Innovation Report: Marketing Planning Consultancy in the UK

This report analyzes the concept of innovation and its significance for business organizations, particularly within the context of a UK-based marketing planning consultancy. It explores the differences between innovation and invention, emphasizing how innovation enhances business performance and competitive advantage. The report details the importance of organizational vision, leadership, culture, and teamwork in fostering innovation. It also examines the application of the 4Ps of innovation (product, process, paradigm, and position) and discusses the innovation funnel and its stages. Furthermore, the report delves into frugal innovation, its benefits, and the commercial funnel, including its application in new product development. The content covers topics such as skill development, efficiency, performance enhancement, creative mindsets, and the strategic importance of a clear vision and mission for achieving business objectives. The report provides insights into how businesses can modify products and services, capture market share, and enhance profitability through innovative practices.

Innovation

INTRODUCTION
Innovation is an important concept for every business organization to enhance business
performance in market place. By this business entity easily modify their existing products and
services by adding various features to make them more attractive. This will helps in creating
customers base and at the same time also attain competitive advantage from its rivals. Basically
innovation helps in improving rand image of the company in customers mind because it
determine various features products and services (Gaddy and et. al., 2017). Both innovation and
invention are totally different from each others. By this company easily enhance their
performance level as compare to its competitors. Present report is based on marketing planning,
which is market research consultancy in UK. They has approx 161 employees in which they
provide their services to its clients in order to make appropriate planning towards the company.
This project discussed about innovative practices which help company to enhance their
profitability level. Along with this, innovation concept is also mentioned in this project.
Furthermore, difference between innovation and invention is also discussed in this project. In
addition of this, types of innovation is also evaluated which leads in attaining better results.
TASK 1
P1 Innovation its importance to organisation
Innovation play important role in business which may leads in enhancing entire
performance of an organisation in market. It help of this company attain their set goals and
objectives. For attaining same, company modify their existing products as per regular basis
which leads in attaining better results in minimum time frame. Thus, it is important for manager
to undertake research to determine customers needs and demands. By this they easily modify
their services as per their taste . Basically innovation define an process to add some features into
their products line to enhance their performance level at market place.
Apart from this, company implement new and innovative ideas and way in their goods
and services in which they will able to capture larger major share and also get attention of
number of customers (Goble, Bercovitz and Feldman, 2017). With the assistance of this
company increase their gainfulness level in most impressive manner. In context of marketing
planning, it is market research consultancy and also wants to expand their business by launching
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their new applications with more innovative ideas. In this, there are various significance which is
beneficial for employees are as follows:
Skills development: Under this, it is important for workers to enhance their skills and
knowledge about all the activities (Henttonen and et. al., 2017). In this they set their new ways
to perform their work in minimum time frame. With the help of this workers enhanced their
learning skills.
Efficiency: It is more important for firm to use new and latest methods to improve their
productivity level. By this company easily compete their competitors at market place by serving
quality services.
Enhance performance productivity: Under this, it is crucial for administrator to render
effective training and development secession to its mortal so that their enhance their execution
level at workplace. It aid in increasing profitability level of the company at market place.
Creative mindset: Innovation required creative mind set of workers by which their easily
attain customers attention by providing them features products and services. With the assistance
of this company enhance their marker stock in impressive manner.
Apart from this, there are some main different betwixt innovation and invention are as
follows:
Innovation Invention
It is an effective procedure which define some
additional features into existing products in
order to enhance their effectiveness.
This process defines new products and services
which is totally differ from existing products.
It include modification as per customers
requirements which may helps in attaining
better results (Difference Between Invention
and Innovation, 2018).
This concept introduce totally original which
define for the first time.
Therefore, both innovation and invention are more beneficial for organization to
established their positive brand image at market place by offering effective services to its clients
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as per their needs and demand. It help company to easily capture larger market share from its
rivals.
P2 Organizational vision, leadership, culture and teamwork
For attaining better success at market place it is more beneficial for organization in order
to set their clear mission, vision. By this company easily attain positive results which leads in
making them more successful at market place. In this, management needs to effectively
understand their teamwork, vision so that they effectively formulate innovative methods in
effective manner (Khan and et. al., 2017). from the same, there are several effective approaches
which utilized by the firm in order to make their products and services more attractive. As a
results, they will enhance their overall sales at market place and at the same time also capture
larger market share from its rivals. In context of marketing planning, they develop their business
by expanding at global level, thus they have to create their clear vision and mission in order to
established positive brand image at market place. In this hey prepare their new and innovative
application which leads in creating strong customers base in appropriate way. With the help of
this company attain competitive advantage from its competitors. Vision: It is important statement which define future aspects in which company wants to
see itself in upcoming time frame. In this context, the main vision of marketing planning
is to introduce new and innovative application at market in order to enhance their
customers base. Along with this, an organisation intensify their market share effectively. Culture: At this part, manager of company has enhance workers skills and capabilities so
that they efficaciously do their work. For attaining better results manager set healthy
work environment as per workers culture so that they easily attain positive outcomes.
 Leadership: In this duty of manager to provide effective direction to its workers so that
they easily perform their task and attain tries to attain positive outcomes. Along with this,
employer of the company also provide their support in taking right decision (Lim and et.
al., 2017). Further for attaining workers motivation, employees should provide rewards
and incentives which helps them attaining appropriate results.
Thus, it is important for business organization to effectively follow their mission and
vision which will helps them in accomplish their predetermined objectives in given time frame.
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Furthermore, manager also established proper communication with their workers which leads in
reducing the chances of arising any kind of problems.
TASK 2
P3 4P's of innovation
As per current scenario, it is important fro business organization to modify their existing
products and services in order to get customers attention. It assist company to easily capture
market share form its rivals and at the same time it also increase profitability level. In context of
, they use 4P's of innovation are as follows: Product innovation: It is important for superior to enhance effectiveness of the company
existing products and services which helps in creating strong customers base in most
effective manner (Mamo and et. al., 2017). In context of , they are not profitable
company as per past years so that manager needs to implement some new and creative
ideas into product line which may leads in enhancing overall, profitability level at market
place. Process innovation: It is another part so in this way manager of the company provide
relevant data and information to people in order to enhance their gratification level. In
this, they formulate new application in front of customers so that they easily assess and
attain better results. By this company easily determine customers demand and
requirement towards its products and services. Paradigm innovation: Under this, term of innovation company alternate their services as
per customers taste and demand which will helps them in enhancing their overall sales at
market place. It also contribute in enhancing the level of profitability of company.
 Position innovation: In this the image of the company is wider in UK. Thus, they use
various promotional tools and techniques to increase awareness of the bespoke towards
business commodities. This will enhance sales and profitability level. By this institution
capture bigger market share form its competitor and established strong brand image.
Innovation Funnel: Under this concept, company implement new and latest methods for
improving their performance level at market (Perry and et. al., 2017). Basically, this will aid in
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determining various opportunities in which firm enhance their market share as compare to its
rivals. In this context there are some stages of innovation funnel are as follows:
 In initial stage, it is important for company to focus on wide mouth of funnel so that it
required for manager to gather relevant information and data in order to evaluate new
ideas for improvement in products line (Schmitz and et. al., 2017).
 This stage is related with narrowing funnel which define effective comparison among
company current and future objectives. Along with this the collected data are tasted
which may leads in in improving their performance level.
 At the last stage, narrow funnel evaluate the delivery of gathers data which helps in
attaining set goals and objectives ion appropriate time frame.
P4 Development in frugal innovation
Frugal innovation is an effective process which aid in reduction the chances of creating
any kind of complexity and cost of production. This will define various opportunities to business
organization to enhance their profitability level at market place. Basically this concept helps in
eliminating non-essential features from goods and services. By this company easily create high
quality of products with less resources. It directly contribute in improving the overall
performance level of the firm in appropriate way and also achieve competitive benefits from its
challenger by rendering quality services to its customers. It assist the organisation easily attain
their set targets in suitable period of time. In this context, there are some various techniques
which used by manager of the company to improve their performance level. This can be
understood by following points:
 Frugal innovation helps in cut down unnecessary cost of commodity which leads in
enhancing profitability level of the institution in market place.
 Under this, manager should provide different programs to their workers so that they
effectively perform their task in effective manner.
 Along with this frugal innovation helps affiliation which leads in providing number of
advantage to company in which firm enhance their profitability level (Shakeel, Takala
and Zhu, 2017).
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All these development helps to improve their overall sales. With the help of this, firm
enhance their goodwill at market place by offering quality services to its customers. By this firm
grab attention of the customers towards the company products and services.
TASK 3
P5 Importance of commercial funnel and its application of NPD
Commercial funnel play important role in improving performance level at market place.
With the help of this company sell their products and services to its customers at global level. By
this firm attract number of customers by providing them better satisfaction. It contribute in
increasing profitability level of the company at market place (Sheep, Fairhurst and Khazanchi,
2017). Furthermore, by using commercial funnel, company improve their market place by
delivering their quality services in market place at affordable price.
 Commercial funnel define various policies which used by manager which leads in
improving service quality.
 By using commercial funnel company take competitive advantage from its rivals.
 Use of this business easily introduce their products and services at global level which
leads in attaining larger market share.
Apart from this, launch new applications so that it is important for them to follow some
effective steps are as follows: Idea generating: In this step, manager of the company formulate a thought for launching
new application for customers which helps in increasing loyal customers towards the
company product and services. This will help firm in enhancing their market share. Idea screening: Under this phase, it defines as evaluating effectiveness of ideas in order
to achieve desire goals. Concept testing: By this step, manager undertake survey to effectively determine the
customers taste and perception towards a new application in market place. Business analytical: In this, tested products needs to be analysed in order to take better
judgement in limited time frame. Commercialise: It is one of the important for manager for introducing a new methods and
applications in order to making it available in market place.
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 Product development: It is last step which define high growth of the products in order to
set positive image at market place. This will support company enhance their product
growth effectively.
P6 Innovation business case
is a small business which operate their business with limited funds and now they wants
to expand their business at international level for enhancing their overall growth level at market
place. For this marketing planning, launch new applications for people which contribute in
enhancing positive image (Shi and et. al., 2017). Beside this, it is also significant for organisation
business organization to maintain their sustainability by delivering their choice services to its
target and potentials customers as per their requirements. In this context there are some elements
which help company in implementing innovation effectively which can be understood by
following points:
 It is important for company to formulate effective strategy in order to maintain their
profitability level as compare to past years.
 It is also important for company to resolve entire issues on regular basis so that they
effectively perform their work and attain positive outcomes.
 Under this manager of the company launching new applications in which they evaluate
customers needs and wants towards it. By this company easily established their goals in
appropriate time frame.
Apart from this, business case also include some effective steps which are as follows: Executive summary: Invite marketing planning is a strategic research consultancy in UK.
They serve better services to number of people in order to trained as well as hired the best
in the whole industry. Need: The main objectives of this firm is to introduce new applications in front of
customers so that they effectively improve their efficiency and enhance their overall
growth at market place (Perry and et. al., 2017). Solution: Under this they also needs to develop application for marketing research in
which company enhance their overall market growth in effective manner.
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 Why products is innovative: Basically this a more creative and effective thought for
launching a new application for people. By this firm easily enhance their sales volume
which directly contribute in enhancing profitability level. Customers reach: With the help of this, firm capture customers attention. It aid in
increasing customers base within the organization in order to enhance market share. Design and development plan: In this company undertake an effective research which
helps in formulating appropriate plan in most appropriate manner. Requirement of investment: Under this manager of the company tell their creative ideas
and its investors in order to influence them to invest their money within the project.
 Expected benefits: In this business organization serve their new application to customers
at affordable and cheapest cost. Company gain their brand image also (Mamo and et. al.,
2017).
Apart from this, there are various important sources which aid in acquiring funds for their
new project: Banks: Due to positive image of the company they will easily acquire more funds for
banks. By this they effectively run their business and enhance their market share at
market place.
 Equity funding: Under this, superior will obtain financial fund from shareholders which
leads in reducing debt fund.
TASK 4
P7 Different tools used to develop, retain and protect intellectual property rights
For attaining better success at market place, it is important for every business
organization to protect their data and information effectively. By this company enhance their
positive brand image. In this context various tools and techniques are used by the firm to
improve their performance level. Along with this, Incite marketing planning also utilise various
rights in which they easily manage their innovative ideas and thoughts which will aid in reducing
the overall cost. Furthermore, company also able to enhance their profitability level. In addition
of this, there are some intellectual property rights which helps in protecting knowledge are as
follows:
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 Trademarks: Logo of a company that makes it unique at marketplace can be known as a
trademark. Along with this, if any other company uses that symbol then they can take a
legal action against the organisation (Lim and et. al., 2017). With the help of this, they
easily enhance their performance level and attain positive results. Copyrights: It define an effective and legal process in which owner protect their
intellectual property. Along with this, copyright can also be understand as when a product
is being manufactured by an individual then he/she only can reproduce it and not any
other else legal actions can be taken.
 Patents: It is a legal term in which company sell their specific and quality services to
their customers. In this company some money to protect their patents and no body can
copy their patents. Basically this is valid for approx 15 to 20 years. By this, Incite
marketing planning easily implement their new applications.
CONCLUSION
From the above mentioned report, it can be concluded that innovation play vital role in
enhancing overall performance level of the company at market place. Basically it define better
modification into existing products and services which aid in getting customers attention. With
the help of this company capture larger market share by establishing their positive brand image.
Along with this, types of innovation also used by manager of firm in order to maintain their
performance level in appropriate manner. Furthermore, commercial funnel also play an
important role in creating customers base within the company which may leads in establishing
competitive image.
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Online
Difference Between Invention and Innovation. 2018. [Online]. Available through:
<http://keydifferences.com/difference-between-invention-and-innovation.html>.
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