Comprehensive Innovation Report: Mr. John Watches Business

This report provides a comprehensive analysis of innovation strategies applicable to Mr. John Watches, a small-medium enterprise manufacturing watches. The report begins by defining innovation and its importance, comparing it with invention, and then explores organizational factors such as leadership, culture, teamwork, and vision in fostering innovation. It then delves into the 4Ps of innovation (Product, Process, Position, and Paradigms) using the innovation funnel to shape innovative ideas. Furthermore, the report examines frugal innovation, its principles, and its application within the context of Mr. John Watches. The significance of the commercial funnel and the application of New Product Development (NPD) for commercialization are also discussed, along with a business case. Finally, the report concludes by outlining various tools that can be used by companies like Mr. John Watches to develop and protect their intellectual property.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and its importance in an organisation..................................................................1
P2 Vision, leadership, culture and teamwork of an organisation for shaping innovation..........3
TASK 2............................................................................................................................................4
P3 4Ps of innovation with the help of innovation funnel so as to shape innovative ideas..........4
P4 Development in frugal innovation and its use in organisation..............................................5
TASK 3............................................................................................................................................6
P5 Significance of commercial funnel and application of new product development for
innovation....................................................................................................................................6
P6Innovation business case for Mr. John Watches.....................................................................7
TASK 4............................................................................................................................................8
P7 Different tools used by companies in order to develop and protect intellectual property.....8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation is said to be creating a new ideas, for making any product or commodity.
Thus, organisation use better solutions in order to fulfil the requirements of customers and
existing market needs by applying effective tools. Mr. John Watches is a small medium
enterprise that manufactures watches for common people according to the needs and wants.
Basically innovation helps a company in adding benefits so as to get maximum benefits. In this
report, importance of innovation is explained so that comparison can be done with invention.
Various organisational vision, leadership, culture and teamwork is included so that organisation
can shape innovation and commercialisation (Ambec and et. al., 2013). Other than this 4Ps of
innovation is explain along with the use of innovation funnel in order to examine and shape
innovation ideas. Apart form this, development in frugal innovation along with examples is done
in context with Mr. John Watches. Importance of commercial funnel and the application of New
Product Development(NDP) processing for commercialisation of innovation. Lastly, various
kind of tools that can be used by them in retaining and protect knowledge.
TASK 1
P1 Innovation and its importance in an organisation
Innovation is a process which is used make any alterations as per the requirement of the
customers. This help the organisation in satisfying the needs and wants of consumers. It is a
systematic process that evaluate the existing features so that company can make alterations
accordingly. Therefore, Mr. John Watches is gaining maximum benefits by applying different
methods in innovating their products. Further the concept of innovation can be understood with
the points that are explained below:
Increases the productivity of a company: Changes and innovation always help the
organisation in gaining maximum benefits because under this, it helps the company to
manufacture products according to customers preferences with minimum cost. As a result, an
increase in productivity can be seen (Battistella and Nonino, 2012).
Enhance the effectiveness of communication process: The concept of innovation is very
complex to understand so, to give related information it is required that a excellent
communication is maintained in the organisation amongst employees. Improper communication
can have an impact on the performance of a company and may leads to dis-balance in working.
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Assist in maximum use of resources: For giving a better result it is important that
company utilises all the resources in a proper manner. Under this, Mr. John Watches has made
proper plan which they are using in order to reduce the wastage.
Provides competitive benefits to organization: Fresh products in the market always gives
benefits to an organisation but sometimes it can have an adverse effect. Therefore, it is important
that the commodities which company are manufacturing are as per the customer's needs. As Mr.
John Watches are producing goods according to the consumer's satisfaction it is helping them in
giving tough fight to other rival organisation. As a result they are sustain the superior position in
market area for longer period of time (Boudreau, Lacetera and Lakhani, 2011).
Difference between innovation and invention
Basis Innovation Invention
Meaning Innovation is the process in
which new ideas are developed
for the first time.
This occurs all of a sudden and
the products that invented are
unique and has not developed
earlier.
Concept It adds value to the
commodities whether they are
existing or new products.
Invention of new commodities
in considered in this.
Required Skills In order to get success in in
innovation it is required that an
individual have proper
knowledge and skills about the
market.
As compared to innovation,
invention requires more
scientific knowledge in order
to perform the task in an
appropriate manner.
Activities Under this all the persons who
are appropriate information are
included. Thus, can be said
that the concept is spread all
over the company in different
departments.
Only the department that is
involved in the research are
included so that the authentic
data is not leaked.
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P2 Vision, leadership, culture and teamwork of an organisation for shaping innovation
Innovation is not an easy process thus it requires skilled individuals who can perform the
task easily. Therefore, there are some factors like vision, leadership, teamwork, etc., that must be
considered before making strategies. Below all the factors are included in order to understand in
a better manner:
Leadership and innovation: Leader are said to the one who guide their teammates in
such a way that they can achieve the targets in specific time frame. Other than this, they perform
various roles and responsibilities in fulfilling the task in an effective way. Thus, for innovating
new things it is important to utilise all the approaches that will help them in implementing
innovation (Breznitz and Murphree, 2011).
Organisation culture and innovation: Under this, environment that is provided by the
company is determined. Acceptance of different culture always plays an important role because
people of various culture can give antithetic ideas for performing the work. Effective workplace
can motivate the employees in completing the task in difficult situations whether there are
various challenges and risk in the market place.
Innovation and teamwork: To make effective product it is important that a strong team is
build who can give creative ideas which company can apply in making modification and changes
so as to increase the market value of that commodity. Communication is the basic tool that is
used by superiors so as to interact with employees and make them understand about the whole
concept of innovation.
Vision and innovation: Vision of the organisation helps company in achieving the set
targets and it assist them in identifying where the firm will be after a certain period of time. Mr.
John Watches' vision is helping them in gaining superior position in market area.
Therefore, all the factors that are mentioned above are effecting the business operation
some or the other way. Thus, it is mandatory that company follows these in order to increase
their brand image and market value. It will assist them in making alterations as per the
requirements of customers so that firm can gain maximum benefits.
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TASK 2
P3 4Ps of innovation with the help of innovation funnel so as to shape innovative ideas
Mr. John Watches is a small business enterprise and deals in manufacturing watches and
deliver them at a low price to its customers. They are making watches as per the consumers
satisfaction and as a result it is helping them in enhancing their revenues and sales at a better
level. Other than this, they are using 4Ps of innovation so as to make products more
appropriately. Thus, some of the points are given below:
Product: In order to make an effective product company uses both tangible and
intangible products so that they can manufacture products as per the needs and wants of
customers. Mr. John Watches are making goods which are best in quality and affordable at the
same time (De la Mothe and Paquet, 2012). For this, company is conducting research in order to
know the preferences of the customers. Thus, it is helping them in making products as per the
satisfaction level and as a result it is enhancing the sales and productivity.
Process: In order to make a best product, it has to go through various processes form
collecting raw material till getting the final commodities. All the steps are need to be considered
because skipping any of the step will have an impact on the manufacturing process. Thus, it is
important that company utilises all the resources that are available to them so that they can give
better commodities to customers.
Position: Providing products as per the needs and wants of customers can leads to
gaining a better position at market area. Therefore, Mr. John Watches is making products as per
the preferences of consumers thus, it is assisting them in achieving the set targets and goals.
Paradigms: Under this aspect, it enable them in utilising more and more resources in an
effective manner so that a better outcomes can be gained. Thus, it help the organisation in
attracting more and more customers towards their firm (Díaz-García, González-Moreno and
Sáez-Martínez, 2015).
Utilisation of Innovative funnel so as to shape innovative ideas
Innovation funnel is a process that contains certain steps through which new and
innovative ideas are developed and then these ideas are converting into the form of fresh
products and services. This is used in order to satisfy the needs and wants of customers, other
than this, it is helping organisation in analysing the market situation so that better services can be
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provided to its clients. Therefore, certain number of methods are used so as to fulfil the necessity
of customers.
P4 Development in frugal innovation and its use in organisation
Frugal innovation is applied by most of the organisation so as to make the fresh
commodity in the market in reach of maximum number of people. Basically it cut down the cost
which was applied during manufacturing process so that it can be offered to customers. The main
advantage of this is that it provides development opportunities to the company. Therefore, it is
assisting the organisation in increasing the market share and value as well. Mr. John Watches is
has adopted this concept and its detailed explanation is given below:
Find opportunity and adversity: Under this, it is required to go through the issues that is
creating problem so that it can be changed in order to provide benefits. Through this, they must
make themselves capable of converting the negative outcomes into positive so that opportunities
can be reframed (Lee, Olson and Trimi, 2012).
Utilise more with limited resources: To give an effective products and quality watches it
is important for Mr. John Watches that they utilise all the resources for making good
commodities. Other than this, company are making a healthy contact with their suppliers and
distributors and as a results organisation are getting their raw material on time.
Think and act flexible: In order to manufacture more product it is essential that company
is following the flexible method. This will enable the workers to work freely because of which
employees will not feel under pressure.
Keep it simple: More complex products are difficult to perform so it is essential that
company make simpler products but more effective in nature. This save time and cost for the
company.
Include the margin: This includes easy process through which they can solve the
problems in an effective manner. Thus, it is important Mr. John Watches apply strategies that is
helping them in solving the issues effectively.
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TASK 3
P5 Significance of commercial funnel and application of new product development for
innovation
Commercial process is used by most of the company in order to generate more and more
profits. This enable them in enhancing ample amount of profits. For this, Mr. John Watches is
making suitable strategies and plans from which they are planning to get future benefits at the
same time. Therefore, funnel innovations helps the organisation so as to identify what all process
is applicable for gaining maximum profits. Thus, the major role of funnel innovation is to use
those methods so as to increase the sales and productivity of an organisation.
The first step includes the process in which company identify the problems by initiating
all the ideas form which they can generate more profits. For this to happen, Mr. John Watches
includes their employees in decision making so that they can be aware about the strategies that
are applied by the organisation (Lee, Olson and Trimi, 2012). After initiating the firsts step
company will look out for many ventures who can invest money on their organisation in order to
get maximum benefits. Therefore, ideas that are implemented are verified once again so that
company can evaluate whether the idea is effective or not. Although some of the innovative ideas
may take time for getting the better outcomes hence, it is crucial that plans are implementation in
a better manner.
Some of the points that comes under commercial funnel are given below in order to
understand it in a proper way:
 Enhance the quality of a service and products that have been manufactured.
 Contribute in the growth and success of a company. Promote person who are creative in nature.
Development of new products
Developing a new product is a long process thus it is important to follow certain steps by
which company can get maximum benefits and these are given below:
Idea Generation: This is considered as the first step in which an individual collects all
the information that is required for developing a new product. Under this, it includes suppliers
form whom the organisation can get raw materials, proper strategies which company can follow
for getting better outcomes. Therefore, researcher must collect relative information so that a
proper task is carried out in a better manner.
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Idea Screening: In this, the idea which was generated is evaluated so as to know whether
it is effective or not. This is also used in order to get implement appropriate strategies for
achieving the targets in specific time period. Other than this, it will assist them in further
proceedings.
Concept development: Under this step, the ideas that was generated are written down on
paper so that company can make a handout regarding all the steps which they have to follow so
as to get superior quality products. It helps them in transforming the information in real life
action (Metcalfe and Miles, 2012).
Development of strategies: Here the role of managers and leaders come into being
because to make a quality product it is necessary that an appropriate strategies are made from the
manufacturing the process till delivering them to its customers.
Examine business condition: To have an effective growth with respect to sale and
productivity it is important to evaluate the marketing condition where organisation wants to
launch its products. This will help them in applying the proper plan at right time.
Product development: Innovative designs of a commodity is done under this step so that
they can attract more and more customers towards their company. Along with this company
focusses more on manufacturing goods according to the customers satisfaction.
Test marketing: In this, products can which are made go through a test under which
faulty products are eliminated so that best quality commodities are delivered to its customers on
time.
Commercialisation: This is the lasts step in which company uses different mediums so as
to make its consumers aware about the new products which organisation has launched. For this,
different firm uses various tools and techniques in order to get maximum benefits.
P6Innovation business case for Mr. John Watches
Mr. John Watches is a small medium enterprise that manufactures watches and sell them
at a same time. They also focuses on delivering good quality products to its customers along with
this company is giving better services and facilities. Other than this, organisation is taking
feedbacks and reviews so that Mr. John Watches made commodities as per the needs and wants
of customers. There are certain steps of innovation business case and these are as follows:
Executive Summary: Mr. John Watches is deals in making new watches so that it can be
delivered to its customers. Company is trying to make changes in their products like they are
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adding additional features in their watches so that it can gained customers loyalty. This is
enabling them in attracting a large number of people towards their company.
Target: The main target of this organisation is to provide best quality products to its
customers at a reasonable rates. Other than this, firm is making products for all the different age
categories of the society whether male, female, old or young etc.,
Solution: Mr. John Watches is making products according to the convenience of
customers so that old aged people can also use them effectively. For this, company is making
certain changes for them like they are making big dials that can be easily seen in order to know
the time (Owen, Macnaghten and Stilgoe, 2012).
Why product is innovative: Mr. John Watches is manufacturing goods according to the
customers by adding some extra features. For example: for blind people company is making
product that are simple to access and which they can access easily.
Customer research: This is done so as to know the behaviour of customers towards their
products so that company can add new interesting features. It enables them in upgrading the
commodities in order to satisfy the needs and demands of consumers.
Funding: To make appropriate products it is necessary that company have sufficient
amount of money form which they will be able to buy raw materials. For this, they are
collaborating with various stakeholders and merchandisers who can provide them sufficient
amount of money (Yoo and et. al., 2012).
Expected benefits: Setting a target is very important so that company can determine the
expected benefits which they can avail so as to enhance the market shares and values as well. For
this, company must analyse the past findings for making further changes without repeating the
flaws.
TASK 4
P7 Different tools used by companies in order to develop and protect intellectual property
There are different kind of tools and techniques that are utilised by most of the
organisation in order to get maximum benefits. This process assist them in designing the
commodity, using various symbols for making them unique form other products. Certain steps
are included for protecting intellectual property and these are as follows:
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Right about intellectual property: Under this, it has been explained that an individual
must have a proper knowledge about the basic rights regarding their property. This will help
them in having adequate information related to the making their business more effective.
Trademark: Trademark generally known as logo of brand. It is a unique symbol which is
used to differentiate one business or product from another and gives right to businessman to
prevent illegal use of trademark. It should be registered with appropriate authority to receive
legal ownership and protection rights.
Patent: Patent is legal right given by government to the innovator or producer to restrict
others from manufacturing or selling the product for a particular period of time. Goal of this
patent system is to motivate innovators to use advance technology by rewarding them with some
special benefits. This is also known as intellectual property right.
Copyright: Copyright is a legal right given to inventor of original work and gives complete
right to determine under which conditions this original work can be used by others. This is
generally for a specific period of time. All kind of work cannot be copyright though only
tangible creations can have copyright.
CONCLUSION
From the above report it can be concluded that innovation is a proper concept for which
company can have maximum benefits in order to take their business in forward direction. Thus,
it is important that company is manufacturing goods according to the needs and wants of
customers. This this to happen organisation must provide proper training programmes to their
employees so that they can deliver best results to its customers.
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REFERENCES
Books and journals
Ambec, S. and et. al., 2013. The Porter hypothesis at 20: can environmental regulation enhance
innovation and competitiveness?. Review of environmental economics and policy. 7(1).
pp.2-22.
Battistella, C. and Nonino, F., 2012. Open innovation web-based platforms: The impact of
different forms of motivation on collaboration. Innovation. 14(4). pp.557-575.
Boudreau, K.J., Lacetera, N. and Lakhani, K.R., 2011. Incentives and problem uncertainty in
innovation contests: An empirical analysis. Management science. 57(5). pp.843-863.
Breznitz, D. and Murphree, M., 2011. Run of the red queen: Government, innovation,
globalization, and economic growth in China. Yale University Press.
De la Mothe, J. and Paquet, G. eds., 2012. Local and regional systems of innovation (Vol. 14).
Springer Science & Business Media.
Díaz-García, C., González-Moreno, Á. and Sáez-Martínez, F.J., 2015. Eco-innovation: insights
from a literature review. Innovation. 17(1). pp.6-23.
Lee, S.M., Olson, D.L. and Trimi, S., 2012. Co-innovation: convergenomics, collaboration, and
co-creation for organizational values. Management Decision. 50(5). pp.817-831.
Metcalfe, J.S. and Miles, I. eds., 2012.Innovation systems in the service economy: measurement
and case study analysis (Vol. 18). Springer Science & Business Media.
Owen, R., Macnaghten, P. and Stilgoe, J., 2012. Responsible research and innovation: From
science in society to science for society, with society. Science and public policy. 39(6).
pp.751-760.
Schaltegger, S. and Wagner, M., 2011. Sustainable entrepreneurship and sustainability
innovation: categories and interactions. Business strategy and the environment. 20(4).
pp.222-237.
Yoo, Y. and et. al., 2012. Organizing for innovation in the digitized world. Organization science.
23(5). pp.1398-1408.
Online
INNOVATION AND 4Ps OF INNOVATION. 2016. [Online]. Available through
<http://www.bizexcell.com/innovation-and-4ps-of-innovation/>
Innovation Funnel. 2016. [Online]. Available through
<https://www.cleverism.com/lexicon/innovation-funnel-definition/>
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