Innovation Analysis and Report for Quad's Business Strategies

This report provides a comprehensive analysis of innovation, focusing on its importance for businesses, particularly within the context of the company Quad. It explores the interplay of leadership, culture, teamwork, and vision in shaping innovation, and examines the 4Ps of innovation and the use of the innovation funnel. The report delves into frugal innovation, new product development, and the significance of the commercial funnel. Furthermore, it presents an innovation business case and discusses various tools for developing and protecting intellectual property. The analysis aims to provide insights into how companies like Quad can foster innovation and achieve their business objectives through strategic implementation of innovative practices and methodologies.

Innovation

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Innovation and its importance for an enterprise................................................................3
P2 Culture, teamwork, vision and leadership of organisation in shape innovation...............5
TASK 2............................................................................................................................................6
P3 4Ps of innovation and use of the innovation funnel..........................................................6
P4 Explanation of developments in frugal innovation...........................................................7
TASK 3 ...........................................................................................................................................9
P5 Significance of commercial funnel and application of new product development for
innovation...............................................................................................................................9
P6 Innovation business case for an enterprise......................................................................10
TASK 4 .........................................................................................................................................11
P7 Various tools that can be used by enterprise to develop and protect intellectual property11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation can be defined as a new device, method and idea. Innovation are often also
reviewed as the implementation of effective solution which achieve unarticulated requirements,
existing requirement of market, new needs etc. It can be accomplished by more effective
processes services, products, technologies, models of business which are readily available to the
society, state and markets (Díaz-García, González-Moreno and Sáez-Martínez, 2015). Quad , a
firm which offer various technological services and products to its customers is taken in this
report for study. This report will study the difference between invention and innovation along
with considering the culture teamwork, leadership, vision shapes the commercialisation and
innovation. This process will evaluate the frugal innovation as well as 4P's of innovation mix
that can help in building business case and new product development with enterprise.
TASK 1
P1 Innovation and its importance for an enterprise
Process of application of new methods, process and techniques for fulfilling the specific
requirements of an individual is known as innovation. Further, this is a procedure under which
enterprise develop a new feature, product or method. Adopting innovation and implementing this
in an effective manner is significant for a firm as this provide an opportunity to manufacture and
offer unique products and services to its customers. In addition to this, it offer other advantages
to a company as well. Process of innovation is different from invention (De la Mothe and Paquet,
2012). With support of innovation, Quad firm can make and offer effective products and services
to its consumers. Innovation play a significant role for an enterprise and this can be understood
by the given points: Enhance productivity of firm: Innovation support innovative and new ideas and
encourage firm to manufacture better and unique products in minimum time. Innovation
provide fresh ways to an entity to complete business process. New and effective process
of production increase efficiency of company's activities. Increase effectiveness of communication process: For implementing innovation in an
effective manner and to get all benefits of it, there should be proper communication at
workplace. Communication bring cooperation among various business functions and save
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time and cost of company. On the other hand, lack of communication create delays and
decrease effectiveness of innovation process. Ensure optimum utilisation of funds and resources: Concept of innovation provide new
ways and process to complete the work. This support entity in utilise all its funds and
resources to an optimum level. With this, company manufacture and offer quality
products to its customers which increase profits of firm. Provide competitive advantage to entity: When a company implement the concept of
innovation then it offer new products, services and more features to it customers. Today,
every customer want something new and different and when company offer new product
then it support in attract new customers and provide competitive benefit to firm.
Invention: It is the creation and development of innovative services, products and process which
is important for the company to maximise their profitability and productivity in allotted time
period. It may be for economic and non-economic motive which assist them to improve their
performance in marketplace.
Difference between innovation and invention
Basis Innovation Invention
Meaning Implementation of a new
process, product or method for
a first time is known as
innovation.
Under this occurrence of an
idea take place for the first
time for a particular product
that has never been take place
before is known as invention.
Concept This is the process of add a
new value to a specific product
or service which exist already.
Development of a new product
for the very first time.
Skills required This concept require marketing
and technical skills.
But concept of invention
require technical and scientific
skills.
Activities Activities of this are spread
across various various function
of entity.
Activities of invention are only
limited to research and
development department of
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company.
P2 Culture, teamwork, vision and leadership of organisation in shape innovation
Concept of innovation is a broad and complex one and this get affected by large number
of elements exist inside or outside the firm (Schaltegger and Wagner, 2011). Mainly leadership,
vision and teamwork affect the process of innovation as given in the following points: Innovation and leadership: Leaders are known as the individual who use various
approaches and tools to encourage employees to perform well at workplace. Approach
adopt by leader largely affect the actions and decision of staff members. It comes under
the responsibility of a leader to adopt right approach of leadership to guide and motivate
staff members. Right leadership approach encourage concept of innovation and support
entity in get maximum benefit of it. Organisation culture and innovation: Culture define the process and structure adopted
by firm for carry out its business activities. Structure of firm should be simple as this
ensure effective completion of all business activities in time and with minimum cost.
Further affect the process of innovation a lot. Effective and simple organisation culture
motivate innovative ideas and support entity in take challenges and risk. This support
entity in get maximum benefits of innovation. Culture of firm should be that which
encourage employees to adopt innovation. Innovation and network: Teamwork refers the relationship among employees of an
organisation (Metcalfe and Miles, 2012). There should be trust and commitment among
all staff members while performing their job roles as this support in implement the
concept of innovation in an effective manner and get maximum benefit of it. Further, it is
very important that there should be effective communication among all team members.
 Vision and innovation: Vision is known as where the company wants to see itself after
some specific years and this largely affect the business activities and innovation of
company. Effective vision encourage the process of innovation and support staff
members to perform their roles in an effective manner.
All these are the major factors that largely affect innovation and its process. For implement the
concept of innovation in an effective manner and to get maximum benefit of it; it is very
essential for manager to consider these factors. With this, manager can formulate a better and
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effective plan for innovation. In addition to these, various other factors are there that affect
process of innovation such as funds available to company, its objectives and many more. For
making innovation a successful one, it is very significant for manager of Quad to consider all the
factors. Necessary modification should be done in the process of innovation so it can offer more
features to its customers.
TASK 2
P3 4Ps of innovation and use of the innovation funnel
An organisation optimise different types of techniques, methods, structure that can help
in achieving business objectives. Innovation is the process of modification and alternation that
helps in varying the services and products in more significant manner (Battistella and Nonino,
2012). An organisation need to innovate and modify their products and service within certain
period of time in order to sustain and develop in the competitive marketplace. There are various
innovation types that can be opted by a company which are mentioned as below:
Breakthrough Innovation: This occur within the company when the performed work
over certain products is conducted which consist of various features in one product.
Sustaining Innovation: For retaining the existing service and product, value creation is
marked through company by adding new improvement and alternation within service.
Disruptive Innovation: This can be defined as new formation of technology within the
working in market situation. This is more complicated to opt and expensive type of innovation.
New Market Innovation: For deploying the business company, such innovation types if
utilised. This help in performing in respect of service as well as product introduction in the new
market.
Hence these activities helps in determining the products and services of company. In
order to utilise innovation properly, firm can use effective innovation mix in appropriate manner.
Here are mentioned major 4P's of innovation which is elaborated as below: Product Innovation: It can be considered as modification in manufacturing system
which is required in order to attract more customer within the promotional activities and
marketing. Process Innovation: The process of innovation aims over the products which are
delivered and created. Cause of various products utilise in setting relief which are initially
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improved for non-relief. There are various services which is situated by organisation. The
Company is developing different commodities in market along with several elements
which is assisting the evolution and development in competitive marketplace. Paradigm Innovation: This is significant to adopt discover and invention within society
sometimes. This is the phenomenon innovation i.e. interlink with the mentality of
perception of people (Gawer, 2011). This aid individual through which business
objectives can be achieve in suitable manner.
 Position Innovation: It can aid in reconfiguring and repositioning of commodities in the
already existing marketplace. This is related to innovation which assist in helping in
development and modification of innovation.
Through the concept of innovation, company can develop their products as well as
deploy their business reach by help of 4P's of innovation. Commercial funnel is used for the
development of products in very effective style. The whole procedure is assisting in meeting
innovation of service in effective manner as well as managing the outcome in more productive
style. This is a purchasing procedure which organisation can lead consumers. A sales manager
can commonly adopt the tactics, strategies and tools focusing at the utilisation of each sales
process stage. Hence the whole sales or commercial funnel is more effective for the products and
service innovation that can help in reaching outcome in more significant manner.
P4 Explanation of developments in frugal innovation
Frugal innovation refer to the one of popular term i.e. used for cost decreasing of
production through using modified techniques and less expensive method. It can often help in
managing in features which are non-essential. It create sale increment in the products and
services of company (Ambec and et. al., 2013) . These form of innovation can aid society in
various manner that can reduce the overall manufacture cost, less electricity utilisation along
with the lower service and product cost for render more service cost. For this, company is
utilising the frugal technologies like websites, social media for meeting the wide consumer range
in less product costing.
Frugal innovation can be referred as the innovation process design in which the citizen
context and requirements in the world development which have put it further for developing
adaptable, appropriate, accessible and affordable products and service for emerging trade. There
are major six principles of frugal innovation which is mentioned here:
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 Iterate and Engage: Such innovation type claim to reiterate product innovation within
certain service without creating any alternation and techniques in innovation. This claims
that organisation can achieve the targetted outcome by the help of innovation. Asset Flex: For suitable and better ideal solution and strategies, company can divert those
products innovation in order to support the organisation's sustainability. Sustainable Solution: It focus over the case or major problem in regard of seeking best
appropriate solution of menace faced by company.
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 Form Consumer Behaviour: Through analysing the preferences of consumer as well as
influence their buying behaviour, company can make adoption of several change required
for the services and products (Ambec and et. al., 2013) . This can assist organisation in
reaching positive outcome. Consumer Value Creation: This is also effective and regular communication procedure
as well as help customer in developing company in several different procedures used by
company.
 Stakeholder Innovation: For organising and coordinating effective stakeholder, company
can develop as well as evolve their connection through using various methods.
Frugal innovation require to set the adapt of mindset the available opportunities p
development for focusing over the value of innovation. This can assist organisation such as
company in retaining in the competitive industry by trimming the production cost delivering the
minimum market cost.
TASK 3
P5 Significance of commercial funnel and application of new product development for
innovation
Product is the most essential part of firm which helps in creating awareness about the
firm or its offered products and services at market place. Products can be described as the
representative of an organisation which create benefits for firm as to providing satisfaction to
their buyers. Commercial funnel is consist to be a vast concept which is concern on analysing
various ways as to attaining high growth and profitability. A firm and its higher authorities are
concern on designing a plan and implement them in effective manner as to reaching at desired
goals and outcomes. The major focused area of funnel is to enhancing the sales and revenue of
firm through producing more innovative and efficient products at market place.
The fundamental process which is involved in commercial funnel is to analyse all the
new and innovative ideas which create value in improving the profitability of firm (Battistella
and Nonino, 2012). Ideal generation is the most effective stage because the whole activity of
firm are based on the idea, so it is required for firm to select the most suitable idea as to
developing profitability of firm.
Process of new product development:
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This process involved various stages which are described as under:
Idea generation: This is the primary stage in which it is required for an organisation to
generate some ideas as to increasing the performance and profitability of firm. In this stage the
department of research and development performs vast role in gather data and information about
the current market situation. The idea has to be generated through analysing the current needs
and wants of people at market area.
Idea Screening: In this the generated idea has to be screened. In this organisations and its
authority provide their expertise knowledge and than the appropriateness of the idea has to be
analysed and than can be taken by firm into proper action (Boudreau, Lacetera and Lakhani,
2011).
Concept development: In this the generated idea has been transform into actual action as
in this a proper decision has to be made by firm as the idea is being implemented or not.
Development of strategy: In this stage an effective strategy has to be implemented which
is appropriate for the idea.
Examine business condition: After generating the strategy it is required for firm or its
authority to analyse the situation of business in respect to providing a significant direction to
implement innovation at work place.
Product development: In this stage the final feature and design of the product has to be
selected as per the needs and wants of people at market place.
Test marketing: In this products and services are offered in the specified market where
the demand of good is high.
Commercialisation: In this stage, organisations such as Quad sale their product at high
level market through applying various tools of communication.
Commercial funnel is the visual representation of consumers journey,in which suffer
from awareness to action. commercial funnel starts from lots of people but end with few buyer
who are actually buy the product. and they are the potential buyers .commercial funnel is called
as a revenue funnel, marketing funnel. commercial funnel basically vary from company to
company but basic four features are same.
AWERNESS:In this stage large number of people are engage in it. In which first peole
identify are problem and try to resolve their problem through marketing ,social media
marketing.
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INTEREST: In which number of consumer get decreased. But the interset regarding
the product got increase.
P6 Innovation business case for an enterprise
In this competitive market each small as well as large business organisations are concern
n implementing innovation at work place as to developing their performance and productivity at
market place (Yoo and et. al., 2012). As a small telecommunication company Quad introduce a
new business phone which create value in enhancing organisational sales and growth. Stages
involved in the innovation business case are described as under:
Executive Summary: As a famous small telecommunication company Quad deals in
variety of products and services and widely concern on introducing new and innovative products
at market place as to developing organisational performance and productivity. Innovation is
effective in gaining attention of large number of people towards firm or its goods and services.
Target: As a small business firm Quad is focused on satisfying the needs and wants of
clients, as their targeted customers are small business organisation who are deals in small sector
business. The business phone helps in creating communication easy and effective.
Solution: This element describes that features and processes of applying a product neds
to be attractive in nature (Owen, Macnaghten and Stilgoe, 2012). This is essential that it is
required for firm to deliver goods and services as per the choice and preferences of people.
Why product is innovative: Innovation is the most essential element that helps in gaining
attention of people towards the firm. It is essential for firm to produce innovative and attractive
products as to providing satisfaction to their potential buyers.
Customer Research: The major advantage of this stage is to create appropriate changes
in their products and services in respect to providing satisfaction to their buyers.
Funding: This consist to be the most effective component of firm as it is required for
each small as well as large business enterprises to make proper arrangement of funds in respect
to implementing all business operations in effective manner. As to introducing new product at
market place Quad needs to have proper flow of funds and capital.
Expected profit: This explains the expected benefit of firm which is attained by firm after
implementing innovation at work place. In this past information are effective in attaining high
future growth.
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TASK 4
P7 Various tools that can be used by enterprise to develop and protect intellectual property
Products and services are the representative of firm that are effective in attaining high
growth and success for firm. There are various tools which are adopted by firm as to protect their
intellectual property in which some are described as under:
Professional Help: This can be described as the most effective method which is widely
applied by Quad as to taking care of their intellectual property. In this stage a technical password
and lock has been provided by technical department which can be access by the higher authority
of manager of firm.
Trademark: This can be represented in the form of logo or symbol which is represented
by firm as to making their product more familiar for their customers. This create purchasing easy
for customers.
Patent: This is also an effective tool to protect companies rational property. In this owner
and higher authority of firm needs to reciter their ideas in patent office so that no is having the
authority to copy them (Schaltegger and Wagner, 2011).
Copyright: This tools helps in providing support to protecting the intellectual property
for a specified period of time. In this it is essential for firm to update their copyright in respect to
attaining long term growth and profit.
CONCLUSION
From the above given project, it can be concluded that innovation is the process of offer
new product, features and services to its customers. Concept of innovation is totally different
from the process of invention. For implement the concept in an effective manner, company
require to use all 4Ps of innovation as this support shape innovative ideas. Various factors are
there that affect the process of innovation such as leadership, vision and culture and this should
be consider by the while formulate plans for innovation. Concept of frugal innovation support
the process of innovation and commercial funnel also support innovation. Various tools are there
which can be used by firm to protect intellectual property.
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