Innovation Report: Analyzing Innovation Strategies for Periscopix

This report provides an in-depth analysis of innovation and its importance to organizations, focusing on strategies and functions that drive success. It examines the differences between innovation and invention, and the role of leadership, teamwork, and organizational culture in commercialization. The report evaluates the 4 Ps of innovation (product, price, place, and promotion) and explores the concept of frugal innovation, using examples from companies like Apple and Virgin. It also covers the commercial funnel, new product development, and tools used by organizations to foster innovation, concluding with an evaluation of innovation business cases. The report emphasizes the importance of adapting to market trends and customer needs for business growth.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1) Innovation and its importance to organisations with invention...........................................1
P2) Organisation leadership, innovation and teamwork for commercialisation and innovation 3
TASK 2............................................................................................................................................4
P3) Evaluating 4 P'S of innovation............................................................................................4
P4 Development of Frugal innovation.......................................................................................6
TASK 3............................................................................................................................................7
P5 Concept of commercial funnel and New Product Development process..............................7
P6 Evaluation of Innovation Business Case................................................................................9
P7 Different tools used by organisation....................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovations are defined as development of business ideas which can be applied to goods
and services which are offered to customers. Innovation includes various processes such as
production, market and sales, prototyping and idea generation. Through this process various new
developments are generated in products, inventions in existing products, methods to develop
effective product and technologies used to innovate product ranges which are helpful for
government and society. Innovations are helpful in achieving business goals in an effective
manner. Periscopix is market consultancy in UK (Amit and Zott, 2012). This report contains
study about difference in innovations and inventions, Strategies and functions which are helpful
in innovation. Apple is famous company which is targeting towards innovation in products to
develop new product ranges. They are thus helpful in providing innovative services to their
prospective buyers so as to increase their sales. In commercialization new products are launched
by organisations at market places. Innovations process are defined as discoveries of new product
which are helpful in growth and development of firms.
TASK 1
P1) Innovation and its importance to organisations with invention
Innovation: This process involves generation of new ideas to meet needs of customers. It
is also referred as turning an ideas which can provide solutions and adds values for clients.
Alternation are made in product ranges which are helpful in satisfying differential needs of
customers. Innovations can be implemented in existing product ranges or new products are
developed at market places. Changes in products can be implemented with the help of up-
gradation in technology, transformation in product process and modification in services.
Redesigning of products are helpful in fulling current market situation in relation to existing
product. Plans and policies which are used in development of new ideas or translate ideas into
merchandise sold are all covered under one umbrella which is known as innovation (Drucker,
2014).
There are various importance of innovations which are described as:
 It is helpful in expanding existing product lines as new products are developed at market
place.
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 Competitive advantages are created for business which are helpful in selecting best
strategies and objectives so that products can be made available to individuals around the
globe.
 It is helpful in capturing Unique business picture which are assistive in effectively
achieving business goals.
 Innovations are helpful as economy is changing and new trends are evolving at market
places.
 Customers are connected all around the globe thus they can share their views. This is
helpful in establishing strong relations.
 Innovations has offered various choices to customers according to demands in relation to
products and services
There are various difference between innovation and invention which are discussed below:
Innovation Invention
1. It involves generations of new ideas
which are helpful in implementing
changes in products and services.
2. The ideas which are evolved are
applied in real world in making
changes in products.
3. Various technical and marketing skills
are needed in making innovate products
(Huizingh, 2011).
4. The activities are carried out with are
related with goods and services which
are offered to customers.
5. The products which are developed with
the help of innovation process are
accessed all around the globe.
6. Measures are taken to make
improvement in existing products.
1. It involves the process where ideas are
generated for first time about the
products.
2. The theoretical concept is applied in
invention.
3. Scientific skills are necessity for
inventions.
4. They are designed for specific products
or services.
5. Their products are limited to research
and development areas.
6. New ideas are evolved in scientific
research process.
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From the above table it can be analysed that innovation and inventions are totally
different concept and they requires huge capitals in their research and development process.
Apple is focusing on bringing innovations in their product ranges because it helps in satisfying
their customers and retaining loyalty to increase growth of company. Innovations requires
various cost which had to be incurred on advertisement to make people aware about new
products with more facilities. The process of innovation involves discovery of new ideas which
are profitable for firms. Quality of products should be taken care while designing innovative
products.
P2) Organisation leadership, innovation and teamwork for commercialisation and innovation
Every firm is focused on making innovations in their products and services in relation to
current trends in market. Commercialisation is the process in which new ideas are generated for
making changes in products of Periscopix so that high market shares and profits can be attained
in economy (Gordon, 2012).
For Example: Apple company is timely making innovations in their products so as to
design the products according to choices of present generation.
Vision of firms: Vision are enduring statement which are helpful in growth and success
of firms. Every firms has to be valued around the globe. This is helpful in gaining brand image of
products. These statements are different for every firm. Higher authorities of cited firms should
clearly state their goals, values and objectives. These statements are helpful in providing
assistance to team members so that they can easily achieve vision for company. Innovations are
helpful in achieving vision statements of cite firms in an effective ways. If these are not achieved
than organisations has to face difficulties in achieving their business objectives.
Leadership: Leaders are persons who are having followers. He plays and effective role in
assigning roles and responsibilities to his team members. Right persons are hired who have skills
and capabilities to do the desired job and work effectively to achieve business objectives.
Leaders motivate their employees to think about new ideas in which products can be developed.
They inspire individuals to think beyond as they have capacity to search for innovative ideas
(Mowery and et. al., 2015). So it can be analysed that cited company should have effective
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leaders which are helpful in creating innovative work environment in which employees can do
productive work.
Culture: This factor affect innovation and commercialisation process. Perscopix are
marketing consultancy which gathers data large amount of data so that new strategies can be
adopted and various technological dimension can be adopted by firms. Cultures plays an
effective role in innovation of products and process. Completable organisational cultures should
be followed which are helpful in gaining strengths and if these are not adopted it results in loss of
goodwill and failures in business activities.
Team spirit: Innovations can be achieved by effective team work. Success are achieved
with effective implementations of plans and procedures which are to be achieved by team
members. If group members coordinates and works in one team than they can achieve goals in an
effective way (Manyika and et. al., 2011).
Many changes had to be implemented in innovation process. So company should manage
its innovations in such a way which are accepted by large group of individuals. They should also
be able to achieve goals and business objectives.
Example: Healthy work environment are created with the help of team spirit and innovation in
product ranges can be achieved which leads to success of Apple.
TASK 2
P3) Evaluating 4 P'S of innovation
Innovations are important terms as wants of customers are changing thus there is need to
make changes in products which can satisfy them. Cited firm is focusing on making changes in
products so as to earn large amount of profits and sustain competitive position at market places.
Marketing mix of Periscopix consist of product, price, place and promotion which are described
below:
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(Source: 4 P's of marketing, 2017)
Product: It is referred to an item which is sold at market place. It satisfy different needs
and wants of customers by providing them products which are useful for them. It consist of two
forms which includes tangible and non tangible goods: Tangible goods are those which can be
touch and seen for example goods or materials and intangible consist of services offered to
customers or ideas which are developed for innovative products. Products should be designed
according to its performance standards. Thus it should be able top render best services to its
customers (Huizingh, 2011).
Price: It determines values that are placed for products. Company should adopt those
pricing strategy which are best suitable for its customers. Changes in pricing policies should be
adopted to meet the competition level in economy. Pricing policies which are adopted by
Periscopix should be economical so that individuals can easily access to products.
Example: Apple had adopted premium prices for its products. So that needs of customers
can be fulfilled and they can purchase the products.
Place: It refers to physical outlets from where products can be sold at market places.
Target customers should be reached with the help of different marketing channels. Cited
company had opened its own retail stores in order to provide effective services to their
customers. Products should be easily available to customers because in this busy schedule no
individual has time to travel at long distances to buy the products. Cited company opened various
outlets in order to provide easy convenience to its customers (Jaffe and Lerner, 2011).
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Illustration 1: Marketing Mix

Promotion: Various tools and techniques are used promote the products at market places.
It is linked with marketing communications. Various techniques of promotions are used like
personal selling, sales promotion, advertisement and direct marketing. It is helpful in creating
awareness about products and services so that customers can consume them thus increases sales
for firms (Patti, Yanes and Siuzdak, 2012).
Innovation Funnel: It can be described as the process to acquire new ideas and select the best one
from them. It can also be stated that new products are developed according to choices of
customers and they are designed by making effective use of available resources. This helps
employees to think about innovative ideas and selection best option to attain competitive
advantages. This is the main process adopted in funnel is which stress is given on workers mind
to think about new ideas and apply those which are best suitable. Ideas need to be changed
according to change in demands and trends at the market place.
P4 Development of Frugal innovation
Source ( Frugal Innovation 2016)
Frugal innovation is defined as reduction in problems and complexity which are faced during
production process. It is termed as removing those features which are not in use. Apple has used
frugal innovation as it has removed some applications which were not worth full for people as
they were not using them (Ries, 2011). Virgin and apple both are growing companies and they
had products availability globally the globe thus satisfying large volume of customers. Various
promotional activities are organised to attain market shares so as to attract customers who can
purchase their products. Frugal innovation also requires studies of various market situation
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before applying innovations in products. The demand and supply factor in the economy should
be analysed which is helpful in understanding the recent trends in markets and according
products can be developed.
From the given case it can be analysed that virgin and apple have their operations all
around the globe. They are dealing with people of different countries and thus needs of people
are also different thus they have to modify the products accordingly (Rosenbusch, 2011).
Example: In UK apple has launched mobiles with special features which is related with
health issues. It is helpful in determining health related issues so that people can be aware. Now
this features has also launched in other counties too as the requirements of people are changing.
As compared to prices of apple products the pricing strategies adopted by virgin mobiles
are low and thus they both sell their products at different prices which can be termed as frugal
innovations. They both adopt varies strategies which are helpful in capturing the target markets
to sell their products and achieve growth and development in economy.
Thus Periscopix can apply varies marketing strategies so that people can be aware about their
products and services all around the globe. This is also helpful for the company as they retain
loyal customers who can increase their productivity (Ries, 2011).
TASK 3
P5 Concept of commercial funnel and New Product Development process
(Source: Slaes funnel 2017)
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Illustration 3: Sales Funnel

Commercial Funnel: This type of funnel is used to make differential choices about how the
products can be sold at market place. This can be related with selecting best distributions
channels through which products can be reached effectively, Goods which are demanded by
individuals should be available to them at right places and at right times. The importance of
commercial funnel are described below:
Encourages selling activities: This process is helpful in making effective sale process
which increases growth of firms (Ries, 2011).
Reaching Customers: This process is linked with fast services through which customers
can be reached easily. Best ideas are evaluated which are helpful in effectively designing of
channels to reach customers which are beneficial to recover cost of firms.
Selling Effectiveness: Best strategies are designed to make sales process effective.
Marketing surveys are helpful in reaching customers easily who will increase profits for firm and
company want to retain them for long time to sustain their brand images in economy.
High Revenues: Commercial funnel are helpful in gaining high revenues which is the
main motive of every organisation.
New Development Process for products:
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The process of NDP are helpful in analysing market situations so that there is no difficulty in
designing of products and there are less chances of failures. Huge cost are incurred in innovating
a products thus all factors should be analysed before designing new development process:
New product strategy: From various strategies which are involved in production process
the beast strategy is chosen which is helpful in development of product.
Idea Generation: In this stages best ideas are developed which are helpful in modifying
products according to needs of customers.
Idea Screening: It involves bringing the ideas into reality and apply it on innovating
products (Sawyer, 2011).
Business Analysis: The ideas is analysed from business perception that it suits to attain
business objectives.
Developed: The final innovative products are developed according to trends in market.
Market Testing: Sample products are made available to test at market.
Commercialisation: It involves the process where products are distributed through
various outlets so that they can easily reached to customers.
New Product: This is the last stage where innovative products are developed from the
best ideas.
P6 Evaluation of Innovation Business Case
Business case are essential for every firms as they are helpful in developing an innovative
product which can be launched at market places and satisfies various needs of customers. From
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Illustration 4: New Development Process

the given case it was concluded that apple was using time gap policy in which it launched
innovative products every year. This was an advantage for company as it was helpful in
expanding their product lines which add productivity for firms. Whereas the other company
Virgin launched its products according to the policies which are adopted by their competitors. It
is helpful in attaining large market shares for firm. Business of Periscopix are diversified into
various markets. To make innovation in products various factors had to be considered which
helps in successful launching of products.
The business case for the innovative products includes:
Research and Development Activities: These activities are helpful in analysing the market
situations and accordingly changes can be made in product ranges which satisfies needs and
wants of customers (Rosenbusch, Brinckmann and Bausch, 2011 ).
Resources: The resources should be used which are helpful for economy and effective
implementation of plans and policies for making innovative products.
Time Management: This is also an important factor as there should be proper designing of time
frames in which the activities had to be completed and they had to achieve desired results.
Funding: For running different activities company can take financial help from investors,
money lenders, stakeholders operating in economy. Government can provide assistance to firms
by providing them loans and subsidies for business activities. Various investors are available like
angle investors which are helpful in providing financial gains to company. Company can also
manage their funds from retained earning which they had earned from profits during sales of
their activities.
TASK 4
P7 Different tools used by organisation
There are various tools that are used by Periscopix which are helpful in retaining and
developing employees and various intellectual property rights which are discussed below:
To retain employees for long term company can focus on giving rewards to employees
and recognising their works so that they are motivated to work in cited firm. This is also
beneficial for company as it will help in developing innovative ideas by employees as they are
satisfied with the work environment (INNOVATION AND 4Ps OF INNOVATION).
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