Analyzing Innovation Strategies and Development at 4COM

This report examines the innovation strategies employed by 4COM, a telecommunications company. It delves into the importance of innovation, the roles of organizational vision, culture, and teamwork in fostering innovation, and explores the 4Ps of innovation (product, paradigm, position, and process). The report also analyzes frugal innovation development, the commercial funnel, and the new product development (NDP) process. Furthermore, it considers the significance of a business case for innovation and evaluates various tools for protecting, retaining, and developing organizational innovation. The report draws on various sources to provide a comprehensive overview of innovation within the company, offering evaluations and insights into its application.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1: Various importance of innovation in relation to different organisation ..........................1
P2: Organisational vision, culture, teamwork can provide shape to innovation ...................2
TASK 2............................................................................................................................................4
P3: 4ps of innovations............................................................................................................4
P4: Fugal innovation development ........................................................................................7
TASK 3............................................................................................................................................8
P5: Importance of commercial funnel and NDP process ......................................................8
P6: Business case innovation ...............................................................................................10
TASK 4..........................................................................................................................................11
P7: Evaluate Various tools to protect, retain and develop organisation...............................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation is said to be imagination of new ideas and creativity that is required in any
business to increase its capabilities and performance. It is the most important prospect in medium
and small size organisation to improvise their business in such a way that they can stand in front
of other companies. The main objectives of this project is to know that how companies are using
innovation in their business to achieve its goals (Drucker, 2014). Attractive product and services
can help them to attain maximum competitive advantage from the market. The small scale
enterprises is 4com which associated in producing telephones and broadband services. It was
established in 1999 with the motive of deliver best communication services of SMS market.
Under this project report various aspects those are related with innovation are explained.
Like its importance, leadership, culture, vision and relation among other employees. 4Ps of
innovation are helpful in context to innovations funnel. Other things are commercial funnel and
NDP process and various tools those are used to protect IPR. All information are collected from
different sources and on that basis certain evaluation is also provided to the company.
TASK 1
P1: Various importance of innovation in relation to different organisation
Innovation refers to “ new concept, technology, or method”. However, innovation also
considered as the implement of better solutions that can reach unarticulated needs, market needs
and requirements. It is an exercise through better products, services, technologies, ideas products
and models that are available in the society, government and markets. In other words something
more innovative, new and just 'bring into' society and market. It is the term which is manifested
by engineering process.
Invention: It is said to be that action of inventing thing basically, it is a process or device which
is use as important set of social culture and behaviour. It is most done in order to make new
experimentation.
An idea will be defined as innovation when it will come to the basic and social and
economical life very often. Innovation thus is generally is the sum of various ideas and creations
which has affected and bring change in the society (Stokes, 2011).
Difference between innovation and invention-
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Invention is very different from innovation. Invention in the purest word can be defined
as creation, production or introduction of new product services or idea whereas, innovation
occurs to cater change and contribution in specific idea, services or product.
Considering the example, when Thomas Edison invented Bulb, he invented a device
which can spread light through it. But after upgrade and amendment we have reach through
producing light device with various ways which is called innovation.
Importance of innovation in organisation:
Innovation caters changes creatively in 4COM and quality and value into the exercising
services. An invention may give an organisation a new concept to work on but it is needed to
innovation that with time in order to refrain from crises (Tebbe, 2011).
Strategic importance of innovations
Change and Innovation is closely related to each other. Weather they are not the same,
both have dynamic change. If the organisation services and ideas will not be innovated with the
time, this can get the company, employees and the whole organisation into trouble.
While a technology is invented in the organisation, it refers to the new idea which has never
come before like telecom service offered various plan those are being started free 4G Wi-Fi
system in all countries which was great invention but the innovation in the policy was made.
Innovation help in diffusion in innovation of an idea technology or services among the
employees which help 4COM company in catering change. It help in bringing the evaluation in
the technologies and administrative changes. First the Idea is invented the production
development and testing of program is made. Then the evaluation process is done thus the
innovation is brought up in the organization. In case of Apple company invention of new iPad
had made huge change in people those are listener of high column music. While virgin group has
continuously engaged in expansion of there business that make them more curios to make new
innovation in their businesses.
P2: Organisational vision, culture, teamwork can provide shape to innovation
One of the company(4COM) in telecom sector which is engaged in producing business
phone, broadband services are big example that is presented in relation to innovation. There are
various prospective that are being carried by the company like vision, culture, teamwork and
leadership etc. All these aspects are use in appropriate manner to develop and invent new
products in coming future. Company is targetting to be at top most company in telecom sector.
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 Role of vision: It refer to be a set target that are being fixed by the company before
implementing any plan or strategies. It can be those aspect which a company is eyeing to
get in coming future time. As 4COM company vision statements is to improve better
services in the field of telecom industry (Sawyer, 2011). Product and services should be
offered through complete commercialisation and innovation between its customers. It
will help to improve quality and increase customer attraction toward their product and
services.
 Leadership: It is a guidance to a team or group in appropriate direction so that individual
and group goal can be achieved. Professional and individual skills of employees in an
organisation. It will help the employees to perform their role in more effective by getting
motivated with certain facilities to them. A leader is one who look all issues those are
arise in planning process to develop product of best quality that would help employees in
motivating. In 4com company to build strong leadership strategies to innovate new and
effective product that would satisfy customer need and wants (Goldberg, 2013).
 Organisational culture: It is said to that system of shared assumption, norms, self
believe which is carried by the people and its shows in their attitude and behaviour under
the organisation. These type of exchange value have great influence on people those are
working in an organisation. In 4COM company they are more responsible to implement
equal weight age to each and every people those are following their own culture system.
It will help them to increase moral and their performance standard.
 Team work: As it has been seen that a single person can not achieve the entire task it
will require support of people so that more accurate and correct work is being done by the
group. It will be more time consuming and costly too. Another example of Apple
company they are working as team so that they can deliver superior service in
technological development and to attract more customers toward their product.
All above mentioned aspect can be more useful in case of Apple and virgin groups as
they are involve in delivering more appropriate product and services that are helpful for the
customers. A good leadership is seen in virgin groups that make them to expand their business.
On the other hand a complete set of teamwork is shown in Apple company.
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TASK 2
P3: 4ps of innovations
Innovation is needed in every corner of the world. Instead of subjectivity in identifying
innovation, there have been important work in order to find new innovation strategies and
process. But it is very interesting to know what kind of change innovation bring and improve?
The 4P's elaborate the transformation brought by the innovation.
Product innovation
This type of innovation which focuses on the quality of product, goods and service.
Product innovation are made to improve , enhance and introduce the value added quality of
products and services. The most important innovation, product innovation is needed in every
sectors organisation and company. Product innovation helps to achieve organisational goals and
sales goals ans build the brand image among the consumers. Example Nestle is the best coffee
company in the world whom provide a great quality of coffee. It leads to company toward the
product development process (Jaffe and Lerner, 2011).
Paradigm Innovation
Paradigm innovation is defines which theories methods and planning formation should be
implemented in the company. Paradigm innovation studies the pattern and model which are
formed to implement in the organization. Paradigm, innovation re-describe and define the
dominant paradigm of a sector organisation or any corporate sector. Paradigm innovation are
based with mental model which forms the organisation's visions and motive and structure.
Example-the shift to low cost airlines, the provision of online insurance and other financial
services and the repositioning of drinks like coffee and fruit as premium designer products.
Position Innovation
Position innovation is a psychological activity in which focuses upon the position and
repositioning the assumptions and perception of services and goods in a specific context, it
determines the positioning of a product and services in the consumers mind and set the
organizational goals and defines the changes in the product process. Position innovation is not a
type of market mix but have its own existence (The 4 Ps of Innovation. 2017). It concern about
the4 consumers mentality and their response and build the image of company in the context of
consumers perception.
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Process innovation
Process innovation focuses upon the process of serving and delivery of goods and
services services to the consumers. It enhance their efficiency and effectiveness by improving
process into innovative organisation process. It include the innovations in order to enhance the
quality availability and process of an organization. Example of process innovation is the
organizational performance of marks & Spencer that have made positive effect on consumers etc.
The main objective of any product and services for the development of to make idea from the
reality by joining a specific product that can meet market need.
 Idea generation: It is said to be that ideas which are generated for the first time before
making any products.
 Concept investigation: It is that term which is use to examine and discover the those
factors before making any plan regarding product innovation.
 Feasibility: The innovation of ideas should be conveniently done in order to make
product more feasible to the company.
 Capabilities: It is the ability to make the work more attractive and east so that more
positive development and growth can be seen.
 Launch: It is that stage in which a product is commercialise in the market for the
customer to make use of them.
 Roll-out: when someone inventing something then in that case such person need to roll
out the innovative tool.
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P4: Fugal innovation development
Fugal development is the process of reducing complexity and extra cost those are
incurred in production of goods and services (Patton, 2011). Generally, it indicate certain
important prospect of product durability and quality like in 4COM company they are offering
various phones and broadband facilitate in order to extend its market position in global level. A
product life-cycle is also help to develop an improvise new configuration in supply chain in
contrast to offers best customer service who are facing more complexion in sustainability of
business nature.
It Consist of those resources which includes complete constraints in order to capture
large market. Frugal innovation will provide financial solution with relation to other resources
are which are less in use.
Characteristic of innovations:
4Com company is using various techniques in their business to maintain the quality and
appropriate feature according to the demand of customer. Important of these thing is to make the
company more profitable and help them to increase its goodwill in coming future. Those product
which are having superior features with maximum application are attracting more customers
toward them (Leeuwis, 2013).
Reducing cost of manufacturing:
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It has been found that company is producing innovative product to its customer. Their
plan is to invest more capital on features that are more suitable and comfortable for the customer
while they are using it. If company is having fugal innovations that will help the company to
eliminate cost of production to know healthy and positive reaction about product those are being
used by the customers.
Expansion in product stage:
Most appropriate technology is being used by the company in order to those product
which are completely new in market. As it is said to be a group of that product and services in
comparison of common categorises which are having innovation in products with proper up-
gradation in technology.
Six principles of frugal innovation:
 Find opportunity in hardship: It is the stages in which problems are reframe.
 Do more with limited sources: do not default to ask for more thing more on that you
already have with us.
 Think and act flexibly: Avoid rigidity and make new improvisation.
 Keep it very easy: Problems can arise because of complexity so it should be easy.
 Follow your own ideas and concepts: To become more passionate and to move ideas
forwards.
TASK 3
P5: Importance of commercial funnel and NDP process
Commercial Funnel: The commercial funnel refers to the process by which the
company lead customers to buy certain product. This funnel illustrates the concept that how in
starting larger part of the society were supposed to buy a product and with the less number of
customers who actually makes the purchase.
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Illustration 1: commercial funnel
There are general four stages of commercial funnel:
1)Awareness
2)Interest
3)Decision
4)Action
Awareness: It is a stage in which in customers find any problem and they want solutions
and they come to know about any company providing the option by emails, content marketing
and social media or other (Boudreau and Lakhani, 2013).
Interest: It is a stage in which the number of customers decreases but still sales
conversion increases. At this stage customer asks for more informations about the product.
Decision: At this stage customers check about more options available to them in the same
organisation. This includes about sales offer etc.
Action: At this stage after the completion of various stages the customer finally decides
to purchase the product.
Application of new Product development
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New product development is the one of most essential factor for the companies and
societies. Product ranges from manufacturing sector to physical products like laptops and
chocolates etc. It can be service like: IT services, consultancy firms. It can be new real state
marketing concepts. It helps the company in adding new value to the customers. It increases the
chances of sustainability and growth of the company in the market. Improved society is of the
thing that NPD implies (Mowery and et. al., 2015).
Applications are as follows:-
 Idea generating: By analysing the various analysis as well as current marketing trends
one can distance themselves from others by applying new ideologies while taking
account of the ROI, distribution and other things.
 Screening the idea: Its important to screen the idea at early stage that whether the idea
should be continued or dropped so that there must be clear picture of path to be followed.
If the idea is not up to the mark then it could be sent to the idea hoper stage.
 Testing the concept: The concept of the idea must be checked thoroughly through
various analysis and market research of consumer needs. And which marketing message
will work best is taken into consideration.
 Business analytics: At this stage the input and output metric are taken into consideration
such as average time in each steps to value of launched product.
 Marketability test: In this test beta models are created and tested so that the last minute
problems can be checked earlier only. Word press help in testing codes and accept codes
from different people and testing of existing codes can be done (Ariga and et. al., 2013).
 Technicalities and product development: At this step the production department will
make plans for the product development, the finance department will see its costing and
the marketing department will makes plans for its advertisement.
 Commercialize: Under this stage product is already in the market and in the demand it is
necessary to check the market availability of product and continuously advertising of the
product so that it stays in the mind of the people who wants to buy new product.
P6: Business case innovation
Innovation in business will help to create new product those are increase base in market
to satisfy customers. In case of 4COM company with having new ideas regarding their product
development in SME market. There are various point to be consideration:
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 Introduction: It is initial stage of product which is first time brought into the market that
are having attractive features and concept that are satisfied to customers.
 Objective: The main objective of company is to cater all embodied customers those are
using phone and internet or other broadband services of the company.
 Solution: Business plan should be simple and concise to use effective ideas in their
products.
 Requirement of innovation: To make change to their existing product a company need to
innovate some other feature those are new to the customers.
 Customer research: Target market of company are those average and middle class people
which are use product and services of company in easily (Strayer, 2012).
 Create development strategies: According to location, design, market survey a company
is creating market plan for them.
 Capital requirement: There are various source of finance like internal and external but
company is using internal sources to fulfil their fund requirement.
 Profit target: Under this stage more appropriate methods are being used by the company
to generate maximum profit in coming future.
There are generally two type of sources available for the development of product:
Internal and external. As from internal sources funds are collected from owner and by retain
earning and from external sources bank loan and equity participation can be the major tool of
finance.
TASK 4
P7: Evaluate Various tools to protect, retain and develop organisation
Intellectual property relates to the idea of innovation that needs to be protected. As the
competition gets steeper day by day so the risk of idea getting stolen is increasing day by day.
This property includes the product a company has innovated so as to get market benefits.
Intellectual property attorney helps in protecting the ideas and design from getting stolen
(Jiménez-Jiménez and Sanz-Valle, 2011). Filling an application is a costly process if done
incorrectly and can lead to waste of time. Few things must be taken in mind while protecting the
idea:
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