4Com PLC: Innovation Strategies and Business Development Report

This report provides a comprehensive analysis of innovation within a business context, using 4Com PLC as a case study. It explores the importance of innovation, contrasting it with invention, and examines how leadership, vision, teamwork, and organizational culture shape the innovation process. The report delves into the application of innovation funnels, the 4Ps of innovation (product, process, position, and paradigm), and frugal innovation. It also highlights the significance of the commercial funnel, the new product development process, and the development and retention of intellectual property. The report offers insights into how businesses can foster innovation to gain a competitive advantage and achieve sustainable growth. It is useful for students on Desklib to understand innovation strategies and business development.

INNOVATION

Contents
INTRODUCTION.....................................................................................................................................3
TASK 1....................................................................................................................................................3
P1 Innovation and its importance for a business entity.....................................................................3
P2 Leadership, vision, teamwork and culture of organisation shape innovation...............................5
TASK 2....................................................................................................................................................6
P3 Use of innovation funnel to shape innovative ideas and 4Ps of innovation..................................6
P4 Frugal innovation with its development and its use in organisation.............................................7
TASK 3....................................................................................................................................................7
P5 Importance of commercial funnel and the application of New Product Development................7
P6 Innovation Business Case for an organisation...............................................................................9
TASK 4..................................................................................................................................................10
P7 Different tools that organisations can use to develop and retain intellectual property.............10
CONCLUSION.......................................................................................................................................12
REFERENCES.........................................................................................................................................13
............................................................................................................................................................14

INTRODUCTION
Innovation refers to a process which develops new thoughts as well as ideas for
increasing profit and attracts the large number of consumers. Through this image of firm will
be built positive. Firm develop new goods on the basis of needs or demands of consumers. In
this present time period, innovation is enhancing to attract consumers towards services or
goods of firm. It is necessary for business firm to develop unique or innovative goods. This
present report is based on the 4 com plc which provides telephone systems in United
Kingdom country (Manyika and et. al , 2011). Under this given report mentions about the
innovation and significance to business firms as comparison with an invention. 4 Ps of
innovation of innovation and use of innovation funnel will also be discussing under this
report. Firm develop new goods after knowing preferences of consumers because it develops
the positive impact on mind of customers. In order to retain and protect intellectual property,
firm use various tools. In given report also discuss regarding significance of commercial
funnel as well as application of process of new product development.
TASK 1
P1 Innovation and its importance for a business entity
Procedure of apply new methods and techniques for fulfil the specific requirements of
customers is known as innovation. This including the process of develops and offers a new
method, feature or product. In today’s scenario where needs and wants of customers are
changing on a fast speed implement the concept of innovation become an essential one for
firms. When a business organisation offer something new and unique to its customers then it
only help in attract large number of customers but at the same time provide competitive
benefit to it. It is very important for a business organisation to have adequate amount of
resources for implement innovation in effective manner and to get all its benefits. It is very
important for 4Com Plc to identify the right time to implement this concept (Drucker, 2014).
Significance of innovation for a business entity can be understood by the points given below: Enhance productivity of organisation: One of the main advantages of innovation is
that it helps entity in identify the new and effective ways to complete business
activities. Innovation results in either new product or service which increases profits
of entity and also increases its market share (Manso, 2011). Offer a competitive benefit to organisation: When a business firm manufacture and
offer something unique to its customers then it makes it different from other players
exist in market. New product helps in get the attention the attention of more
customers and increases the sale of company’s product. All this provide competitive
benefit to entity and ensure its long term survival. In order to get competitive benefit,
it is very essential for 4Com plc to implement the concept of innovation on
continuous basis (Freeman, 2013).

 Help in utilise all business resources at an optimum level: When entity implement
the concept of innovation then it provide an opportunity to utilise all resources. This
makes it easy for entity to manufacture and offer featured products to its customers at
affordable prices and all this increase goodwill of entity. With this 4com plc can
retain its customers for a long time period (Mowery and et. al., 2015).
 Enhance effectiveness of communication process: Innovation concept is a broad one
as different activities are carrying out by firm under this. To get all advantage of
innovation, it is very important for firm to use effective channel of communication. IT
remove the confusion from mid of customers by make them aware by their roles and
responsibilities and at the same time decrease the rise conflicts at workplace. During
innovation effective communication channel is use by entity and this brings
coordination among various other functions of entity (Manyika and et. Al., 2011).
All these are the major benefits of innovation. It is very important for manager of
4Com plc to identify and examine the various elements that largely affect the concept of
innovation for get all benefits. Concept of innovation and invention are totally different
from each other which can be understood by the table given below:
Basis Innovation Invention
Meaning Implement of unique idea in
a existing product of first
time is known as innovation.
Invention is the new idea
which have never been take
place before (Christensen,
Raynor and McDonald,
2016).
Concept A new feature is been added
to existing product.
Completely new product is
invented.
Skills required It requires vulnerable skills
including technical,
marketing and many more
(Stokes, 2011).
It only requires scientific
skill.
Activities Activities that require to
implement the concept of
innovation is spread across
various departments of entity.
On the other hand, activities
of invention are only limited
to research and development
department.

P2 Leadership, vision, teamwork and culture of organisation shape innovation
Implement innovation on timely basis is become necessary for every business
organisation due to changing needs and wants of customers on fast basis. For get all benefits
of it is very important for manager to examine the various factors that affect its
implementation. As different factors are there that impact its implementation. Major factors
and their impact on innovation is given in the following points:
Innovation and leadership: Staff members working in an organisation play a big role
implement the innovation. It is very necessary for 4Com plc to have adequate skills and
knowledge so it can get all its benefits. Leaders play a big role in direct workers and
influence their behaviour at workplace. It is very important that leader should always
encourage workers think creatively and for this proper work environment should be offer
them. With right approach of leadership, leader can increase the contribution of workers in
success of entity. Personal skills and traits of leaders also affect employees. Overall with right
approach of leadership 4Com plc can execute implementation in effective manner and at the
same time better satisfy the needs of its customers (Hatch, 2014).
Innovation and organisation culture: This is another factor that also affects the
concept of innovation and its execution at workplace. Culture defines the flow of
communication at workplace and also highlights the methods use by entity to carry out other
its other activities. Effective organisation culture encourages innovation and provides support
to implement this in right manner. Further, this encourages workers to deal with complex
situations. Overall effective organisation culture increases the success chances of innovation.
Innovation and vision: This aspect reveal the position that entity wants to achieve in
coming years. It largely affects innovation as with the help of innovation entity can achieve
its set objective and can get a competitive position in market. It can be said that innovation
contributes in success of entity and provide support to achieve its vision (Schaffers and et. al.,
2011).
Teamwork and innovation: Teamwork refers to working of employees in a team for
execute business operations and to satisfy the needs of customers. One of the main benefits of
teamwork is that it builds trust among workers and at the same time develops their skills and
knowledge. Teamwork helps in complete complex business projects and implements
innovation. For getting all benefits of working team, it is very essential that there should be
proper communication among all team members so they can perform their roles and
responsibilities in better manner (Tebbe, 2011).
All there are the major factors that largely shape innovation and affect its output.
Manager can formulate a plan for ensure effective implementation of innovation. It is very
important for manager of 4Com plc to examine these factors. With this, entity can offer better
and featured services to its customers and at the same time can retain them for a long time
period. One of the main benefits of innovation is that it provides an opportunity to serve more
customers and at the same time help in get a competitive position in market.

TASK 2
P3 Use of innovation funnel to shape innovative ideas and 4Ps of innovation
As needs and wants of customers are changing on a fast speed, so to respond this change,
implement the concept of innovation is very essential for entity. This not only help in fulfil
the requirements of consumers but at the same time help in utilise the opportunity exist in
market. To get all benefits of innovation, its implementation in effective manner is very
essential. 4Ps of innovation are there that help in execute innovation in adequate manner.
Following are the 4Ps of innovation: Product: This is known as the final offering of firm to its target customers for satisfies
their needs. It is also known as combination of tangible and intangible features. 4Com
plc offer different type of telecommunication services to its customers in various areas
of world. For increase the sale of its services, it is very essential for entity to first
understand needs and wants of its customers and this can be done by with help of
research. With this, firm can offer services to its clients as per their specific
requirements and can retain them for long time period (Sawyer, 2011). Process: Various steps are involving in implement the concept of innovation. It is
very important for 4Com plc to follow the process for execute innovation and to offer
something better to its customers. It is very important for to offer training to workers
to develop their skills so they can perform their job role in effective manner. Position: This factor highlights the various tools use by entity to make its customers
aware about its goods and services and to influence them to buy the same. Different
digital tools are there are there which can be use by 4Com plc to increase the sale of
its offerings (Goldberg, 2013).
 Paradigm: This indicates adding more features in the product to enhance its
usefulness and to increase the sale of it as this help in attract large number of
customers.
Use of innovation funnel to shape innovative ideas
Innovation funnel is use by organisation in order to implement innovation in better manner
and to get all its benefits. Mainly, this consist a process under which, organisation take a idea
form real life and after that convert the same into a product to offer it to final consumers for
satisfy their needs. One of the main benefits of this is that it provide an opportunity to
organisation to identify and examine the current market trends. Research can be carry out by
4Com plc to collect more information about the needs of customers with this; entity can
retain its customers for a long time period (Huberman and Miles, 2013).

P4 Frugal innovation with its development and its use in organisation
One of the main focuses of frugal innovation is to make the innovative and featured
products in reach of every individual. This consists down the cost of manufacture innovative
products but at the same time maintain its features and quality. This help entity in increase
the number of profits by offer its products to large number of customers and at the same time
help in utilise the opportunities exist in market. Main focus of this is to maintain the quality
of product by bring down the cost to offer in to every individual. This concept can be better
understood by the following 6 principles: Find opportunity in diversity: This principle highlight that issue and problems require
to be examining by researcher form every point of view as this help in find better
solution. Further, every threat requires to be converted into opportunity (Wolin,
2016). Do more with less: This principle of frugal innovation indicates that, researcher
remain liable to do efforts to find an effective solution of problem from the already
available data rather than go to collect new information. Think and act flexible: Researcher requires adopting flexible thinking during whole
research become this is more beneficial as compare to rigid and at the same time help
in identify better solution (Brynjolfsson and McAfee, 2012). Keep it simple: Researcher uses various tools and methods and all that should be
simple as this support in identify better solution and at the same time this is time
saving and cost effective (Patti, Yanes and Siuzdak, 2012). Include the margin: According to this principle, customers require to be encouraged
to participate in problem solving process as this help in find effective solution.
 Follow your heart: An individual require being passionate about the work he do.
TASK 3
P5 Importance of commercial funnel and the application of New Product Development
Commercial funnel: It is the process through which perception of customers are
changed towards their products at the point of time of sale. To make it possible need to build
effective communication through which easy to ascertain their views and preferences. It helps
to assist the customers to make best choice of product from the large number of alternatives
which are present and also bring some innovation in the features of their products as per their
demands. In this regard, management of organisation required to invest huge amount of
money in such processes to cater the needs of customers to build the existing features of
products more unique and useful (Boudreau and Lakhani, 2013).
Importance of commercial funnel

The concept of commercial funnel is adopted by the management of 4Com Plc to grab
the attention of customers and make unique identity in the market. The different importance’s
which are attached with the use of commercial funnel are defined below:
Improvement of quality: Large amount is invested by the organisation in the
development of their products which not only contributes in the development of features but
also improves the overall quality of products. As quality is important perspective to influence
the behaviour of customers.
Reduction in amount of losses: Application of new and advanced technology helps in
optimum utilisation of resources which leads reduction in the amount of wastages and
mistakes. It enhances the profit margin associated with products through increase in the
amount of production (Jaffe and Lerner, 2011).
New product development
Process of introducing product in market which is different in all scenarios from existing
one in terms of features design, utility, durability etc. To attain success in market regarding
launch of their new product need to evaluate the conditions and preferences of customers to
build the bond with them. There are many steps which provide their contribution in the
process of new product development is defined below:
Development of new idea: New ideas are generated to provide better network solutions
and services to clients to satisfy the requirements as per the current period of time. Through
this belief is established among the clients who build their goodwill in market.
Screening of idea: From the large number of alternatives need to select the best one
which is suitable according to their competencies.
Defining of idea: Provide information about new ideas to workforce as they can also
contribute their views and support in the success of project to make it more effective (Rice,
2013).
Business analysis: Evaluation of the growth which is going perceive by business after
implementation of new idea. It automatically assists to understand about the fact regarding
effectiveness of new idea.
Product development: Process of converting idea into product through application of
innovative methods to make it suitable as per client guidelines. Here, need to most suitable
techniques and methods to develop the product to create unique from their competitors and
simultaneously reduces the production cost to improve profit margins.
Test marketing: Process of developing advertisement plans which are used in the future
period of time regarding promotion of their new product in market and between the clients.
The main purpose of this is to create identity in market and improves the popularity (Jain and
et. al., 2013).

Commercialisation: The process of launching of product in market after reviewing past
steps which taken from its development to market to grab the information about its
effectiveness.
P6 Innovation Business Case for an organisation
Business case is an effective as well as suitable technique which 4 com plc firm used
to earn more profit and also attract the large number of people so that they can purchase its
services or goods. Its main aims are to choose an effective business case to control as well as
manage all the barriers during production process. Under this business case, there are various
steps given below as above:
Executive summary- 4 com plc is small size firm and it deals in telecommunication
sector. It provides wide range of services to people of United Kingdom such as network
facilities, mobile services and many others. This firm has partnership with the other
organisation and also provides attractive services to people (Rosenbusch Brinckmann and
Bausch, 2011).
Objectives- Main motive of 4 com plc is to produce innovative services of goods to
consumers which help in increasing productivity of firm in an effective or significant manner.
This organisation built its value such as backing yourself, being smart, real etc. Through
defining objectives of firm in better manner, employees can make focus on achieving set
objectives. The main aim of this organization is to provide better telecom services of people
in United Kingdom.
Gathering inputs- Under this stage, inputs are to be collected through different
sources. In most of the organisations, persons are given responsibility in order to handle full
business firm by collect necessary resources for offering effective services as well as goods.
Analysis- At this stage, 4 com plc need to be analyse data which it can collect and
then develop a business model through them. Like 4 com plc organisations provides better
telecom services which can connect with the each other and by developing they effective
business strategy, this firm can compete with the other organisation in an effective or better
manner. This firm also use innovation in its business (Davila, Epstein and Shelton, 2012).
Raising Funds- There is a requirement to 4 com plc to evolve as create its products as
well as services in order to gain proper attention of consumers at market place. In addition
this, it is necessary for company to arrange funds on the basis of set activities at workplace.
There are many different monetary assets which manager needs to be manage investment for
development purpose.
Results- IN business case, it is last stage and under this condition of an organisation
Knows about their ideas as well as resources which are used through 4 com plc in order to
execute better thoughts in an effective or efficient manner. This business firm used finds in
pre- decided manner and launch its programme in systematic or proper way (Strayer, 2012).

TASK 4
P7 Different tools that organisations can use to develop and retain intellectual property
An intellectual property is an imagination of the mind as artistic work, customise
symbol and innovation which are most commonly used in the commerce but not found in the
general manner. Generally, it is protected through legislations which are facilitating people in
order to get financial advantages as well as recognition by which they can invent and create
something new. In context to this, it gives a proper balance among interest of general public
and also an inventor. It is a right of an inventor to protect its intellectual property secure as
well as safe. There are some tools to retain and secure intellectual property given below as
above:
Copyright- It refers to protect the real work of an authorship. It is a legal concept
which depicts creator rights over its artistic work. It is intangible in the nature but also
expressed on notes, paper and music sheet. It is an assignable as well as exclusive legal right
which is given to originator for fixed years to perform, publish, print or also record artistic,
musical or literacy material. It is a legal right of an owner to protect an intellectual property.
In addition to this, copyright legislation develops creators of the original materials and also
get exclusive rights to develop them in an effective manner. In addition to this, United
Kingdom country providing enrolments to people according to average of $ 35 non-
refundable fee. It took around 2 ½ to 5 ½ months after fill legal forms as well as process
(Gordon, 2012) .
Trademarks- It is a sign which different from one organisation to another. Under
this, owner of an organisation put his signature as a mark for specific goods. It can be design,
word and symbol which provides an authorisation on services or goods. In addition to this, it
is helpful provide legal rights to the producer in order to distinguished its work in specific
areas which should be registered. For it, Registry of United Kingdom country took around 6
months and the after 10 years it requires being renewal.
Trade secrets- Under this, private information as well as data which an organisation
can not be disclosed in order to get benefits over its strongest rivals at marketplace. It can be
formula; process and some business relate details. It consists algorithm, Survey and list of
consumers (Jiménez-Jiménez and Sanz-Valle, 2011).
Patents- It refers to exclusive rights about an invention. Under this, authority of
government set a particular time period, generally sole right to exclude the others from
developing, using and also selling invention in effective manner. It is legal possession to the
owner which aids it to decide to use property how and in what manner. Any person who want
to use property then he need to take permission from owner and take patent.
Confidence- IT refers to automation in order to protect trade secrets as well as
confidential secrets. It consists revenue of an organisation and accounting data about salary of
staff members in firm which it cannot display in front of the other organisations (Baldwin and
Von Hippel, 2011) .

These all are the necessary tools by which organisation can secure its intellectual
property. But among all of them 4 com plc organisation use only copyrights and trade mark
through which it can retain its intellectual property in a significant or effective manner.

CONCLUSION
It has been concluded from the above given report that innovation is helpful in
enhancing development as well as growth of firm and also assess in achieve competitive
advantage. In given assignment studied about developments in the frugal innovation. 4 com
plc use frugal innovation in context to increase sales in better manner. Manager of this
organisation use effective strategy to attain aims and objectives of firm within given time
period. Under mention assignment discussed regarding importance of commercial funnel and
application of New Product Development process for the commercialisation of an innovation.
In order to protect an intellectual property of firm, 4 com plc use different tools like for an
instance copyright, patent, trademark etc.