Innovation Report: Innovation Strategies for Business Development

This report provides a comprehensive analysis of innovation strategies tailored for Incite Marketing Partnership, a strategic solutions firm. It explores the significance of innovation compared to invention, emphasizing the roles of vision, leadership, culture, and teamwork in shaping innovation and c...Read More

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and its importance for organisation in comparison with invention.....................1
P2 Vision, leadership, culture and teamwork can shape innovation and commercialism..........2
M1...............................................................................................................................................3
D1................................................................................................................................................3
TASK 2............................................................................................................................................3
P3 Explain 4P's of innovation and use of funnel innovation......................................................3
P4 Development of Frugal innovation........................................................................................5
M2...............................................................................................................................................5
M3...............................................................................................................................................6
TASK 3............................................................................................................................................6
P5 Importance of commercial funnel and application of NPD...................................................6
P6 Building of innovation business case including ways to access funding...............................7
M4...............................................................................................................................................7
D2................................................................................................................................................8
TASK 4............................................................................................................................................8
P7 Different tools that an organisation can use to develop, retain and protect intellectual
property.......................................................................................................................................8
M5...............................................................................................................................................9
CONCLUSIONS..............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is defined as updates in existing products or its manufacturing processes in
order to maintain uniqueness of item for gaining competitive advantages. Innovation is a process
of some additional factors in product or services like use of latest tools and technologies in
manufacturing process that ultimately increases quality of core item and facilities. Incite
Marketing Partnership is a firm that provides solution of strategic problems and makes plan
effectively for companies. There are approximately 160 employees are employed in firm. This
firm is headquartered in London and managing director of association is Matthew Froggatt. This
project is based upon use of innovation funnel in new product development as well as meeting of
all targets in limited period of time (Drucker, 2012).
TASK 1
P1 Innovation and its importance for organisation in comparison with invention
Incite Marketing Partnership is basically a strategies formulation company that must be
aware about the latest innovations which are coming in existing products and services in order to
meet demands of customers as well as maintenance of uniqueness of item for gaining
competitive advantages. So, all innovations should necessarily be applied in business functions
whether effect might be anything, positive or negative. Innovation is a creativity that can make
existing product more profitable and antique in industry. There are some necessities of
innovation that represents fundamentals:
 By taking help of innovation, managers can guide their team members for introducing
novel and antique changes in operations conduction for hitting targets.
 Creativity is helpful in grabbing attention of new buyers towards Incite Marketing
Partnership.
 Innovation aids greater returns.
 Creativity secures a distinct position of company in industry.
 Innovation is a strategy that is formulated to launch several modifications in operation
accomplishment (Edquist, 2013).
There are some difference that differentiates innovation and invention. Elaboration of
these distinctions is as follows:
Innovation Invention
1

This is an update in present working pattern of
employees in order to enhance functions of
workers along with quality of product.
This is a novel thought that never been
launched in market. It is launched for meeting
specific desires of consumers.
There is launch of new updates in strategy
formulation and use of different technologies
in developing a product as a brand.
When company is able in advising and
generating unique sort of services, then it is
called as invention in process or process
invention.
Other than this, Incite Marketing Partnership is in need to develop unique services
because competitors are increasing very rapidly in markets (Goldberg, 2013). Company takes
support of these innovations for becoming more efficient than rivals and firm can prove this
thought by grabbing competitive advantages in marketplace. It can be concluded as innovation is
necessary more than invention because this consist less financial resources and time in being
implemented. Regular and fruitful innovation is helpful in increasing goodwill of company. For
example, Incite Marketing Partnership is working in traditional pattern and afterwards they
launched some abstract in current working pattern of workers and this action enhanced working
pattern and service delivery of company.
P2 Vision, leadership, culture and teamwork can shape innovation and commercialism
For developing remarkable bond with clients, Incite Marketing Partnership has to set a
vision for assigning short mission to employees for promoting better and efficient working
pattern. Every organisation has to set some missions along with a vision because these are
helpful in accomplishment of all operational activities with maximum efficiency. In addition, this
adequacy can be measured by taking assistance of these missions as these short goals can be
evaluated at each and every level.
Vision: It is main objective of a business firm that CEO of company wants to achieve in
desired time duration. Main goal of Incite Market partnership is delivering the best services and
plans as a solution of strategic problems. For making the best delivery association, corporation is
on the way of hiring talented and skilled workforce whom must be available in accomplishing all
task and activities in top profitable manner (Huberman and Miles, 2013).
2

Leadership: Every manager wants to achieve all targets in limited period of time and for
this, he has to provide some guidance to their teammates. In order to guide workforce, it is must
for managers that they possess all leadership qualities for ensuring success of all business
activities in marketplace (Wolin, 2016).
Culture: As per this section, management personnel should develop some skills and
talents in their subordinates for grabbing all market opportunities whether easy or complex.
Atmosphere of personality development of employees is helpful in making higher profits.
Culture of skill enhancement aids management in achievement of all objectives in shorter
duration of time.
M1
By taking assistance of creative thoughts and idea, manager can manufacture
differentiated product and can create some additional features in existing products and services
to maintain uniqueness of item. These innovations are launched to point out different sort of
demands that are arising in marketplace. Consequently, management can take benefits by
enhancing repetitive purchase of consumers. Creativity is a good option of grabbing attention of
various number of people. Incite Marketing Partnership is a small business enterprise which
deals in planning strategies along with creativity for popularising their facilities in market.
D1
As per Battistella and Nonino (2012), evaluation of innovation is not an easy situation as
it requires some tools and techniques which can examine effectiveness of creativity. This
evaluation is helpful in assessing benefits which are associated with products and services. In
Incite Marketing Partnership, company is having skilled labour who is efficient in working in
complex situations.
TASK 2
P3 Explain 4P's of innovation and use of funnel innovation
Meaning of innovation is modification in existing products and services by adding some
features for enhancing current functionality of item and facility. Rather than this, innovation is a
process of alterations in current manufacturing process for improving product's core value. It is
essential for association that they deliver their services in most creative manner to gain
3

competitive advantages in marketplace (Boudreau and Lakhani, 2013). There are some points
which define types of innovation named as 4P's of innovation and these are stated below:
Product: When alterations are launched for enhancing quality of core product for
grabbing maximum satisfaction of clients regarding association's product and services. In present
context, it is required for Incite Marketing Partnership that they enhance their service delivery
pattern to improvise number of offices across the globe (Strayer, 2012).
Paradigm: This states some extra and unique features in products in order to maintain
antique quality of services and planning tools. When topic is about services, then it is hard to
imitate pattern of service delivery and this kind of working helps in enhancing current abilities of
services.
Process: It means change in whole management procedure instead of making changes in
core product itself. This section is defined as innovation in process of operational activities
accomplishment. Its a kind of innovation is changes in research methods to make investigations
more effective and profitable.
Position: In earlier time, service provider used to use wires phones to deliver their
services but nowadays, this thing has been changed completely and facility provider are ready to
use wireless options in order to deliver services to clients.
Innovation funnel: It is an action that is done to reduce complexities of whole
innovation process. When creation of new things is easy then every employee would be able in
accepting this and will work in most efficient manner. Very first step is collection of required
information and then put this info in refinery system. By taking use of this, CEO of Incite
Marketing Partnership will be able in sort out all issues of workers. This kind of behaviour will
further help in diminishing hampering of work and all targets are hit in limited period of time.
Incite Marketing Partnership is using innovation funnel in order to meet all specific
demands of clients or customers. Innovation funnel is best suitable for SME because these kind
of business do not have proper resources like finance, manpower, time etc. when all task are
allotted according to skills then employees will perform their duties in most adequate way and
they will become confident about their performance and will ensure success and growth of
enterprise. Innovation funnel is helpful in hitting all targets in limited period of time for making
rapid growth (Ariga and et. al., 2013).
4

P4 Development of Frugal innovation
Frugal innovation is a process of reducing unwanted and irrelevant things from items and
facilities. Consequently, all complexities are decreased and unnecessary cost is also reduced fro
manufacturing process and because if this profit got maximised (Boons and Lüdeke-Freund,
2013).
According to this model, this is clear that all firms have shortage of resources and they
have to manage with available resources. This kind of innovation is helpful in utilizing all
planning tool very effectively and efficiently. Frugal innovation is helpful in identifying abilities
and talents of organisation as a whole and management will get maximum benefits at
marketplace. By taking assistance of this action, CEO of company can attain all targets in limited
period of time by grabbing attention of several people. This section can be concluded as when an
organisation wants to develop some additional attribute in core product and service itself then
frugal innovation is quite useful in this context.
As an advice, this concept has to because by companies because this will help them in
utilizing all resources in most optimum manner. To implement this action, management need to
take full support from employees as workers are core persons who are responsible for task
accomplishment. This kind of behaviour is helpful in gaining trust of manpower for their
association. For hitting above stated objectives following are some steps that must be followed
by CEO of Incite Marketing Partnership.
 Recognition of thought and ways of implementing it.
 Evaluation of cost which is occurring in execution of idea.
 All reports should be examined for taking corrective decisions because this will help in
reducing complexities.
 At last. Manufacture extraordinary quality services for employees.
Henceforth, frugal innovation is used by Incite Marketing Partnership for converting all
opportunities in definite growth and success. This marketing consultancy firm are using these
term frugal innovation and it is examined by their services that company is very efficiently
conducting its operations in most profitable manner and overall service fees is enhanced by 25%
that will aid higher revenue in firm.
5

M2
To decrease unnecessary cost and some irrelevant factors from current working patterns
in order to hit all targets in coveted time, innovation funnel is quite useful. By using this
technique all available resource could be utilised in most appropriate way. Main motto of this
function is to examine each an every step of production process (Aghion, Van Reenen and
Zingales, 2013).
M3
Major purpose of Incite Marketing partnership is provide solution of strategic marketing
problems I order to fulfil demands of customers in most suitable time. For effective conduction
of all tasks and duties it is necessary that all methodologies should be effective and latest s that it
could improve current working pattern. Consequently, goodwill and market share of company
could get increased. Management of Marketing partnership uses process innovation which
determine that new software is developed to frame effective plan for other firms. Besides this,
frugal innovation is used by them to reduce unwanted things, thereby provide effective services
to clients.
TASK 3
P5 Importance of commercial funnel and application of NPD
There are some innovation methods that are useful in improving qualities of products and
services and as result company will match all needs and wants of present and future buyers.
Manager suppose to remove entire problems of workers otherwise these issues will sabotage
performance of employees in accomplishment of operational activities. To make some
enhancements in outcomes, it is required from a corporation that they apply commercialization in
selling goods or services in most profitable manner.
Commercial funnel is useful in launching domestic product in international market. But
to hit this opportunity, it is required from association that they produce high quality services to
grab attention of many people. Commercial funnel is fruitful in bringing benefit into
organisation. So, it is clear that commercial funnel is useful in making product globalise. There
are certain stages that are followed by CEO of company in order to develop a new product: Idea Generation: It is a first step that develops a very new product which is never
launched in marketplace.
6

 Idea Screening: This phase is step of checking feasibility of newly developed idea. Testing the Concept: In this segment, management distribute need according to this
concept and then personnel will make further idea upon this. If idea passes this stage then
thought could be developed in reality. Analyse product and services: In this stage, success and development is examined in
order to make sure launch of item in market (West and Bogers, 2014). Commercialisation: If merchandise is growing rapidly then company can think to
develop new product in industry and makes sure introduction of new item.
 Product Launch: This is a last step of new product development in which association
starts converting idea in reality (Bloom, Draca and Van Reenen, 2016).
P6 Building of innovation business case including ways to access funding
Organisations are suppose to launch inventive tools and techniques in manufacturing of
goods and services in order to attain competitive advantages in market and this will help
management in improving market share and profitability. Seniors need to evaluate all business
aspects then need to apply in business operations. So, it is concluded that commercialisation and
innovation is compensatory for each other and necessary for every organisations.
Business case of Incite Marketing Partnership is described below:
Executive Summary Marketing Partnership is company whose managing director of
association is Matthew Froggatt. Firms headquarter is in London where
it provides solution of strategic problems and makes plan effectively for
other businesses.
Need Innovation is essential for Marketing Partnership for enhancing firm's
position and image in market. People demands and requirements keeps
on changing with time, so management require to update their system.
Solution In Marketing Partnership, management implement new and innovative
technologies and techniques are used to frame effective plan for other
companies.
Consumer Analysis This technique is used by business person of Marketing Partnership to
gain information about requirement and needs of customers. Along this,
feedback from clients are also taken to have knowledge about
7

effectiveness of system and services of members.
Creation and
Improvement
In Marketing Partnership, new software are used to frame effective plan
for their clients. Besides this, training and development sessions are
conducted by management to enhance skills and knowledge of staff to
provide appropriate solutions in respect to strategic problems.
Acquisition of funds Business person of Marketing Partnership takes money from bank to
expand firm and increase their market reach and customer base.
Benefits availed Innovation in system helps executive of Marketing Partnership to
provide quality services to clients.
To introduce product and services in international market then financial resources are
compulsory for this action to run activities in smoother way. Henceforth, it is required from
managers that they provide adequate funds to employees so that they could launch goods and
facilities in marketplace. There are some phases that are described below:
 Identification of fund resources for arranging them properly.
 Recognition of those areas which need money. Therefore, manager can launch their
goods and services across the globe.
 Money is determined as essential factor to introduce product and services in adequate
manner.
Incite Marketing Partnership is a firm that is going to apply wireless technologies in their
service delivery pattern. For fulfilment of this objective it is necessary for organisation that they
should arrange all proper fund for accomplishment of this task. For arrangements of money
business owners can take help from stakeholders, financial institutions and many more. It is
required from managers that they should use latest methodologies in products and services. This
action will further help in capturing higher market share along with attention of numerous people
(Anderson, Potočnik and Zhou, 2014).
M4
Business case is developed by management to define need of innovation and changes
which are made by them in system. This also help them to have information about funding
source for getting additional money for implementing new software in system. By taking help of
8

innovation, association is able in development of systematic pattern of manufacturing goods and
services. Apart from this, if seniors want to evaluate steps of production process then they can
measure these activities by taking help of latest tools and technologies.
D2
It is a fundamental task of association then managers should bring distinctive ideas into
business as this will be helpful in elimination hurdles from the path of organisation's growth and
success.
Modification: According to Díaz-García, González-Moreno and Jose Sáez-Martínez
(2013), organisation wants some additional factors and changes in order to retain unique quality
of products. Modification is a process of adding some attribute in current working pattern.
Conduct Improve Programs: it is required from business owners that they run some
training functions in order to make manpower aware about latest changes of technology.
Change in Existing Policies: It is a responsibility of employers that they formulate
effective strategies in a flexible way and this action will further help in motivating employees
and make them confident about their tasks and duties.
TASK 4
P7 Different tools that an organisation can use to develop, retain and protect intellectual property
Each and every company is having some assets on which management is looking for
getting their right. These rights are associated with unique working pattern and their results. This
kind of action reduces risk factor and enables high profit margin than business rivals.
Management of Incite Marketing Partnership has to protect these rights from their business
rivals. Each sort of association has their own symbol, logo, sign and many more, that secures
them with aid of registration. If any other organisations use these symbols without permissions
then as result they can be sentenced for long period imprisonment.
There are some factors which are identified to secure intellectual property, elaboration of
these factors are as follows.
Copyright: It is related to author's work like books and novels. Government need to make some
laws to secure this right as well as working of author or writer. If writer has copyright then
nobody could not imitate their writings (Battistella and Nonino, 2012).
9

Trademark: Every sort of corporation has specific logo and name pattern that portrays a different
sketch of company. These logos and symbols are print on every product to make them identified
by customers.
Design: Each company has theme which it seriously follows in order to make themselves
recognised by clients and management personnels secures them by registering so no one can
imitate that symbols and logos.
M5
Intellectual property rights that are copyright, trademark and design are used by
management to secure and protect intellectual properties from misuse or alter by another person.
It is essential that brand elements and procedure by which products and services are
manufactured are not used by competitors. Along this, it helps them to sustain firm's brand value
and reputation in market.
For enhancing revenue and profits, company conducts researches by taking expertise of some
professional investigators. These research are helpful in identifying needs and wants of
customers so that company could make products and services according to needs and wants of
customers. So consequently, it is clear that this action is helpful in gaining competitive
advantages in industry. Other than this, there are various tools and techniques that aid
management in fascinating various number of consumers (Ambec and et. al., 2013).
CONCLUSIONS
Above report can be concluded as innovation is required for every organisations in
today's era. As this will assist in improving health of product and services to gain competitive
advantages in market. As a consequent, it will be helpful in meeting consumer's requirements
and desires in most profitable manner and this action enables management in making higher
profits. Innovation funnel is a technique that improvises use of resources in most optimum
manner by reducing wastage. Frugal innovation is helpful in capturing market share as well as in
enhancing goodwill in market.
10

REFERENCES
Books & Journals
Aghion, P., Van Reenen, J. and Zingales, L., 2013. Innovation and institutional
ownership. American economic review. 103(1). pp.277-304.
Ambec, S. and et. al., 2013. The Porter hypothesis at 20: can environmental regulation enhance
innovation and competitiveness?. Review of environmental economics and policy. 7(1).
pp.2-22.
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.
Ariga, K. and et. al., 2013. Layer-by-layer nanoarchitectonics: invention, innovation, and
evolution. Chemistry Letters. 43(1). pp.36-68.
Battistella, C. and Nonino, F., 2012. Open innovation web-based platforms: The impact of
different forms of motivation on collaboration. Innovation. 14(4). pp.557-575.
Bloom, N., Draca, M. and Van Reenen, J., 2016. Trade induced technical change? The impact of
Chinese imports on innovation, IT and productivity. The Review of Economic Studies.
83(1). pp.87-117.
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.
Boudreau, K. J. and Lakhani, K. R., 2013. Using the crowd as an innovation partner. Harvard
business review. 91(4). pp.60-9.
Díaz-García, C., González-Moreno, A. and Jose Sáez-Martínez, F., 2013. Gender diversity
within R&D teams: Its impact on radicalness of innovation. Innovation. 15(2). pp.149-
160.
Drucker, P., 2012. Innovation and entrepreneurship. Routledge.
Edquist, C., 2013. Systems of innovation: technologies, institutions and organizations.
Routledge.
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.
Strayer, J. F., 2012. How learning in an inverted classroom influences cooperation, innovation
and task orientation. Learning environments research. 15(2). pp.171-193.
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.
Wolin, S. S., 2016. Politics and vision: Continuity and innovation in Western political thought.
Princeton University Press.
11