Innovation is one of the most indispensable factor that is used by entire corporate world for gaining maximum benefits by satisfying consumer needs or demands. Its all about bringing something new or advanced at marketplace in order to generate more or more revenue in a minimum time period (Johnson, 2016 ). Rowlinson knitwear is a small business entity whose main motive is to offer best or qualitative garments to desired consumers. Therefore, assignment is going to highlight the significance of innovating something new or different as compared with competitors. Along with this, frugal innovation and various P’S are also outlining in this project for understanding the effectiveness of creating something new or different. Additionally, companies are also designing their intellectual properties for establishing goodwill at marketplace and making the product totally different from others. At the end project is showing the tools of preventing intellectual properties from getting misused by rivalries.
P1 Innovation and its importance by comparing it with invention
Rowlinson knitwear is engaging in offering best clothing facilities to their desired clients in order to create a positive relations with customers. As a result it helps in improving their company performance by increasing sales due to increment in consumer demand. Innovation plays a very vital role in corporate world because every individual wants something new or trendy for experiencing totally unique items. Therefore, company is involving in manufacturing creative products for capturing attention of millions of users. However, number of factors are identified which shows that innovation is highly indispensable for company success. Some of them are describing as follows:-
- Sales volume:- First or foremost objective of business entity is to maximize their company sales in a minimum time period due to which they are involving in designing unique products because clients get attracted towards creativity ( Seebode, Jeanrenaud and Bessant, 2012). In today’s advanced world most of the users are curious to try to different items as compare with others and ready to pay high amount for innovative items. It means, it is essential for small and medium business to bring something creative which make their organization different from large enterprises and get succeeded in maximizing company sales by satisfying customers needs.
- Long term relations:- It is not easy to make positive connection with consumers because every users want to have unique and trendy product but at reasonable rate. Thus, it is indispensable for medium enterprises to communicated in effective manner in order to make long term relations. As it helps for Rowlinson knitwear in continuing their business for longer period by acquiring support from consumers.
- Profit maximization:- One of the major reason behind creating something new is to generate more or more revenue by seeking attention of high range of users in a minimum time period. Due to which company is trying to spending maximum amount of funds in enterprise to introduce trendy and different garments as compare with others. Additionally , focussing on improving organization image from marketplace for gaining attention of domestic as well as foreign customers.
By analysing the above elements it has been understood that bringing unique products is most mandatory activities for small and medium enterprises because in today’s advanced world company needs to focus on innovativeness as users are love to look different from others (Nambisan and Sawhney, 2011). On other hand it is identified that innovation and invention these two terms are totally differ from each other in various aspects. Thus, few major differences in these elements are discussed as under:-
Hence, both the terms are contrary to each other but similar in some extent whose main such as; innovation and invention is trying to increase the profit of an association by gaining attention of maximum clients in a minimum time frame. It has been proven that small and medium business needs to understand the significance of creativity at marketplace. Most of the organizations are engaging in this activity for maximizing their sales performance by seeking customers minds.
P2 Leadership, vision, culture and teamwork can shape innovation
Innovation is demanded by every business entity for attaining their long and short vision because it helps an organization in various manner. For example; maximize the company sales, attract users or entire society, improve the performance as well as sometime employees also get motivated towards their personal or professional objectives. Thus, various elements of an organization is playing major contribution in shaping the innovation as well as encourage an enterprise to bring something creative at marketplace ( Drucker, 2012). Roles of various components of organization in shaping innovation is discussed as underneath:-
Leadership:- Managers of an enterprise is assisting their employees to bring some new idea or thought while performing assigned job role in order to maximize personal and professional productivity. Their main objective is to crate positive relations with users which is only possible of enterprise is offering qualitative and different product as compare with rivalries. In order to fulfil demand of consumers as well as to gain more bonus employees are trying to introduce unique thoughts. Therefore, leaders are playing a very eminent role in motivating staff members towards this stage because they are having their self target and motive which is assigned by high authority.
Vision:- Every small , medium and large enterprises are having few long term and short term vision but one thing is similar in every type of organization is that “profit maximization". It means corporate world is running for gaining more or more profit in minimum time period. Hence, selected firm is also getting motivated towards their vision due to which they need to create unique products at marketplace.
Culture:- Organization culture have a major impact on company performance as environment influence minds of employees that are existing at workplace in order to attain set objectives. In fact, positive surrounding motivate staff members towards their assigned job role. For example; flexible hours to workers refresh their minds, bonuses on their hard work, healthy conversation between higher authority or lower, parties, availability of more experienced member and so on. All these elements motivate employees to get involved in designing something new by giving full contribution in their assigned job role.
Teamwork:- Togetherness is a major power of success because it helps in accomplishing various complicated work in appropriate manner without facing any problems (Brown and Osborne, 2012). Along with this, supports in encouraging members to take part in decision making process for introducing something new or unique thoughts in order to make changes at workplace.
Throughout all the elements one thing is determined that every department of an organization is focussing on gaining maximum benefits by introducing something totally different and unique as compared with distinct rivalries emerging at marketplace. Along with this trying to cope up with numerous business problems which might occurred due to changes in various external and internal factors.
P3 4Ps of innovation and use of innovation funnel
Innovation are playing a major role attaining organizational objectives in a defined time by attracting millions of customers as soon as possible. Beside this, launching of creative ideas is not only the task whereas company needs to focus on their marketing strategy also in order to promote their object in marketplace. Thus, 4 P’S is playing a very eminent role in introducing product by considering necessary facts or figures such as; target consumers, place, location, marketing strategy, requirement of users and so on. In fact company needs to understand each or every aspect before creating advanced product in order to control possibilities of mistakes and errors. Hence, it has been understood that 4P’S of innovation must be considered while introducing new thought for minimizing loss. Proper description of 4P’S are described as follows:-
- Product:- Tangible items is essential for company success because first or foremost factor which is considered by an enterprise is that they need to introduce a totally unique item for seeking attention of millions of customers in a minimum duration ( Bieraugel, 2015). Instead of product company needs to pay attention on various aspects also such as; packaging, delivering methods, transferring process and so on. It means, company needs to focus on various elements while producing company goods and items at marketplace. Although, company is trying to maximizing their income by designing an outstanding goods across the various market as per consumer needs.
- Process:- After manufacturing marvellous items it is essential to focus delivering procedure in order to serve consumer with best product on right time at right place. It helps in creating positive relations with consumers for gaining maximum benefits by fulfilling their needs in define time period. For example; selected firm is engaged in designing clothes or garments for desired customers and adopting advanced technology for transferring it across the international boundaries. It helps in making positive relations with maximum clients which resulted in making long term connection with consumers.
- Position:- Small and medium enterprises are dominated by large multinational company and have a major impact on sales of an association. Assessment of position is helpful for company while designing their policies and strategies to run a business entity in an appropriate manner. It is highly similar to marketing promotion because analysis of current positioning aids an enterprise to assist while designing success strategy. Additionally promote the company towards innovative ideas for improving the circumstances as well as increase the return on investment.
- Paradigm:- Last stage of innovation is all about fluctuation of mental models towards an enterprise which includes behaviour of human beings at organization marketing strategy. It shows the various viewpoints , thoughts and expression of individual towards changes occurred by enterprise ( Van Lancker, Wauters and Van Huylenbroeck, 2016).
By considering all the above P’S company can easily attain their set targets by implementing all the marketing activities in appropriate manner with the help of useful strategy. Along with this, all the above factors is useful for enterprise at every situation such as; consider choice or preferences of clients, market assessment, competitors products, methods of delivering and so on.
P4 Development of frugal innovation
Innovation is useful for commercial enterprises because it aids in creating connection with employees. As a result, company is trying to improve existing position of an organization by introducing various qualitative products on affordable price. Frugal innovation is an appropriate process that is used by selected firm to offer best or reasonable product to their desired customers whomsoever are enable to buy costly products that in a minimum time period. Along with this, it helps in analysing the choice or preferences of middle class people also to attract their minds also in a desired time frame. However, most or useful development which is identified in frugal innovation is that this strategy aids an association by providing best suitable solutions to those company which are having minimum resources to design final goods (Bernasconi, Harris and Moensted, 2013). Thus, development in this factor is highly beneficial for small firms that are offering door to door services to clients and putting lots of sacrifices in attaining their objectives. For example; lower section of society are enable to enjoy costly products and services offered by multinational companies. Therefore, with the use of frugal innovation selected firm can easily design similar product but on a reasonable rate that is afford by individuals. However, it is essential to focus on each or every aspect for acquiring minds of final users because products are lastly consumed by them only which resulted in profit for business entity. At the end it has been understood that enhancement in frugal innovation is highly indispensable for organizational success and development as well as satisfied high range of middle class people whomsoever are failed to buy costly items.
P5 Importance of commercial funnel and application of new product development processing
Commercial funnel is also known as sales funnel whose main motive is to gain attention of users for increasing their profit level in order to establish their goodwill at marketplace. Along with this it helps an association for continuing their business for longer period of time. However, it is not easy to grab the minds of customers because their mind fluctuates as per changes in existing factors. Basically, this funnel is consist of an appropriate stages which gone through starting phase of individual when he/she or going to buy something at market. Thus, for organization this process started when customers get attracted towards particular products due to its attractiveness, uniqueness and so on (Koch, 2012). Then, its time to covert their visiting into liking by affecting buying decision so that consumer can buy that specific item on particular price. All the major steps through which sales funnel is going through are describing as follows:-
- Attract:- An appropriate tool for garbing attention of customers such as; effective marketing strategy with the use of attractive websites, designs , advanced technology to capture and so on. It means techniques are using for capturing in a less time.
- Convert:- Needs to offer best services to users in order to enforce them to share contact information for company.
- Close :- Its time to manipulate consumers with various tools and techniques in order to create effective or positive relations with them. As a result, they are going to buy the product by getting affected as well as ready to pay.
- Delight:- At this stage company needs to offer best or qualitative items for their customers so that they can select same association in future also. Moreover, refer their friends, partners and close one.
As a result through this process an organization can easily enhance their product for attracting consumers towards specific products. Additionally, get succeeded in satisfying their needs or demands with the use of advanced technology and adopt the process of commercial funnel (Talukder, 2014).
P6 Innovation business case and tools for access funding
Business case is all about highlighting the vision, mission, stakeholders and various other elements that is essential to consider while designing strategy for company success. However, business case is helping an enterprise in promoting company across the international boundaries with the help of useful strategies and tools. In fact, an effective business case is showing the major objectives of firm in order to minimize the probability of any mistake and losses that might create due to confusion. Hence, various factors which falls under an appropriate business case is described as follows:-
- Company vision:- First or foremost element is that employees needs to understand the long and short term vision of an association for making strategy as per requirement. For example; Rowlinson Knitwear is trying to expand their business in various regions so that they can gain maximum return on their investment.
- Mission:- Their mission is to satisfied clients that are loyal towards an association as well as attracting more or more in a less time frame.
- Stakeholders objectives:- Company are involving with various shareholders for making effective relations with consumers as well as trying to enhance their goodwill through different sources. For example; gain more benefits or profit, expand business and so on.
Hence, it has been understood that business case needs to consider all the essential factors for reducing the chances of losses. Along with this needs to acquire funds from different sources because capital is most indispensable factor for an organization because all the business activities are run with the use of sufficient funds. Some of the major sources of funds are; equity, preference shares, debentures and so on.
P7 Tools used by organization for developing, retaining and protecting intellectual property
Innovation is not share with others because introducing creative products is a knowledge of a person or entrepreneur who is involving in bringing something unique marketplace for attaining maximum benefits ( Bogers and West, 2012). Their main objective is to gain maximum benefits by bringing different things by using self learning and talent. Therefore, it is essential to take necessary steps for protecting knowledge and intellectual property from getting misused by hackers. Some of them are described as follows:-
- Spend time to design smart intellectual property.
- Need to conduct audit for identifying all the registered and unregistered trademarks or patents.
- Required to invest sufficient amount in Non- disclosure agreements in order to ensure that this will prevent all the personal identity from fraudulent activities.
- Acquire professional supports for controlling probabilities of mistakes.
- Need to file patent application for preventing it from misuse.
From the above report it has been summarized that innovation plays a very vital role in improving the company performance because it aids in capturing attention of millions of clients in a minimum time frame. Along with this supports in maximizing sales by introducing creative products at marketplace which automatically gain attention of customers. However, overall assignment is focussing on requirement of innovative items to small or medium enterprise. At the end it has been understood that medium association needs to focus on various element of innovation because it is beneficial in various. For example; use of 4P’S of innovation aids in understating the marketing process as well as commercial funnels supports while attracting consumers towards set objectives and goals.
- Johnson, G., 2016.Exploring strategy: text and cases. Pearson Education.
- Seebode, D., Jeanrenaud, S. and Bessant, J., 2012. Managing innovation for sustainability.R&D Management,42(3), pp.195-206.
- Nambisan, S. and Sawhney, M., 2011. Orchestration processes in network-centric innovation: Evidence from the field.The Academy of Management Perspectives,25(3), pp.40-57.
- Drucker, P., 2012.Managing in turbulent times. Routledge.
- Brown, K. and Osborne, S.P., 2012.Managing change and innovation in public service organizations. Routledge.
- Bieraugel, M., 2015. Managing library innovation using the lean startup method.Library Management,36(4/5), pp.351-361.
- Van Lancker, J., Wauters, E. and Van Huylenbroeck, G., 2016. Managing innovation in the bioeconomy: An open innovation perspective.Biomass and Bioenergy,90, pp.60-69.
- Bernasconi, M., Harris, S. and Moensted, M., 2013.High-tech entrepreneurship: managing innovation, variety and uncertainty. Routledge.
- Talukder, M., 2014.Managing innovation adoption: From innovation to implementation. Ashgate Publishing, Ltd..