Product Innovation and Intellectual Property Protection at Halfords

Desklib provides past papers and solved assignments. This presentation analyzes Halfords' business innovation strategies.

Business Innovation

Table of Contents
• Introduction- Slide 3
• Background- slide 4
• Problem – Slide 5
• Scoping of ideas for developing new products- Slide 6
• Identifying the solution to the problem using the commercial
funnel to highlight strategic capability- Slide 7 & 8
• Determine the tools and techniques for testing the
effectiveness of the new product -Slide 9
• Explain how the company can protect the intellectual property
rights of the new product/service- slide 10
• Conclusion- slide 11

Introduction
Different approaches and forms of innovation
are adopted by business organisations for the
effective implementation of business
innovation. It is also essential for companies to
protect their intellectual property rights so
that their innovation is not copied by other
business organisations and gain a competitive
edge in the market.

Halfords Group Plc
• Halfords is one of the leading companies of the United
Kingdom that operates as a retailer of leisure,
motoring and cycling services and products.
• The company also function as independent operators
in repairs, maintenance, servicing and vehicles.
• The company is listed in the Stock exchange of London
and is a part of the FTSE 250 Index.
• F W Rushbrooke founded the company in 1892 with
headquarters in Worcestershire, England
(Halfordscompany.com, 2019).

Problem Faced by the Company
• However, the company has witnessed a
sudden fall in the sales of their products.
• It has affected the revenue and profit margins
of the company.
• The company is focusing on product
innovation to swing back to its previous
position and attain a dominant position in the
market.

Scoping of ideas for developing new products
• The successful development of new products and services
initiates with the generation of latest concepts and ideas and
implementations of the dependable criterions.
• Secondly, the concerned organization needs to predict or
revaluate the possible acceptance of the new manufactured
product in the market and levels of appeal depending on the
demands and expectations of the consumers.
• Thirdly, another major idea would be to survey the
intensively competitive landscape of the market by
recognising the key competitors, their size and the particular
products or services that they offer to their consumers.

Identifying the solution to the problem using the
commercial funnel to highlight strategic capability
Matching goals to resources and capability, including
funding alternatives –
 The organization can enhance their growth-associated
spending, save expenses and to reduce the overall
complexity of the business activities.
Identify key risks –
 Some of the risks and threats that has been identified or
recognized in the new product development are increasing
expenses due to processing work in large batches, losing
important opportunities, major delays and high economic
expenses.

Identifying the solution to the problem using the
commercial funnel to highlight strategic capability (Cntd..)
Leadership challenges and motivational drivers –
 Some of the leadership challenges that rises from
product development are developing managerial
effectiveness, motivating others, leading, guiding and
initiating change.
Value measurement using specific Key Performance
Indicators –
 The major KPI is cash flow generated from the financial
activities carried out by the organization. It helps in
demonstrating the financial strength of the organization.

Determine tools and techniques for testing the
effectiveness of the new product
Some of the techniques that can be used by
Halfords are listed below;
• Agile testing
• Waterfall testing
• The various tools that can be used by the company
are listed below:
• Beta testing
• Dogfooding
• Automated testing tools

Explain how the company can protect the intellectual
property rights of the new product/service
• Prevent filing of patents: Companies should not file
a patent for their products, as it will provide rival
companies with relevant information about the
product leading to the development of similar
products by other companies (Forbes.com, 2019).
• Fast and lean innovation: Rival companies can easily
copy technological innovations, so it is essential for
companies to speed up their innovation process and
launch relentless cycles of innovations to remain
ahead of the competition in the market.

Conclusion
Halfords should develop ideas for the creation
of new products and identify solutions for the
problem. The organisation should use tools
and techniques to check the effectiveness of
the product. The company should also protect
their intellectual property to gain a
competitive advantage in the market.

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