Innovation and Business Strategy Report: Fine+Rare Ltd

This report provides a comprehensive analysis of innovation within Fine+Rare Ltd, a retail SME. It begins by exploring the importance of innovation for employees, drawing parallels with Apple and Virgin Group case studies, highlighting the significance of charismatic leadership and employee contributions. The report then delves into Fine+Rare's vision, leadership, culture, and teamwork, referencing the case studies. Task 2 examines the 4Ps of innovation (product, process, position, and place) and the application of frugal innovation within the organization. The report further emphasizes the importance of the commercial funnel in launching new products. The report also uses case studies to show different tools used in the organization to help save time and cost. Overall, the report underscores the value of innovation in driving organizational growth, enhancing employee productivity, and achieving market success for Fine+Rare Ltd.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
Task 1...............................................................................................................................................1
P1 Innovation and its importance to employees of Fine+Rare relates to the case study of
apple and virgin groups. ........................................................................................................1
P2 The vision, leadership, culture and teamwork in the organisation as pre the apple and the
virgin case study.....................................................................................................................3
TASK 2............................................................................................................................................4
P 3 4P's of innovation and use of innovation in Fine+Rare...................................................4
P4. Use of frugal innovation with example in the Fine+Rare organisation...........................5
Task 3...............................................................................................................................................5
5. Importance of commercial funnel and its application on the new products.......................5
P6. Case study on business innovation...................................................................................6
Task 4...............................................................................................................................................7
P7. Different tools used in the Fine+Rare organisation with example...................................7
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
From the report innovation can help the organisation to make the stable products in
market of the Fine+Rare Ltd. innovation is to discover the new things and generate better
products for the costumer. It is also importance for the employees of the organisation to enhance
their productivity and the also the growth and development can be possible (Rexhäuser and
Rammer, 2014). The leader should be the charismatic so the innovation can be more from the
employees. The Fine+Rare have the vision and mission to become the number in the retail
industry with the innovation. The team work is also important for the innovation for more
product development in the Fine+Rare Ltd. Culture makes the healthy environment in the
organisation. The 4ps of the innovation also help to the organisation to develop their strategy for
the other improvement in the organisation. The frugal innovation can be used for the changes
made in then market and also to change the fashion which can help the organisation to capture
the market and the new products can be place in front of the costumer will influence to the
performance. The importance of the commercial funnel will help to launching the new products
also the development of the new products. The case study of the apple and the virgin groups
suggest more innovation and the new case study for the Fine+Rare will help to analysis the more
innovation in the organisation. The tools used in the organisation to make easy operational work
admit can save the time and the cost. For the employee innovation is important aspect because
they are key person of the organisation if the employees will focus on innovation which can
improve the business. It is different form innovation because innovation can be modified but the
innovation cant be replace.
Task 1
P1 Innovation and its importance to employees of Fine+Rare relates to the case study of apple
and virgin groups.
Overview of the Fine+Rare: The Fine+RARE is the small and medium size enterprises
in the retail with turn over of 1 million pound. They deal in the clothings, special products for
the home and products related with the foods. In the 1998 they became the first organisation
which their pre tax profits of over 1 billion pound. Later it is declined. The domestic growth of
the Fine+Rare is much better than the other retail organisation. The leadership role is also
important ion the organisation (Feola, and Nunes, 2014).
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INNOVATIONS: to discover the new things with research and development to fulfil
the requirement of the consumers. Innovation in the organisation brings the value added servers
to the consumer. Innovation refers to invent the new trend in the market to change then taste
preference of the consumer (Zhan, Pannecouque and Liu, 2016).
To became the different organisation in the market is only way to do innovation with the help
proper research team in the organisation. Innovation not only benefits to the organisation built
also to the employees in terms of bring new things in front of the consumer with their skills.
Some are the key element which describe the importance for the employees of the Fine+Rare
such as:
 charismatic leader: The organisation will be more effective and innovative if the
employees have charismatic leader in the organisation (de Jong, Sotiriou and Gillet,
2014). The leader in the Fine+Rare try to motivate the employee in the organisation to do
the task in the innovative way. The effective ns of the employees will be more with
motivating and then leadership impact bring the completion of the task in more suitable
manner. In the case apple and virgin groups, the leader will have the potential in this way
that better innovation product due to the innovative thinking of the employees. the
employees thinking development by the leader of the apple and the virgin groups (Ross,
2014).
 The contribution of the employees in the organisational growth: For the Fine+Rare it is
they small and medium enterprises in which the employees are not involving in the
giving suggestion for the betterment of the organisation. But the innovation is important
for there employee to contribute the growth in the organisational (Sultan, 2013). From
the case the better examples such as Virgin group is continuously growing their business
with their innovative ideas and improved operational strategies in the organisation. They
have set the targets for the company such as virgin blue, virgin entertainment group and
virgin rail, etc. the innovation has brought profitability, resulted into less time
consumption and customer satisfaction.
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P2 The vision, leadership, culture and teamwork in the organisation as pre the apple and the
virgin case study.
Vision of the Fine+Rare: the Fine+Rare vision is to contributing the growth of then
nation and make the organisation number one in the retail market. Also they provides the best
solution to the consumer in the fashion and other trends. In respect to this, the organisation is
providing the leading technology at the workplace to make the needed innovation which helps to
achieve the objectives. The Fine+Rare have the long term vision of making gathering brand a
stable brand and cove the market share with the innovation product and better way fulfil the
needs of the consumer (Uphoff, 2013). Apart from that the organisation is focusing on the new
trends in the market and other innovative in the product launching in different location with
innovation of different outlets.
Leadership and teamwork of the company Fine+Rare Ltd.
Fine+Rare organisation have the effective leadership and the teams. The leadership and
the team work in the organisation. The leadership is only behind the organisation to build a
strong team in which the Fine+Rare to achieve their objectives. The organisation makes the
better team with their rules and regulations. The better the rule and the regulation will be
implemented in the organisation (Kozlowski, 2017). The organisation is also focusing on the
management to their members. With reference , to the organisation the every worker knows their
duties and responsibilities towards the organisational aims and objectives. It will help in easy
delivery of the high quality services in the technologies and the products. Teamwork takes place
within the organisation to deliver the effective and efficient solution with the cited firm. In the
given case the virgin group also focuses on the participation of their employees to deliver the
best services to their customer within the firm. The organisation will be depend on the leadership
role of the leader and they've the better motivation skills and other skill bring the organisational
success. The innovation also helps in increasing profitability as well as attracts the customer
(Mohan and Chang, 2014). Once the customer will be attract to the organisation than the chance
of covering the market will be more.
For example the virgin have the cross culture organisation while apple have the person
culture organisation.
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TASK 2
P 3 4P's of innovation and use of innovation in Fine+Rare.
The 4 Ps of innovation will help to Fine+Rare bring the changes in the organisation. If
the innovation will not be considered for the organisation than the market will not be influence
by the organisation. Also the 4 ps of the innovation are the promotion, price, place and the
product. It can be helpful to segmented the product according to the process and the
organisational can be plan and the strategy will be better implemented. The innovation of the 4ps
in the details (Lundberg, Yourstone and Dangl, 2013).
PRODUCTS: in the Fine+Rare the product is related with the retail such as clothing and
the food related product also they offer to the consumer. Their product can be the comfortable in
terms of the size designs of the structure attract to the consumer. They have their innovation and
the product development team which brings the better product for the organisation (Fisher and
Mauck, 2013). For examples Apple have the innovation products and the virgin have the better
innovation tools.
PROCESS: The process of the organisation will help in the innovation to delivered the
product to consumer. The Fine+Rare have the process for the suppliers, seller and the process to
recruit the employee are not in the innovative way. The new and innovative idea can be taken to
replace the existing plan for the processing of the orders. It will help to increase the profitability
of the company by introducing the various functions within the organisation (Ghisetti and
Rennings, 2014). For examples Apple have the innovation process for manufacturing the
products and the virgin have the better innovation process with new software for organisation
development.
POSITION: the position is the part of promotion mix, it helps the organization to make
their products more innovative to fight the competition and the competitors in the market. As
results, this helps to maintain the brand image of the organisation for the easy and faster sell of
their products and services in the market. It also helps the company in continuous their stable
position. The better the position it will bring the better outcomes for the organisation (Gorozidis
and Papaioannou, 2014). For examples Apple have the better position of their products in front
of the customer with every segment with direct launching and the virgin have the better
innovation position for product developmental with different strategy tools.
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PLACE: the place will be the most important for the any organisation. Fine+Rare have
also the best place with their proper stricture of then organisation. The outlet have only in the
pose locations. The every location have some different outlet in which they attract the consumer
with the different products at the other locations (Arora, Gittelman and Siggelkow, 2016).For
examples Apple have the innovation place and the virgin have better infrastructure innovation
tools.
P4. Use of frugal innovation with example in the Fine+Rare organisation.
The Reduction of the complexity, production cost and this cost in turn helps the
organisation to reduce the features and durability from the products is known as frugal
innovation. It also effects the sells of the product or the services. The organisation like the
Fine+Rare needs the frugal innovation in such organisation are dealing in the clothing business
also when the innovation needs then better comfort to the consumer (Lundberg, Yourstone and
Dangl, 2013). Sometimes the frugal innovation will give more number of chance to get the better
products and the customer. It also helps in providing functional solutions by various resources
which gives the advantages inside the organisation. It helps the chosen organisation to reduce
cost of problem from the workplace in the business that will support the organisation to target
their customer sector in systematic. Sometime the innovation will give the better result to the
organisation in terms of the frugal innovation. innovation helps in innovation of the new
products which helps in creating the value of the organisation and its products and service on
the marketplace. To the fugal innovation in the organisation the product development will be
shift to the product innovation in the organisation (de Jong, Sotiriou and Gillet, 2014). As a
result of the use of frugal innovation the Fine+Rare have the more effective organisation in
compare of the other competitor. For examples Apple have the innovation products and the
virgin have the better innovation tools.
Task 3
5. Explain the importance of the commercial funnel and the application of new products
development processing for commercialisations of innovations.
The advantages of funnel for the chosen organisation 'Fine+Rare Ltd.' helps to make their
functions effective which assist to determine high profitability inside the organisation to satisfy
the working environment. In addition to this, it also creates advantages inside the company to
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increase income of the company which in result gives the effective and efficient way to do
business transactions. In this aspect, to the chosen organisation it can select new product and
services for the development to increase the innovation for the effective operations for the
business to earn high profitability. In order to develop and make a new product, the steps to be
followed by organisation such as evaluation, awareness, interest, trial and adoption. The
following steps are taken by the organisation to develop a new product :
Awareness to the customers of the chosen firm Fine+Rare Ltd' will be aware by the new
product of company. The business identifies the interest of customers in new product to make
further developments. It also helps to seek out the information regarding products features,
durability and availability. Further, for the evaluation of the business information, there is a need
of collection of data related to the products for the assessment of the benefits of the customers
after purchasing the product or availing the services.
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Illustration 1: Innovation Funnel
Source: paul4innovating.files.wordpress.com

Moreover, the other measures taken for the consumers of the organisation Fine+Rare Ltd.
is to know the effective use of the products as continuous innovative values with them.
In this point the adoption of a new product takes place with customers decisions. It helps
in making the use of product or service in routine for its continuous development of the
organisation as well as customer interest (Lundberg, Yourstone and Dangl, 2013).
Innovation funnel make the organisation into systematic manner for the various development in
such as :
 Problem finding
 ideation
 Conception
 Implementing
Utilisation of funnel for An advancement to portray the means that occur in building up a
procedure or item. The reason for all advancement is to make procedures or items that address
showcase issues in manufacturable or monetary structures. In the underlying phases of
advancement, a few thoughts are gathered which experience a refinery framework. Subsequent
to refining, a couple of thoughts are left which the organization actualizes. The thoughts that stay
in the wake of refining are consolidated to think of another idea.
The innovation consist of two types of work in the organization, the product should be
innovated to new and attractive features. With the reference, commercial funnel describes the
things in an easier way which are actually very hard to understand.
Importance of funnel new product development and commercialization to helps the routine
activities of the organisation which helps to take new ideas to make effective commercialization
of the product to the firm. The more the organisation focus on the commercial funnel they will
easily get the better products (Arora, Gittelman and Siggelkow, 2016).
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P6. Case study on business innovation.
To innovate any things it required a idea and the proper utilisation of the resource. More
the operation of the organisation will used. In the context of the Fine+Rare the innovation makes
the organisation productivity and the new way of doing business. The Fine+Rare is the largest
retail brand and they have different objective to fulfil the need of the costumer with the
innovation (de Jong, Sotiriou and Gillet, 2014). The mission statement of fine+Rare will be the
important aspect as they deliver what they has actually wanted to do. It will help to achieve the
best possible objectives of the organisations.
In the business activities, selected enterprise can work with characteristics that ascertain
for accomplish goals and objectives. This can be given to work with defining success, offers and
suggestions through guidelines that accomplish business goals. There are several steps can be
taken in the following aspect to accomplish objectives:
The first step is, Fine+Rare Ltd. can evaluate their requirements and surveying
enthusiasm of partners for rivalry and market appeal. It additionally discovered for making focal
points to setting needs. With the assistance of trails and moving for commercialisation with
responsibility and pull in to business condition also. In this viewpoint, a few gatherings of
variables comprise essential part where undertaking can without much of a stretch achieve their
objectives and targets at abnormal state. As results it will assemble connect with accessibility of
information material (Zhan, Pannecouque and Liu, 2016.
In the last, the chosen organisation focuses on the commercialisation of the products
invented. The largest organisation have the better innovation team in their organisation. The
more the organisation have the research and development team they are able to fulfil the needs
of the costumer. Also the employees have to participate in some decision for the products
development remain which they will try to focus on the more innovation in the organisation
which will help them to growth and development of the organisation.
The product development and it benefits to to the organisation and return on the basis of other
format. The Fine+Rare will be focus on the product development but they have to focus on the
innovation of the more new products. It also help in the other operational work in which the
organisational can be more productivity can be possible.
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Task 4
P7. Different tools used in the Fine+Rare organisation with example.
The innovation of an individual can be done through the various tools such as, the
innovation will be depend on the resource of the organisation. The creativity, innovation,
education and the different tactics of the way of doing in the task. As the copy right and other
patent laws have been important for the apple and virgin case studies. To reduce the copy-cat
competitor it is the important process. The use of the proper resource in organisation will be
depend on the management will also help to complete the organisational task. The organisational
product should be copy right and the patent right which can easily save from the copycat
competitor. Sometime the organizational have the technology depend tools in which the
automation. The balance between the tools and the other innovative product in which they make
their organisational better. The infrastructure of the Fine+Rare Ltd will be depend on the
organisational resources (Lundberg, Yourstone and Dangl, 2013). In which the organisation can
help the more innovation with the tools the more the number of the tools used from the
organisation. There are the various tools used in the organisation to protecting IP such as
follows:
 Copyright: It is an another tools for which organisation can use to protect the IP by
Akita the various right with the registrati8on of copy right.
 Patent: A patent gifts property rights on an innovation, enabling the patent holder to bar
others from making, offering, or utilizing the development. Creations enable numerous
organizations to be fruitful in light of the fact that they grow new or better procedures or
items that offer upper hand on the commercial centre. You get a patent by documenting a
patent application with the U.K. Patent and Trademark Office
 Trademark: A trademark is a word, expression, image, or outline that recognizes the
wellspring of items (trademarks) or administrations (benefit marks) of one business from
its rivals. With a specific end goal to meet all requirements for patent security, the stamp
must be unmistakable. For instance, the Nike "swoosh" outline recognizes athletic
footwear made by Nike.
 Trade Secrets: A prized formula is an equation, process, gadget, or different business
data that organizations keep private to give them a business advantage over their rivals.
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Cases of competitive innovations include: Pop recipes ,Client records,Review comes
about ,PC calculations
Also they have to concentrate on urging the representatives to make their advantage and
faithfulness towards its working. The intrigue will help the association to get the inventive plans
to make the items according to the patterns and the requests of the clients. The more the request
from the client. the Fine+Rare Ltd will get the better outcomes. It is only happen if the
organisation will used the proper resources and they can easily boost the performance of the
organisation. The creativity of the launching the products with the automation in the retail
industry is now a trends. This can help the organisational to achieve their objectives and the
goals which they have made for the enhancing the organisational to cover the market share
(Arora, Gittelman and Siggelkow, 2016). Organisational tolls are not used for the productions
but they used to make employees safety in the organisation. To give the benefits to the
employees in terms of providing safety neds tools. The tolls also used by the employee make
their work easy and the organisational productivity will increase with the help of the tools. The
Fine+Rare Ltd need to focus on the tools and the stop working manually in the some areas. The
automation will also say the time and the cost. The copyright of in the case of organisation will
used because they are launching an innovative products which can be copied by other
competitor.
CONCLUSION
From the report 'innovation' it is conclude that the organisation have to focus on the new
innovation to make the product development also for the easily operation in the organisation.
The Fine+Rare is the small and medium size organisation of the retail industry. They focus ion
the product development but not the innovation. From the case of the apple and virgin it is
compared that the small and medium size have the low budget on the research and development
because of that they are not able to do innovation of the products. Also the new case study have
been generated for the Fine+Rare Ltd which they can help to improve in their area of the
business. To innovate new things in organisation. But the workforce is the important for the
innovation in the organisation in which they can help to growth and development of the them.
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