Unit 8 Innovation Report: Innovation in MVF Marketing Firm

This report examines the concept of innovation, its importance, and its impact on commercialisation, with a specific focus on the marketing firm MVF. The report delves into how vision, leadership, culture, and teamwork shape innovation and commercialisation. It explores the 4Ps of innovation (Person, Process, Product, and Press) and how MVF can utilize them to improve performance. Furthermore, the report discusses frugal innovation, its application within organizations, and its benefits in reducing costs and complexity. The report also covers new product development, the commercial funnel, innovation business cases, and funding methods. Finally, it addresses knowledge management strategies that organizations can employ to develop, retain, and protect knowledge. The report uses MVF as a case study to illustrate these concepts.

UNIT 8
INNOVATION
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Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P.1 Innovation and its importance...............................................................................................1
P.2 Vision, leadership, culture and team work can shape innovation and commercialisation....2
TASK 2............................................................................................................................................3
P.3 4ps of innovation...................................................................................................................3
P.4 Frugal innovation used in organisation.................................................................................4
TASK 3............................................................................................................................................5
P.5 New product development and commercial funnel...............................................................5
P.6 Innovation business case and ways of funding.....................................................................6
TASK 4............................................................................................................................................7
P.7 Organisation can use to develop, retain and protect knowledge...........................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................1
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INTRODUCTION
Invention is one of the most important part and focus on improve the working
environment and increase number of client in market. Commercialisation is help to introduce
new product and product method. On the other hand, innovation and exploitation is help top
introduce new product with the help of new idea. It is help to increase market share and number
of customer in market place (Vargo and et.al., 2015). This report is based on MVF structure and
provide different kind of services in marketing and basically located in United Kingdom. Further,
it covered vision, leadership and team work is most important at the time of invention in market.
TASK 1
P.1 Innovation and its importance
Innovation can be determined as a process in which new device, idea or method are
developed. In other words, modifications or changes are made that make the product or service
different. Innovations are done so that companies are able to satisfy the need and requirements
and in attaining there goals. In the case of small and instrumentality work it assistance to
indefinite quantity the activity share and improve company carrying into action in market. In this
way, conception is one of the most important part and conception is help to initiate new
engineering in market place. New technology is most essential and make whatever changes as
per the view of consumer and help to indefinite quantity new client in market. With the help of
invention is help to improve effectively and increase fruitfulness in internal working
environment. On the other hand, add new value to exiting product and increase value of
customer (Graen and et.al 2015). It is helpful to expand the range of working quality of product
in market and change as per the need of customer. MVF organisation is small sector and it is
marketing firm. There are different type of inventions make by MVF and these are done so that
they are able to raise the satisfaction level of customers. Below given are some of the inventions
done by cited firm: Improve productivity: - Cited firm make use of new or updated technology. These are
helpful enough to provide high quality services to customers. There are high cost
involved in this process but management understand the requirements and take initiatives
to use new or updated technology. This way, employees are able to support effectively
towards growth and it also improves productivity.
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 Diminish cost: - There are different type of perception carried out customers. Some will
prefer to get services that are delivered to them at low cost. Further, there will be some
who will prefer to focus on getting high quality (Guttentag and et.al 2015). Cited firm
understand the requirements and so they have make innovations in which all customers
get as per their preferences. Manufacture the estimation of brand: - along these lines, development is help to construct
the estimation of brand roll out a few improvements in outer workplace. Then again,
increment the quantity of client and roll out a few improvements according to the need of
the client in showcase. Advancement is help to build the brand esteem. Further, it secured
outer market esteem and pull in more new client in commercial center.
 Include esteem: - Innovation is center to include an incentive in item advancement. This
is help to build the market esteem and make some change in client activity (Guttentag,
and et.al 2015). Then again, increment the market esteem is help to enhance altruism and
increment more number of client in advertise.
P.2 Vision, leadership, culture and team work can shape innovation and commercialisation
Advancement is most critical factor, which is help to expand the market esteem. Thusly,
development is help to build piece of the pie and roll out a few improvements according to the
need of the client in showcase. MVF little area association is to be center around some most
critical factor and roll out a few improvements according to the need of inside and outside factor.
Then again, advancement is to be utilize some imperative factor are as per the following:-
 Vision: - Innovation is center around vision of the association and roll out a few
improvements according to the need of inner workplace. Then again, vision help to
change the future esteem and make some change in internecine and unessential working
environment for MVF (Bernstein and et.al 2015). To set a legitimate vision before utilize
advancement in work place, and help to enhance future result. Vision is need of labour,
arranging. This is help to expand the market execution and development rate.
 Initiative: - In this setting administration is most vital factor and roll out a few
improvements according to the need of interior workplace. In workplace is to be center
around work is to be done in a group and group pioneer is help to control about the work.
Pioneer is a man who manage every single movement about the work and doing work
with new techniques (Manzini, and Coad, 2015). Pioneer who direct about the
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development is to be utilized as a part at MVF. It is help to deal with the general
workplace and roll out a few improvements according to the need of inner association.
 Culture :- In this setting association culture is most critical and work is to be set
according to the way of life of workplace. Inside culture of framework is center around
connection amongst representatives and approach to muddle a work. Then again,
development is to be center around association culture is help to oversee development
rate in market and make some change according to culture in inward workplace.
 Cooperation :- It is a standout amongst the most vital part is collaboration is most
essential when development is to be utilized as a part of workplace at MVF and roll out a
few improvements according to the need of the client in advertise (Lee, Kao, and Yang, ,
2014). New things acquaint in advertise is help with require group to finish take a shot at
time. Cooperation give part numerous plans to do deal with time.
All such factor is help to increase the market share and introduce innovation in working
environment. On the other hand, commercialisation is help top introduce new product in market.
Every much component is help at the time of commercialisation.
TASK 2
P.3 4ps of innovation
Innovation is help some factor to increase growth rate and understand working
environment. MVF can make use 4ps of innovation to increase performance and growth rate in
market (West and et.al., 2014). On the other hand, innovation mix is to be focus introduce new
product in market is help such kind of factor. In this context 4ps of innovation are as follows :- Person:- He/she is the one who innovates and develops something new. Further, they
make use of skills and capabilities so that they are able to understand the need and
requirements (Johnston, and Marshall, 2016). As per the findings made, they focus on
fulfilling them so that satisfaction level of customers can be met. In this context, cited
firm needs to carry out research so that they understand the areas in which improvement
can be made. All these are effective enough to make the business to research their set of
goals efficiently. The directors or higher level managers in MVF can use critical thinking
skills to bring new ideas such as implementation of new technologies in the business to
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increase productivity of their company. They can make new strategies to implement
innovative method, hiring new employees in the organisation. Process :- Process is most important stage of innovation. To set a product which is
introductory in market. In this stage, MVF needs to focus on process to be follow with
new product. Process innovation is help to many factors to improve process in our
organisation. With the help of process of innovation is focus on what is the method is to
be used in internal and external working environment. It besides way introduce new
processes to add to, or regenerate, the active ones (Drucker and et.al 2014). This process
is to be focus on new as well as old product in market and make self-improvement in
internal working environment. Process in innovation can be the management of
resources and time according to priorities to eliminate waste. The process of innovation
needs to be very effective so that MVF can achieve creativity in their workplace without
wasting much resources. Product :- Innovate a new product in market is not an easy task, it is helpful to guide
internal working environment and to make some improvement as per the need of the
customer in market (Johansson and et.al 2017). In this way, product of MVF is to be
focus on improve the packing and delivery method is most important and help to
increase the market share. The product is a result or outcome of any innovation process
performed by business such as MVF. Innovation in the company improved the packaging
of their products which is low in cost and has high quality.
 Press :- This can be determined as the climate and environment that person functions and
operates in order to create goods. Further, this is considered to be the prohibitive that
used for creativity. Apart from this, press consists of effective practices, resources and
culture. In this context, it is important to make sure that MVF consider all the aspects
related with environment and climatic condition are determined (Union and et.al 2014).
Along these lines, promoting procedures is help to expand the piece of the pie and roll
out a few improvements in inside and outside workplace.
P.4 Frugal innovation used in organisation
This method is to be focus on internal working environment and help to reduce cost and
complexity in production. It is assistance to increase the social class value with low cost and less
complexity in market. On the other hand, focus on removal non essential features in working
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environment. All such kind of feature is help to guide about the innovation is to be used with the
help of less food in working environment. It is help to limited resources to be used and focus on
financial material in working environment. MVF and MARKS AND SPENCER both
organisations is focus on innovation and help to reduce the extra cost and increase profit. MVF
organisation is work in the filed of marketing and MARKS AND SPENCER is work in retail
sector (Christensen and et.al 2016). Both is help to increase the number of customer and make
some changes as per the need of the customer in market. On the other hand, such kind of
innovation helps MVF and is one of the most important part and make some changes in inside
and outside running environment. This kind of innovation is not only focused on low cost, it
helps to explicitness social mission in many areas. In this way, innovation is help to increase the
market growth. Both organisations are help to increase the market share and make some
improvement in future carrying into action in market. Example :- In this context such kind of
innovation is help MVF to increase the market share and make some effort to increase growth
rate in market and use modification. It is help to increase the market share and improvement in
working environment.
TASK 3
P.5 New product development and commercial funnel
In this context new product development is most important part in working environment.
Innovation is used at the time of new product development and improve growth rate in market.
To be used a complete process to increase the market share and make some changes in internal
on the job environs (Lee, Kao, and Yang, , 2014). On the other hand, new product development
is focus on process to work on new product and increase customer. To be focus on most
important points are as follows :-
 Idea generation :- This is a first step to generate a new idea about the product which is
lunch future time period. This stage creates a large pool of the ideas form different
sources. On the other hand, pic one of the best idea to help increase profit and growth rate
in market (Bloom and et.al 2016). In this way, market research work is helpful for MVF
to increase the market share and make some improvement in internal and external
working environment. With the help of proper research work is help to increase the
market price and make some change as per the need of the customer in market.
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 Thought screening :- In this stage is to be center around select the smart thoughts frame
the pool and increment the adequacy level in showcase. On the essential of thoughts,
center around organization quality, client require and so forth such sort of factor is most
critical before select the best thought of the item (Mowery and et.al 2015). This is
outstanding amongst other part to expand the quantity of client in market and roll out a
few improvements in inside and outside workplace. This is center around progressing
patterns in market and items in to be determined to the base of patterns in showcase.
 Idea advancement and testing :- In this stage is to be center around improvement of new
idea and other factor to expand the piece of the overall industry and specifically
companies like MVF. Then again, detail methodologies and blue print of thoughts is most
critical and roll out a few improvements according to techniques. Along these lines,
procedures is most imperative factor to build number of client in advertise. In given
thought every single viewpoint is to be respectable is called as idea (Wolin and et.al
2016). It is help to build the piece of the pie and roll out a few improvements according
to the need of the client in showcase.
 Business procedures :- Business methodologies is a standout amongst the most vital part
and spotlight on cost, rivalry and value all such factor is most essential and make some
change in light of cost. Thusly, cost is to be set according to the need of the client or in
view of market division (Bitner and et.al 2015). Then again, equal the initial investment
point is no benefit and no misfortune. In this specific circumstance, just association is
earned to take care of expense.
 Product development :- In product development MVF will launch the product in market
and improvement phase of New Commodity Improvement results in edifice up of a
prototype or a controlled manufacture model. All the stigmatization and other plan of
action distinct antecedently are well-tried and practical in this phase.
 Test marketing :- In test marketing is help research work is to be used and collect the
feedback form customer in market. On the other hand, customer feedback is help to
manage growth rate in market at MVF and some improvement in external impermanent
state of affairs.
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 Commercialisation :- In this stage is to be focus on product is to be ready and marketing
mix is to be used to increase in market (Guttentag and et.al 2015). On the other hand,
marketing promotion is help to manage the growth rate in market.
This is kind of complete process and help to introduce in new product in market. With the help of
such kind of activity is help to manage the growth rate and customer feedback is help to
continues improvement in working environment.
P.6 Business case and ways to access funding
This factor is to be focus on some most important case is to introduce new product in
market. It is one of the most important part to increase the market share of MVF and to make
some self-improvement in intrinsic and extraneous employed situation. Firm is required to take
initiatives to focus on research so that they are able to determine the areas in which development
can be made. Further, all the employees within the business should be able to determine the roles
that they have play. In other words, plan needs to be developed in which workers are provided
with training so that they are able to perform their set of roles efficiently. In this case to be focus
on collect the fund for development. To collect fund form government, banks and other financial
institution for future development (Lee, Kao and Yang, 2014). On the other hand, it is to be
focused on antithetic component investigating, assessing neutral interests, elucidative uncertainty
where you can. All such is help to improve the growth rate in market and make some changes.
For each of the plan that are set, there are certain set of cost involved. It is important that proper
plan is developed so that all activities can be carried out in effective manner. To collect a big
amount of fund is to be focus on some important sources :-
 Friends and family :- To collect fund for full fill business need, condenser family and
friends to invest in the MVF for future benefit. In most of the case, they investing in
favour of an individual, not your business future benefit.
 Bootstrapping :- In this context is to be focus on your own financial resources such as a
saving bank account carefully use for personal credit.
 Partnership – Another effective method to raise funds is collaboration or partnership,
getting a business or company to work together can helps in bringing capital in the firm.
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TASK 4
P.7 Various tools to develop, retain and protect intellectual property
It is very essential to protect the intellectual property of every business or organisation,
there are various tools which can be used to develop, retain and protect intellectual property.
These tools can be described as below -
Patents A patent grants property rights on an invention, allowing the patent holder to
prevent others from selling, making or utilising the invention. Inventions let
numerous business organizations to be successful because they create new or
better procedures or products that offer competitive advantage on the market.
For example - Disney’s System for Robotic Mimicking of Human Action,
Intel’s Autonomous Driving Tech Highlights This Year’s Self-Driving Tech
Trend etc. In relation to MVF, its patent is TECH.CO which is a technology
news brand.
Trademarks A trademark is a phrase, word, design or symbol that differentiate the source
of products or services of one organization from its competitors. In order to
qualify for patent protection, the mark must be identifiable. For example -
Brand names like Apple, McDonald's, and Dolce & Gabbana. The brand
name for the chosen company is MVF (Marketing VF) .
Copyrights Copyrights protect original works of authorship, such as literary works,
music, dramatic works, pictorial, and graphic works, sound recordings,
architectural works, and computer software. With copyright protection, the
holder has the exclusive rights to distribute, modify, perform, display, create
& copy the work. For example - Literary, musical, graphic, and sculptural
works. The copyright of MVF is Assisted Reproductive Services.
Along these lines, focus around secure frame the contenders and roll out a few
improvements according to the need of the client in advertise. To be utilize a few methodologies
to be client and help to stretch shape rival's in advertise. Then again, future improvement
depends on increment the quantity of client in advertise at MVF (Vargo and et.al 2015). In this
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setting association culture is most critical and work is to be set according to the way of life of
workplace. Inside culture of framework is center around connection amongst representatives and
approach to confound a work. Employees are the one who have direct interaction with
employees and so that they are proper knowledge about the issues that are faced by workers. In
this context, it will be effective enough to encourage workers to share their suggestions. This
way, it will motivate workers and they will develop positive perception within their mind. There
are certain set of expectations that individuals have and when these are fulfilled by management,
then it enables to make them understand their roles and responsibilities.
Association is improvement of inward and outside factor and roll out a few
improvements according to the need of client in market. Utilize appropriate techniques is
effective to be the most vital part and roll out a few improvements according to methodologies is
to be set in workplace. Furthermore, some factor like 4ps is help to expand development rate and
lessen level of market and helps in achieving improvement in external workplace.
CONCLUSION
Shape the above report depends on the advancement and commercialisation is enable best
to present new item with the assistance of new thought. It builds piece of the overall industry and
number of client in commercial center. This report depends on MVF association and give
distinctive sort of administrations in advertising and essentially situated in loosened kingdom.
According to the above report depends on the new item improvement is most essential part in
workplace. Advancement is utilized at the season of new item improvement and enhance
development rate in advertise. In this report is to be center around 4ps of advancement is help
and make some self-change in inside workplace. From the above report is based on the
leadership is most important factor and make some changes as per the need of internal working
environment. In working environment is to be focus on work is to be done in a team and team
leader is help to guide about the work. In this report is to be focus on performance of each and
every employees and make some change in external working environment.
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