Business case regarding launching of a new product is being associated so as to understand benefits of innovation and skills within business.
- Differentiation between invention and innovation.
- Explanation about different kinds of innovation in Quick serve.
- Explanation of process of commercializing a new product in Quick serve.
- Methods used to guard new innovative idea along with their pros and cons.
Survival has become a major concern for different enterprise as competition prevailing in the present world is increasing every day with the development of capacity of an enterprise to innovate. It is an important concept through which business can lead towards a next level in its operations as through innovation a company can raise its abilities to capture greater market share (Aarikka-Stenroos and Sandberg, 2012). When change in the present offerings is made it assist in developing the brand image in the eyes of customers and also assist in keeping the customers satisfied. Quick serve is a small size restaurant chain in London which is serving both vegetarian and non-vegetarian food to its customers. In order to be successful and compete in the food industry it has to ensure that it maintain variations in the food items. The following report will talk about how the referred enterprise can implement innovation in business by using different concepts.
TASK 1 P1 Innovation and its importance in comparison with invention
In an organisation there are different areas in which it is important that change is maintained so that the potential sales are ensured. It is a difficult process to bring alteration but if proper process and set criteria is maintained than change can be brought with less efforts. Innovation is a well-known concept which assist in attracting to new customers and also in achie ving the higher scale of economies. Quick serve needs to adopt the innovative techniques so that it can grow and add more food products in its business. There are number of options which are available with the management like it can innovate its production system, products process or any other sector in which change can be made (Bagchi-Sen, 2010). By doing good market research the referred enterprise can identify the most suitable area in which change can be made and higher revenues can be generated. In order to better understand how innovation can help the enterprise its importance can be evaluated which is discussed below:
Helps in facing the black swan events – The business surroundings are dynamic in nature and hence it is required that organisation is capable of facing the change so that survival in the industry can be maintained. With the assistance of innovation Quick serve can manage to respond the unpredictable events with great efficiency. It helps management in analysing the possible ways through which the situation can be dealt with by taking the most appropriate steps. The same risk is further converted into an opportunity by identifying an innovative way of doing business after the occurrence of that specific event.
Help in taking the global advantage – Business is growing and so is the opportunities associated with same. To grow on higher scales, it is important that business adopts the different ways of doing work which is carried out by other too in the same field operating at global level. Entrepreneurship has become the latest trends as the entrepreneurs are coming with new and productive ideas which are helpful for the economic growth of an enterprise.
Flowing with advances in technology – another advantage of innovation is that it enables the different enterprises to adapt the various applications that are launched in the market. according to the nature and use of application an entrepreneur can implement same in own working. This way the use of applications can be maximised and hence overall level of commerce can be raised (Bogers and West, 2010).
Invention on the other hand is a different concept which is most of the times mixed with innovation which is not true. Both there are different from one another. A comparative study of each is given below:
P2 How Organisation can shape innovation and commercialisation
Quick eat is a part of food business where there is non-stop demand of customers and customers like when there are provided with new and innovative products. Effective market research is required so that the best way of bringing change can be identified. Customer demand and trends are recorded so that this is evaluated that what is maximum demanded by the clients so that their satisfaction level can be raised to an another level. It is essential that they develop high rate of leadership qualities as to bring change it is also of equal importance that the work force is ready to work in a new manner. at initial stages they show resistance as no one like to bring change in their daily routine once they develop a habit of doing work in a specified manner (Bogers and West, 2012). Apart from this the refereed organisation can also influence the employees to participate in the process of bringing change. The refereed enterprise has a straight vision of being effective in this field for which it is required that it bring change in the present working. Marketing of change further holds equal importance as it is crucial that whatever is innovated by the enterprise is properly communicated to its users. Once the new product is developed using innovative techniques the resources are invested on same and it is required that the same amount is used in effective manner so that the profitability of firm do not get effected. An effective process of commercialisation is as follows:
The primary step is to recognise the need of change so that accordingly planning can be done. It also involves non-recognition of the problem that will be resolved using the innovative techniques. Thereafter the planning is done that how alteration will be practised for which designing is done at which the estimations of cost is done which will incur to complete the process of innovation. Once the costing is done the enterprise can start working on same and then the work of testing begins. At this stage the actual outcomes are tested against the desired results so that suitability of change can be examined (Wonglimpiyarat, 2010). After the whole of the discussed procedure is done enterprise needs to protect the change or innovation with the help of the intellectual property so that misuse of the same cannot be done by any unauthorised party.
TASK 2 P3 4Ps of innovation and use of the innovation funnel to examine and shape innovative ideas.
Innovation is necessary for every company as to retain their position in market. Managers and personnel’s involved in production department should manufacture or produce goods which are new for the customers as well as for market (Ettlie and Rosenthal, 2012). This seeks attention of customers towards innovative products and encourages buying of products. This incre