Business Innovation Report: Money Penny and Comparisons

This report delves into the critical role of innovation in business, focusing on the telecommunications service provider, Money Penny. It explores the concept of innovation, distinguishing it from invention, and highlights its significance for employee growth and development within an organization. The report examines the vision, leadership, culture, and teamwork aspects essential for fostering innovation, drawing comparisons with successful companies like Apple and Virgin Group. It then details the 4Ps of innovation (Product, Process, Paradigm, and Position) and how Money Penny can apply these principles. Furthermore, the report discusses the innovation funnel and frugal innovation strategies, providing insights into cost-effective approaches to product development and market adaptation, especially for SMEs. The report concludes by offering recommendations for Money Penny to enhance its innovation capabilities and achieve sustainable growth in the competitive telecommunications market.

Innovation

INTRODUCTION
Innovation is a term which is mainly used in many of the organisations so that they can
add value to their existing products and services which will help in increasing brand image.
Innovation plays a very essential role in company, firm should do innovations time to time this
would help the firm in attracting more people. Money penny is a telecommunication service
provider company (Anokhin, Wincent and Frishammar, 2011). Apple do innovation in their
company, they provide newly upgraded and innovative products to the market which makes
people get more attracted to them. And there is also an other example, of of innovation which is
Virgin group this is also a leading business which also do innovations in their business and this
what makes them grow better in market place. In this report it is being explained that each and
every business needs to do innovation. And 4p's of innovation funnel is also explained in this
report which will help the reader to get knowledge about why and how innovation is required in
business to grow well and sustain in market.
TASK 1
P1
Innovation is a process which is used to develop the product of the firm which is already
exist in the market, in innovation modification, some changes in products and up gradation is
being done in the product. It is also known as a process of processing a new and upgraded
products for customers according to their needs. Innovation does not cost as much as invention
can cost to the company so company can time to time do innovation so that they can fulfil needs
and wants of customers.
Comparison of innovation and invention
INNOVATION INVENTION
Innovation is a process in which some addition
are been done to the existing products.
Invention is known as creating of new products
which is not yet done or produce in the market,
which is for the first time.
This gives a new look, and add some value to
the products and services which is already exist
in the market.
Invention is that part in which an idea is
transmitted into tangible product.
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For example, Apple is famous for its new and
upgraded iPhones and iPods, they are not
inventors of iPhones but they are innovators of
it. They upgrade new techniques in it and
launch it in market (Bagchi-Sen, 2010). Like
Apple, virgin group is also an innovator
company that what make them grow and
develop them in market.
For example, telephone, printing press and
things like this are the inventions which are
done for the first time by the early people.
Significance of advancement to employees in Money Penny:
Enhances Growth
At the point when there is improvement of new thoughts organization develop and create
on a quick pace. As it will help in building a situation in Money Penny where individuals will
work for its advancement and development. Advancement upgrades new thoughts which
prompts a way for spontaneous creation which consequently adds to improvement. The success
Apple Inc and the Virgin group has till now is a symbol of enhancing growth.
Individual Development
As a representative of Money Penny an individual will consequently create as far as
learning and experience. This will help it to manage different circumstances which may emerge
in their profession. Various issues as well emerge in the Apple Inc. which is being sorted by all
the employees together. It also helps in enhancing the development and interaction within the
employees. At the point when an individual works in a field where there is extent of
innovativeness consequently its identity creates.
Coordination
Innovation is sharing of thoughts and musings which brings a mix and congruity among
representatives. This will prompt a situation in Money Penny where there is coordination which
will prompt achievement of objectives on time. Apple focuses on a much coordinative
environment so that no employee feels unable to discuss their views or problems with one
another.
Creation of New Ideas
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There is an era of different new thoughts when there is a innovation. Money Penny with
help of this can make some new and fascinating method for working for workforce taking an
interest in which will be delighted in by representatives (Davila, Epstein and Shelton, 2012).
Apple and Virgin Group considers that their representatives are resources for the
organization, for workforce they contribute a great deal from organization's side. Consequently,
they conceives that by advancement representatives get a stage to discover some new
information which will prompt improvement of them. In like manner, Money Penny as a SME
can have in its premises for improvement of advancement and commercialisation (Innovation
Funnel. 2016).
P2
Money Penny is a SME which is managing in media transmission and each SME goes for
developing in advertise by its business with the goal that it can turn into a huge global
organization. Similarly, every association goes for procuring most extreme benefit and income
which is finished by development of plan on which it will work and its individuals will act.
Consequently, this arrangement comprise of a vision, leadership, culture, group which offers
shape to era of new thoughts. An insight in regards to this for Money Penny broadcast
communications with a light to Apple and Virgin gathering is given beneath:
Vision
The vision of Apple Inc. identifies the capacity of thinking its future as to creative ability
and wisdom. Its is critical while an organization intends to accomplish its objectives and targets.
Henceforth, Money Penny needs to be a globalized organization in its not so distant future by
giving quality adm inistrations to its clients (Godin, 2012). This can be bolstered in organization
by growing new thoughts whereupon workforce can act and objectives are reaped. Naturally
when operations are created than there will be improvement in commercialisation of
administrations of organisation. A strong vision of the organization helps in achieving the task
and creating something new and innovative to it. It helps in giving certainty of a win situation for
the company.
Leadership
It is a procedure in which there is a social impact on one individual by another in order to
achieve a given task. At the end of the day, it is tied in with making a path for individuals to
contribute for making something phenomenal happen. Inspiration and support to staff members
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will prompt numerous new and simple methods for performing exercises in Money Penny which
will help it to create. Similarly, there will be advancement and commercialisation of
organizations benefits in an all the more better way when workforce is furnished with direction
and support. Better leadership skills possessed by the individual help in better achievement of
goals and initializing new and innovative techniques in the entity. Efficient leadership skills at
the Virgin and the Apple group has enables these organisations in achieving their targets at such
faster rates.
Culture
Each association have a culture where it have a domain or a too carry on. Some of which
are exceptionally formal and some are casual. This expresses the statement of thoughts which a
man working over there have. In Money Penny it must have a domain where there is a necessary
requirement for advancement which will prompt development and accomplishment of position
which the organization envision. An innovative culture carried out by the company helps in
better achievement of advancements and development amongst the employees. The culture of
these two companies are so effective and friendly that the employees work efficiently and
along with it, they interact and discuss their ideas.
Teamwork
A group creates thoughts by sharing them to do an undertaking which is consequently an
after effect of making something new which could be especially recipient for Money Penny to
prompt its development (Guha and Yang, 2010).
Hence, all the above variables are straightforwardly identified with advancement and
commercialisation in an organization like-Apple and Virgin and it is useful for actualizing in
Money Penny. Better team work at the Apple and the Virgin group helps in positioning the
innovative ideas in the company and hence attaining the goals.
P3
4Ps of development comprises of components which are included while handling it in an
association. Money Penny is a SME which is on its way to create and make new thoughts
keeping in mind the end goal to exceed expectations achievement which needs to actualize
development in its operations. A depiction to development blend for Money Penny is given
underneath with thought of Apple and Virgin Group:
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Product- This incorporates the offering of organization which it makes to its clients. An
adjustment in its items infers that item is enhanced or created. In advancement some of the time
organization build up its item like-Apple dispatches arrangement of IPHONE which is a
development. Moreover Money Penny can utilize it for improvement and making its
administrations more appealing than others.
Process- At the point when an organization changes or alters the way it do its work than
it is considered as an adjustment in its procedure (Hemmelskamp, Rennings and Leone, eds.,
2013). Operations are once in a while changed by selection of new innovation which is a sort of
advancement in organization. Like-Virgin gathering is having aircraft office which works totally
on innovation thus, process continues creating. So also, this can be received by Money Penny in
its procedure of broadcast communications.
Paradigm- This is changing to another business or moving to another expansion with
connection to current business of organization. Mac have improved IPOD other than telephones
which is a world view advancement and Money Penny can likewise start this in its operations by
building up an enhancement identified with its business.
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Position- It identifies with picture of organization which its clients or individuals when
all is said in done open have. For instance m APPLE is considered as a portable organization yet
it have changed its business to IPOD, IMAC and so on which changes individuals' mind that
organization is an equipment and programming maker alongside cell phones. In like manner,
Money penny can do this so as to have outlook change.
Innovation funnel is a procedure of producing and growing new thoughts in a firm with
the assistance of which thoughts are hone into reality. Representatives with the assistance of this
in Money Penny can accumulate new thoughts, assess the, picked best among them, test the
picked thought and can dispatch it for organization. This will bolster them to bring their thoughts
into reality which will prompt improvement of Money Penny (Hoque, Chishty and Halloway,
2011).
P4
Frugal Innovation is a specialized method for chopping down essential components from
result of an organization as it is not critical for dispatch in a market which it is focusing on
(Innovation at Heinz. 2016). It improves cost decrease by evacuation of superfluous components
which are not required in a market of an item. If there should arise an occurrence of Apple it
dispatches different telephones and Mac Book which have a few changes in them as indicated by
enhanced markets it works in. Money Penny bargains in media communications administrations
which need to manage different customers of different foundations so it will prompt thrifty
development. As organization will create different approaches to manage its shifted customers.
Virgin Group likewise works in different nations as it is a worldwide association which
infers that organization need to roll out some specialized improvements with a specific end goal
to chop down cost and components which are not required to work in different countries.
Following is a short depiction which can be started by Money Penny through thrifty
advancement:
Adding new features
The Apple and the Virgin group can include some imagination or new elements to its
current administrations. Like it can add a few advantages and rebates to its clients for utilizing its
administrations (Jagoda and et. al., 2011). New components identifies with adding some new
development to its current administrations in order to pull in more clients for same
administrations it is giving in another market.
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Removal of features to cut down cost
Though it can cut some cost of generation by expelling a few components which are not
required in items and administrations. This will be financially savvy for organization.
Reduction in complexity for usage
There are different sort of individuals who can't utilize each element in an item which are
given so an organization can diminish complexities in those so everybody can utilize them with a
typical information.
Frugal innovation is the process of advancement in technology and reducing the complex
procedure involved in cost of goods and its production. It helps in removing the features and
process that is not essential for a particular good or service. It will help money penny in
reduction of the cost and cut down the process that is not required by the entity to own. It will
help in increasing the sales in the developing countries.
The six principles of frugal innovation that can help in adoptive the innovative features in
the company in faster and cheaper manner are:
Engage and iterate: Apple focuses on engaging with people as it is a great startegy to
interact with the customers and discuss what they want. It helps in improving the customer
experience.
Flex your asstes: use of new tools and technology can help in betterment of the experience
which helps in better satisfying the needs and wants of the customers. The focus of the Virgin
group as well as of the Apple is on satisfying the customers. That is why Apple did not cared
about the capacity or something like it. There are many other music players as well in the market
but the organisation focused on giving its customers a large storage on a more smaller ram.
Create sustainable solutions: Research and development and manufacturing managers can
derive sustainable model of manufacturing which helps in betterment of the environment and
business both. Apple has a continuous focus on generation better solutions to the feedbacks of
the customers.
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Shape customer behaviour: Mould the customers in such a way that they feel richer with
less consumption. The virgin and the Apple group focuses on making a good interaction with
their customers, thus satisfying their needs and requirements.
Make innovative friends: Development of frugal innovative products with the help of
external parties in the another solution available for money penny.
TASK 3
P5
Commercialisation is a procedure which is performed keeping in mind the end goal to
help offers of Money Penny with the goal that it can win benefit. Business pipe is a method for
picking most ideal approach to upgrade commercialisation in an organization. It is a well ordered
method to create thoughts for operations of organization in order to pull in an ever increasing
number of clients (Kutvonen, 2011). It is a procedure which totally identifies with temperate
improvement of a business which is essential for its maintainability. Significance of business
pipe is recorded beneath:
 Enhances sales of a company.
 Develops new ideas for commercialisation.
 Assists in generating revenue for company.
 Effectiveness in operations of a company.
NPD (New Product Development) identifies with formation of another item in a firm like
Money Penny which is at its developing stage. For instance Money Penny presents another item
in advertise. There is a long technique for advancement of another item and that is advocated as
takes after:
New Product Strategy
Improvement of an arrangement and technique which is to be continued. An entire basic
introduction for the possibility of new item that must be propelled (Wonglimpiyarat, 2010).
Idea Generation
Organization need to produce a thought on which it can act. There is a need reasonable
thought for assembling the item.
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Idea Screening
Than after that thought is screened as far as its degree and nature whether it is appropriate
or not. It is being contrasted and the various thoughts accessible in advertise.
Business Analysis
Promote there is a need to investigation of business with respect to thought which have
been created. Business position and its capacity to execute the thought is found out
(INNOVATION AND 4Ps OF INNOVATION. 2016).
Development
Than execution of plan must be created how it will be actualize what will be assets and so
on.
Test Marketing
After that item is tried by showcasing it to client like specimen dissemination and so forth
in order to achieve the reaction of individuals.
Commercialisation
Than in the wake of getting a decent acknowledgement while testing it the organization
can begin offer of it by creating thoughts to do as such (Lee and et. al., 2010).
New Product
Therefore, consequence of this is another item is created in showcase for the organization
which is prepared to be delivered and sold in advertise. It helps in attracting the customers and
creating sales leads in better way. New product development is an important aspect to revive the
business and make better customer base for the company. It also ssess the innovativeness in the
products that the company brings in its life span.
Henceforth, Money Penny with the assistance of above item improvement process can
dispatch its development into market to its potential clients.
Commercial funnel helps in analysing the customers right from the beginning when they
get aware about the product. It helps in better identification of sales leads for the managers and
adopting better marketing strategy.
Funnel concept will be helpful in new product development and commercialization as it
will help in assessing the behaviour of the customers and taking innovative decisions based on it.
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