Assessing Innovation Strategies and Importance for 4com Plc

This report analyzes innovation strategies for 4com Plc, a UK telecommunications equipment supplier. It explores the concepts of innovation and invention, emphasizing the importance of innovation for business success, particularly in relation to product and process improvements. The report examines how vision, mission, and organizational culture shape innovation within 4com Plc. It then delves into the 4 P's of innovation (Press, Process, People, and Product), and discusses the application of frugal innovation. Finally, the report outlines the commercial funnel and new product development process, including stages like idea generation, screening, development, and commercialization, offering insights into how 4com Plc can successfully bring new products and services to market. The report highlights the importance of adapting to consumer needs and leveraging innovation for competitive advantage.

Innovation

INTRODUCTION
Innovation refers to the conversion of concepts as well as knowledge and skills into new
merchandise along with services by using appropriate process which aid in delivering best and
new products and services to purchasers in marketplace (Amit and Zott, 2012). This will helps in
improving satisfaction level of consumers and on the basis of that business entity can improve
the performance. Present report is based on 4com plc which is a supplier of telecommunication
equipments. The firm having a aim of boosting communication services of UK in small business
market. In the report, discussion based on innovation and also have to determine its importance
to organization in comparison with invention.
TASK 1
P1 Explain innovation and its importance
Invention is the new scientific as well as technical idea which needs to be implement.
Invention should novel and also having a utility so that idea can properly work. Innovation is
also a change in the existing or new products and services which business entity is delivering to
their consumers which will aid business entity to attain good result. Invention helps in devising
new ways so that they can attain good results. They have to satisfy needs and wants of
consumers when they are facing distinctive conditions (Davila, Epstein and Shelton, 2012).
 They should get best outcome when they invent new things.
 For inventing new products, they involve some procedure so that any obstacle cannot
come in front of them.
Innovation is also necessary as it assist in attracting large number of consumers by improving
existing products of 4com Plc. There are two type of innovation which includes:
 Product innovation: It is a type of act which assist in bringing something new to the
marketplace which aid in improving ranges as well as quality of products and services so
that they can offer best merchandise.
 Process innovation: It is a new way of making along with the offering of products
(Drucker, 2014).
Difference between innovation and invention:
Innovation Invention
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They have to make significant contribution in
developing significant existing products and
services so that they can provide proper
satisfaction to their consumers.
It is a discrete creative act by innovating
products as well as services for the first time.
It helps in developing new and existing
merchandise but it is not new to market.
It helps in providing fresh products to consumers
which are not known.
It involves process of convincing people so
that so that they can change material of old
products.
Invention also include process for inventing new
products and services.
For 4com Plc, innovation is the primary
process or attempt which bring inventors
ideas or suggestions into practices. Along
with this it is a modern idea which can be
applied in present situation or circumstances.
Invention is a practical method and also can be
analysed or assessed by the people.
In both type of innovation, company can create competitive advantage for the business
and it determines prosperity as well as growth in the economy. When 4com do the innovation of
their products then this will assist in boosting the productivity. For example, Apple launched
their products that is iPod which comprise approx 1000 songs in that music player which will
help them in accomplishing productivity (Gordon, 2012). If there is occurrence of Virgin
business entity then staff members of firm so that they can attain their goal which will assist in
doing development or improvement of work and this will improve efficiency in the economy.
P2 How vision and mission as well as organisational culture can shape innovation
The vision and mission statement of 4com Plc is to improve or boost the communication
services of UK and this company is included in small and medium business enterprise. Managers
and employees have to adopt appropriate communication process which will aid in offering
better consumer services by doing the management of distinctive activities. Brand value of 4com
Plc is to provide best network and telecommunication equipments which help in providing
proper satisfaction and also become successful in fulfilling needs as well as desires of them.
Managers of the business entity should use updated technology which will assist in doing better
operations and according to that innovation can be done so that company can make brand image
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and also expand their business (Huizingh, 2011). According to the organisational culture, vision
and mission statement they have to make ideas which are innovative in nature and that should be
implemented by them so that they can satisfy needs and wants of consumer. All the workers
should do work in a team because from this any conflicts cannot occur and on the basis of that
they can attain targets (Manyika and et. al., 2011).
According to case scenario of Virgin, employees of 4com have to do proper involvement
as well as participation in operational and managerial activities so that they can conduct by the
authority which will assist in attaining or accomplishing goals and objectives. Leaders have to do
inspirational leadership which will help employees in performing their task in a effective as well
as efficient manner. In both transactional as well as transformational leadership which will assist
in offering encouragement to their workers and take feedback from them so that targets can
easily achieved (Jaffe and Lerner, 2011). They have to do effective communication which will
succour in making effective and innovative plans so that they can improve existing products and
services and targets can be achieved.
TASK 2
P3 4P's of innovation
Innovation is a idea which aid 4com Plc in redesigning products and services which will
help in attracting large number of consumers. it includes the distinctive part of innovation which
will helps in fulfilling the needs and wants of consumers. Advancement is necessary in the
products as it helps in attaining success in the competitive market. Four P's of innovation are to
be implemented by 4com Plc includes:
Press: It is a important part of innovation which assist in doing improvements as well as
developments. Along with this they have to provide encouragement by using appropriate
resources which assist in attaining goals and objectives which are decided by the higher
authorities of 4com (Mowery and et. al., 2015).
Process: It is a another element of innovation which aid in concentrating that how
manager have to offer products and services to their consumers. Employers and employees of
4com Plc have to utilise appropriate resources so that they cannot face in innovating products
and services. There are five things which are included in this that is clear up, idea, create,
actualize along with the survey (Patti, Yanes and Siuzdak, 2012).
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People: They have to provide supportable advancement in 4com Plc as it is a authority to
provide the improvement. They have to provide proper inspiration to the team so that they can
develop and building teams so that targets can be attain.
Product: Manager of business entity have to deliver imaginative products and services so
that they can deliver proper products so that they can attain competitive advantages. According
to the needs and wants of consumers they have to offer products so that targets can be attain
(Patton, 2011).
Managers of business entity have to use funnel innovation which helps in utilising the
steps so that they can create best products and services. If they are developing their existing
products or meeting demands in the financial structure. When they are face introductory phase of
improvement then they have to gather some suggestions. Then after refining, there are some
suggestions which are gathered by staff members of 4com Plc so that they can execute or
implement that. From that ideas should implement and make innovative products to attain targets
(Rice, 2013).
P4 Frugal innovation as well as its developments
It is defined as a process which having a point that they need to build up their business by
making new plans for products and administrations which will help in reducing activities which
are unnecessary with the goal that they can diminish add up to cost of merchandise and
administrations. Frugal innovation having a main aim is to make new stock and give it as a
modest rate by keeping up level of value. Administrator of 4com Plc need to diminish their
pointless cost which are spending on various exercises which they are doing while at the same
time conveying services. Businesses of firm need to outline items and administrations which will
help in expanding sturdiness (Ries, 2011). They need to keep up quality which will help in
drawing in expansive number of shoppers. For instance, Apple Inc. is utilizing idea while
presenting iPod. Frugal development helps chiefs of 4com Plc in advancing or making new stock
alongside administrations with the goal that they can pull in substantial number of administration
clients. Market Driven development is helps in overseeing, outlining and also actualizing new
enhancing procedure and it depends on customers. Cheap advancement helps in accomplishing
objectives and targets in a particular period. At the point when supervisors of 4com Plc need to
do or actualize economical development and this will help in achieving targets (Rosenbusch,
Brinckmann and Bausch, 2011).
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 It helps with conveying opportunity so they can make solid position in aggressive market.
They need to get a handle on all open doors so they can advance existing system which
they are giving to buyers.
 They need to oversee assets with the goal that the employer of 4com Plc convey best as
well as qualitative services (Sawyer, 2011).
TASK 3
P5 Commercial funnel and process related to new product development
Manager of business entity have to use funnel innovation and this will assist in providing
products and services so that they can satisfy needs and wants of consumer. They have to make
proper market plan and have to improve that so that targets can be attained. Manager have to get
the ideas from different person and have to choose one and then they have to implement that so
that they cannot face any problem in maintaining the changes. According to the demand,
manager and employees have to do supply of products and services so that targets can be
attained. Commercial funnel is necessary along with important method as it assist higher
authorities of 4com Plc in delivering products and services (Nambisan and Sawhney, 2011).
Manager of business entity have to use process of new product development as it helps in
grasping opportunities to attain success in the competitive market. This will helps in increasing
sales as well as generating more revenue. For example, Apple Inc. launched iPod as it will
include in the single digital media. There are some stages which are included in this so that they
can satisfy needs and wants.
Idea generation: It is a first step in which senior managers of 4com Plc have to provide
services will be launched. They have to collect and gather information and data by using and
adopting different sources and by using that they can generate ideas.
Idea screening: After generating idea, managers and employees have to check ideas
which assist in boosting brand image in the market when they are facing high competition.
Development and testing: Ideas which are adopted by them have to implement and test
that it is correct or not an if not then they have to develop that so that they can attain targets
(Rampersad, Quester and Troshani, 2010).
Product development and test marketing: They have to implement or execute ideas so
that new merchandise will be launched. Along with this they have to analyse as well as identify
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the needs and wants of products and services. They have to offer proper and appropriate
satisfaction to their consumers so that they cannot face any issues in attaining targets.
Commercialisation: Employer of 4Com Plc have to make appropriate plans and
procedure as well as policies which are made by ministry bodies which will help in promoting
products and services.
Launch: They have to do evaluation of all steps which are included in new product
development process as well as they have to deliver service will be launched so that targets can
be reaped and this will help in reaping success in the market when they are facing high
competition (Scholes and et. al., 2014).
P6 Innovative business case which assist in accessing funding
Business is essential for people as it aid in producing more income. Company have to
utilize inventive ideas for collecting and creating better and additionally qualitative merchandise
that employees can accomplish the needs, demands and expectations of their customers. 4Com
Plc have to improve products and management by launching new products. Some of the steps
are here which can be used by the company and it's managers for the business case;
Executive Summary: All data as well as points of interest should be identified which are
associated with the products and services. Employees of 4com PLC have to make some effective
changes in their workings and providing their services to their targeted customers to enhance
their productivity of products and services. The company is having huge potentials of
developments so it is essential for them to develop some new innovative ideas to implement.
They have to provide and deliver best products and services which will aid in getting attention of
their consumers and on the basis of that they can generate more and more revenue (Walsh,
2012).
Introduction: In the company products and services has to be developed by time by time
which can help to them to work better against their targeted customers demands. They have to do
developments or improvements in their services which will assist in boosting performance and
productivity. By embracing diverse devices and methods staff members of 4com Plc can do
developments in the products as well as services which they are providing to their buyers.
Objectives: Purpose of 4com Plc is to draw in financial specialists by utilizing business
phones, web offices and in addition other broadband administrations (What is innovation?,
2011).
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Solution: 4Com PLC has to make some innovative and advance changes in their
management and employees which can help to them to deliver more better services as per the
customer's needs. Necessities of customers so they can convey products with a quality and also
in effective manner.
Need of innovation: At the time of creating a business case, employers of 4com Plc have
to make effective business plan related to products and services so that they can identify and also
to be design in a effective manner (Ecommerce in The United Kingdom, 2017).
Consumer Survey: Management of the company has to use appropriate tools and systems
to divide and breakdown regions which are having a needs of the development in the context of
consumer benefits.
Plan should be improved: 4Com PLC has to use an effective market overview to
outlining and extra advancement of inventory is important. The company has to suppose to give
a better quality products and services to their targeted customers to increase their number of
consumers form the particular market.
Investigation ought to be required: When higher authorities of business entity have to do
investment then at that time sources of finance are required which will aid them in collecting or
gathering the funds by using distinctive sources whether it is internal or external. Employers of
4com have to search for the capitalist which can provide them some extra funds in distinctive
projects of business entity.
Estimated profit: They need to dissect and assess benefit which is created by
development (Innovation Funnel, 2016).
TASK 4
P7 Different tools to develop knowledge and skills
Directors of 4com Plc should utilize diverse laws and controls for shielding their rights
from their contentions in focused market. There are different instruments and strategies which
will help them to keep their scholarly rights identified with property. Representatives and
shoppers having an alternate right which having a making of psyches which incorporates images,
expressions, plan and so forth. They need to utilize distinctive strategies which incorporates
utility model, trademark, copyright, exchange mysteries and so on (Amit and Zott, 2012). By
utilizing these instruments a few preferences which they are accomplish incorporates:
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 These strategies help with building and keeping up mark picture in showcase whether it is
before shoppers and contenders.
 4Com Plc can win more income and in addition aid pull in expansive number of
customers.
Apparatuses and systems which 4Com Plc can receive incorporates:
Copyright: It is an elite in nature and in addition they need to allot a legitimate right and
it is given to beginning for a particular or settled number of years with the goal that they can
print, execute and additionally distribute so they can't confront any issues. It is made and
produced by law and also they need to take consent from proprietor for utilizing name of the firm
alongside this they need to make and create unique work. There are such a variety of challenges
which proprietor is confronting and implement their rights. For instance, chief of 4Com Plc
needs to give imaginative stock and also administrations to purchasers and on the premise of that
they can enhance fulfilment level. They are having their privilege and need to shield their rights
from rivals (Davila, Epstein and Shelton, 2012).
Patent: It is an administration specialist and permit giving a perfectly fine as meagre for a
particular day. It is an arrangement of various rights which is selective in nature and conceded by
a sovereign state to a creator temporarily with the goal that they can give detailed divulgence of
innovation. It is a sort of innovation which help in giving answer for a particular issue which is
specialized in nature and furthermore helps in assembling items and administrations.
Trademarks: It is utilized by chiefs and workers of 4Com Plc with the goal that they can
secure and keep their plans and additionally images which they are utilizing by the firm. They
need to secure their rights which will help with pulling in expansive number of shoppers.
CONCLUSION
After summing up report it has been concluded that 4com have to do innovation in their
services which aid in acquiring attention of their consumers which will helpful for business
entity in attaining targets. For innovation and commercialization, 4com staff members have to do
work in a team. There are 4P's of innovation which are to be used as well as innovation funnel
which assist in examining and analysing the innovative ideas which will aid them in reaping
targets as well as goals and objectives which are decided by higher authorities. Appropriate
process should be used by them to develop or make new products for consumers.
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REFERENCES
Books and journals
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