- Explain different types of innovation
- Discuss process which can help in commercialising innovation.
- Evaluation of methods for protecting ideas along with their advantages and disadvantages
- Explain the meaning of innovation and its difference with invention.
Innovation may be defined as the process of enhancing the value of product through implementing new and innovative changes according to the needs and preferences of customers. The main objective of doing such innovative activities is to grab an attention of customers across worldwide due to which the chances of increasing market share will be more. At present times, the taste and preferences of customers changes frequently which directs an organisation to updates their products so as to maximise their satisfaction level. OAK Cash and Carry, small-sized company of United Kingdom which deals in offering wide variety of grocery products is chosen for the purpose of preparing this assignment report. Importance of innovation and its comparison with invention are discussed under this report. The project also includes the role of mission, vision and team in implementation of innovation along with the 4P's of innovation. All remaining aspects are also summarised under this report with the context of OAK Cash and Carry (Biemans, 2018).
P1: Importance of innovation and its comparison with invention
Innovation: It is such a practice which is performed to add value to the something existing in an organisation with an objective of fulfilling the needs and requirements of targeted customers. It requires to get help from the experts and experienced professionals in order to bring beneficial changes in the business structure so as to achieve productivity and profitability. Therefore, same can be followed by OAK Cash and Carry in order to expand its business operations to a large scale which results in increasing revenues and profits. Therefore, it is essentially required to motivate employees to bring new and innovative ideas in execution of business operations in more effective and efficient manner. For example, adoption of innovative technologies in manufacturing process help in minimising the wastage of resources and produce optimum quality products. In addition with this, there are lots of benefits which can be received by OAK Cash and Carry through adopting innovation some of which are as follows:Competitive advantage: Every organisation irrespective of the size whether small, medium or large wants to expand its business across worldwide. Therefore, it can be possible through making changes in pre-planned changes and decisions (Chiesa and Frattini, 2011). It is more important to small-sized business such as OAK Cash and Carry which are operated at small scale due to which sometimes due to high competitions their existence may comes in danger thus bringing innovation in existing products for example adding demanded features in existing products will help ion differentiating products than their rivals and achieving competitive advantage as well.
Application of best methods: Adoption of innovation in business structure is not easy task due to which skilled and knowledgable employees are required for successfully implementation. Therefore, if an organisation has already attained efficient employees who are more capable to implement ideas into actions will increases the chances of getting profitable outcomes to company in near future.
Difference between invention and innovation
Innovation and invention are two different aspects which are required to be considered by every organisation if want to achieve competitive advantage to sustain in market for longer period of time (Datta, Reed and Jessup, 2013). Innovation means modification of existing into an effective one so as to satisfy the interest and buying behaviour of customers whereas invention means introducing something new into market which are not earlier introduced. Such both concept brings positive outcomes to company. But there are some differences among two which are given as below:
It is a process of enhancing the value of existing products into effective and innovative with the purpose of retaining loyal customers.
It means introducing or launching something new which cannot be launched earlier. Such invention should be taken to meet current trends.
Its main aim is to retain loyal customers as compared to before.
Its main objective is to attract new customers to make them loyal.
For an illustration, update technologies used in manufacturing process of grocery items.
For example, introducing new grocery item in market to compete with rivals.
P2: Role of organisations culture, mission, vision and team in innovation and commercialisation
Every organisation has its own mission, vision, culture etc. which requires the implementation of innovation in business structure so as to achieve them within pre-determined period of time. For this, it is essential for OAK Cash and Carry to maintain healthy environment at workplace which brings motivation among employees.
Vision and mission are such two goals of an organisation which need to be informed to the workforce for the purpose of getting adequate support from them in achieving as soon as possible. This will bring motivation among employees to work hard and search new and innovative ways of completing allotted task within limited period of time.
Organisational culture is related with beliefs, norms, values which are present in working environment on the basis of which employees are directed to perform in better way. It is important for management of OAK Cash and Carry to create a good working atm.
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