Importance of Innovation and Comparison with Invention

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
(LO 3 & LO 4).................................................................................................................................1
This task is covered in PPT.........................................................................................................1
TASK 2............................................................................................................................................1
LO 1.................................................................................................................................................1
P1) Importance of innovation and comparison with invention...................................................1
P2) Role of Organisational vision, leadership, culture and teamwork in shaping innovation
and commercialisation................................................................................................................4
LO 2.................................................................................................................................................5
P3) 4Ps of innovation and use of innovation funnel to examine and shape innovative idea......5
P4) Development in frugal innovation........................................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Innovation is mainly associated with using new technologies and creative way of thinking
to add value and new features to a pre existing idea or product to make substantial change in a
product or services with the aim of improving its efficiency (Naughton and Foss, 2019). On the
other hand commercialisation is related with the process of bringing new product or services in
the market and is mainly associated with a broad concept which entails production, distribution,
marketing, sales, customer support and with all other key functions required for commercial
success of the new product or service. For this assignment the selected organisation is Vodafone
which is a multinational telecommunication company having its main head office in London,
UK. In this report an explanation about innovation and its comparison with invention is include.
Beside this, it also consists the role of organisational vision, leadership, culture and teamwork in
shaping the innovation and commercialisation. Further, 4Ps of innovation and use innovation
funnel along with development of frugal innovation are also form a part of this business report.
TASK 1
(LO 3 & LO 4)
This task is covered in PPT
TASK 2
LO 1
P1) Importance of innovation and comparison with invention
Innovation is a process of creating improvement or making significant contribution to an
existing product or services through developing better and improved features (Gabriel, 2019).
Thus, use of innovation process is made by maximum number of organisation to enhance the
quality and features of its product and makes an organisation able to remain relevant in
competitive market.
The importance of innovation is as follows:
Responding to competition and trends- The biggest advantage of innovation is that it
enhance the capability and performance of organisation through creating better features in its
product which provide better competitive strength in business market. Innovations allows an
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organisation to respond effectively towards the current the needs of customer and helps in
keeping a coordination with prevailing market trends (Çengel, 2019). Innovation has also
enhanced the capability of Vodafone and makes it able to come up with new idea and better
featured product to effectively and quickly meet and counter the demands of its customers and
thus, keep it ahead of its competitors through quickly adopting trends, technology and market
shifts.
Continuous improvement- The other important role played by innovation for an
organisation as it lead a continuous process of development and improvement through creating
and evolving new and enhanced features in a product or service. Vodafone is also giving due
importance to innovation as it provide sustainability and continual improvement to grow and
enhance the business skills and creativity.
Increase in selling point-The another advantage of innovation is it attract a larger
number of consumers for the more creative and better featured product. New and out if the box
innovation also provide positive media exposure which lead to better promotion and
enhancement in sales of of product (Yeo, 2019). Vodafone also makes continuous improvement
and innovation in its product to attract more customers and to facilitate them for picking and
purchasing new and well designed products.
Comparison and difference between innovation with Invention
Basis Innovation Invention
Definition It represent a process or efforts made
to improve and make significant
changes and modifications in an
existing product, process or service to
improve its efficiency (Innovation vs
Invention, 2019).
It is process which is basically related
with creation or introduction of a
totally new product or item for the
first time.
Main aim The main aim of innovation is to add
value to something that is already in
existence
The main motto of invention is
creation of new product or occurrence
of an idea that is never been made
before.
Concept The concept of innovation is mainly The concept of invention is related
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