Innovation refers to a process which develops new thoughts as well as ideas for increasing profit and attracts the large number of consumers. Through this image of firm will be built positive. Firm develop new goods on the basis of needs or demands of consumers. In this present time period, innovation is enhancing to attract consumers towards services or goods of firm. It is necessary for business firm to develop unique or innovative goods. This present report is based on the 4 com plc which provides telephone systems in United Kingdom country (Manyika and et. al , 2011). Under this given report mentions about the innovation and significance to business firms as comparison with an invention. 4 Ps of innovation of innovation and use of innovation funnel will also be discussing under this report. Firm develop new goods after knowing preferences of consumers because it develops the positive impact on mind of customers. In order to retain and protect intellectual property, firm use various tools. In given report also discuss regarding significance of commercial funnel as well as application of process of new product development.
P1 Innovation and its importance for a business entity
Procedure of apply new methods and techniques for fulfil the specific requirements of customers is known as innovation. This including the process of develops and offers a new method, feature or product. In today’s scenario where needs and wants of customers are changing on a fast speed implement the concept of innovation become an essential one for firms. When a business organisation offer something new and unique to its customers then it only help in attract large number of customers but at the same time provide competitive benefit to it. It is very important for a business organisation to have adequate amount of resources for implement innovation in effective manner and to get all its benefits. It is very important for 4Com Plc to identify the right time to implement this concept (Drucker, 2014). Significance of innovation for a business entity can be understood by the points given below:
- Enhance productivity of organisation: One of the main advantages of innovation is that it helps entity in identify the new and effective ways to complete business activities. Innovation results in either new product or service which increases profits of entity and also increases its market share (Manso, 2011).
- Offer a competitive benefit to organisation: When a business firm manufacture and offer something unique to its customers then it makes it different from other players exist in market. New product helps in get the attention the attention of more customers and increases the sale of company’s product. All this provide competitive benefit to entity and ensure its long term survival. In order to get competitive benefit, it is very essential for 4Com plc to implement the concept of innovation on continuous basis (Freeman, 2013).
- Help in utilise all business resources at an optimum level: When entity implement the concept of innovation then it provide an opportunity to utilise all resources. This makes it easy for entity to manufacture and offer featured products to its customers at affordable prices and all this increase goodwill of entity. With this 4com plc can retain its customers for a long time period (Mowery and et. al., 2015).
- Enhance effectiveness of communication process: Innovation concept is a broad one as different activities are carrying out by firm under this. To get all advantage of innovation, it is very important for firm to use effective channel of communication. IT remove the confusion from mid of customers by make them aware by their roles and responsibilities and at the same time decrease the rise conflicts at workplace. During innovation effective communication channel is use by entity and this brings coordination among various other functions of entity (Manyika and et. Al., 2011).
All these are the major benefits of innovation. It is very important for manager of 4Com plc to identify and examine the various elements that largely affect the concept of innovation for get all benefits. Concept of innovation and invention are totally different from each other which can be understood by the table given below:
Implement of unique idea in a existing product of first time is known as innovation.
Invention is the new idea which have never been take place before (Christensen, Raynor and McDonald, 2016).
A new feature is been added to existing product.
Completely new product is invented.
It requires vulnerable skills including technical, marketing and many more (Stokes, 2011).
It only requires scientific skill.
Activities that require to implement the concept of innovation is spread across various departments of entity.
On the other hand, activities of invention are only limited to research and development department.
P2 Leadership, vision, teamwork and culture of organisation shape innovation
Implement innovation on timely basis is become necessary for every business organisation due to changing needs and wants of customers on fast basis. For get all benefits of it is very important for manager to examine the various factors that affect its implementation. As different factors are there that impact its implementation. Major factors and their impact on innovation is given in the following points:
Innovation and leadership: Staff members working in an organisation play a big role implement the innovation. It is very necessary for 4Com plc to have adequate skills and knowledge so it can get all its benefits. Leaders play a big role in direct workers and influence their behaviour at workplace. It is very important that leader should always encourage workers think creatively and for this proper work environment should be offer them. With right approach of leadership, leader can increase the contribution of workers in success of entity. Personal skills and traits of leaders also affect employees. Overall with right approach of leadership 4Com plc can execute implementation in effective manner and at the same time better satisfy the needs of its customers (Hatch, 2014).
Innovation and organisation culture: This is another factor that also affects the concept of innovation and its execution at workplace. Culture defines the flow of communication at workplace and also highlights the methods use by entity to carry out other its other activities. Effective organisation culture encourages innovation and provides support to implement this in right manner. Further, this encourages workers to deal with complex situations. Overall effective organisation culture increases the success chances of innovation.
Innovation and vision: This aspect reveal the position that entity wants to achieve in coming years. It largely affects innovation as with the help of innovation entity can achieve its set objective and can get a competitive position in market. It can be said that innovation contributes in success of entity and provide support to achieve its vision (Schaffers and et. al., 2011).
Teamwork and innovation: Teamwork refers to working of employees in a team for execute business operations and to satisfy the needs of customers. One of the main benefits of teamwork is that it builds trust among workers and at the same time develops their skills and knowledge. Teamwork helps in complete complex business projects and implements innovation. For getting all benefits of working team, it is very essential that there should be proper communication among all team members so they can perform their roles and responsibilities in better manner (Tebbe, 2011).
All there are the major factors that largely shape innovation and affect its output. Manager can formulate a plan for ensure effective implementation of innovation. It is very important for manager of 4Com plc to examine these factors. With this, entity can offer better and featured services to its customers and at the same time can retain them for a long time period. One of the main benefits of innovation is that it provides an opportunity to serve more customers and at the same time help in get a competitive position in market.
P3 Use of innovation funnel to shape innovative ideas and 4Ps of innovation
As needs and wants of customers are changing on a fast speed, so to respond this change, implement the concept of innovation is very essential for entity. This not only help in fulfil the requirements of consumers but at the same time help in utilise the opportunity exist in market. To get all benefits of innovation, its implementation in effective manner is very essential. 4Ps of innovation are there that help in execute innovation in adequate manner. Following are the 4Ps of innovation:
- Product: This is known as the final offering of firm to its target customers for satisfies their needs. It is also known as combination of tangible and intangible features. 4Com plc offer different type of telecommunication services to its customers in various areas of world. For increase the sale of its services, it is very essential for entity to first understand needs and wants of its customers and this can be done by with help of research. With this, firm can offer services to its clients as per their specific requirements and can retain them for long time period (Sawyer, 2011).
- Process: Various steps are involving in implement the concept of innovation. It is very important for 4Com plc to follow the process for execute innovation and to offer something better to its customers. It is very important for to offer training to workers to develop their skills so they can perform their job role in effective manner.
- Position: This factor highlights the various tools use by entity to make its customers aware about its goods and services and to influence them to buy the same. Different digital tools are there are there which can be use by 4Com plc to increase the sale of its offerings (Goldberg, 2013).
- Paradigm: This indicates adding more features in the product to enhance its usefulness and to increase the sale of it as this help in attract large number of customers.
Use of innovation funnel to shape innovative ideas
Innovation funnel is use by organisation in order to implement innovation in better manner and to get all its benefits. Mainly, this consist a process under which, organisation take a idea form real life and after that convert the same into a product to offer it to final consumers for satisfy their needs. One of the main benefits of this is that it provide an opportunity to organisation to identify and examine the current market trends. Research can be carry out by 4Com plc to collect more information about the needs of customers with this; entity can retain its customers for a long time period (Huberman and Miles, 2013).
P4 Frugal innovation with its development and its use in organisation
One of the main focuses of frugal innovation is to make the innovative and featured products in reach of every individual. This consists down the cost of manufacture innovative products but at the same time maintain its features and quality. This help entity in increase the number of profits by offer its products to large number of customers and at the same time help in utilise the opportunities exist in market. Main focus of this is to maintain the quality of product by bring down the cost to offer in to every individual. This concept can be better understood by the following 6 principles:
- Find opportunity in diversity: This principle highlight that issue and problems require to be examining by researcher form every point of view as this help in find better solution. Further, every threat requires to be converted into opportunity (Wolin, 2016).
- Do more with less: This principle of frugal innovation indicates that, researcher remain liable to do efforts to find an effective solution of problem from the already available data rather than go to collect new information.
- Think and act flexible: Researcher requires adopting flexible thinking during whole research become this is more beneficial as compare to rigid and at the same time help in identify better solution (Brynjolfsson and McAfee, 2012).
- Keep it simple: Researcher uses various tools and methods and all that should be simple as this support in identify better solution and at the same time this is time saving and cost effective (Patti, Yanes and Siuzdak, 2012).
- Include the margin: According to this principle, customers require to be encouraged to participate in problem solving process as this help in find effective solution.
- Follow your heart: An individual require being passionate about the work he do.
P5 Importance of commercial funnel and the application of New Product Development
Commercial funnel: It is the process through which perception of customers are changed towards their products at the point of time of sale. To make it possible need to build effective communication through which easy to ascertain their views and preferences. It helps to assist the customers to make best choice of product from the large number of alternatives which are present and also bring some innovation in the features of their products as per their demands. In this regard, management of organisation required to invest huge amount of money in such processes to cater the needs of customers to build the existing features of products more unique and useful (Boudreau and Lakhani, 2013).
Importance of commercial funnel
The concept of commercial funnel is adopted by the management of 4Com Plc to grab the attention of customers and make unique identity in the market. The different importance’s which are attached with the use of commercial funnel are defined below:
Improvement of quality: Large amount is invested by the organisation in the development of their products which not only contributes in the development of features but also improves the overall quality of products. As quality is important perspective to influence the behaviour of customers.
Reduction in amount of losses: Application of new and advanced technology helps in optimum utilisation of resources which leads reduction in the amount of wastages and mistakes. It enhances the profit margin associated with products through increase in the amount of production (Jaffe and Lerner, 2011).
- New product development
Process of introducing product in market which is different in all scenarios from existing one in terms of features design, utility, durability etc. To attain success in market regarding launch of their new product need to evaluate the conditions and preferences of customers to build the bond with them. There are many steps which provide their contribution in the process of new product development is defined below:
Development of new idea: New ideas are generated to provide better network solutions and services to clients to satisfy the requirements as per the current period of time. Through this belief is established among the clients who build their goodwill in market.
Screening of idea: From the large number of alternatives need to select the best one which is suitable according to their competencies.
Defining of idea: Provide information about new ideas to workforce as they can also contribute their views and support in the success of project to make it more effective (Rice, 2013).
Business analysis: Evaluation of the growth which is going perceive by business after implementation of new idea. It automatically assists to understand about the fact regarding effectiveness of new idea.
Product development: Process of converting idea into product through application of innovative methods to make it suitable as per client guidelines. Here, need to most suitable techniques and methods to develop the product to create unique from their competitors and simultaneously reduces the production cost to improve profit margins.
Test marketing: Process of developing advertisement plans which are used in the future period of time regarding promotion of their new product in market and between the clients. The main purpose of this is to create identity in market and improves the popularity (Jain and et. al., 2013).
Commercialisation: The process of launching of product in market after reviewing past steps which taken from its development to market to grab the information about its effectiveness.
P6 Innovation Business Case for an organisation
Business case is an effective as well as suitable technique which 4 com plc firm used to earn more profit and also attract the large number of people so that they can purchase its services or goods. Its main aims are to choose an effective business case to control as well as manage all the barriers during production process. Under this business case, there are various steps given below as above:
Executive summary- 4 com plc is small size firm and it deals in telecommunication sector. It provides wide range of services to people of United Kingdom such as network facilities, mobile services and many others. This firm has partnership with the other organisation and also provides attractive services to people (Rosenbusch Brinckmann and Bausch, 2011).
Objectives- Main motive of 4 com plc is to produce innovative services of goods to consumers which help in increasing productivity of firm in an effective or significant manner. This organisation built its value such as backing yourself, being smart, real etc. Through defining objectives of firm in better manner, employees can make focus on achieving set objectives. The main aim of this organization is to provide better telecom services of people in United Kingdom.
Gathering inputs- Under this stage, inputs are to be collected through different sources. In most of the organisations, persons are given responsibility in order to handle full business firm by collect necessary resources for offering effective services as well as goods.
Analysis- At this stage, 4 com plc need to be analyse data which it can collect and then develop a business model through them. Like 4 com plc organisations provides better telecom services which can connect with the each other and by developing they effective business strategy, this firm can compete with the other organisation in an effective or better manner. This firm also use innovation in its business (Davila, Epstein and Shelton, 2012).
Raising Funds- There is a requirement to 4 com plc to evolve as create its products as well as services in order to gain proper attention of consumers at market place. In addition this, it is necessary for company to arrange funds on the basis of set activities at workplace. There are many different monetary assets which manager needs to be manage investment for development purpose.
Results- IN business case, it is last stage and under this condition of an organisation Knows about their ideas as well as resources which are used through 4 com plc in order to execute better thoughts in an effective or efficient manner. This business firm used finds in pre- decided manner and launch its programme in systematic or proper way (Strayer, 2012).
P7 Different tools that organisations can use to develop and retain intellectual property
An intellectual property is an imagination of the mind as artistic work, customise symbol and innovation which are most commonly used in the commerce but not found in the general manner. Generally, it is protected through legislations which are facilitating people in order to get financial advantages as well as recognition by which they can invent and create something new. In context to this, it gives a proper balance among interest of general public and also an inventor. It is a right of an inventor to protect its intellectual property secure as well as safe. There are some tools to retain and secure intellectual property given below as above:
Copyright- It refers to protect the real work of an authorship. It is a legal concept which depicts creator rights over its artistic work. It is intangible in the nature but also expressed on notes, paper and music sheet. It is an assignable as well as exclusive legal right which is given to originator for fixed years to perform, publish, print or also record artistic, musical or literacy material. It is a legal right of an owner to protect an intellectual property. In addition to this, copyright legislation develops creators of the original materials and also get exclusive rights to develop them in an effective manner. In addition to this, United Kingdom country providing enrolments to people according to average of $ 35 non-refundable fee. It took around 2 ½ to 5 ½ months after fill legal forms as well as process (Gordon, 2012) .
Trademarks- It is a sign which different from one organisation to another. Under this, owner of an organisation put his signature as a mark for specific goods. It can be design, word and symbol which provides an authorisation on services or goods. In addition to this, it is helpful provide legal rights to the producer in order to distinguished its work in specific areas which should be registered. For it, Registry of United Kingdom country took around 6 months and the after 10 years it requires being renewal.
Trade secrets- Under this, private information as well as data which an organisation can not be disclosed in order to get benefits over its strongest rivals at marketplace. It can be formula; process and some business relate details. It consists algorithm, Survey and list of consumers (Jiménez-Jiménez and Sanz-Valle, 2011).
Patents- It refers to exclusive rights about an invention. Under this, authority of government set a particular time period, generally sole right to exclude the others from developing, using and also selling invention in effective manner. It is legal possession to the owner which aids it to decide to use property how and in what manner. Any person who want to use property then he need to take permission from owner and take patent.
Confidence- IT refers to automation in order to protect trade secrets as well as confidential secrets. It consists revenue of an organisation and accounting data about salary of staff members in firm which it cannot display in front of the other organisations (Baldwin and Von Hippel, 2011) .
These all are the necessary tools by which organisation can secure its intellectual property. But among all of them 4 com plc organisation use only copyrights and trade mark through which it can retain its intellectual property in a significant or effective manner.
It has been concluded from the above given report that innovation is helpful in enhancing development as well as growth of firm and also assess in achieve competitive advantage. In given assignment studied about developments in the frugal innovation. 4 com plc use frugal innovation in context to increase sales in better manner. Manager of this organisation use effective strategy to attain aims and objectives of firm within given time period. Under mention assignment discussed regarding importance of commercial funnel and application of New Product Development process for the commercialisation of an innovation. In order to protect an intellectual property of firm, 4 com plc use different tools like for an instance copyright, patent, trademark etc.
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