The scenario of this report determines that the CEO of Mr. Johnson watches has intended to implement innovation in their business after analyzing its effectiveness in business-related context. Thus, they can analyze practices of innovation by considering:
- Explain the innovation and discuss a difference between invention and innovation.
- Identify different types of innovation in the context of Mr. Johnson watches.
- Evaluate the required procedure to commercialize innovation in Mr. Johnson watches.
- Determine different methods to protect intellectual property rights.
INTRODUCTION
Innovation is a process of add new features in a product for make in more useful. This is done by firms in order to attract large number of customers towards its product and to better satisfy their needs and wants. With this entity can maintain its market share and can sustain in market for a long time period. One of the major benefit of innovation is that it make the enterprise different from other firms operating in market. Effective innovation save time and cost of entity and enhance efficiency of business activities (Anderson, PotoÄÂnik. and Zhou, 2014). This provide an opportunity to enterprise to offer its featured products to its customers at affordable prices. Mr. Johnson watches, a small firm that offer various type of watches to its customers based in United Kingdom is taken in this report for study. Significance of innovation for a business organisation and differences between innovation and invention is all detailed in this. 4Ps of innovation with innovation funnel and frugal innovation is also mentioned in this.
TASK 1
P1 Innovation and its importance for enterprise as compare with invention
Process of add new features in product and service is known as innovation. Timely innovation help enterprise in attract large number of customers and ensure long term survival of company. This also increase profits and market share of business firm with this, it also offer competitive benefit to firm for get all advantages related with concept of innovation, it is very important for firms to implement this in effective way and for this it is very important for firms to have adequate number of funds and resources. Innovation offer various long term benefits to a business entity. Major benefits of innovation is given below under the following points:
- Provide competitive benefit to entity: With help of innovation, firm manufacture and offer something unique to its target customers this help in attract large number of individuals towards company’s product. Better and featured products help in satisfy the needs of consumers and retain them for long time period. With help of innovation, company can set forward as compare to its rivals and all this provide competitive benefit to company.
- Improve efficiency: Concept of innovation is the one which help manager in identify new and effective ways to carry out commercial operations (Brynjolfsson and McAfee, 2012). This not only save time of enterprise but at the same save cost of business and improve efficiency. With this, company can offer featured products to its customers at affordable prices and can sustain in market for long time period.
- Increase effectiveness of communication: For get all the benefits related with concept of innovation, it is very important that it should be executed well at workplace. effective communication channels are use by firms as this bring cooperation among various business department and ensure effective implementation of innovation. This make the workers aware about their roles and responsibilities at workplace and remove grounds of rise conflicts. Overall this make the communication stronger and at the same time increase effectiveness of business activities.
- Support in utilise all resources at an optimum level: With innovation, company manufacture and offer new features to its customers (Boons, Lüdeke-Freund, 2013). This help in utilise business resources at an optimum level and increase profitability of enterprise. This improve efficiency and help in complete business operations in minimum time and cost.
All these are the major benefits related with the concept of innovation. So by implement innovation Mr. Johnson Watches can get all benefits. Large number of individuals think that both innovation and invention are same thing but there are various differences between these two terms as given in the following table:
|
Basis |
Innovation |
Invention |
|
Meaning |
Procedure of add new and unique features in already existing product is known as innovation (Cross, 2011). This is done by enterprise in order make its product more attract and to increase its sales. |
Under this, a new product or service came into existence for a first time for fulfil specific requirements of customers. |
|
Concept |
In this, new and better features are add into a product. this increase usefulness of product and attract more number of individuals towards it. |
Invention is carry not to manufacture a new product when existing product fail to satisfy the needs of customers. Totally new product is come into existence in this. |
|
Required skills |
For implement innovation, technical, marketing and financial skills are required. |
Mainly research and development skills are necessary for implement invention. Without these skills an individual cannot implement invention. |
|
Activities |
Activities that cover under the concept of innovation that spilt across various department. |
Major operations that are execute under invention are only limited to research and development department. |
P2 Vision, teamwork, culture and leadership shape innovation and commercialisation
Different activities are carry out by organisation for implement innovation. Due to involvement of various activities large number of factors are there that affect innovation and its final outcomes. Manager is the one who remain responsible to identify and examine all elements that affect the innovation. This help in formulate better plans and strategies for implement innovation and at the same time save cost of company. It is very essential for entity to use an effective strategy to manufacture and offer a new product to its customers. Major factors that affect and shape innovation can be understood by the points given below:
- Leadership and innovation: Leaders are known as the individual that encourage employees to work well at workplace so company can achieve its set goals and objectives in effective manner (De la Mothe and Paquet, 2012). Approach adopt by leader of an enterprise play a big role in implement innovation as this affect the working of employees. With help of right leadership approach, manager of Mr. Johnson Watches can motivate staff members to perform well and in this way company can get all benefits related with the concept of innovation.
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