For businesses, it is highly required to provide innovations so as to get a competitive edge. An understanding is drawn regarding innovation within the business.
- Description of innovation and differentiation between innovation and invention is drawn.
- Understanding types of innovation.
- Evaluation of process regarding the commercialisation of innovation.
- Execution of various methods that are used within intellectual property rights along with pros and cons.
INTRODUCTION
In modern era, innovation is one of the important concept for every business organization through which company produce something new to fulfil customers needs and wants. Basically, it is an appropriate process to add values within company products which offered by the company with the purpose of increasing profitability level. This will help in enhancing as well as improving convenience for target customers (Anderson, PotoÄÂnik and Zhou, 2014). Mainly, the main advantage of innovation is to invite as well as attract larger number of customers and at the same time also retain them for longer period of time. For attaining higher success in market place, implementing innovation process is vital for company by which they easily improve their quality products in market place. Current report is based on 4Com plc, is telecommunication company which manufacture phones, software and also deliver internet services to its customers. This report discussed about concept and importance of innovation which contribute in enhancing brand image. In addition of this, 4P’s of innovation is also mentioned in this assignment.
TASK 1
P1. Innovation and its significance in enterprise
For grabbing as well as satisfying customers, innovation is main process for business through which company adopt new and innovative methods to produce quality products and services. Mainly, innovation refer to developing new products which may helps in offering new and quality services to customers to satisfy their needs and wants (Rosenbusch, Brinckmann and Bausch, 2011). Along with this, by implementing innovation concept firm easily attain various opportunities to invite as well as attract larger number of customers towards company products and services. With the help of this c company easily manufacture new and features items which may leads in satisfying customers’ needs and wants in appropriate manner. In context of 4Com plc, they also use innovation concept within their product line as they offer features products to service users with the purpose of fulfilling their requirements. In this, there are some importance of innovation are as follows:
Increase productivity of the company: Concept of innovation helps in improving productivity level of the company which contribute in producing quality products and services which helps in reducing the cost and time as well. With the help of this company enhance profitability level at market place.
Increase effectiveness of communication process: Innovation is considered as an important concept in which company needs to effective communication for implementing it appropriately which may contribute in improving overall performance of the company (Metcalfe and Miles, 2012). Ineffective communication arises various issues in process of innovation which enhance cost of the products. For attaining better results, good cooperation between business functions and innovation. This will enhance the effectiveness of the company and its activities.
Aid in optimum utilisation of available resources: As innovation concept help in increasing the chances of improving production process. This will be reducing the chances of wastage of the resources and also utilise at optimum level as company easily deliver quality services to its customers. It directly contributes in retaining customers for longer period of time.
Provide competitive advantage: New and innovative products are always grab customers attention as company also produce features and attractive products which may help in increasing customers base (Manso, 2011). With the help of this company enhance their productivity level and at the same time also attain competitive edge in appropriate manner. By using new products, 4Com plc easily satisfy customers’ requirements which contribute in attaining positive results.
You may also like this Sample: Identifying Different Sources of Innovative Ideas
In addition of this, difference between innovation and invention
|
Basis |
Innovation |
Invention |
|
Meaning |
Innovation is a process which implement new ideas and ways to improve products in first time. |
Invention is totally new in which company produce new ideas to produce new product which never been develop before. |
|
Concept |
By innovation process, firm add values within existing products to improve its quality. |
Invention is a process through which company develop new products. |
|
Skills |
Concept of innovation required technical skills for implementing within the firm. |
Invention concept needs scientific skills to implement in effective manner. |
|
Activities |
Under this, innovation activities are spread which may enhance the performance level of organizational function. |
Invention activities are limited as it is related with research and development function of the company. |
P2. The way vision, culture, teamwork and leadership of enterprise shape innovation
Innovation concept is important process for company as it is broad activity which directly affect from outsider of the company and within the firm as well (Lundvall And et. al., 2011). Thus, it is important for company to manage their activities to enhance their productivity level. In this context, there are some factors which direct affect the overall process of innovation. All these can be understood by following factors:
Leadership and innovation: Leaders are play vital role in developing as well as guiding staff members with the purpose of improving their performance level at workplace. With the help of this employees effectively perform their duties which directly improve the concept of innovation within the organization. Along with this, leader of 4Com place also adopt new approaches to lead their workers as they effectively implement innovative concept for producing quality and attractive products. With the assistance of this company easily attain higher success at market place.
Organization culture and innovation: For accomplishing set target, it is vital for company to follow culture as well as structure with the purpose of implementing all the innovation activities in systematic manner. In context of 4Com plc, organization culture is more effective which may help in encouraging workers to effectively perform their duties in order to attaining set goals and objectives and at the same time also implement the innovation concept for attaining desirable growth at market place.
Innovation and teamwork: Working in a team is important for company to attain common goals and objectives as it is important for manager to make better relationship with their workers and at the same time also communicate with them effectively workplace (Jiménez-Jiménez and Sanz-Valle, 2011). This will help in innovation process which contribute in implementing activities innovation in better way. Its assist in attaining set goals and objectives in set period of time.
Vision and innovation: Under this vision statement of the company define future aspect where company wants to see itself. As it is important factor which largely affect the entire process of innovation. In addition of this, effective vision of the company helps in improving the process in which company easily attain set goals and objectives in appropriate time frame.
Thus, all these are important factors which affect the innovative process so that it is vital for manager to effectively implement for reducing the chances of arsing any kind of issues. In addition of this, manager should make necessary changes which h leads in attaining higher profitability level at market place. With the help of this, 4Com plc easily produce as well as deliver quality products to its target customers which may directly contribute in attaining competitive advantage form its rivals.
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