Innovation and Commercialisation Assignment - Apple and Virgin
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Added on 2020-09-08
Innovation and Commercialisation Assignment - Apple and Virgin
Added on 2020-09-08
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UNIT 8. INNOVATION ANDCOMMERCIALISATION
Table of ContentsINTRODUCTION...........................................................................................................................2TASK 1............................................................................................................................................3P1. Innovation and its importance to organisation in comparison with invention......................3P2. Organisational vision, leadership, culture and teamwork helps in shaping innovation andcommercialisation ......................................................................................................................4TASK 2............................................................................................................................................5P3. Explain 4P's of innovation and the use of innovation funnel ...............................................5P4. Develop Frugal Innovation ..................................................................................................6TASK 3............................................................................................................................................7P5. Importance of commercial funnel and the application of New Product Development ........7P6. Innovation Business case to highlight ways to access funding ............................................9TASK 4..........................................................................................................................................10P7. Different tools available to retain, develop and protect knowledge and intellectualproperty ....................................................................................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONInnovation is a creative procedure that involves producing something with new ideas andthoughts. It helps in standing apart from rest of the company. Creativeness process helps inmaking competitive advantage in market area. The maximum innovation take place in automobile and electronics industry area (Stokes, 2011). Apple and Virgin are considered top mostorganisations in this field. This report involves importance of innovation in organisationalsystem. It is also noted that culture, teamwork in any company helps is building innovationconcept. There are basically 4p's of innovation which are formulated by innovative enterprises toachieve market growth and development. The organisation selected for this report is Britishtelecom (BT), it is one of the established communication enterprise in UK and have operatingbranches in around 170 nations. This firm supply so many products to their prospectivecustomers in the form of communication services, supply chain management, mobile, digitaltelevision etc. It is prominently necessary to be innovative in order to build image in minds ofcustomers and establish healthy relationship with them for long period of time. TASK 1P1. Innovation and its importance to organisation in comparison with inventionDefinition of both innovation and inventionInnovation helps system to excel in their work and compete with other companies ofsame industry. It can be defined as an important process that focuses on coming up withinnovative and creative process by devising modern and fresh ideas. Whereas, Invention refers toprocedure of complete development of product and services by introducing effective productionprocess. Apple and Virgin are top leaders of communication industry, that believes strongly ininnovation process. They aim to earn huge financial gains and establish huge image in minds ofcustomers. On the other side digitalisation also add value to company's products or services.There are number of benefits enjoyed by enterprises who adopt innovation process in theirproduction. Developing ans small businesses must utilise such innovative techniques or tool sintheir working process (Sawyer, 2011). Some importance of innovation is discussed below: it helps in maximising the value of brand of company that has adopted innovation in theirprocess.It increases productivity and profitability of organisational structure.
Helps in building strong market image or share in competitive area. Helps in increasing competitive advantage of organisation. It assists in increasing the net income or outcome of system. To talk about innovation the first and foremost organisation which comes in mind isApple. It always offers innovative and different kinds of products to their customers to meet theirneeds and wants properly. They offer ranges of I-pod, mobile phones, I- pad etc. They havemake strong image of products and services in market place. They are amongst the top mostcompany in networking industry (Goldberg, 2013). Virgin is also one of the best company alongwith Apple, which have made outstanding accomplishment in their innovative fields. They alsooffer different type of products in form of books, mobile phones, tourism stores to full filldiverse requirements of prospective customers in market area. They have become leaders in theirfield and have set example for other company to follow their theory of innovation. In order to adopt innovation style on these two-fabulous company, BT group alsoshowcase their work of innovation by offering digitalised services to the consumers. They havealso gained their successful image in present time and have secured sustainable position intelecom service industry. Difference between invention and innovationBasis of Difference Innovation InventionMeaning It refers to employing emergedthoughts.It refers to framing of workingprocess in production. AbilityHaving practical, technicalabilities to conduct workprocess. Possess scientific acquisition. Focused AreaDevelopment and ResearchfieldFocused on ideas and thoughts.Importance Overall image of product orservicesInitial stage of product.
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