concept is used by higher authorities of Apple in order to make improvements in their process and to earn high profits in an effective manner. The company is decide to launch new phone which is water resistance and can be charge rapidly as compare to its previous devices. This will assist company to attract more number of people and increase market share of the organisation. There are many companies such as Samsung, 1 plus uses frugal innovation concept in a proper manner. It is more about offering high value to customer at lower prices that impact positively on profits of an association. This concept is merely used by those organisation who have high market share and profits. By the assistance of this method, there is overall improvement in societies and living standard of an individual. Frugal innovation assist in developing unique, innovative and new business models which is mostly durable as well as sustainable. Innovation practices and procedures is considered as frugal which mainly emphasise on the core activities of company which directly contribute towards increasing in performance of an organisation. There are various principles of frugal innovation that is thinking & acting flexibility, gaining more with less, maintain things simple and many more (Naughton, and Foss, 2019). All these principles is considered by managers in order to launch new product in market in an effective manner. Idea generation: In this stage idea is generated. In apple after seeing problems of people related with water resistant phone there is a new concept that is being used for attracting more customers.
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Feasibility:In this step after idea has been generated it is analysed in the external environment that whether it is feasible to launch idea in external market. Capability:In this step overall capability of product is analysed based on optimization of a product. Launch:In this step actually product will be launched by Apple in their target segment of market. M2 Innovation funnel in relation to organisation Innovation funnel is defined as a methods that is adopted by companies in order to generate innovative idea and decline overall cost of an organisation. Innovation funnel is used by managers of Apple that assist in developing innovative and unique idea which leads to raise in productivity as well as sales of company. The water resistance and fast charging phone will provide safety to customers that impact positively on sales of Apple. In addition to this, innovation funnel assist in gaining opportunities & knowledge regarding new market trends due to which company offer products as per customer needs and market requirements. M3 Functions of frugal Innovation The main objective to use frugal innovation concept is to decline cost and improve production process of an organisation. By the assistance of new idea that is development of water resistance phone, the more number of customers is attract towards it and can be accept in the real market. It protect the phone of users which is one of the main point consider by customers at the time of purchasing new phone. In addition to this it also help company to analyse market trends and make production according to them which leads to customer satisfaction and retention. TASK 3 P5 Significance of commercial funnel & application of new product development Commercial funnel is mainly a procedure that target market in such a manner that leads to consumption of goods as well as services offered by company at marketplace. In order to adopt this concept, it is important for an entity to identify customer needs as well as requirement so that offerings can be accordingly (Pynnönen, Hallikas and Immonen, 2019). By the assistance of Commercial funnel, the higher authorities of Apple will be able to aware people regarding launching of new phone in marketing along with its new features and characteristics. In addition to this, it also helps in identifying the potential customers and target market of company that leads to raise in customer base level and profits. Moreover, identification of market conditions support company to cope up with the flexibilities and problems arise in future. This also assist in marketing new product in a proper manner as it undertake activities which is involved in promotion of brand at
marketplace. By the assistance of commercial funnel, it is easy for managers of Apple to launch new product and gain success within short span of time. New product development process: It is a step to step process which helps in launching goods and services in a proper manner to target right and potential customer by company. The process is defined below in relation to Apple of its new product development which is water resistance and quick charge iPhone: Idea generation: Herein, the company is planning to launch a new idea in market and is focusing towards development of unique and innovative idea.In apple when the company saw that people are facing difficulty in carrying of chargers they thought of innovation a phone which can be charged in just a period of five minutes. Screening: At this stage, all the ideas which is develop is scrutinised by analysing which one is more beneficial to the company and attract more number of customers.This idea was screened in detail by research & development department of this organisation. Development of concept: Herein, the testing of selected concept take place and main emphasis is on legal formalities, technical feasibility, designing and many more. Marketing strategy: At this stage, effective marketing strategies is developed in order to promote product at marketplace in an effective manner.The manager’s in Apple select target market and distribution channel which assist them to attract maximum number of people prevailing at marketplace. Business analysis: Herein, evaluation of acceptance of new product that is water resistance phone is analysed by higher authorities of Apple. Development: It is the actual stage of expansion of goods and services that will offer in market by the company. The plan is implemented & activities is started performing which is associated with the launching of new water resistance phone.After idea was completely tested in Apple the product will actually be developed. Test marketing: In this stage, the product is tested according to the actual strategy in order to know the effectiveness of new innovation at market place (Grace, 2019).Idea will be tested in the external market where it has to be launched. Commercialisation: The last and final stage where the product is launch in market in proper manner and by using effective strategies by Apple. P6 Innovation business case of company StepsDescription SummeryThis case shows development of water resistance and quick charge phone which protect phone of a user. For this, company target the
market in an effective manner. ObjectivesThe objective of Apple is to raise profit level by 10% in coming 6 months by offering unique features to customers in iPhone. MissionThe mission of company behind launching new features in phone is to attract more customers and competitive advantage at marketplace. VisionThe vision is to increase brand image in market and to raise market share of company. SolutionIn order to attain the objectives, it is important for company to develop effective strategies so that product is accepted in market in easy and effective manner. Innovation in productThe innovation in the product is the phone charge within few minutes and is water resistance. FundingIn order to launch and offer this innovative idea, Apple needs finance which can be taken from both the external sources and internal resources. Herein, funds is taken as bank loan as it is one of the most secured way to borrow funds for innovation. BenefitsBy launching new phone in market, Apple can easily earn higher profits which impact positively on its brand image and market share(Rotstein, 2019). One of the major benefit of innovation is it help in attracting more number of customers that has a positive influence on the sales as well as profitability of the organisation. Moreover, innovation help company to develop a unique brand image and attain competitive edge at marketplace. Along with this, innovation assist managers of Apple to fight with rivals and gain leading position in the industry. Monitoring and controlling The managers of Apple check and monitor the activities that is associated with launching of new product. They compare performance as per the set standards which help them to make improvements at initial level in effective manner. STPSegmentation:In Apple, market has been segmented based on
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capacity of payment by their customers. Targetting: The customer segment who belongs to upper class of society and can pay higher amount for products are only approached by this brand Apple. Positioning:Apple is bale to create a different position in market by sue of the innovative strategy that they are willing to adopt in course of business. Sources of funding Bank loan: It is determine as one of the secure and common form of taking loans. The bank grant loans to the companies and in return charge interest along with the principal amount. The bank check and verify all the documents and after that grant loan to the companies for implementing their activities. Government assistance: The government provide fund to the companies who is present at their own nation for development of the country. The government set standards that is followed by companies in order to take loan. It is determined that the government charge less interest on the amount given to the companies. M4 Evaluation of innovative business case The innovative business case includes mission, vision and objective of a company towards bringing innovation in market. By the assistance of this, companies identify their potential customers and target market that leads to enhancement in overall performance level of an organisation. TASK 4 P7. Different tools that organisations can adopt to develop, retain & protect knowledge and intellectual property It is important for every organisation to protect their unique and innovative idea form its rivals in market. In relation to Apple, it is going to launch new feature phone in market so it is essential for them to protect new idea by the assistance of intellectual property. The different tools which can be use by Apple are as follows: Patent: This tool is establish by the national authorities in order to protect methods, process, and devices of an entity. By the assistance of this, Patentee protect their new idea of water resistance phone which is going to launch in market by Apple.
Strength:Strength of patent is that it helps in protection for a very long duration of time that is 10 years. Weakness:patent has weakness that it takes a very long procedures and a very high investment by a organization to get a patent. All such investigation has to take place for a longer period of time and only after proper consideration by various factors. Copyright: Herein, the right is given to the innovator for their new idea for certain period of time. The main purpose is to protect real idea to be copied in market by other competitors. The managers of Apple can use this method in order to bring out its new idea in market in a proper manner. Strength:It gives a sole right to produce a piece of work to a person and it also gives the right to reproduce a innovation that can be related to musical, dramatic, literary etc. Weakness:It does not provide a ownership as authority only provides the right to exercise the right of protection. There are also many other tools of intellectual property such as trademark. Evaluation from the above made discussion in context of Apple: From the above mentioned different types of intellectual property rights it can be said that the most suitable for Apple is the Patent as, patent can help them in protecting their innovation and it also has a validity of about 20 years. It is analysed that one of the most beneficial tool can be use by Apple is patents as it safeguard new idea and did not copied as well as sell by others in market. It is going to benefit Apple and will lead towards high profitability as no other organization will be able to imitate their brand or other products, technology, features associated with this brand. M5 Evaluation of intellectual property tools There are any tools which is adopted by an organisation in order to protect their ideas within the market. This tools are trademark, patents, and copyrightsand may more (Zarrouk and Ouerghemmi, 2019). By the assistance of this, companies can gain competitive benefits and attain higher success at market place effectively as well as efficiently. CONCLUSION From the above study, it has been analysed that one of the best way to expand operations and market share is innovation. It is important for companies to bring out new offerings in market as it help them to gain success and retain in market for longer time period. New product development process assist companies to target right customer and identify needs of customers as well as market conditions. Moreover, there are various tools in order to protect innovative idea such as copyright, trademark, patents and many more.
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