An Analysis of Innovation for 4Com PLC (Semester 1, 2024)

This report provides a comprehensive analysis of innovation within the context of 4Com PLC, a telecommunications company. It begins by defining innovation and its significance in an enterprise, emphasizing its role in meeting customer needs, increasing productivity, and gaining a competitive advantage. The report explores how vision, culture, teamwork, and leadership shape innovation within an organization. It delves into the 4Ps of innovation (Product, Process, Position, Paradigm) and the use of the innovation funnel to shape ideas. Additionally, it discusses frugal innovation, its development, and its application within organizations. The report also examines the significance of the commercial funnel and the application of new product development for innovation, including the development of a business case. Finally, it covers various tools for protecting intellectual property.

Innovation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Innovation and its significance in enterprise....................................................................1
P2. The way vision, culture, teamwork and leadership of enterprise shape innovation.........3
TASK 2............................................................................................................................................4
P3 4Ps of innovation and use of innovation funnel to shape innovative ideas.......................4
P4 Development in frugal innovation and its use in organisation..........................................5
TASK 3............................................................................................................................................5
P5 Significance of commercial funnel and application of new product development for
innovation...............................................................................................................................5
P6 Innovation business case for an enterprise........................................................................7
TASK 4............................................................................................................................................8
P7 Various tools that can be used by enterprise to develop and protect intellectual property8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
In modern era, innovation is one of the important concept for every business organization
through which company produce something new to fulfil customers needs and wants. Basically,
it is an appropriate process to add values within company products which offered by the
company with the purpose of increasing profitability level. This will help in enhancing as well as
improving convenience for target customers (Anderson, Potočnik and Zhou, 2014). Mainly, the
main advantage of innovation is to invite as well as attract larger number of customers and at the
same time also retain them for longer period of time. For attaining higher success in market
place, implementing innovation process is vital for company by which they easily improve their
quality products in market place. Current report is based on 4Com plc, is telecommunication
company which manufacture phones, software and also deliver internet services to its customers.
This report discussed about concept and importance of innovation which contribute in enhancing
brand image. In addition of this, 4P’s of innovation is also mentioned in this assignment.
TASK 1
P1. Innovation and its significance in enterprise
For grabbing as well as satisfying customers, innovation is main process for business
through which company adopt new and innovative methods to produce quality products and
services. Mainly, innovation refer to developing new products which may helps in offering new
and quality services to customers to satisfy their needs and wants (Rosenbusch, Brinckmann and
Bausch, 2011). Along with this, by implementing innovation concept firm easily attain various
opportunities to invite as well as attract larger number of customers towards company products
and services. With the help of this c company easily manufacture new and features items which
may leads in satisfying customers’ needs and wants in appropriate manner. In context of 4Com
plc, they also use innovation concept within their product line as they offer features products to
service users with the purpose of fulfilling their requirements. In this, there are some importance
of innovation are as follows:
Increase productivity of the company: Concept of innovation helps in improving
productivity level of the company which contribute in producing quality products and services
which helps in reducing the cost and time as well. With the help of this company enhance
profitability level at market place.
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Increase effectiveness of communication process: Innovation is considered as an important
concept in which company needs to effective communication for implementing it appropriately
which may contribute in improving overall performance of the company (Metcalfe and Miles,
2012). Ineffective communication arises various issues in process of innovation which enhance
cost of the products. For attaining better results, good cooperation between business functions
and innovation. This will enhance the effectiveness of the company and its activities.
Aid in optimum utilisation of available resources: As innovation concept help in increasing
the chances of improving production process. This will be reducing the chances of wastage of the
resources and also utilise at optimum level as company easily deliver quality services to its
customers. It directly contributes in retaining customers for longer period of time.
Provide competitive advantage: New and innovative products are always grab customers
attention as company also produce features and attractive products which may help in increasing
customers base (Manso, 2011). With the help of this company enhance their productivity level
and at the same time also attain competitive edge in appropriate manner. By using new products,
4Com plc easily satisfy customers’ requirements which contribute in attaining positive results.
In addition of this, difference between innovation and invention
Basis Innovation Invention
Meaning Innovation is a process which
implement new ideas and ways to
improve products in first time.
Invention is totally new in
which company produce new
ideas to produce new product
which never been develop
before.
Concept By innovation process, firm add
values within existing products to
improve its quality.
Invention is a process through
which company develop new
products.
Skills Concept of innovation required
technical skills for implementing
within the firm.
Invention concept needs
scientific skills to implement
in effective manner.
Activities Under this, innovation activities
are spread which may enhance the
performance level of
Invention activities are limited
as it is related with research
and development function of
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organizational function. the company.
P2. The way vision, culture, teamwork and leadership of enterprise shape innovation
Innovation concept is important process for company as it is broad activity which directly
affect from outsider of the company and within the firm as well (Lundvall And et. al., 2011).
Thus, it is important for company to manage their activities to enhance their productivity level.
In this context, there are some factors which direct affect the overall process of innovation. All
these can be understood by following factors:
Leadership and innovation: Leaders are play vital role in developing as well as guiding
staff members with the purpose of improving their performance level at workplace. With the
help of this employees effectively perform their duties which directly improve the concept of
innovation within the organization. Along with this, leader of 4Com place also adopt new
approaches to lead their workers as they effectively implement innovative concept for producing
quality and attractive products. With the assistance of this company easily attain higher success
at market place.
Organization culture and innovation: For accomplishing set target, it is vital for company
to follow culture as well as structure with the purpose of implementing all the innovation
activities in systematic manner. In context of 4Com plc, organization culture is more effective
which may help in encouraging workers to effectively perform their duties in order to attaining
set goals and objectives and at the same time also implement the innovation concept for attaining
desirable growth at market place.
Innovation and teamwork: Working in a team is important for company to attain common
goals and objectives as it is important for manager to make better relationship with their workers
and at the same time also communicate with them effectively workplace (Jiménez-Jiménez and
Sanz-Valle, 2011). This will help in innovation process which contribute in implementing
activities innovation in better way. Its assist in attaining set goals and objectives in set period of
time.
Vision and innovation: Under this vision statement of the company define future aspect
where company wants to see itself. As it is important factor which largely affect the entire
process of innovation. In addition of this, effective vision of the company helps in improving the
process in which company easily attain set goals and objectives in appropriate time frame.
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Thus, all these are important factors which affect the innovative process so that it is vital for
manager to effectively implement for reducing the chances of arsing any kind of issues. In
addition of this, manager should make necessary changes which h leads in attaining higher
profitability level at market place. With the help of this, 4Com plc easily produce as well as
deliver quality products to its target customers which may directly contribute in attaining
competitive advantage form its rivals.
TASK 2
P3 4Ps of innovation and use of innovation funnel to shape innovative ideas
For improving overall performance of the company, it is important for business organization
to implement innovation concept effectively as they offer new and features products to its
customers as per daily basis (Gunday and et. al., 2011). With the help of this company easily
satisfy customers requirements. In addition of this, it also invites as well as attract larger number
of customers towards its products and services which may contribute in enhancing profitability
level at market place. In context of 4Com plc, company includes 4P’s for implementing concept
of innovation in effective manner. All these can be understood by following elements:
Product: It is referring to tangible and intangible items which deliver by the company to its
customers with the purpose of providing them better satisfaction. In this 4com plc provide
various telecommunication products to number of customers by understanding their needs and
wants. This will enhance overall sales and market share as well.
Process: It is one of the important elements of innovation which helps in implementing
innovative concept. Thus, it is important for company to keep adequate resources such as
financial, techniques, human resource and so on. By using this, company easily maximize their
profitability level at market place. Along with this, it is also important for company to provide
better training and development to workers to enhance the productivity level.
Position: In this various communication tool are used by the company to promote their
featured products with the aim of inviting larger number of customers (Boons and Lüdeke-
Freund, 2013). For this 4Com plc use digital and print media to provide relevant information to
kits customers towards company products.
Paradigm: Under this, it refers to add something new in existing products to invite as well
as attract larger number of customers which may leads in increasing profitability level.
Use of innovation funnel to shape innovative ideas
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Innovation funnel is one of the effective process through which company easily implement
ideas from real life for producing quality products to provide larger number of customers with
the aim of satisfy their requirements. Basically, the main purpose of this funnel is to effectively
analyse the market trends which may helps in offering featured products. In context of 4Com plc,
company also undertake an effective research to determine customers needs for fulfilling their
requirements in appropriate way.
P4 Development in frugal innovation and its use in organisation
Frugal innovation method is used in identifying whether innovation in products is helpful in
completing desires of a company. This method is also helpful in creating modifications at low
cost of production (Breznitz and Murphree, 2011). It provides various opportunities to a
company to grab attention of customers in a large manner. This method aid firms in developing
its products in more economical way. In context with 4Com Plc. it indicates this company to
manufacture products as per demand of targeted customers on reasonable rates. The procedure of
frugal innovation can be evaluated in following manner:- Identify opportunities in adversity: Under this stage of frugal innovation, an innovator
needs to find issue occur within business structure in a proper manner. It will give them
opportunity to find solution and make modifications in better way. Do more with less: This stage states that for resolving problems occurred within
organisation, managers are needed to make proper research and analyse factors through
which better modifications can be created (Gunday and et. al., 2011).
 Keep it simple: It implies that problem resolvers must use simple methods for providing
better solution. As complexity consumes much time and may generate errors in doing so.
TASK 3
P5 Significance of commercial funnel and application of new product development for
innovation
Commercial funnel is used to identify sources present at marketplace through which a
company can generate higher profitability. Generally firms are used to make various action plans
and execute them in more specific way to grab attention of customers towards their product or
services. But this procedure creates uncertainty in their minds whether such plans will obtain
expected result or not. Therefore, commercial funnel helps them to come out from this situation
by entailing them which plan they need to execute for enhancing market share.
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New product development
Developing a new product is not an easy task for anyone as it takes a long procedure for
modifications (Breznitz and Murphree, 2011). Therefore, an innovator needs to understand
whole concept of this by analysing following features: Idea generation: In order to generate specific ideas, a person needs to carry out various
activities that help in identifying opportunities present at marketplace. In addition to this,
entrepreneurs must conduct a proper survey for gathering information like strategy of
competitors for marketing products, bargaining power of suppliers and customers etc. Idea screening: After generating various ideas, a company needs to analyse effectiveness
of all which helps in choosing the best for further implementation. Thus, under this step
4Com has always used to get advice of experts in order to know which idea suits them
best for product differentiation. Concept development: Under this process, chosen idea is now turns into business concept
which helps in creating innovation in existing commodities of a company. Development of strategy: This factor has assisted organisations to collect resources and
raw materials through which they can implement new strategies into working system as
well as can make modifications in easy manner in development process (Gennaioli,
Shleifer and Vishny, 2012).
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 Examine business condition: This factor implies that employers of firm are required to
properly analyse financial condition and situation of business in a proper manner through
which better strategies can be applied. Product development: Under this stages, finally managers make proper decision in terms
of strategies used to make innovative products as per need of customers. Finally, they
launch new commodities at marketplace in a proper way (Gawer, 2011). Test marketing: In this stage, product is ready to sale at marketplace for testing its
services like whether firm gets success in meeting needs of customers or they need to
create more modifications.
 Commercialisation: Under this, company sale its products on a big level. Different
communication tools are used by firm in this.
P6 Innovation business case for an enterprise
4Com Plc. operates its business in communication industry and provide a wide range of
products at marketplace on attractive discount offers. It manufactures mobile phones by adding
good features as per demand of customers (De la Mothe and Paquet, 2012). Due to changing
trends of marketplace, this firms needs to produce innovative products which help in enhancing
its market share in a more profitable way. With this assistance, a business plan has been given
below which aid this firm to gain more attention of customers:- Executive summary: The main objective of 4Com Plc. is to manufacture best quality of
products having unique features. By adding more features and applications in mobile
phones, it can grab a lot attention of customers (What is innovation? 2011). Therefore,
creating innovation in products always proves to be beneficial in terms of earning
profitability. Target: This firm has targeted mostly businessmen therefore, it add applications in
phones as per requirement of them. It includes good connection and high speed of
networking with 5G broadband services. Therefore, products of this firm are generally
not useful for domestic usage. Solution: This factor entails that applications of such mobile phones should be easy and
convenient for any business person. In addition to this, such commodities should provide
high securities which prevent confidential data in an appropriate way (Cross, 2011).
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Durability of batteries should be long so that clients can use it for representation of
business projects easily. Why product is innovative: Due to high competition and rapid change in technologies, a
firm needs to create changes in products on regular basis. In terms of telecommunication,
people always seek to get phones of latest technology. Therefore, it assists 4Com to
manufacture innovative products. Currently, this firm has launched new feature as HiHi
which provides a high quality of video calling. Customer research: In order to create innovation in products, 4Com Plc., is required to
conduct a proper research for understanding demand of marketplace. Along with this,
carrying out various surveys, it gets benefits in grabbing opportunities through which
growth of business can be enhanced (Brynjolfsson and McAfee, 2012). Thus, using this
step of innovation, present firm can identify potential of competitors’ strategies also
through which it can make better policies and implement the same in better way. Funding: This is the most important step for creating modifications in existing services.
As without sufficient funds, a firm cannot get its desired state. Therefore, finance and
marketing department of 4Com need to find good sources from where they can raise
funds on easy terms and condition. As one of the important resource for implement
innovation.
TASK 4
P7 Various tools that can be used by enterprise to develop and protect intellectual property
Intellectual property includes intangible products of human creatures. In terms of
organisation, business tycoons have various ideas for running business in a perfect order. They
used these ideas whenever company face some sort of issues (Brown and Osborne, 2012).
Therefore, they are required to prevent thoughts and strategies from being snatched by
competitors. Entrepreneurs can secure ideas or intangible products by using intellectual rights.
This factor shows basic rights of a person for his intellectual property. These rights prevent their
innovation from others as without permission of them nobody can use the same. If anybody has
caught to use others strategies or ideas then they will be legally penalised. In context with 4Com
Plc., it can use these rights in following way:- Professional help: It is one of the most usable technique which gives rights to persons to
save their ideas and strategies in proper way. For this process, innovators are needed to
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register own name against creations. This method gives them a password which they can
access anytime as it saves the same from others. Trademark: It is a special type of logo, sign or design used by companies to differentiate
products from others. It helps customers to easily differentiate commodities in terms of
brand image and can purchase as per choice (West and Bogers, 2014). Patent: This kind of intellectual property technique, give rights to a person to secure
creativity from others in a proper manner. It gives patent right to creators for at least 20
years which can be extended as per demand of them.
CONCLUSION
As per above mentioned assignment, it has been concluding that innovation concept is main
process for business to produce something new to their target customers with the purpose of
satisfying customers needs and wants. Thus, it is vital for manager to effectively implement
within the production process to invite larger number of customers as company easily enhance
their profitability level at market. In addition of this, various factors that directly affect the
innovation process. For this manager should provide better training and development programs
to their workers to enhance their skills and performance as they easily perform their activities in
an appropriate manner. This will help in attaining higher success at market place.
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REFERENCES
Books and journals
Anderson, N., Potočnik, K. and Zhou, J., 2014. Innovation and creativity in organizations: A
state-of-the-science review, prospective commentary, and guiding framework. Journal
of Management. 40(5). pp.1297-1333.
Boons, F. and Lüdeke-Freund, F., 2013. Business models for sustainable innovation: state-of-the-
art and steps towards a research agenda. Journal of Cleaner Production. 45. pp.9-19.
Breznitz, D. and Murphree, M., 2011. Run of the red queen: Government, innovation,
globalization, and economic growth in China. Yale University Press.
Brown, K. and Osborne, S. P., 2012. Managing change and innovation in public service
organizations. Routledge.
Brynjolfsson, E. and McAfee, A., 2012. Race against the machine: How the digital revolution is
accelerating innovation, driving productivity, and irreversibly transforming
employment and the economy. Brynjolfsson and McAfee.
Cross, J., 2011. Informal learning: Rediscovering the natural pathways that inspire innovation
and performance. John Wiley & Sons.
De la Mothe, J. and Paquet, G. eds., 2012. Local and regional systems of innovation (Vol. 14).
Springer Science & Business Media.
Gawer, A. ed., 2011. Platforms, markets and innovation. Edward Elgar Publishing.
Gennaioli, N., Shleifer, A. and Vishny, R., 2012. Neglected risks, financial innovation, and
financial fragility. Journal of Financial Economics. 104(3). pp.452-468.
Gunday, G. and et. al., 2011. Effects of innovation types on firm performance. International
Journal of production economics. 133(2). pp.662-676.
Jiménez-Jiménez, D. and Sanz-Valle, R., 2011. Innovation, organizational learning, and
performance. Journal of business research. 64(4). pp.408-417.
Kleinknecht, A., 2016. Innovation patterns in crisis and prosperity: Schumpeter’s long cycle
reconsidered. Springer.
Lundvall, B. Å. And et. al., 2011. Handbook of innovation systems and developing countries:
building domestic capabilities in a global setting. Edward Elgar Publishing.
Manso, G., 2011. Motivating innovation. The Journal of Finance. 66(5). pp.1823-1860.
Metcalfe, J. S. and Miles, I. eds., 2012. Innovation systems in the service economy: measurement
and case study analysis (Vol. 18). Springer Science & Business Media.
Rosenbusch, N., Brinckmann, J. and Bausch, A., 2011. Is innovation always beneficial? A meta-
analysis of the relationship between innovation and performance in SMEs. Journal of
business Venturing. 26(4). pp.441-457.
West, J. and Bogers, M., 2014. Leveraging external sources of innovation: a review of research
on open innovation. Journal of Product Innovation Management. 31(4). pp.814-831.
Online
What is innovation? 2011. [Online]. Available through:
<http://www.innoviscop.com/en/definitions/process-innovation>.
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