Innovation, Invention, and Business Strategies: EE Ltd Report

This report provides a detailed analysis of innovation and invention, focusing on their significance for business development, particularly within the context of EE Ltd. It explores the differences between innovation and invention, emphasizing the importance of adapting to a dynamic external environment. The report delves into the 4Ps of innovation (process, position, product, and paradigm), illustrating how these elements can shape and enhance new ideas. Furthermore, it examines frugal innovation, highlighting its cost-effectiveness and value-adding capabilities. The report also discusses the importance of commercial funnels, knowledge management tools, and their application in new product development. Overall, the report offers insights into how organizations can develop, retain, and protect knowledge to drive growth and achieve their strategic goals within a competitive market.

INNOVATION

Table of Contents
INNOVATION................................................................................................................................1
INTRODUTION..............................................................................................................................3
TASK 1............................................................................................................................................3
P1 Innovation and invention.......................................................................................................3
P 2 How innovation shape organisation......................................................................................5
TASK 2............................................................................................................................................5
P3 Innovation 4ps and use of funnel in order to examine and shape the new ideas...................5
P4 Explain developments in frugal innovation...........................................................................7
TASK 3............................................................................................................................................7
P5 Importance of commercial funnel and its application as NDP..............................................7
P6 Innovation Business Case......................................................................................................9
TASK 4.......................................................................................................................................9
P7 Tools that organisations can use to develop, retain and protect knowledge.........................9
CONCLUSION..............................................................................................................................10
REFERENCES .............................................................................................................................11
.......................................................................................................................................................12

INTRODUTION
The word ‘innovation’ means change, alteration and revolution. Creativity in enterprise is
must because external environment is dynamic in nature. It is completely a different term from
the word ‘invention’ which means new. Hence, it is necessary that everyone in the business are
made aware about the changes that take place. This report is all about EE ltd. Which is one of
network provider company (Aarikka-Stenroos and Sandberg, 2012). In this assignment, the
concept is all reviled around the designing and its importance to an organisation. Difference
between innovation and invention is given below which shows they are a two distinct concepts.
Moreover, the 4ps of innovation are also discussed in this file through which company can get a
perfect shape for their activities. Various other concepts that are related with change are given in
the following report which will show how it helps in the development of business.
(Wonglimpiyarat2010).
TASK 1
P1 Innovation and invention
Innovation is process through which the existing code of conduct is changed in order to
experience growth and expansion. Invention is done so that the same resources can give better
and effective results to the business (Bagchi-Sen, 2007). In order to achieve the desired results it
is necessary that the changes made in the existing procedures are practically possible to be
implemented. If they fail to do so than efforts taken to implement the change will go in vain. To
ensure that innovation is practised, modifications has to be done in the current system the same
should be capable of giving maximum satisfaction to user.
Generally, people get confused between innovation and invention but actually they are
different concepts. Various difference between both the terms which can be better understood in
the following manner:
Innovation Invention
This results into development of new
product or service.
It is not necessary that it is commercialised
by the user.
Innovation is often done in order to
achieve the economic advantage.
It can be practised for both economic or
non-economic purpose.

Innovation comes into existence once
invention is done.
Invention helps in implementing
innovation.
Innovation results into better results
of an existing commodity or service.
Invention results into a new product or
service.
It is done to meet the requirements of
the existing market.
This is practice in order to create a new
place for a new product service.
Example – changes made by I phone
company in their existing products.
Examples – printing machinery launched
for the first time.
Importance of innovation to the business organisation:
 Helps in expansion – EE limited is dealing in product that needs to be developed on
continuous basis it is beneficial for the company to adopt innovation so that their
products can be more effective and capable of giving the desired results to the business
(Bogers and West, 2010). In order to compete with the external environment it is
important that the existing system is modified and more innovations are done so that
company can give a good competition to other organisation.
 Assist in resolving problems – EE limited operates in the surroundings which are
dynamic in nature. Therefore, by adopting change company can reach to new ideas which
are capable of solving the problems with more efficiency. Reacting to the various issues
is an important need for organisation to avoid uncertainty effect therefore through making
innovations problem solving becomes easy.
 Employee development – Whenever a new technique is adopted workers are
communicated about the change. Therefore employees are made aware trained so that
they can apply the new code of conduct. Training programmes are conducted which
further contributes in the personnel development as through using the advance
technology employees become capable of giving more effective results than before. Also
through this system the skills of personnel get raised which motivates them to perform
well (Ettlie and Rosenthal, 2012).

 Achievements of desired goals – in this uncertain environment it is very important that
the existing working staff is ready to adapt the changes so that they can respond to
innovation which provide the business competency so that they can achieve the objective.
P 2 How innovation shape organisation
Whenever any new strategy is implemented in company it is important that all the
employees that will be affected by it are informed before . For this skills of management are
developed through giving training so that employees do not resist to change. Different factors
like vision, leadership, culture and teamwork contributes in moulding the change according to
their suitability. Given below is the detail of how innovation is shaped by the given various
elements.
Vision – It is the position where EE limited expects itself in future. Setting it at a prior stage
helps in setting the goals for the organisation so that everyone can be made aware about where
they have to research. Alteration in the existing system are done according to the need identified
while setting the vision of the cited company. Changes required to achieve the set target gives
the framework for doing the planning for the same. It is compared that where the existing
resources or skills of the employees are capable of providing the desired results to the business or
they need to be modified.
Leadership – In order to get work done through different employees it is important they are
ready to except the change. Therefore, alteration in the existing system is implemented in a way
that leaders can get motivate the various workers to take the same in use. Without the consent of
workers changes cannot be successful practised for which leaders has to perform variety of
functions (Gambardella and McGahan, 2010).
Teamwork – EE limited is an organisation where people from different backgrounds work
together as a family. Hence to continue with new technique group efforts are of vital importance.
Strategy which is acceptable by all are adopted as even if a single person is against the fresh
policy than it demotivates the whole working staff and accordingly the system gets affected.
Culture – The environment of the business also decides how changes will be made effective in
the enterprise entity. Depending upon the suitability and skills of present working force it is
decided whether change is needed or not and if required than what will be the nature of
alternation.

TASK 2
P3 Innovation 4ps and use of funnel in order to examine and shape the new ideas
Whenever a new course of action is adopted with benefits it has various disadvantages
too. It is always a risk that weather the desired objectives will be achieved or not as expected.
The model of 4p helps in implementing the change in the most effective manner in EE limited:
Process change – In any organisation to achieve the objective various different activities
are performed which needs to be done in a manner that it can give best results to the enterprise.
Activities like selecting the best employees, supply and purchase of different resources, take
place on regular basis which needs to be perform in a manner that it gives the desired results and
also remain cost effective (Godin, 2012). Before selecting a particular pattern of doing work
evaluation of each needs to be done so that the best criteria are adopted so that the certainty can
be ensured in the organisation.
Position innovation – To reduce the total time of giving output, it is necessary that the
placement of each production or correspondence unit is done in any manner that it should be
done in such a manner that maximum time can be saved which helps in maintaining the
effectiveness of supply. Alteration in this process means making modification in the existing
working styles by reposition the present layout. This may help in utilising the time in most
appropriate manner and hence the saved time can be further utilised for other productive purpose
(Walsh, 2012).
Product model – To maximise sales product plays an important role as it is the ultimate
commodity on the basis of which all the efforts of the cited entity are judged. Therefore, it is
causal that the final outputs are effective enough that they can provide satisfaction to all its users.
For the same changes are very important so that interest of the clients is maintained in the
commodity. Everyone appreciate changes and gets attracted towards the latest altered products.
Therefore, by making changes in the features of the offerings EE limited can attract to more
clients and can maintain long term connections with their customers.
Paradigm innovation – It includes changes in the existing system of existing practices
according to the need and demand of the situation. In case of the cited company it can alter the
manner of communicating with the clients like use of advance technology can be done which
will help EE limited in fostering the total business scale (Huizingh, 2011). Use of internet can be
increased so that more market can be covered by the management.

Funnel in innovation helps the business entity to a great extent. With the help of this
concept EE limited can evaluate the various options and can reach to the best suitable method
which is capable of offering maximum positives. Given below are the details of various benefits
which innovation funnel has in the given organisation:
 Promotes conceptual based thinking – By adopting this concept all the practical future
implication of the selected innovation are considered before they are actually made in
action. This way the possible outcomes are tested and accordingly the best alternative is
utilised.
 Helps in discovering opportunities – To foster and expand in future it is important that all
the positive chances are grasped at the moment they occur so that profitability can be
increased.
P4 Explain developments in frugal innovation
Frugal is a process through which the capacity of the existing products is increased so
that without adding to much cost the utility can be increased. It is specialized form of innovation
which is less expensive and can give effective results to the management just by doing little
modification in the existing objects. The research and development team need to take extra
efforts in order to examine the actual requirements so that the same is provided to the target
customers. By adding few features to the various products, they can be recycled the same item
and in this way the invested resources return can be raised (Kim, And et. al., 2011). Following
are the changes that took place in the field of frugal department:
Adding value to existing items – To satisfy the customers is the ultimate need of any business
as this has direct impact on total profitability of the organisation. By bringing change in the
subject matter clients can be provided with more satisfaction. As alteration is done in the existing
product it helps the business entity ion keeping control over the total cost of the item. Price is an
important factor and in order to maintain long term relations with various clients it is necessary
that total cost is controlled so that it remain reduced and this way it does not effect the demand
of customer. Frugal concept helps much in this case as commodities produced through this are
comparatively of low price.
Reuse of similar products – Another development that has taken place in the context of frugal
is that technology has developed to a level where the existing products become capable of giving
more utility to the coustomer at reduced price. This increase the total business of EE limited as it

can earn more business with the same commodities. Resources are the crucial parts of any unit
and need to be utilised in the most efficient manner. Much investment is made in the
procurement of variety of goods therefore it becomes necessary that same is utilised to its full
extent (Thore, 2012).
TASK 3
P5 Importance of commercial funnel and its application as NDP
Commercial funnel is said to be purchasing methods that a company lead its customers
by offering products. It is mostly comprising to sales and profit funnel. As it has been observed
as EE limited is associate with manufacturing of products those are based on digital and
electronic means (Lindič and et. al., 2011). Through using this management to provide with the
techniques of making alternation in the current service so that most effective outcomes can be
achieved. Following are the various important that are related with the commercial funnel are
stated below:
 Establishing research program: In relation to make effective alteration it is most
important that all required information are collected in order to make future plan. Data
can be completed provided in order to make commercial funnel more completely.
 Increase in quality: It is important in commercial funnel because final output comes as
proper quality that would help to satisfy customers.
 Brand value: Although financial aspect is more important but EE limited is using his
name as brand value to create more customer with their services.
 Avoid wastage: It is done to carry out operation losses that can overcome wastages of
resource by taking more care and methods.
Application of NDP:
It is based on various steps those are needed at the time of production process of a product:
Idea generation: It is initial stage of production process which come at different directions that
are based on current trends and make sure that planning is done for the right commodity.
Idea screening: at this stage all the different alternatives are evaluated so that the best obe can
be selected. Positives and negatives of each option are identified to ensure that selection is done
effectively.Under this stages from several ideas the best one is chosen to be implement that is

more beneficial for the development of the company in future time. It is that stages were
possibilities of rejection is more (Rafinejad, 2007).
Concept development and testing : The selected option is than made in action so that
development can take place for which management needs to perform various actions.
Business analysis: After all the stages, it said to be assess new product and predicted that is best
for the company as from previous one.
Product development: In this stage ideas are come into development process by applying
various methods and techniques to manufactured that product.
Test marketing: It refers to the process of testing the market followed with particular marketing
plan and asked to check its impact in the market.
Commercialisation: It is a process through which the produced goods are marketed in the
outside market so that more and more customers are made aware about the new item.
Launch: It is last stage in NDP where product is being lunched in the market for customers to
use it and get best out of it.
P6 Innovation Business Case
In order to develop and expand innovation is of vital importance. It helps the business
entity in reaching to the desired objectives. Given below is the detail of how it can be utilised in
the cited organisation:
Introduction – It will include the details of the vision and mission of the company that where it
is expecting itself to reach in future. Same will also give the summary of how the concept of
alteration is utilised to experience growth.
Executive summary – It includes all the relevant information regarding the requirements of
capital and investment in the different department so that according arrangements can be done.
Aims – The ultimate objective of the given business entity is market maximisation so that it can
cover maximum market by providing excellent services to the clients (Schoonmaker and
Carayannis 2010).
Solution – To improve the quality and the variety is the way to achieve the desired results by the
management. This will help the business in overcoming the other obstacles that come in between
the path of business success.

Customer survey – In order to get the feedbacks from the customers survey is conducted so that
it can be identified that what all requirements does the clients have so that they can be provided
with maximum satisfaction on their purchase.
Development plan – Once the data is collected through survey EE limited can get to know about
the need of various clients and therefore same can be provided to them.
Investment requirements – After developing the open it is an important step to make the
financial requirements estimation so that accordingly arrangements of the funds can be done in
advance.
TASK 4
P7 Tools that organisations can use to develop, retain and protect knowledge
There are variety of tools that can be utilised by the organisation to retain its product
information. Some of them are given below in detail:
1. Trade mark – It is the legal authority taken from the concern authority by the different
business entities (Snow And et. al., 2011). Once a company gets its trade mark registered
it becomes their identity and then no other firm can use the same for their own
organisation. In case it is found that some other company is also sing the same mark than
action can be taken against the organisation at fault.
2. Copy right – it is the permission which is taken by different agency to copy the other
companies’ product or procedure. Without taking the consent others cannot use the same
in their business entity (Teece, 2010).
CONCLUSION
As per the above mention report it is clearly get concluded that innovation for business
purpose is must and plays a very important role. Although this concept has to be utilised by
many large and small business owners because their decisions are related with this terminology.
It is measure by the report that innovation in business is must and provide a strength to an entity.
It took place according to requirement of time. Management can use frugal concept under which
they can use recyclable products for selling. This factor is helpful because it increases the
chances of gaining society faith by not to harm the environment. In this context, some companies
need fund for this. Hence, innovation and change is necessary with time for each and every
segment of business.

REFERENCES
Books and Journals
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., 2007. 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., 2007. 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.
Online
Difference between Invention and Innovation. 2016. [Online]. Available through:
<http://keydifferences.com/difference-between-invention-and-innovation.html>.
[Accessed on 10th July 2017].
Innovation Funnel. 2016. [Online]. Available through:
<https://www.cleverism.com/lexicon/innovation-funnel-definition/>. [Accessed on 10th
July 2017].