There are further assessment questions needed to be mentioned they are:
- Evaluating the context for innovation in Rowlinson knitwear limited also determines the difference between invention and innovation.
- What are the different types of innovation in Rowlinson knitwear limited?
- Discuss the management process required to commercialize innovation in Rowlinson knitwear limited
- Evaluate the range of methods used by Rowlinson knitwear limited for protecting all ideas and understand with advantages and disadvantages.
Innovation is defined as a new idea or process which is used into a product or service by an organisation for bringing value in the product. Furthermore, It includes various kind of information, future scope of the product and different analysis which is essentials in satisfy a specific needs of customer. Whereas, commercialisation is referred to a process that includes production, distribution, marketing, sales for introducing new product or service in the marketplace. The present assignment is based on Rowlinson knitwear limited which is established in 1935 with providing school and corporate garment products to customers and based in UK (Background of Rowlinson Knitwear, 2018) . This report will discuss the innovation and explain its importance in the difference with invention along with organisational vision, leadership,culture and teamwork which is used in formation of innovation and commercialisation (Wu, and Zhou 2012). This report will also discuss the 4ps of innovation and their use furthermore, development of frugal innovation and its implementation in organisational context. In addition to this, the report will covers new product development process with build an innovation business case through evaluating different tools which is used in protecting and retaining the intellectual property.
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There are various factors in innovation and invention which gave their own impact in various process of company. For achievement of goals and objectives in an organisation these two factors plays crucial role for maintaining effectiveness and efficiency in various business activities. Rowlinson knitwear limited which deals in garment products and supply it into their various stores in UK. Whereas, it is a small organisation and it does not satisfy the wants the customers. In order to enhance the sales of product, the Management of Rowlinson knitwear limited decided to make some innovations and inventions of new mobile application. This will help in attracting customers and also bringing competitive advantage in market place. There are various differences between innovation and invention which are given below:
It is the process by which the quality of existing product and services can be improved. Management of an organisation uses various techniques and methods which enhance quality of different products and services due to this, organisation can grab sustainability in market place. It aids to maximise level of performance and profitability of company.
In this process, new technologies and process are used for manufacturing a new product. These are used for maintain effectiveness in given task by the firm.
It is a method which is useful to get solution for different issues which are arises in company in order to complete task in a time period
It is process of implementation of new ideas which aid to complete target in effective manner.
Importance of innovation to organisation
Rowlinson knitwear Ltd. Adopts innovative and cost efficient technique in order to enhance the quality with minimum cost. These methods assists in analysing the several isues which can come in the process of execution of various business activities at workplace. To maximise sales, the company is looking to introduce new mobile app which may grabs attention of lots of people (Wong, P.K. and et. al., 2011). These are some importance of innovations are given as under:
To bring innovation in business process – The main objective of company is to influence targeted customers in favourable way through introducing new schemes in company. In this regard, an organisation must bring some innovation and introduce into market so as to increase the sales figure of company.
Competitive advantage – It helps in changing the old features of products with new one. These innovative techniques helps to reduce the operational costs of organisation which give aid to achievement of goals in the organisation. Through innovation, the company changes the characteristics of products with new one. Such innovative techniques assist in minimising the operational costs of organisation which aids in achievement of objectives in an organisation.
Organisation has a responsibility which defines vision, culture, approaches of leadership and team work in under to physique invention and development in organisation. If organisation clearly defines the goals of organisation then employees perform their task with their efficiency for achievement of targets which are fixed by company. Whereas, culture also affect the environment of company it brings more efficiency in employees. It assists in completing task in a given time frame. The approaches of leadership and teamwork convince employees in order to increase effectiveness in their work through innovative techniques and thoughts. Management of Rowlinson knitwear limited follow these guidelines which helps in promotion of innovative ideas and its commercialisation. It assists organisation to produce innovative products as per the need of the customers (Su and et. al 2013). These guidelines will be helpful for taking competitive advantage in the market place. These guidelines are explained as follows:
Vision: It is connected with goals and objectives of the organisation which company has to achieve in future. The management of company has a responsibilities to clearly define the vision of company to their employees in order to bring efficiency in their performance. The clear vision of Rowlinson knitwear limited is to attracts number of customers in order to enhance the sale of products with increasing market share.
Culture: It plays an important part in the organisation through affecting environment of workplace. It gave responsibilities to manager for solving various issues which are arises during the task. It assists in completing tasks in systematic manner. The company which is taken in assignment is based on UK so rules, regulations and various norms should be followed by management of organisation (Muller and et. al., 2012). It helps to build healthy relationship between subordinates and superiors through solving various issues between them.
Leadership: It is connected with the quality of employees in order to leads teams to promote them to use new and innovative techniques. Which is useful for completing tasks in an efficient way. In order to launch a new mobile application Rowlinson knitwear limited has to appoint an individual who holds the quality of leadership which will be helpful in using new thoughts to attracts new customers.
Teamwork: this part is connected with cooperation of employees who are working in an organisation. It assists in build an effective environment at workplace. Which aid in motivating employees hence, they gave their maximum efforts to accomplish target in given time frame. It also creates the passion in the employees to work in effective manner. Management of organisation should convince the employees to manufacture new products and applying new methodologies which is helpful in reducing different cost and time.
4 P's are defined such as product, price, process, paradigm and position. These are the factors which helps to management in producing innovative products with improvement in quality. It boosts its employees to perform their work with their maximum effort in order to achievement of goals and objectives in the firm (Meng and et. al., 2016). Those 4p's of innovation are given as under :
Process innovation: It includes implementation of fresh and advanced technologies and theories which assists management to succeed products of organisation. The demand of Rowlinson knitwear limited is to increase the sale of product which is offered to customers in order to enhancing the profit. It gave assistance to management in reducing cost of product which may helpful in providing value of money to customers.
Product innovation: It is defines the changes which is essential for improvement of existing products. It will provide aid to management in order to giving tough competition to their competitors. Management of Rowlinson knitwear limited wants to launch their new mobile application with implementing specific changes in their existing products with quality improvement which are offering by them.
Position Innovation: It is concerned about positioning of products of organisation among their rivals offerings. Due to positioning of products it increase value of products in marketplace. Management of Rowlinson knitwear limited. should modify their existing products and improves their quality through innovation which brings tough competition to their rivals and assists in competitive advantage at marketplace.
Paradigm innovation: In this last step the shape of structure is used in the organisation. It gave aid to management of Rowlinson knitwear limited which includes change in structure. It give possibility to employee to utilize their own thoughts in order to develop new products and advanced applications.
Innovation funnel: It is related with adoption of new and innovative methods to execute perform work (Libaers. 2014). The main objective of company is to consider the needs of customers so as to meet them on time. It is divided in three steps.
Word of mouth: It defines the informations which are collected through various marketplaces in order to developing skills and strengths of workers.
Selection of ideas: Under this, the company selects ideas among various on the basis of beneficial outcomes received in near future.
Implementation of idea: This methods which concerned about to select innovative idea which create opportunity to take competitive advantage in marketplace. It is the method which is about to select innovative idea in order to create an opportunity so as to achieve competitive edge at market.
Frugal innovation : These innovations assists to management in reduce complexity from different process in organisation. It removes the unimportant data which will become a barrier in future for making cost efficient products. It gives aid to organisation by improving quality of products and increase number of sales (Liao, Zhao, D. and et. al., 2016). In addition with this, it decrease unessential features from product which are related to cost of products. The main aim of Rowlinson knitwear limited is launch a mobile application and modifying the existing products with improving their quality for increase number of customers in marketplace. This innovation helps in attracting customer towards organisation by fulfilling their desire through improvement in quality of existing goods. There are various types of strategies which defines that frugal innovation help company to develop and explore its business.
Reduce production cost: For increasing number of customers they have to enhance their production of garments the managers should adopt different strategies and innovative technology to increase rate of production. It will assists to management of Rowlinson knitwear limited in removing useless features and process of products. Due to this, there will be opportunity to reduce cost and improves quality of clothing products in order to delivering quality products to customers at reasonable prices.
Adding new feature : The main objective of Rowlinson knitwear limited behind this innovation is to remove unnecessary functions from production process and add various features in order to increasing sales at marketplace. By using this, sales and profitability of company is enhanced.
Use of new technologies – it is connected with implementation of new technique by production manager of Rowlinson knitwear limited for manufacturing products. It assists in improving quality of their product. By applying innovative techniques there will be help provided to employee during the process of producing the product.
Commercial funnel : It defines the structure which modifies mentality of customers towards purchasing a product. It assists company in maintaining their clients and customers by providing standard quality products and services at sensible prices. It is necessary for the management to make changes in their existing products from time to time (Wong, P.K. and et. al., 2011). Rowlinson knitwear limited can use this following tools and techniques to improve its commercial funnel:
Relying on multiple marketing channels to attract customers : In one basket all the tomatoes can't be kept. So that, management should use various marketing channels for promoting the products.
Analysing whether marketing campaign is effective or not : Management have to analyse the product's requiremnt in the market which helps them to define their presence in marketplace. (Hemmelskamp and et. al., 2013).
NPD is defined as new tools and techniques which is used for modifying a existing product or developing a new Product. Development process is explained as under:-
Idea Generation : It includes the process in which an idea is created in any form and from any origin. The different root of idea generation can be inner sources, swot analysis,customers themselves etc. For e.g. management of Rowlinson knitwear limited wants to introduce a new mobile application or put a step into social media platform for attracting new customers towards their products.
Idea Screening : Under this the best idea is selected from choices of various ideas. The idea is selected on the basis of customer needs, current market trends, affordability etc. in the context of management of Rowlinson knitwear limited has to select best idea from their choices of mobile application and social media platform.
Concept development and testing : In this, idea is developed and it is bought into marketplace for analysing the product in order to evaluating demand of customers. The CEO of Rowlinson knitwear limited has to spread their idea in a small marketplace for identifying satisfaction of customers
Business strategy analysis and development : After concept development management have to formulate various strategies which is necessary for framing a product. For example marketing manager should develop strategies for the idea which will be helpful in increasing the sale of their products.
Product Development : Now its the time to change the concept into actual tangible Product. A paradigm or a minor production model of the good is produced. In Rowlinson knitwear limited they have to modify their products with improvement in quality.
Test Marketing : After the product development it is essential to developing marketing strategies in order to getting success of the product. In the context of Rowlinson knitwear limited their marketing manager should analyse the marketing plan for success of the idea.
Commercialisation : Various marketing schemes should be implemented on the product to establish it in the market and make it a success(Su and et. Al 2013.). The strategic plans are delivered to departments and management defines employees about their roles and duties. CEO of Rowlinson knitwear limited has to distributed all informations which are related with launching the idea for make it a success.
Rowlinson knitwear limited is a garment company which provides clothes in the market. Rowlinson is a small size company so it is facing a huge competition in the marketplace such as John lewis and amazon gmv. The company decides to launch a new product which help company in getting competitive advantage in market place. Business case is not considering new products but also it has to modify it with improving performance in the company in terms of bringing efficiency within the operations of the company. The innovation in business case is explained as under:
Risk: Risk is defined as the error which may be occurred due to requirement of customers at marketplace. Error can't be permanently removed but it is manageable through various treatments. Good risk management is essential for innovation of the product.
Identifying requirements of skills and Resources: It is a crucial aspect which has to followed by company in terms of innovation of a product. Human resource is required for such factors because a proper management of resources and skills can develop a new idea which is important for innovation of a new product.
Anticipation of success and failure: In this step the success or failure is decided of the product. It does not influence the business activities it is a prediction of future estimation by which management can know about the sustainability of product in market. Whereas, failure of product is also determined by this part and it is considered by shareholders and employees of company.
Business Plan checklist: It defines a way to management by which organisation can plan for a new product with applying above type of factors.
Access to funding: For launching a new mobile application in the marketplace Rowlinson requires a huge investment which can be possible through raising funds from different sources such as financial institutions like banks, angle investors, venture capital etc. it ensures the staff members of Rowlinson about sufficient availability of funds which brings motivation among them to perform allotted task in desired way.
Return on Investment: It is a measurement of performance which is used for evaluating the efficiency of investment and it is also used for comparing the efficiency of different investments. In the context of Rowlinson, organisation have to set clear objectives regarding new mobile application along with spreading awareness about new application in the marketplace. After this, they have to conduct a market research and generate views and opinions of the customers about the new app through which, they will easily attract new customers towards their offerings. This will increases the chances of getting maximum return on their investment in launching new mobile app.
ROI = Return on investment formula (Net Profit / Cost of Investment) x 100. Here, Rowlinson Knitwear has invested around 30000£ and net profit of firm after getting its business digitalise is estimated as 3000£ in upcoming year. So, ROI will be calculated as
ROI= Net profit/ Total Investment*100
Thus, it is proved that Rowlinson Knitwear will be profitable after digitalising its business.
If a company wants to sustain in the market place their management should purchase various rights for it. It is essential for a company to get protection of their products and modify knowledge in terms of their patent. The purpose is to make a mark on new products in terms of protecting it by various competitors which shows that it belongs to the company and it cannot be changeable without permission of company. For innovating new product it is essential to secure it by various ways such as patent, copyrights, trademark. The various rights which is used by Rowlinson to secure their product is further explained as under
Patent: It is defined as the maintaining a brand by the company for a long time period in terms of sustainability in marketplace. In addition to this company have to take permissions for this by the government authorities.(Muller and et. al., 2012).
Copyrights: It is referred to obtaining rights for publish something. In other words, it may be defined as the content or material which is can't used by anyone without authority of company. Company have to take permission from the government. Company has to taking copyright for such factors like their website, reports of company which is published by them at the end of the year.
Trademark : It is the essential right which defines the company name on their product. It is sign or a name which is authorised by government and given a authority to company in order to supply their product in the market with using their brand name. In addition to this, brand name is can't used by any company without permission of management. Rowlinson used trademark to sale their clothing products in the market.
Trade Secrets: it is essential right which is can't publish in a report or magazines of company. In this secret includes various plans of company which is can't used by anyone. It is used as a secret in various ways such as production plan of a product or production process which is cannot be delivered in any type of media. It is also authorised by government.
Entrepreneurship and Small Business Management - Joe Wood
It has been analysed from this report that innovation is playing a important role in the success of company at market place. It is essential for a small size company to authorised its rights from government because a perfect product development process includes various type of process such as commercial funnel, idea generation, etc. for innovation a product company has to use 4ps of innovation which gave effectiveness in the product development. Rowlinson Knitwear limited is a small scale firm and it wants to establish in marketplace with innovation in their products to getting market share. In garment segment Rowlinson has a good image and it will maintained through innovative tools and techniques in order to enhance its sales and profitability which gave long term benefit to the company. We provide the best assignment writing service in the UK from expert writers.