Innovation Report: Business Development, 4Com Case Study

This report explores the multifaceted concept of innovation within a business development context, using the 4Com company as a case study. It begins by defining innovation and its value to an organization, differentiating between invention and innovation. The report delves into how organizational vision, leadership, culture, and teamwork shape innovation and commercialization. The 4Ps of Innovation model (Product, Process, Position, and Paradigm) is analyzed, as is the importance of commercial funnels for identifying and addressing inefficiencies. Furthermore, the report discusses frugal innovation and its development phases, followed by an evaluation of innovative business cases. The report concludes by emphasizing the use of various tools and strategies for achieving innovation goals within an organization, highlighting how 4Com leverages these elements to drive its business success through continuous innovation and market adaptation.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
P1Innovation and its value to organisation in relation to inventions.....................................1
P2 Organisational vision, leadership, culture and teamwork can shape innovation and
commercialization..................................................................................................................1
P3 4Ps of Innovation..............................................................................................................1
P4 Development in frugal innovation.....................................................................................3
P5 Importance of Commercial Funnel..................................................................................4
P6.Evaluation of Innovative Business Case...........................................................................5
P7 organisation various tools..................................................................................................6
CONCLUSION................................................................................................................................6

REFERENCES................................................................................................................................8

INTRODUCTION
Innovation can be defined as to think differently in a different manner. Its a state of mind.
It is like a process of translating your imagination into a creative idea which value and helps in
growth of business (Aarikka-Stenroos and Sandberg, 2012). There are different types of
innovation models which company use to enhance their productivity. Thus, innovation happens
when we include practical knowledge and its outcome is different. This is used to accomplish
their products in an effective way. This is something new and by implementing this organisation
can change the position of market or society. 4 Com is one of the largest firms who are
performing their business operations in telecommunication services. There main operations is to
develop innovative software, different websites. In this assignment we will be including
organisational vision, teamwork. 4Ps of innovation and what all different types funnel they use
for their business(Bagchi-Sen, 2010).
P1Innovation and its value to organisation in relation to inventions
Commercialization mean the value of product that customer are ready to pay,value
creation are be done through introduced product and services into market. For
commercialization of product company follow a systematic process(Bogers and West, 2010).
Difference between innovation and invention:
 invention mean creating something new, and innovation mean modernization in existing
product.
 Invention are related to one product but innovation are amalgamation of many product
and services.
 Exploitation in invention are introduced innovation in product an services.
 Innovation are related to adding value in existing product, invention are related to make
whole new product and process.
 Invention are required technical and scientific knowledge, innovation are required needs
assessment of improvement in current product (Difference Between Invention and
Innovation, 2016).
 Innovation activities are spreading all over into an organisation, invention activities are
restricted into only research and development department in any organisation.
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In 4Com company innovation are key factor of success they are doing continue innovation
process that become a invention. Innovation have one of the important work of success full
commercialness of invention(Bogers and West, 2012.). So that research and development
department have do continues innovation process in material, vision, ideas, features, fro
transforming innovation into intention many element are required like:
 Business model
 Structure
 Disruption
 Infrastructure
 Diffusion of innovation
 Adoption
 Timing
These all elements are directly effect on process of converting innovation into invention.
In Innovation only product differentiation are not enough to convert into invention but if they
follow incremental innovation then they will convert innovation into inventions. 4Com use this
strategies they will follow incremental innovation process so they will convert their product into
innovative product and gain competitive advantage at market place that increase profitability of
the company (Ettlie and Rosenthal, 2012).
Example: 4Com are doing continuous innovation in their product and services in order to
gain lager market share for increasing profitability.
In an organisation management want to make innovation strategies for this company set
their innovation vision. For preparing innovation vision company may follow these steps, first
they will define company challenges then after they will find out opportunities for product at
market place, then making direction to achieve this opportunities and in last they will making
innovation vision. Company make entrepreneur team for setting out innovation strategies and
implementation. Entrepreneur team members have risk taking capabilities and new idea
generation. Company have make innovation network for evaluate and research firms problems
and find out the most suitable solution(Gambardella and McGahan, 2010).
Innovation and invention both the term are totally different from each other for example
apple is one of the leading association which is famous for its creative products or services
across the international boundaries such as; iPhone 6 with unique features, iPads, electronic
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items like computer system and so on. Therefore, apple is engaging in introducing various
creative products as well as reforming existing items for maximizing their sales.
P2 Organisational vision, leadership, culture and teamwork can shape innovation and
commercialization
Innovation can be defined as new ideas. Thus, innovation can be viewed as application
for better solutions. There are mainly four types of innovation two are existing and other two are
new. Former are Incremental and Disruptive, later one are Architectural and Radical innovation.
For a successful running of a company, organisation should have a clear vision about their goals,
mission, and what all values they should adapt for the betterment of enterprise(Godin, 2012).
Leader are the one who leads their team from front. Employees with right technical skills assist
their leaders to achieve their goals in specific time period. Best teamwork creates a better
environment for their work which will help them to create and think in an innovative manner.
Flexibility in company is important, it is the ability of responding to any change in a short period
of time. To have a organisational view it is essential to have flexibility in their work. For a
strategic plan, Organisational Vision is the first step it enable their employees to use different
measures for having a healthy flow of enterprise, risk is there if changes is done throughout
business journey leaders are the one who guide their team and tell them what steps will be
beneficial for company and minimize the loss. Innovation and commercialization can be linked
with each other. New creative ideas will increase commercialization of any production it is faster
and easy. 4Com have relentlessly push the pace of innovations. Their iterate design, handy
device and its function make them different from others.
Example: 4Com has new iPhone X, silicon team have changed the vision and design of
this products. Company has used S2 chip which was developed to give second-generation 4Com
Watch. So that they analysing current market needs and wants to develop new product and
services. Apart from this Apple is one of the famous example for their creative items as they are
very broad vision as management of an association trying to expand their business across
international marketplace.
P3 4Ps of Innovation
Innovation is done to have a better solution to meet all requirements in the existing
market. These are implemented to have practical inventions. 4Ps of innovation model was
developed by John Bessant and Joe Tidd so as to provide a powerful tool for business. It simply
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creates a hypothesis and based on that successful innovations can be made. It is also known as
Innovation Mix.
Product Innovation: As the name suggests it is a form of innovation which improves
product or service of any commodity. This can also be stated as improved version of previous
goods. This includes cost cutting in their price, process innovation. This can be categorised into
radical innovation: under this it aims to develop new products and incremental innovation: in this
their main aim is to improve in the existing products for better use(Kim, and et. al., 2011).
Process innovation: Their main focus in the medium through which they can deliver
their products. In this minor changes or improvements are implemented which increases the
production process and capability of that products. They recognise what is the need for change
and develop, they know the priority of what to do first, use various new techniques and
technologies. Thus, it is a combination facilities, skills and technologies.
Position Innovation: It deals with the changing perception of their existing products they
work in a specific context. It is similar to promotion innovation. In this process they relaunch
their products making new innovations in them for the betterment of their commodity.
Paradigm Innovation: This is a specific innovation category which make some radical
changes in their goods. This is somewhat related to mental models which help in shaping their
organisation. This focus mainly in size and structure of any organisation. They make various
strategies and also adopt which are beneficial for their company which help them in obtaining
their objectives and goals. Thus, this kind of model increase their growth and productivity of
enterprise.
Example: 4Com has used 4p's for innovation to product innovating product and services.
They has use several innovation process to develop new ideas. 4Com's management has shap
their new ideas by using innovation funnels.
Use of different innovation funnel to shape their ideas
Innovation Funnel as the name suggest manufacturing new products by creating plans
and ideas in order to produce fresh innovative products(Lindič and et. al., 2011). They use their
best suitable technologies which suited their employees. Company adopt new tools for producing
as many products or commodities as per customer's needs. In this competitive environment
organisation have to focus on how to achieve and remain in sustainable position for long term
growth and success. For achieving competitive advantages company use Innovation funnel
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method because it help them in expanding their business in appropriate manner. They utilize
their best plans for developing their commodity. This comprises of following elements which are
given below which aid their enterprise to develop:
It provides different opportunities for effective development (Innovation Funnel, 2016).
They have to manufacture according to customer's need so that it can be easily satisfied.
The commodity has to be tested so that exceptions of their clients can be fulfilled.
P4 Development in frugal innovation
Frugal innovation mean company provide external cost advantage to product for
development its different from conventional solutions. So that any innovation active those are
not follow conventional solution are recorded as frugal innovation(Rafinejad, 2010). That
method of innovation are focus on innovation in limited resources. Frugal innovation are
appropriate, adaptable, affordable and accessible in nature. There are three phases for
development frugal innovation in company, they are as follows:
Identification of frugal innovation: Company have taking research for existing
innovation process by internet and print media. Firm may evaluate identify frugal innovation
regarding selection of right frugal innovation techniques. 4Com prepare report on identified
frugal innovation characteristics, making proper documentation on it. For this process 4Com are
gathering information regarding existing frugal innovation.
Deducting of problem: 4Com have compared all market scenario for applying frugal
innovation, they find out market services and business model in every countries. Company may
identify external and internal problem for development of frugal innovation in company
environment. Company prepare report on these all problem by documentation, they will
categorise all problem. 4Com prepare pattern catalogue after the problem recognition. The
identify frugal innovation method are use to solve these problems with in limited
resources(Schoonmaker and Carayannis, 2010).
Deduction of pattern system: 4Com has analysis proper suitability of frugal innovation,
they establish relationship between frugal innovation pattern and problems. That help to provide
necessary information regarding frugal innovation execution. Company prepare documentation
of result for frugal innovation in trigeminal domain matrix. Three diagonal matrix are prepare for
making solution in system pattern, Some matrix are problem area matrix, solution pattern matrix,
frugal solution matrix. That phase provide systematic pattern of innovation process.
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Example: Apply has use frugal innovation strategy for improve their performance. For
they have identify frugal innovation and then deducting problem by using pattern system.
According to frugal innovation for categorises problems,75% of solution pattern are
work on financial problem, and 40% are work on infrastructure problem. 4Com have good
financial resources and quality in infrastructure, they can not face these problem that is why are
do fast innovation in their product(Snow and et. al., 2011). Very less number of solution pattern
are deal with regular problems. 4Com use multiple solution pattern for solving their problem in
effective manner. Company use best combination of solution pattern for transformation solution
into new application area.
P5 Importance of Commercial Funnel
Identify where their commercial funnel leaks: Percentage of fresh leads enter at a top
of their commercial funnel it will leak out at some of stages.
Identified a prospects can “recycled”: Focus on a lot of business on their rate of
closure - i.e. number of customer emerge and convert at a end of commercial funnel.
Create more accurate sales forecast: Understand what typically happen within a
pipelines of sales. They can predict outcomes based on their inputs.
Can measure it, can manage it: Without robust analytics and metrics they are operating
blind. It is impossible to make judgement well about how they improve their efficiency of their
commercial funnel if they don't know what going to be happen at each stage(Teece, 2010).
For example: Apple is using all these commercial funnel for enhancing their business strategies.
This assist them to reduce all the drawbacks. This also helps them to analyse future plans.
Process of new product development
Idea generation: Ideas can generate by doing a research of a market and finding out their
needs and wants of a customers. Inviting of suggestions from the employees and consumers.
Brainstorming suggests a new ideas of product.
Idea screening: Idea having a committee of a companies. Committee read all the ideas
very carefully. Goods idea are get selected and bad ideas are rejected.
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Concept testing: It is done after the screening of a ideas. It is very much different from a
test of marketing. Consumer understand their ideas of product or not? Needs of consumers of a
new product or not? Accept of new product by consumers or not?.
Business analysis: It is a very main stage of a new product development. Here they
analyse a business organisation find out whether the product is giving them a profit or not.
Product development: After a business analysis they introduce their new product in a
market. All necessary step should be distribute and produce their new product. Advertising part
is also plan for a new product by a department of advertising(Thore, 2012).
Test marketing: In a small scale the marketing testing has been done so, they can know
whether product will be successful in a market or not before launching of a product they test the
product in a market. If it fails a company reject it.
P6.Evaluation of Innovative Business Case
Needs of the customer are pre exist company can not be generate needs by any activities
and strategies. Company conduct a research for analysis consumer need and wants and making
innovation for full fill these need. Consumer have identify there needs, then after need generate
wants , customer set goals to full fill and take action to achieve goals. This all process are show
consumer behaviour pattern. Company want to analysis this process for making new innovation.
Innovation are directly influence by consumer needs. Business case are essential for company to
identify area of development those satisfy customer demands. are use strategies for filling gab
between consumer needs and time. Firstly they prepare or think innovation ideas and then they
make product according to satisfy consumers(Walsh, 2012). That provide large market share and
profitability to company by increase productivity of productivity through innovation. Business
case are evaluated as follows :
Research and development activities: company analysis current market situation for
developing their product, services and process. They identify needs and wants and give proper
solution of these needs. Every consumer have different learning style so that company make
different type of diffusion strategies for every consumer segment.
Time management – Company have focus on choose best time management strategies
for receiving better outcomes of inputs. Time management are give better utilisation of firms
resources and save finance. For effective time management employees wants to know goals ad
objectives of company, they arrange all works on prioritise basis, company say no to
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unsystematic process for work they west lot of time, firm prepare plan on daily basis and
continuous check the progress in work, company eliminate distraction elements in work
environment, every employee in company have delegated toward their work, and finally
company take care employees(Wonglimpiyarat, 2010).
Resources: Resources mean source that provide benefit to product and services, on the
basis of availability they have two types renewable and non-renewable. Company want to use
their resources in economical way, so that they will receive advantage of profitability. Resources
are always scare so if company overutilisation these resources become compromise in product
and services quality.
Funding: For running business activities company wants money. With adequate financial
resources company enjoy advantage of liquidity. Company landing money from banks,
investors, government, stakeholders, leaders etc. Company wants finance time to time for this
they will take long term and short term loans for effective company operations(Aarikka-Stenroos
and Sandberg, 2012).
For example: Apple has incorporated all these factors and innovated trendy products
which are like by many of their customers.
P7 organisation various tools
Different types of tools and technique used by the organisation are discussed below:
Copyrights: Country courts are accepted which gives us permission to save their original
works which can not be copied. Essential features there are many competitors available on a
place of market and they can copy to there work while making themselves grow. It helps in
protecting their brands and some people sue against others who had done this. Company make
their work copyright and feel secure from theft.
Trademarks: Identify marks of brands help there brand differentiating. It can used in a
form of symbol, sign, and logo used by a company in order to make them outstanding
competitors. It also help customers to remember in their mind for a long time.
Industrial design: Policy gives support in designing of there goods and services.
Company should ensure their customer safety, security aspects, shapes and patterns of a
activities of business. Designs of industry products helps to attract the users(Bagchi-Sen, 2010).
Patents: It describe as an rights of intellectual property as they are granting a ownership
of a product for a curtain time periods and no others have a right to copy their products. It
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consists of various claims that are valuable in order for defining a claims. Get the product
licensed and put limitations on a order of sell of a product invention.
Branding: developing a unique name of a product in a minds of a users so they can
easily recognise a product in a customers mind. Achieved by organising a campaign related with
a advertisement and developing a theme to attract a large numbers group of a customers. It is a
very valuable factor to retain a loyalty who will enhance their business profitability ratio and
their sales(Bogers and West, 2010).
For example: By using all these tools Apple easily increase their profitability level and
also capture larger market share. By this company take strong place ta market lace and also
compete their rivals.
CONCLUSION
From the above report we can conclude that innovation helps in creating new ideas which
is very helpful for any organisation. Innovating new things is always a aid to individual as they
can use different tools and techniques. Invention and innovation are two different terms but they
are always linked with each other, without invention we cannot innovate new things. These are
done according to the needs and wants of customers so that maximum revenues can be made
from them. Commercialization process is another way through which consumers can buy their
product which is easily available in their stores from different channels. What various tools and
techniques are required for new innovations. 4Ps methods are used which includes product,
process, position, paradigm and how they help in the growth of their business.
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REFERENCES
Books and Journal
Aarikka-Stenroos, L. and Sandberg, B., 2012. From new-product development to
commercialization through networks. Journal of Business Research. 65(2). pp.198-206.
Bagchi-Sen, S., 2010. Strategic considerations for innovation and commercialization in the US
biotechnology sector. European Planning Studies. 15(6). pp.753-766.
Bogers, M. and West, J., 2010. Contrasting innovation creation and commercialization within
open, user and cumulative innovation.
Bogers, M. and West, J., 2012. Managing distributed innovation: Strategic utilization of open
and user innovation. Creativity and innovation management. 21(1). pp.61-75.
Ettlie, J. E. and Rosenthal, S. R., 2012. Service innovation in manufacturing. Journal of Service
Management. 23(3). pp.440-454.
Gambardella, A. and McGahan, A. M., 2010. Business-model innovation: General purpose
technologies and their implications for industry structure. Long range planning. 43(2).
pp.262-271.
Godin, B., 2012. “Innovation Studies”: The Invention of a Specialty. Minerva, 50(4). pp.397-
421.
Huizingh, E. K., 2011. Open innovation: State of the art and future perspectives. Technovation.
31(1). pp.2-9.
Kim, S. K. and et.al., 2011. The effect of R&D, technology commercialization capabilities and
innovation performance. Technological and Economic Development of Economy. (4).
pp.563-578.
Lindič, J., and et. al., 2011. Deploying information technologies for organizational innovation:
Lessons from case studies. International Journal of Information Management. 31(2).
pp.183-188.
Rafinejad, D., 2010. Innovation, product development and commercialization: Case studies and
key practices for market leadership. J. Ross Publishing.
Schoonmaker, M. G. and Carayannis, E. G., 2010. Assessing the value of regional innovation
networks. Journal of the Knowledge Economy. 1(1). pp.48-66.
Snow, C. C. and et.al., 2011. Organizing continuous product development and
commercialization: the collaborative community of firms model. Journal of Product
Innovation Management. 28(1). pp.3-16.
Teece, D. J., 2010. Business models, business strategy and innovation. Long range planning.
43(2). pp.172-194.
Thore, S. A. ed., 2012. Technology commercialization: DEA and related analytical methods for
evaluating the use and implementation of technical innovation. Springer Science &
Business Media.
Walsh, P. R., 2012. Innovation nirvana or innovation wasteland? Identifying commercialization
strategies for small and medium renewable energy enterprises. Technovation. 32(1).
pp.32-42.
Wonglimpiyarat, J., 2010. Commercialization strategies of technology: lessons from Silicon
Valley. The Journal of Technology Transfer. 35(2). pp.225-236.
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Online
Difference Between Invention and Innovation. 2016. [online]. Available through:
<http://keydifferences.com/difference-between-invention-and-innovation.html>.
Innovation Funnel. 2016. [online]. Available through:
<https://www.cleverism.com/lexicon/innovation-funnel-definition/>.
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