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Various Types of Innovation of Unicorn Grocery

University: Regent College London

  • Unit No: 8
  • Level: Undergraduate/College
  • Pages: 12
  • Words: 3000
  • Paper Type: Assignment
  • Course Code:

    M/508/0494

  • Country: UK
  • Downloads: 0
Question :

As per the scenario of this report, CEO of Unicorn Grocery has intended to implement changes in the business organisation with the help of new innovations. Therefore, it is required for them to evaluate effectiveness of implementing innovation in business.

  • Provide a clear explanation of innovation as well as determine its comparison with invention.
  • Discuss various types of innovation in the context of Unicorn Grocery.
  • Evaluate the procedure required for innovation commercialization.
  • Describe different ways of protecting intellectual property as well as provide its advantages and disadvantages.
Answer :
Organization Selected : Unicorn Grocery

INTRODUCTION

Innovation is defined as the process that is used by most of the firms in form of converting an idea into concept or product which satisfy needs of customers or for which they are willing to pay. The main reason behind bringing innovation within organisation is to satisfy different needs of potential customers in an effective and better way (Aarikka-Stenroos and Sandberg, 2012). It generally refers to the procedure of developing effective processes, workflows, ideas and products. By implementing innovation, firm can gain competitive edge in market. This report is based on Unicorn Grocery which is a cooperative grocery store of England, United Kingdom. It includes innovation and its importance along with its comparison to invention. Apart from this, the process required for commercializing innovation and range of techniques for protecting intellectual properties are includes in it. This project also discusses about process of new product development, frugal innovation, 4p's of innovation and importance of commercial funnel. Besides this, an innovative business case is developed for firm.

TASK 1 P1 Explain innovation and determine its importance to organisations in comparison with invention

Innovation includes the process in which firm added a new feature, value or characteristic to product or service which completely satisfy diverse requirements and needs of customers. It is basically the process of transforming an idea into product or concept. For a successful innovation, a good idea is required because without it, no innovation can takes place. So, a good or unique idea is very crucial for establishing a successful venture or goods or services which meets needs of target audience. It is the key to growth and long term success of any business organisation. Innovation administer competitive edge to company over its rivals in market place. It acts like catalyst for business enterprise as it administers competitiveness to firm and assists in its high growth.

Innovation and invention are not similar, they both are different from each other (Difference Between Invention and Innovation. 2016). Introducing innovation in products or service does not mean that it is invention. It is a change process and firms are require to adapt themselves according to the transformations that takes place in business surroundings. Offering such goods & services which helps in satisfying changing needs of customers can only be possible with bringing innovation. Firms are require to develop an innovative culture at workplace and provides an opportunity to employees to show their skills and creativity. This will make organisation more competitive and employees become more capable to resolve issues or problems with effectiveness and efficiency. Innovation helps the company in maintaining their strong position at market place for longer period of time. A creative and unique idea is one of the success key of enterprise  (Bagchi-Sen, 2010).

Unicorn Grocery is one of the cooperative grocery store of England in which 70 employees are working and carrying out its operations. Significant profits are yield by company but due to availability of many competitors in market which deals in similar products, a big threat is there for firm of loosing its position. So, in order to maintain it and gaining advantage at market place, referred company is require to make themselves distinctive by doing something new. In this regard, management of firm takes decision of introducing an application that makes it easy for customers to access their products. Use of mobile application also assists in reducing time as well as efforts of both firm and its potential customers. Some advantages that firm gain by introducing innovation are as follows:

  • For creating unique selling proposition of particular product or process, the greatest means is effective innovation (Ettlie and Rosenthal, 2012).
  • By innovation, firm enable to yield high sales and profit.
  • It increases motivation of manpower, helps in building flexible recruitment and retain workforce within firm.
  • Supports in building good image of brand in market.
  • One of the best way to gain high competitive advantage & capturing large market share is innovation.
  • Performance and productivity of company is improve and assists in reducing cost.
  • Helps in satisfying more number of customers.

Comparison between Invention & Innovation:

Innovation

Invention

Innovation takes place when significant enhancements are made in goods and services which are already available or exist.

Invention is discrete creative act where a completely new product of service is developed which never exist before.

It is defined as modern idea which can be applicable to existent situation.

It is practical aspect which can  be assessed by individuals.

Innovation is about make the product marketable or reach to final customers.

It is a conversion of novel notion to substantial idea.

It involves integration  of different processes or product.

Its main concern is single process or product.

P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation and commercialisation

Unicorn Grocery is one of the small cooperative UK based grocery store which is managed and controlled democratically by its members. Firm deals in providing food and drink products which are processed, fresh and dried and are producing from organic ingredients. General grocery items are also offered by company includes household & body care products (Gambardella and McGahan,  2010). For coping up with competition, firm has decided to innovate something in form of introducing own mobile application. By this, their sales will enhance and enable to maintain large consumer base. Prime reason of firm behind doing innovation is dynamic business environment in which customers now a days are prefer to buy products online. 

Culture & Team Work: Unicorn Grocery is encouraging positive workplace as the firm is completely controlled and overseen by its individuals. This shows every one of its individuals contribute similarly towards accomplishing business objectives and goals in a successful and effective way. Workers perform as indicated by the individual roles which are allotted to them. As it is a small business firm, it have faith in achieving tasks with collaborations or team efforts as opposed to doing it individually.

Vision: Vision statement of referred firm is “ To have strong customer and market base by administering such services or products to potential consumers which creates some value for them”. This statement shows that Unicorn Grocery is carrying out its operations accordingly. It has been determined by members of company that today, consumers are more preferring to buy goods online so, they decided to launch their own online application (Godin, 2012).

Leadership: In Unicorn Grocery, participative style of leadership is followed by leaders under which they encourage their team members to take active participation in activities of company and involved in process of decision making. This will assists leaders in creating high sense of satisfaction & recognition among workforce. Freedom is also provided to manpower which inspires them to think out of the box and generating unique ideas.

TASK 2 P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and shape innovative ideas

Joe Beasant and Joe Tidd are the individuals who was given Innovation Mix concept according to which, it is complicated to carry out research. Individuals who perform this gets confused.

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