The objective of this report is to evaluate the effectiveness of implementing innovation in business practices that will assist in attaining desired changes in the business process. The analysis of this report requires to cover:
- Provide an explanation over innovation and differentiate it to the invention.
- Identify different types of innovation into employees in EE limited.
- Evaluate the required process to commercialize innovation in EE limited.
- Determine the range of methods that can assist in protecting ideas in a business.
INTRODUCTION
Innovation is simply creation of something new which was not every used or sells before in the market. It is different idea or thoughts of a person which was taken place for fulfilling requirement of entire society. In simple word it can be said that it is creation of something new and different from others as well impressive. Main motive of this is to satisfy need and wants of different segment customers. Along with this it helps in development of economy of nation by bringing new ideas and thoughts in market. This assignment is divided in four various divisions for describing benefits and disadvantages of creation with the assistance of several tool and techniques (Wonglimpiyarat, 2010). EE limited is a company which believes in new ideas and thoughts by modifying their existing products. As well this is a small scale enterprise which believes in innovation and creativity. Apart from all this below mention project explain 4P’s of innovation and utilisation of innovation funnel by involving all its necessary elements. Moreover, this highlights necessity of commercial funnel and explains a proper invention business case for applying this performing in better manners. In the end, project is going to describe several techniques of securing intellectual property.
TASK 1
P1
Innovation is a word which mainly focuses on the emergence of something new and creative as well produce for long term success in business. EE limited is popular organisation for its electronic appliances whose main motive is to launch dissimilar and innovative goods which is helpful for staff member to do working more easily in an organisation. Simply, innovation is too much essential because of several reasons some of them are stated as below:-
- Enhancement in present products by changing or modifying them as per the need and wants of customers because their satisfactions help company in generating revenue and profit maximisation.
- Rising with different innovative ideas and products
- Capturing the attention of millions of consumers with the assistance of several innovative and creative goods.
- Supportive in building goodwill in the market area with is important for grabbing entire customer from market (Walsh, 2012).
- Help in achieving aims and targets of company by utilising minimum time period.
- Up gradation in the technique of increasing knowledge and skills of staff members by applying modern and innovative application.
Moreover, innovation is much helpful as well important for staff member and also for entire company this act as a development and growth technique in the organisation (Thore, 2012). Thus, EE limited requisite to increase their business in the geographical land by developing fresh and latest ideas or thoughts. Furthermore, creation and creativity both the terms are dissimilar to each other description of this is are as given below:-
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INNOVATION |
INVENTION |
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This word is explained as an launching regenerate tools to attracting several consumers. Basically it is adding value to something which already exists. |
On the contrary, creativity means to introduce something entire new and latest. In simple term it can be said that it is something new which did not exist before. |
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By taking into account to the given scenario of Apple, they are making alteration their present iPhones by including different extra and unique features in it which are known as innovation. |
But if Apple will introduce modern appliances with full of unique characters in the organisation which don’t have any other substitute that was available in the market before. Thus, it is called as invention. |
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person who is not much skilled as well experienced can also made alteration by applying the needed changes (Teece, 2010). Apart from this innovation is can be occur when something is improved by doing some contribution. |
Whereas, On the other side, the same is a procedure which need person full of talented, expert, knowledge and experienced for continuing invention program because to its complexity. Moreover invention is that when something new and creative launched in market. |
From the above explanation, It has been understood that innovation and invention; both are different term which is not similar to each other because of its nature and meaning. In this case of these two term, Apple and Virgin Group is a best instance of invention and innovation as these two organisation accept in introducing and launching thing fresh and unique to keep their present organisation for longe duration (Snow, and et. al., 2011). although with this, EE limited wish to implement these two method in their enterprise for net profit increase by gaining accurate info and data. So, it acts as a best way of revenue maximization by satisfying the need and wants of domestic and international both the buyers.
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