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Importance of Innovation and Invention in Chilly

University: Regent College London

  • Unit No: 8
  • Level: Undergraduate/College
  • Pages: 14 / Words 3584
  • Paper Type: Assignment
  • Course Code: MS&E277
  • Downloads: 718
Question :

This assessment will require a few questions which are like:

  1. Explain the importance of innovation and also the comparison with the invention.
  2. What are the effective ideas for culture, leadership, and team, work in Chilly?
  3. Elaborate on the commercial funnel and also the process through which the new product is developed.
  4. What are the intellectual property rights through which the innovation can be protected?
Answer :
Organization Selected : Chilly

INTRODUCTION

The procedure of innovation is to interpret an idea or invention in order to invent new goods and services for which customers will pay (Ameka, 2013). In the term of the business, innovation is applied to get effective outcomes and satisfy the need of the customer as well as expectations. Commercialisation is linked with the different business activities which are essential for running business activities inappropriate manner. The report is based on the chilly which is established in 2002 by James Butterfield and Tim Bouscarle. The main aim of the organisation is to offer cold water on the go without having to buy single-use plastic water bottles. This report consists of the importance of innovation regarding the organisation, and the difference between invention and innovation. Along with defining the vision of the organisation in order to promote culture, teamwork and the role of leadership. Apart from the report explain the 4ps of innovation and the importance of the commercial funnel regarding the procedure of new product development.

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Task 1

P1 Innovation and its importance in comparison with invention

To introduce new things and services by a organisation known as the innovation that apply by the company for effective changes in the business activities that supports to generate higher profits. The innovation procedure important for any organisation in order to cover large market and attract customer for new product and services. Through innovation procedure company attract to customer and generate high profits. The chilly company is manufacturing organisation that wants to provide cold water to people so for this produced stylish water bottle that based on the high technology and eco friendly for traditional mask.

Comparison between innovation and inventions

Basis for comparison

Invention

Innovation

Meaning

In this procedure launch new product and services in the market that has been never made before.

The term of innovation apply on the particular product and service to modify according to current market situation.

Purpose

To attract customer through new product and services

To achieve competitive advantages through customers and organisation. 

Necessary skills

For this procedure required to technological management and effective skills that supports to develop new items.

In this required marketing, technological as well as strategic management skill to innovate the products.

Activities

For this required to limited research and de

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