Innovation Strategies for Nisa Retail: A Business Development Report

This report delves into the critical role of innovation within Nisa Retail Limited, a UK-based brand of independent retailers and wholesaler. It explores the definition of innovation and its necessity for organizational sustainability, emphasizing the impact of vision, leadership, culture, and teamwork in fostering a creative environment. The report examines the 4P's of innovation (Product, Process, Position, and Paradigm) and their application in shaping innovative ideas, alongside the significance of frugal innovation and its application within the organization. Furthermore, it highlights the importance of the commercial funnel and New Product Development (NPD) for commercialization, supported by a business case analysis for Nisa. The report concludes by discussing tools for developing, retaining, and protecting intellectual property, providing a comprehensive overview of innovation strategies for Nisa Retail.

INNOVATION

Table of Contents
INNOVATION................................................................................................................................1
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Definition of innovation and its need in organisation...........................................................1
P2. Organisational vision, leadership, culture and teamwork bring innovation.........................2
TASK 2............................................................................................................................................3
P3. 4P's of innovation and its use to shape innovative ideas......................................................3
P4. Developments in frugal innovation and its usage in organisation........................................4
TASK 3 ..........................................................................................................................................5
P5 Importance of commercial funnel and NPD for commercialisation......................................5
P6. Innovation business case for Nisa.........................................................................................6
TASK 4............................................................................................................................................7
P7. Tools for developing, retaining and protecting intellectual properties.................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
In competitive landscape it is very important for any organisation to be innovative
continuously and so offer their products and process to ensure that position is maintained in this
competitive market (Adam, 2014). Using commercially driven approach basically for
maximizing returns on investments. Number of tools and techniques that would be basically used
for organisation to drive it to be innovative as well as become more commercial in its approach.
With this there is aim of providing knowledge to every individual and give some practical
applications of important ways by which any firm becomes more innovative and still remain
commercially driven. This report is based on Nisa Retail Limited which is a brand of
independent retailers mostly like small grocery shops and also is a wholesaler in UK. It is a
mutual organisation which are existing as co-operatives. Main purpose of this report is to analyse
the importance of innovation in Nisa. There can be many factors which are required to bringing
innovation in any firm that is explained in this report. In Virgin Group growth can occur through
simple publishing venture. This firm presents a structures promotes condition where all
employees can present their views on business and are not ignored. Apple company has created
an iPod which is a highest volume product. They believed if people come together and time is
right then something great can be formed.
TASK 1
P1. Definition of innovation and its need in organisation.
Innovation can be defined as a totally new concept in market which has not be though of
or applied by any other person before. Along with this it can also be viewed as method of
providing better solution to meet requirements (Bastalich, 2010). This can be basically
accomplished through products, processes, services, and business models that are easily obtained
from the market. This term is defined as original and effective. As a result it helps to bring
something new and useful in the market.
Nisa is adopting some measures to strengthen its ability to become innovative. Since it is
a small firm it requires new ideas and technologies to become a successful company. Thus this
organisation can built a dependable operating system for bringing innovations which is basically
an important indicator of corporate sustainability. Actually according to statistical research it is
indicated that competition when combined with strong demand which will ultimately lead to
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innovation. This process when implemented in this organisation it would help in creativity and
bringing new ideas. It helps in creating useful strategies and then convert them into useful
products. All these methods are a result of creativity which come through innovation. Once a
plan is brought up through the idea of innovation then it needs to be combined with handwork
and proper organised planning to help it to come into existence (Chun, Chung and Bang, 2015).
If there is any loopholes or defect in this organisation then through this method also many
improvements can be suggested for better performance.
Strategic importance of innovation in this established organisation is very immense. It is
basically important for dynamically change in the environment. If this company would fail in its
process of carrying out innovation and changes as required by its customers and employees than
great influence can be caused to this firm in long terms. The ability of managing and changing
the required parts of the company is the basic need of manager's competencies.
P2. Organisational vision, leadership, culture and teamwork bring innovation.
For this company Nisa to be successful it needs to have a clear vision of goals, missions
and values of company. These are the elements that help to guide the team with ultimate purpose
of commercialization and prove the firm with a unique vision. One very important aspect for the
organisation to achieve success is to have a great leader. It is a relative process if the team is
good automatically the leader would be able to execute its proceedings well and if leader is good
then he would be able to manage his team well and make it good (Clausen and Rasmussen,
2011).
There is process of finding employees who are not very good in technical aspects and do
not have the tackling ability, but still are willing to work hard and adapt to any type of working
environment and work effectively for success of the team they should be properly utilized. They
should be trained in a proper manner so that they become valuable for company. When there is
an environment which inspires innovation by hiring people from different culture, diverse
background and providing every one with a voice and their opinion are to be considered
important. Providing time and energy for all employees to experiment in the company will
ultimately lead to great ideas and innovations.
Like just for example if a person is working on social media and the matter he is
supposed to write require some better content and wished to write the strategies on new on
boarding methods. This process will basically help that person to implement the ideas he has in
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this mind regarding any particular strategies. If he would be interested and keen to do some work
then team manager allow them to do it, as it brings better ideas and innovations in the market in
favour of this company (Cosh and Hughes, 2010).
Culture of the organisation affects a lot for workers and employees working in that. As on
that will decide whether the people would be comfortable or not in that particular environment. If
employees are not comfortable then they would not be able to give their best and struggle to
work very hard achieve simple tasks. If the culture if friendly and open then new ideas that arise
in the minds of employee can be put up them and latest ideas can also be drawn from their views
and ideologies.
Team formation is also very important aspect of Nisa. When so many people are
combined together and work collectively to complete one goal then work can be done more
effectively and efficiently. One mind can bring only one idea but when so many minds are
combined then eventually many effective plans can be generated out which would ultimately
lead the cited firm to have an innovated idea to be formed.
TASK 2
P3. 4P's of innovation and its use to shape innovative ideas.
Innovation is required in every aspect for this firm to be better than its competitors.
Despite subjectivity in understanding and analysing innovation there is even more valuable
factor which needs to be looked upon that is focus on different innovation process (Edison, Bin
Ali and Torkar, 2013). The 4P's model of John Bessant and Joe Tidd has given a powerful tool
for this type of analysis. This model is basically build on some hypothesis but still it is successful
in bringing positive change by focusing on these topics. These factors are described below:
Product innovation: This is type of innovation which introduces and improves value of
product and services. This innovation is basically required for making changes in things like
products and services for this cited company offers. There are so many products which are very
much benefited from these range of incremental innovation since their original invention. This
method is basically helped to achieve this organisational goals.
Process innovation: This method is required to focus on processes through which
products that would be produced and delivered to customer. This process of innovation produce
some changes in a way where products and services are created and delivered. My changing
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some improvements in process into innovative process for this organisation which is mostly
enhanced to bring effectiveness and efficiency. This type of process is basically required for
bringing positive effect on this organisational performance (Fiedler and Welpe, 2011).
Position innovation: This is the third focus of innovation which is basically
repositioning factor of perception of an already existing product and process in a specific
context. This provides changes in context in which sdervices are framed and communication in a
proper way. Position based innovation is actually responsible for changing specific product and
process which is perceived and lastly that are used for achieving organisational goals.
Paradigm innovation: The last P from the 4p innovation model which relate to
innovation is defined as a dominant paradigm of Nisa organisation and its entire sector. The
changes in this section is basically underlying mental models which will shape whatever this
organisation can does. This type of innovation actually relate to mental models that basically
shape about the organisation and business is all about.
P4. Developments in frugal innovation and its usage in organisation.
Frugal innovation is mainly responsible for bringing the products, services and systems to
be within the reach of billions of poor and emerging middle class consumers. With the help of
cutting costs significantly along with safeguarding user value, frugal innovation opens
opportunities for latest business models and would cause disrupt innovation in case of processing
of entire economies. By minimizing use of resources in development and production, delivery
and leveraging should be done in new ways. Frugal innovation results in dramatically lower cost
products and services. Thus success of this process is not only lower cost but also extraordinary
performance that can be made available at large scale. But along with this it also has so many
explicit social mission (Harman, 2010).
Frugal innovation is process of reducing complexity and cost of any product which is
good and in demand. This is basically required to remove non-essential features from
appropriately good item such as car, phone or anything like that in order to sell it in developing
country. Designing product for this company causes an increase in durability and selling of
products and some kind of unconventional distribution channels. When there is globalization as
well as rise in income then automatically it drives to frugal innovation. These services and
products need not to be of inferior quality but still it should be very cheap.
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With the bulk of technologies which is present in this country has emerging effects that
would cause push for better impacts of the performance of company (Hemphill, 2014). Frugal
innovation appears in social context which is market by specific institution with regards to
market facility. Lack of essential resources originating from ecosystem produces critical
constraints and basically it makes more difficult to design and develop new products. Along with
this there is characteristics of emerging market which finally create opportunities for this firm to
create competitive advantages. Consumer's less interest in purchasing item and lead to same
power play of same role. All these points are required to emphasise on important facts like
disequilibrium in terms of resources which would basically help in delivery of innovation as
frames according to resoruce dependence theory.
As a result, frugality does not mean just reducing cost of product but also it is majorly
designed for operation of its resources that could cause constrained context in which it functions.
This is done basically in order to use fewer resources and to encounter complex situations.
TASK 3
P5 Importance of commercial funnel and NPD for commercialisation.
Commercial funnel is basically type of technique which is used by this company to
develop latest and new products in the local market (Ingemansson, 2010). These procedures are
basically divided into various steps right from starting of introduction to marketing though
collective type of production and adoption. Nisa company is associates with production of
mobile system, internet, broadband and other lines of demands of customer by identifying its
requirement. These processes of commercialisation is:
Imaging: This makes the business to develop a new plan regarding how should be supply
of products in market and then analyse its various obstacle those which are coming in the way of
success.
Demonstration: This means product which are presented in the market needs to be
presented in a proper manner so that it gains attention of most of customers. This is also
responsible for capturing reaction of various clients and customers regarding specific products.
Incubation: The problems and loopholes which are basically generated and originated
through various feedbacks which are received from customers as soon as new product is been
introduced in market.
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Promotion: After the survey is been completed which is basically carried out in a
positive manner then to promote the company in every part of the country then it is a biggest
challenge that comes in front of concern department (Kianto, 2011).
Sustaining: In the last there is planning which is done to make that product of this
company to last long for future use. Importance of commercial funnel can be seen in NPD.
NDP for commercialisation: It consist of various types of phases that are required to be
under commercial funnel. Any type of business will basically succeed because of ideas which is
used by this company Nisa. Through analysing external and internal strength as well as
weaknesses there can be exact pointing out of what is the position and situation of company at
that point of time. It will actually provide directions to their business and makes it succeed in real
scenario.
One more stage of NDP is idea screening which involves those ideas which gives a
concentrate sharply on above ideas and then it reduces unsuitable ideas. This process is basically
required for rejection and improving the screening process. For developing and testing strategies
it firstly identifies internal department to take suggestion for this plan to be suitable for analysing
trends if all goes in right direction then reviews are gone for testing process.
P6. Innovation business case for Nisa.
In order to increase the profitability of business of Nisa it would need new ideas and
technologies of innovation that would be basically required for implementation of the process
under production need. This company was developed long back as a small medium of retail
centre basically grocery shop. Many cases were found which are related with identification of
risks related to latest products launched in the market (Perks and Moxey, 2011).
Introduction: This is dependent on various concepts and features that a product should
carry in case there can be any kind of implementation for the first time in market. This basically
consist of those aspects that are based on innovative ideas and changes that can be required to
followed it by coming in future.
Understanding objective: This company needs to set some objectives and goals for
ensuring the importance of this project and its worthy for investment.
Collection of Input: It is the job of manager to collect information for supporting
organisational activities of other companies in a proper manner so that it can be appropriately
analysed.
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Stating Outcomes: This is the stage where business cases can be developed and stated in
front of a top management system and in front of decision makers.
As stated in this report there is two case study of Apple Inc and Virgin Group, is where it
is showing some basic building of drawing various types of investors. There would be two types
of investors which will assist in company for providing investments:
Business angels: There are well known personalities in investment market which has
found the best business attractive strategies and then it provides investment.
Venture capital firms: This firm takes its shares in return of its investments. They
basically provide huge advantage of investment but at the same time require same amount of
shares at the time of repayment.
TASK 4
P7. Tools for developing, retaining and protecting intellectual properties.
Intellectual property is basically required to provide exclusive right for its owner to have
their own idea, plan and intangible assets. In actual scenario no one can use this without having
its permission from its proprietor (Rasmussen, 2010). This includes various ideas that are unique
and different from each other. All this is created by individuals. Some intangible properties used
in this are trademark, patent, copyright, trade secrets and design rights.
Nisa deals with retailing sector that is a small grocery business for which it is requires
and mandatory to maintain its property rights in secured manner such that no one should take
advantage of it by using it. There can be many fake people who are ready to take benefit by using
these rights and authorities without even taking permission from its owners. These assets are
required to provide various types of benefits for this company so that it can assist in achieving its
competitive advantage over its rivals and distinguish them from its competitors.
In UK, there can be various types of legal rules and regulations which has its main
motive to protect their properties from fake people. This company Nisa should encourage in
hiring of its employees who has proper knowledge and skills and should maintain these
intangible assets in secured manner.
CONCLUSION
Innovation is a process which basically ensures that organisation should gain some kind
of competitive advantage over its competitors. It mainly assist in achieving some types of goals
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and objectives for a given period of time. In this report there is a discussion about frugal
innovation and its importance in this organisational context. There is great need to commercial
funnel and NPD which basically affect the company's commercialisation. Managers have to
guide their employees so that they can easily achieve their target in efficient and effective
manner. In the last section there is description of different tools that Nisa uses to retain, develop
and protect its knowledge and maintain its intellectual properly. Innovation is basically required
for differentiate this company from its competitors and enhance its capability to create a separate
image in minds of people and then influence them.
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REFERENCES
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Online
Innovation and Commercialisation. 2017. [Online]. Available Through:
<http://www.victoria.ac.nz/explore/postgraduate-programmes/master-of-innovation-
and-commercialisation/about> . [Accesses On 31th July 2017].
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REFERENCES
Books and Journals
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