Innovation: A One Company Report on Business Strategies

This report provides a comprehensive analysis of innovation, focusing on its application within A One Company, a telecommunications firm. It begins by defining innovation and its importance compared to invention, then explores how organizational vision, leadership, culture, and teamwork shape innovation and commercialization. The report delves into the 4Ps of innovation, the use of the innovation funnel, and developments in frugal innovation. It further examines the significance of the commercial funnel and the application of New Product Development (NPD), culminating in an innovation business case for A One Company. Finally, it discusses various tools organizations can use to foster innovation, offering a thorough examination of innovation strategies and practices.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Innovation and its importance to organisations in comparison with invention....................1
P2. The way organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation................................................................................................................2
TASK 2............................................................................................................................................4
P3 4Ps of innovation and use of the innovation funnel...............................................................4
P4 Developments in frugal innovation........................................................................................5
TASK 3............................................................................................................................................6
P5 Significance of commercial funnel and application of New Product Development (NPD). .6
P6 Innovation Business Case for A one firm..............................................................................7
TASK 4............................................................................................................................................8
P7 Different tools that organisations...........................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation refers to a process of converting an invention or idea in to services and
products that develop some value for which consumers will pay. It is essential that idea should
be economic as well as satisfy the needs and demands of consumers in an effective manner. In
this, a business firm makes changes in its services and products in order to attract a large number
of consumers (Acquaah, 2013). A one company is a small telecommunication business firm in
the United Kingdom. In the present report, innovation and its importance in comparison with
invention will be discussed. The way organisational leadership, vision, teamwork and mission
can shape innovation and commercialisation will be studied as well. Further, 4 P’s of innovation
and use of innovation funnel to shape innovative ideas will be highlighted. There are many other
concepts associated with innovation will be described in the report.
TASK 1
P1. Innovation and its importance to organisations in comparison with invention
Innovation refers to an activity which helps in enhancing development and growth of an
organisation in an effective and efficient manner. Through using this, company can develop the
new as well as different products and services from its strong competitors. It will be helpful in
increasing the effectiveness of production process from which firm can make better quality of
innovative goods and services on the basis of consumer needs and wants in a proper manner.
Under this consists various activities like for an instance modification, alteration, imagine the
new design products through making an innovative ideas (Brown and Wyatt, 2010 ). There are
many staff members who get confused in between invention and innovation. Both vary from
each other and they are also used at the time of different condition or situation.
The difference in between innovation and invention is given as below:
Basis Invention Innovation
Meaning It refers to the process under
which person develops new
services and products.
It means an activity in which
employees of company give
new size, shape and also
colour to existing goods. If
firm makes any kind of
changes in current products,
1

then it is an innovation.
Works Person develops new thoughts
and also prepare good which
are not developed before.
Basically, it can be applied and
also modified the services and
products according to the latest
tendency.
Necessary skills A person has scientific and
technical skills with having
researching abilities which can
create new services and
products to attract a large
number of consumers.
An individual has a
mechanising, technological
and also strategic skills which
helps in increasing growth of
firm.
In context of case study of Apple Inc., it is the largest firm which adopts many new ideas
for developing various kinds of services and goods. It develops I- pod and also stores more than
the 1000 songs and this I-pod is small in size (Crossan and Apaydin, 2010). Apple makes small
and attractive changes in its devices for attracting a large number of consumers.
Significance of innovation in comparison with invention
Innovation is very important for an organisation. It will give fastest growth in the success
of firm and helpful in building a connection to make new markets which give more beneficial
opportunities to business organisation. It will be helpful in developing some effective real
theories which provide attitudes, confidence and also knowledge for taking complex risks and
finishing all activities in an effective and better way. It will be helpful in preparing innovative,
creative and also various foods in order to attract more consumers towards particular services
and goods.
P2. The way organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation
An innovation requires to integrate in the main business process which is helpful in
getting better outcomes (Elliot, 2011). A one company uses various techniques and methods
which help in achieving the organisational objectives within specific time period. In this context
this, the role of leaders and also managers to provide proper direction to staff members through
2

using an innovative measures. In A one organisation, it is the responsibility of a manager to
monitor and also control knowledge as well as working performance of staff members. There are
necessary components which assess an important role in defining innovation in a company given
below:
Vision- A one conmpany has short as well as long term goals which are helpful in
improving development and productivity of firm. With the help of this, A one company can
achieve its target. Vision of A one firm is to achieve top position in the field of
telecommunication by providing a creative and advanced solution (Goldberg, 2013). Its main
objective is to develop a better relationship with its other competitors and also compete with
them in a proper manner. A one organisation provides effective services to consumers so that
they can communicate with any one.
Mission- It is a short term goal which helps in achieving the desired targets in a proper
manner. Mission statement can provide a shape to commercialisation and innovation activities
because it is necessary to attract the consumers.
Leadership- Leaders provide a proper direction to its employees and they help in
achieving the goals of company. Leaders of A one company guides his team members so that
they can easily achieve the set organisational targets. Leadership is helpful in increasing
development of firm and also, in encouraging staff members for work. From this, employees can
develop better services and products to consumers to achieve the set targets.
Teamwork- It is necessary in a business firm for motivating the work of employees in an
effective way. It will be helpful in developing a better relationship among management and staff
members. In a team work, employees share their thoughts and views with each other and also
encourage them in accomplish target (Huberman and Miles, 2013). In Apple Inc., there are many
different teams which are helpful in completing the activities and tasks. Innovative can give a
shape of making team to work together in a company. If all staff members will work in a team
then they will develop many new innovative products and services.
Culture- It is necessary that culture of firm should be better so that every employee can
work proper without arising conflict. From this they can finish their work properly. A better
culture will provide comfortable and positive workings conditions which which staff members
will perform better without developing any risks.
3

TASK 2
P3 4Ps of innovation and use of the innovation funnel
Innovation can be defined as to create something unique and new to implement which
have better impact on performance and productivity. It combines process, product, position and
paradigm which is known as innovation mix (Keltner, Clarke and Broersma, 2014). The 4p's of
innovation given below: Process: Many processes are going on with daily routine work of company such as
manufacturing, supplying, selling, recruiting and accounting. Way of doing work can be
changed or modified to decrease time limit as well as cost of product that makes firm
more efficient and cheaper. Implementation of new ideas may improve profitability. Product: It is an important factor to motivate people to make buying decision by
attracting them improved packaging, less time consuming delivery schemes, freshness of
consuming product, quality, quantity, features and so on. If product should be change its
packaging style and make its more colourful and adding something extra then it can help
in retaining clients who get bored with same product. Position: This component can taken as similar to promotion of marketing mix in which
image of brand or company name plays a frequent role to increase profits and benefits
regarding sales, client satisfaction and maintaining the position of organisation amongst
competitors in global market.
 Paradigm: It is a beneficial element which may be defined as impact of change due to
image of product, desires of customers and competitors strategy. Whenever need of
innovation is identified then it will become necessary to plan after research and analysis
to implement anything through evaluating twice (Kline and Rosenberg, 2010). So that
threats and issues will be avoided at the time of processing new change and reduce
money loss.
Use of Innovation Funnel
An innovation funnel have basic role to convey information about criteria or stages which
should be conducted to make more advanced process or product. It is basically created to make
easy and cheaper manufacturing or to reduce cost and time. So that improvement of delivery
service and features both may come to attract new clients as well as retain the existing ones
regarding maintenance of value of product in market.
4

 Focus on wide mouth of funnel: It can be described as to collect a bunch of possible
ideas as well as probability of implementing regarding firm's criteria or need to develop
several products at a time (Leonard and Rayport, 2011). Lots of research work should be
done to identify the appropriate need of innovations by studying client's demand and
trends of market to avoid negative impact of innovation on economy of company. Narrowing segment: In this stage, screening of collected ideas will takes place by
matching standards of desire and objectives set should be fulfilled in future regarding
implementation of new creative and unique aspects if innovation. Evaluation of risks and
uncertainty will be done to have better output as expected in respect to return of
investment.
 Narrow Funnel: The organisation's team will come to know about aspects of innovation
by ensuring the positive impact on productivity and profitability through implementing
new strategies and policies. After making surety of all factors of new idea, they will
apply the same top have future profits as per expectations through new creation.
P4 Developments in frugal innovation
An innovation refers to a process under which firm design or prepare new goods which
help in accomplishing the efficiency and also effectiveness level. Frugal innovation refers to an
effective and better process which is helpful to managers in minimising manufacturing costs as
well as profit level. The process of an innovation is based on the abilities and also capabilities
which helps in providing different services and goods to consumers in a proper and systematic
manner. In context to this, it is necessary to A one communication firm to prepare a budget so
that it can target more consumers and also market area (Lundvall, 2010). It is necessary that
company should need to take corrective actions in order to fulfil needs and demands of
consumers. In context to this, there are some points given below which need to understand
manager of A one company:
 Managers should have a proper knowledge about innovation process which helps in
directing staff members in attain set goals of company.
 It is necessary that employer should know about the employees knowledge and
capabilities and also provide work according to them.
On the basis of Apple Inc. and also Virgin Groups case study that both the business firms
use main and better resources in an effective manner (Patti, Yanes and Siuzdak, 2012). It will be
5

helpful ion enhancing the working abilities and also knowledge of employees for achieving
common gaols and aims. Frugal innovation is helpful in identifying the different activities as
well as function which help in context of necessary cost of company.
Frugal innovation has different advantages which is helpful in increasing development
and productivity of business. This company will need to follow a process which will easy to
understandable in the nature:
 The management of A one firm can provide opportunities which helps in determining a
best and better source to earn more profit.
 It is necessary that manager should know about the strengths and weaknesses of staff
members and also motivate them to achieve set goals.
 Use the new technologies which helps in improving quality of existing or new services
and goods.
 It is important that managers should update its strategies and plans on the regularly basis
and also implement at workplace in an effective manner.
TASK 3
P5 Significance of commercial funnel and application of New Product Development (NPD)
Commercial funnel is a process which helps in leading to changes in existing products in
order to attract the large number of consumers towards the firm's services and products.
Commercial funnel is a procedure through which entity of a proper and better sources to be
identifies for providing better services and goods to consumers (Reich and Bombast, 2013). A
one company provides the effective telecommunication services to people. It maintains its
quality of services and also regularly makes changes in its existing products and services in
context to enhancing as well as profit level of a business firm. On the other hand, new product
development refers to an activity which helps managers in making new goods to fulfil needs and
demands of consumers,.
A one organisation develops an effective plan to initiate various selectors and also
modification to minimize risk. Before develop a new products or make changes in existing
products, A one communication firm conduct a research on whole market (Slater,Olson and
Finnegan, 2011). This business firm develops new products to consumers by identifying their
needs.
6

Stages of New Product Development given below:
Idea generation- Under this, firm think new ideas and also though about what kinds of
products need to develop, that technology used and many others.
Idea screening- After making many idea, it is important to screen all of them and then
select one that idea which is better and effective for business. It will be helpful in gibe a
competitive benefit to business.
Concept development and testing- Under this, company convert an ideas in to a product
concept. Under this a detailed version of product is mention. A one communication needs to use
new services and products to small groups and also see their reactions.
Market strategy development- Regarding the product positioning, target market and also
sales of products, A one company make an effective strategy (Verbeke, 2015). It helps in making
products effective.
Product development- It reefers to making a new services or products through adding
special features which provide benefit to customers. Product development can be related to
changing ion existing products and also make new to fulfil customers needs.
Test marketing- In context to this, there is an effective opportunity to the marketeer to
check or test new goods at market place. It is necessary that cost should be reasonable. Under
this, firm place its products for selling purpose in one than the one areas to observe the actual
performance of goods.
Commercialisation- Under this last stage of NDP, it is necessary for A one company to
implement its marketing plan and face more cost in conducting promotional campaigns,
production cost etc.
P6 Innovation Business Case for A one firm
It is necessary that A one company need to build an innovative case which helps in
establishing a objectives and aims and perform many functions like for an instance consumer
time, capital investment which increases development and productivity to consumers. Innovation
helps in developing new goods and services which helps in target the more people towards
services and goods of firm in an effective manner. There are some stages are given below which
helps in building a innovative case:
7

Understand objectives and whole procedures- It is necessary that firm needs to
examine and also understand full procedure which is helpful in enhancing development and
productivity (Wolin, 2016).
Collecting inputs- The manger of A one communication business firm, to gather
important information and also data in corder to doing necessary activities of business in a better
manner.
Analyse- It will be helpful in examining and also executing an information and data in an
effective manner. Organisation needs to examine full area of market.
Starting judgement- Under this stage, product should be exist at market place and also
operate the full business from. Under this, top management of A one organisation will take
corrective actions.
On the basis of Virgin Group and also Apple Inc. company that these both firms have
different kinds of investors which invest their capital in business (Woodcock, Green and Starkey,
2011). A one communication will adopt it in an effective manner. There are two main invests
which helps in giving finance to company given below:
Organisation capital firm- These business firms issues their shares in return of the
invested money. Generally, they supply the more amount of investment but need to spend same.
Business angel- These both the individual spend capital in more amount at market. They
search many opportunities which helps in advantages for them.
TASK 4
P7 Different tools that organisations
Intellectual property provides a right to protect thoughts, opinions and also the non
physical assets. An individual prepares a uniqueness and also ideas in an organisation. There are
various kinds of intangible properties such as patent, trademark, copyright, innovation rights,
trade secret etc. A one business company deals in a telecommunication sectors which gives an
accurate solution to firm, related to consumers feedback's and complaints.
An intellectual property states that person has aright to think, designs and also some other
possessions without any kind of competitors tensions. It is helpful in protecting rights of person
on particular things, asset, copyright etc. Some of the intellectual property are mention below as
above:
8

Copyright- Under this, an individual should be registered under the Copyright Act 1988
and it will provide the right of real owner of good. It is for the limited time period and after
completion of time it need to be renew.
Patent- In context to this, a person invent or discover a new thing or goods then it should
have a right to sell at market (Crossan and Apaydin, 2010). In this, it is necessary that a patent
holder should be register its right under the Patent Act legally otherwise any person can use its
property without taking any permission.
Trademark- IT displays a design, sign and also identity which helps an individual for
verifying various kinds of services or goods. This can be keep put on the package or label on
goods and it can be show on the building of company.
Trade secret- It refers to a procedure, methods, activity and patterns which helps in
gaining a competitive benefits against competitions. It is based ion the confidential information
and data which is used through an organisation.
CONCLUSION
From the above given report, it has been stated that an innovation is an effective process
which helps in making new thoughts and then develop new goods. It is helpful in compete with
its existing competitors and also gain a competitive advantage ta market place. Under this given
report studied about the 4 P's of innovation and also a use of an innovation funnel. Commercial
funnel plays a necessary role in firm and it provides many benefits to firm.
9

REFERENCES
Books & Journals
Acquaah, M., 2013. Management control systems, business strategy and performance: A
comparative analysis of family and non-family businesses in a transition economy in
sub-Saharan Africa. Journal of Family Business Strategy. 4(2). pp.131-146.
Brown, T. and Wyatt, J., 2010. Design thinking for social innovation IDEO. Development
Outreach. 12(1). pp.29-31.
Crossan, M.M. and Apaydin, M., 2010. A multi‐dimensional framework of organizational
innovation: A systematic review of the literature. Journal of management studies. 47(6).
pp.1154-1191.
Elliot, S., 2011. Transdisciplinary perspectives on environmental sustainability: a resource base
and framework for IT-enabled business transformation. Mis quarterly. 35(1). pp.197-
236.
Goldberg, D.E., 2013. The design of innovation: Lessons from and for competent genetic
algorithms (Vol. 7). Springer Science & Business Media.
Huberman, A.M. and Miles, M.B., 2013. Innovation up close: How school improvement works.
Springer Science & Business Media.
Keltner, A., Clarke, T. and Broersma, M., 2014. The governance of corporate sustainability:
Empirical insights into the development, leadership and implementation of responsible
business strategy. Journal of Business Ethics. 122(1). pp.145-165.
Kline, S.J. and Rosenberg, N., 2010. An overview of innovation. In Studies On Science And The
Innovation Process: Selected Works of Nathan Rosenberg (pp. 173-203).
Leonard, D.A. and Rayport, J., 2011. Spark innovation through empathic design. In Managing
Knowledge Assets, Creativity And Innovation (pp. 355-369).
Lundvall, B.Å. ed., 2010. National systems of innovation: Toward a theory of innovation and
interactive learning (Vol. 2). Anthem Press.
Patti, G.J., Yanes, O. and Siuzdak, G., 2012. Innovation: Metabolomics: the apogee of the omics
trilogy. Nature reviews Molecular cell biology. 13(4). pp.263-269.
Reich, B. H. and Bombast, I., 2013. 10 Measuring the Information Systems–Business Strategy
Relationship. Strategic Information Management, p.265.
10

Slater, S. F., Olson, E. M. and Finnegan, C., 2011. Business strategy, marketing organization
culture, and performance. Marketing Letters. 22(3). pp.227-242.
Verbeke, A., 2013. International business strategy. Cambridge University Press.
Wolin, S.S., 2016. Politics and vision: Continuity and innovation in Western political thought.
Princeton University Press.
Woodcock, N., Green, A. and Starkey, M., 2011. Social CRM as a business strategy. Journal of
Database Marketing & Customer Strategy Management. 18(1). pp.50-64.
Online
Difference between innovation and invention.2017.[Online].Available
through:<http://www.huffingtonpost.com/tom-grasty/technological-inventions-and-
innovation_b_1397085.html>.
11