Innovation is a adoption of smart and new methods and strategies in their products and services. It aid in enhancing a latest goods and attracting a new customers. It also help in making a proper image within a marketplace as well as in a consumers mind. By this method an business will able to meet market growth as well as also help in adopting a modified circumstances within environment. In this report it also consider Hakim Groups as it is an small company which is established in 2001 as well as caters specialised concentrating in optical business (Adner and Kapoor, 2010). This assignment concentrate on importance of innovation along with that comparison with invention. The different kinds and approaches which are linked to innovation are also discussed in this report.
P1 Explaining innovation and its importance and comparison with invention
Innovation methods of an company aid in finding out market opportunities along with that acting upon a same so that operations of sustainability can be developed. It refer to measure a survival in present volatile and uncertain market. It is important to develop a innovation culture within firms so that they can generate confidence within workers can enhanced. It aid in utilizing as an technology, systematic and strategy measures which can help in meeting a pre-determined targets of an business. The main advantages can be meet by practising innovation are given below:
Problem solving: A business is encountered with various issues which are to be solved if enterprise wishes to retain for a long time within a market place. The convention solving of problems and practised planning will be not sufficient along with that there is a requirement for creative thinking so that issues can be solved. Its purpose to solve issues and perceive of enterprise in an unprecedented way (Dahlander and Gann, 2010).
Adapting to market dynamics: It is a fact which is known that circumstances of markets of an enterprise dynamically changes. Hence, there is a healthy requirement for using an innovative techniques so that members of staff can be empowered, engaged and improve financial condition which can be achieved by an enterprise.
Responding to consumer demands and expectations: Consumers are a main factor which assist industry in sustaining the market operations for a long period of time. By innovation a enterprise can give value to their buyers as well as became higher buyer centric. It will directly influence the experience after utilizing of services and products within company.
Effective competing: Their are various company which are competing within a market provide similar services and goods. Some of market circumstances are very important to use it in a creative way by which services and goods are utilized differently so that managers enterprise position can be achieved (Davila, Epstein and Shelton, 2012).