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BUS020C415S Innovation And Commercialization Level 5

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Importance of Innovation for Business

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INTRODUCTION

Innovation is very important for developing their business, it refers with generating new idea and it includes new services with new solutions, experience, and updated technologies. This file explaining the innovation and importance of new idea foe their employees. It is also defining the staff, organisational motive, leadership, culture and teamwork giving the right shape for their growth of businesses. According this report mention importance of funnel innovation and evaluating the several tools for company can use to develop their businesses.

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TASK 1

lP1) Explain innovation and its importance for employees

Innovation is the process of new ideas or invention into a product that create value or for which consumer will pay. It involves application of information, different values, initiative in deriving greater and includes all the activity by which new ideas generating and also regenerate into useful goods and services. It is referred with creating something unique which is usable for business and helpful for organisation as well as employees. New ideas is very help full for company in order to further satisfy the need and expectations of the clients. It can be defined as simple word as new thought, through this concept providing better solution that when meet new requirements. Such invention take place through the services, technologies, provision of effective products, that are made available to society, market and governments.

For example Qbic Hotel is small size industry, it also start innovation for their services, technologies, environment. These are play a very important for their firm, through effective services they people maintain their relationship for long term and earn more profit. If they start their services online, providing satisfaction innovation their product customer are automatically attracted. Giving high occupancy level and happy returning consumer are the proof their best quality services. Innovation is very important for Qbic Hotel employees for sharing their goal means if worker understand this company goal and they share their views for the benefits of organisation and personnel growth. Sharing goal is the most vital thing they can do to get employer working for this hotel benefit. It is very help full their employer increasing their work performance and creating a friendly environment. They feel better in their workplace and giving effective solution for every problem. They easily discuss for any are though which is more usable for this company.

Innovation is very useful for this Qbic Hotel as well as their employees, through new ideas this hotel improve their quality services, and increasing their worker work efficiency. It is helpful for increasing productivity of their business and if they start using new technologies it is very beneficial for this organisation employer doing work easily and providing better services to their customer. For example Hilton hotel is large industry, they offer their customer comfort facilities in their hotel and they also use new idea for giving the best quality their consumer similarly Qbic firm follow innovation strategies so they generate more profit and company achieve their target. One of the benefits invention workplace is using space to increase employee satisfaction level. Though innovation they arise their work standard as compare other hotel, so it is very crucial for their worker and their firm. New ideas create revolutionary product or technologies it is related with taking risk and company that take high risk for their high return through this innovation plan.

lP2) Explain how employees, organisational vision, leadership, culture and teamwork can shape l innovation and commercialisation

Qbic hotel CEO needs to clear company vision, mission and the value of their industry, because it is very important aspects of every organisational. It helps to show their main motive like how to increasing their business productivity, how to maintain their customer's relationship, how to achieve their target for long term business. Leadership is very necessary for this firm through leader company has improved their employees skills and doing work well within team it is help full for the success of the organisation. Leader always try to create an friendly environment their workplace and influences other team member which they are willing to do work easily. Leaders help to inspiring other people and it also helps in giving a new idea for growth of their industry.

Culture innovation must be integral part of this hotel, it help to value of culture, if they have strong positive organisation culture so their employees will be engaged and the result in more profit, high success, increasing their sales and improve industry culture. Organisation culture is important for shared value, trust or perceptions held by workers with an Qbic hotel company, because organisational culture reflect the values, beliefs and behavioural of the employees. It also helps influence other people and improving the work performance. Culture provides the job satisfaction, firms commitment and action. This industry consists their staff , with the behaviour of its single member affecting outcomes. It is refer with understand the relationship between organisational culture, leadership behaviour and job satisfaction of workers.

Team work is also essential part of this company through group of people work complete easily and it help to increasing their work efficiency and creating a innovation plan for achieving the goal of the firm. It also providing the shape of innovation and commercialisation. Teamwork is very helpful for raise the level of quality of consumer services, planing, creativity, and increasing efficiency of Qbic hotel staff. It can also produce more effective day to day performance, giving better result and help to motivated other employees in their workplace. This company good team member maximizes involvement, as well as distribution their workload and share responsibility to all. They also share new information whole team, stronger team member help to improve the weaker team member. These are the main aspect to help their worker, organizational vision, leadership, culture and teamwork can shape

new ideas and help[ to development their firm.

TASK 2

lP3) Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and shape innovative ideas

4Ps of innovation

Product- it is related with the value of particular product is how much contributing in Qbic Hotel business. It is very essential part of this company, they provide effective quality of their product for increase their sales and the main motive of the organisation giving a best quality product for expand their business so they contribute their efforts on their services. This company try much more value their product through online , effective adversing or also using socail media.

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Process – it is consist with how reasonable is that process that product is active through it is necessary because if the process is too much long, too costly, so the chances are the commercialisation opportunities of that particular product but it depends on spending lot of money for long term product process. Qbic Hotel if this organisation can be too long and too costly to change their business environment and improve their product quality easily. But it is only possible when they take appropriate action like spend all money and changing their work environment and their providing the effective services and change in their cost so this firm improve their working environment very quickly.

Paradigm – if Qbic Hotel producing a new product or making change in their terms of company structure or in terms restructuring. Some time that company face challenge when they start change their organisational structure. This company CEO selling their product service in effective manner because they maintain t their firm name in the market and increasing their sale through giving quality of product. This organisation need to maintain their image for long-term running business. If some time some issue arise in their hotel like if any facility are not available in room so this organisation focus on their services. They try to make their stability in market and because customer want new things in the business environment.

Position- it is very important for determining the kind of flexibility and the way Qbic Hotel change business environment. If they are doing something new, so the company change everything very fast. Is based on innovation to change in particular product or process is perceived and established global product line, originally they develop their hotel performance.

Qbic Hotel create some innovative ideas have depended on that idea they have select

the best idea, for generating more profit it is known as innovation funnel. This company makes some innovative plan through brain storming creativity at the end when they try to reduce their ideas. It is also idea to improve the quality of their services and finding the optimum solution. If this firm use innovative funnel and reduce those 50 to 30 ideas then another round of brainstorming start again. So they don't dismiss any idea unless and convinced other team member that this idea is not going to work and then they drop any 5 idea and only take 15 ideas forward to next stage and this industry implement these effective ideas and select best and see how is going to work.

lP4. Explain development in frugal innovation and provide example of how it is used in company context

Frugal innovation is the ability to increase substantially of business and social value while reducing the use of scare resources. It is related with game- changing strategy Qbic Hotel in this firm are being compelled by cost – conscious and eco aware government, workers, customer to create offering that are simultaneously affordable, high quality and sustainable. More tan strategies frugal innovation is all new mindset, it is flexible approach that perceives resources constraints not as exhausting challenge but as provide growth opportunities for this firms. It is a process of innovation searching new business models, assemble vale chain, and redesign product to serve customer who face extreme expend constraints. It includes resources constraints to create more inclusive markets. For example this hotel industry start different standard innovation like providing the best quality services their customer, maintaining healthy environment and giving product quality for increasing their sales.

Frugal innovation also help development of Qbic Hotel in order to sell their product and services at a low prices. Moreover, in the economic condition context of growth, this firm develop frugality in order to cut their research and development expenditure and cost of their product. This company add to frugal new ideas in types of low prices technologies product providing solutions for low and medium size of market have been identifying as cost innovation, or best sufficient new creation. The goal of the organisation developing new types of standard services for increasing the sales if their business. The challenges for this organisation use innovation to drive down the rate to a level of economically so consumer are not satisfied with this so this company use different approaches to achieve the objective of their industry.

In another example of Qbic Hotel firms pricing if they change in their price and giving product in reasonable rate every one like to come their hotel and if they are giving best quality with minimum price so more customer attracted this changes so this hotel industry generating their profitability ratio and gain market share.

Task 3

lP5. Explain the importance of the commercial funnel and New Product Development (NPD) processing for l commercialisation to employees

Commercial funnel is important for attracting the customer through attractive services. It is the model which explaining the customer right like awareness of product and services. Qbic Hotel is also right giving the full information about their product and service to the customer and always aware their services. They follow six stage awareness, consideration action advocacy and action. Awareness is the most essential stage in this company for developing new product in market so they have to right giving full details about their services which are providing to consumer. People become aware about their services are better or not then take right decision for developing new product developing. The next step is consideration means when they introduce new product in their firms so determining how to make new product its features and after they focus on how to promote through effective advertising, distribution channel.

Qbic Hotel fulfil their consumer need and want and they provide their service according customer preferences. This company need to concrete on a more targeted and personalize approach like they offering their service through emails, special discount, trail period, promotions it is necessary for increasing their purchasing power and providing a limited time

Offer to allow their prospects. This company develop their new product generating new ideas it is involved systematic search for new product and find one the best idea which is the major source's customer, distributor and suppliers. If they generate new product idea it is very useful for maintain the stability of their businesses. It also includes establishing new product is idea screening the main purpose this stage pare theses down to those that are genuinely wroth pursuing. It is very helpful for checklist that can be more used to rate each idea based on the factors required for successfully launching new services in their market places.

Qbic Hotel also follow this step is marketing strategy development in three parts target market, product positioning and strategies. They focus target market means sell this product those customers they are easily willing or ready to get buy their products. They also focus on existing customer because old customer help to increasing the level of more customers. Market strategies also very helpful for explaining the plan long term and short term business goal. Organisation deciding their marketing strategies for long run businesses. Product development is related research and development part this firm introduce their service at budgeted cost. New product developing process is very long and complex but its result in future is good. Through developing new product company earn more profit and developing their business.

lP6 Innovation of Business Case for Qbic Hotel organisation

This hotel makes innovative plan as compare other company for improve their qualities of their businesses so take a right decision like using new technologies in their system software

Through innovation they reduce the uncertainty of their bushiness. Apple company is synonymous of innovation in technologies so similarly Hilton hotel is also provided their service with new idea. This hotel also adopt new technologies they change their working environment, through new idea help to improve their employees performance. They take efficient decision for long run work and increasing their sales. Innovation is very important for improve the culture of this hotel and managing whole work. It is referred for looking to their future means through innovation this company see their coming opportunities and gaining their market share.

It is very important for their employees to have way to provide advice for new thoughts and to be recognised for their efforts. For example Qbic organisation have award and worker event and other incentives like their attendances at conference so it is the way of value and providing reward. If any team leader sharing their valuable idea it is beneficial for success of company. This industry follow breakthrough innovation it is commonly as new ideas, is developing completely new thoughts and concepts. These are not related off nay lod product or existing services or operations. Often developing the research and development team. Breakthrough innovation use only new technologies as a way to fast cover to the top new market for example this firms using internet and transistors. Incremental innovation is related with the when this company make small change in their product and service to sure they keep their spot in the retail store rather than changing the product or services completely, it builds upon what already exit for example this firm add incremental innovation like update with new feature their services and technologies.

Qbic Hotel need to finance for developing their business or expand their work whole economy so they have need to lot of capital. So this organisation take loan from bank, financial institution and other financial sources. It is very important for every business start-up without capital no any organisation increasing their sale or not long run business. Finance is the main part of this company it helps to generating new ideas in works. Innovation is also crucial but without capital this company not improve their product quality or work performance. So this company take capital from last year profitability for making new planes.

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TASK 4

lP7 Evaluating the several tools which can be utilised for developing, retaining and protecting knowledge and intellect property

It is very much important of business owner to develop understanding about Intellectual property. As this will help an entrepreneur in developing the understanding about the legislation as well as regulation related to the intellectual property in order to protect their hard-earned creations and ideas from unfair competitions. Intellectual property is defined as immaterial property which results from creativity, such as patents, copyrights, etc. There are different tools and techniques can be used by an organisation for developing, retaining and protecting knowledge and intellectual

property (Roldán Bravo and Ruiz Moreno, 2017) One other the important tool is utilising the internet. It is considered to be an effective technique for which can help an enterprise in reducing the cost as well as time during the execution of research on patent trademarks, and copyrights. It is required by an entrepreneur before developing or executing idea to ensure that the specific ideas has not been implemented by other person. In addition to this there re some another resources which can be utilise for developing, retaining and protecting knowledge and intellectual

property these are ;

Patent – this is considered to be as an effective tool which provides the rights related to the protect the ideas or invention from unfair competition. It also enables investor to eliminate others from making, selling, or using the invention. Inventions permit many organisations to be successful because they develop new or good procedures or commodity which offers competitive advantage in the market. An example of fountain pen. The unique characteristics of pen is that it can store ink. This fountain pen has helped firm in attracting more numbers of customer and increasing sales (Lim,Darley and Marion, 2017)

Utility model- Utility patent provides inventor with rights to sue other person who copies the patented invention, design, or discovery. Patent act restrict the companies to use or copy the ideas of other organisation or party.

Industrial design- This fountain pen unique design which other pen generally does not have.

Trademark- It is recognises as a symbol , logo ,. or design which helps an organisation in differentiating their products from that of competitors. It also allows customer to easily recognised the name of manufacturing firm. Company has used special material for packaging of material which is rarely available. Business entity has imported the packaging material from the other countries.

Trade secrets- An organisation can prevent their ideas from use by other person , by getting registered the ideas or products. Trade secrets is recognised as formula, procedure , device, which an organisation keep confidential in order to give firm a business advantage over their competitors. An enterpriser can enter into a non-disclosure agreements>As this strategy restricted access to confidential information (Biemans, 2018).

CONCLUSION

It can be concluded that this report innovation is very important and beneficial for long term business. It help to finding the employees need and help to making a healthy environment in workplaces. It also concluded that file funnel innovation it is related with new changing in business and it also added this report culture of innovation it is integral part of any organisation. It helps to build innovation plan for long term firms. Qbic Hotel also make effective plan for development of their business through lot of money from taken bank or other financial institution.

REFERENCES

  • Roldán Bravo, M.I., and Ruiz Moreno, A., 2017. Open innovation in supply networks: An expectation disconfirmation theory perspective.Journal of Business & Industrial Marketing.32(3). pp.432-444.
  • Lim, J.S., Darley, W.K. and Marion, D., 2017. Market orientation, innovation commercialization capability and firm performance relationships: the moderating role of supply chain influence.Journal of Business & Industrial Marketing.32(7). pp.913-924.
  • Biemans, W., 2018.Managing innovation within networks. Routledge.
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