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Impact of Innovation in Business Success

782 Downloads1 I Published: 31 Oct ,2019

Introduction

Innovation is a process of modifying product and services in order to gain competitive advantage at market place. It is a action of innovating goods. By this, they are able to develop new and innovative product as compare to their competitors which provide competitive benefits to them. In this report EE limited company are select to know impact of creation on their performance. EE (Everything Everywhere) is a British network operators. It was established in the year of 2010. BT groups is a parent company of EE limited (Aarikka-Stenroos and Sandberg, 2012). This assignment covers comparison between innovation and invention as well as how creativity may affect firm vision, culture, teamwork or leadership. It also covers 4P's of creation and commercial funnel or analysis different tools that firm may develop, protect knowledge and retain intellectual property of an organisation.

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Task 1

P1 Importance of innovation and its comparison with invention

Innovation mean turning idea into solution in order to add value form clients perspective. It is application if thought which are novel and useful for the company as well as to own. Creativity is a staying relevant. Through this they company are use viable business model. It is very important for an organisation to implement creativity at their work place that increase quality of product and services. Management of the firm are appreciate employees those have completing their task in innovative ways. Through this, they are able to increase workers satisfaction as well as high market share. When enterprises use creativity in their working place that increase brand value at market place. Some important of innovation are explain as follows:

  • Many type of problem may arise during completing whole business activities. So that innovation may help to run business in future effectively.
  • Through creativity, firm are able to take advantageous of global entrepreneurship movement which help to increase profitability (Bagchi-Sen, 2010).
  • Advance technology may provide competitive benefits at market. Through this, EE limited rise brand values as well as high market share.
  • Through creativity, firm are capable to maximize international connectivity in order to gain global present benefits.

Invention is a process of inventing something new which are can not be introduced by any other company at market place. It is a creative ability of firm. Invention is a novel and unique process or method to produce product or services that provide high competitive advantage in industry. Comparison between innovation and invention are explain as follows:

Basis of difference

Innovation

Invention

Meaning

It is a process of modification in order to add some value in existing goods.

Company develop completely new goods to full fill clients needs and wants.

Objective

To add some addition value in original product (Bogers and West, 2010).

Provide something new that make life easy.

Skills

Employees of the company is a skilled and technical.

It required high professional knowledge as well as creative in nature.

Concept

Its introduce when new thought are come into mind.

Firstly, management of the company analysis consumer's needs and wants accordingly develop product.

Creators

Whole team are together work to make modification in goods.

It may be single person or whole department like R&D division develop innovative product and services.

P2 How organisational vision, culture and teamwork can shape innovation and commercialisation

For the company, it is compulsory for management to make clear vision for future. For this, they are develop strategies and plan in order to achieve vision objectives in an effective manner. An organisation, culture may affect innovating activities at work place. It is shows labours behaviours and attitude toward changes that arise due to innovation (Bogers and West, 2012). It helps to maintained positive working environment that boost workers moral as well self confidence. Some time, company make higher objectives that is not in feasible form and can not possible to achieve. So that, it is very important to develop SMART vision. Those have feasible and achievable. Impact of vision, teamwork, culture on innovation with in an organisation are discus below:

Vision: Management of the company are develop strategy to achieve vision which helps to grow in future period. They set some goals and objectives to know long term path where firm may run their business activities in an effective manner. Human resource manager of EE limited organising training event in their work place which improve employees professional knowledge. It help to achieve vision objectives in an effectively ways.

Leadership:Leaders is a person those have pay important role planning, organising, directing and managing team members. They have capabilities to develop positive attitude and influence of workers that gain aim and objectives in an efficient manner. Innovation task may done in a team for an organisation. Leaders manage and control group members to implemented or executive creativity at working place(Ettlie and Rosenthal, 2012). For company, it is a important to develop and trained leaders innovative skills to manage all business work effectively.

Culture:Culture is a internal environmental factor of the company which effect their productivity and performance. It is a management responsibility to create healthy culture that reduce conflicts among all employees with in an organisation. They appreciate creativity as well as innovative process of work. Though this, manager are able to manage innovation among all staff members.

Teamwork:Innovation work are completed in team, single employees are not fully capable to manage and executing creativity at work place. Whole team together are able to develop new and innovation task that provide high profitability to company. In an organisation, various type of tools and techniques firm are used in order to achieve high customer's satisfaction as well as market share.

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Task 2

P3 Explain the 4Ps of innovation and use of invention funnel

Innovation is act to develop new and innovative product in order to full fill clients needs and wants in an effective manner. Innovation mix can be define as tool that are improve quality of product and services (Gambardella and McGahan, 2010). Through this, they are able to create high brand value as well as employees productivity. Its includes 4P's product, process, position and paradigm to implementing strategy with in an organisation. Through this, firm are able to know various approaches and demand in industry. EE limited used these four P's to make high profits and build strong brand image at market place.

(Sources: Innovation Mix, 2016)

Product:It is all about modification and innovation in product and services. Management of EE limited has develop plan to executive change with in company. Product is a most important element which affect profits. It is necessary for management to make changes in existing product which are offer to their potential clients(Godin, 2012) (Huizingh, 2011). Through this, they are capable to build high brand value which give high position of the firm as compare to their competitors at market place.

Process:Process is a act to completing task. Manager develop plan to changes the way in which product and services may make or delivered. They create new process related to manufacturing, operations, selling, marketing, branding, promoting and many more. All these elements may affect working process of an organisation. Through this, enterprises are capable to make quality of product by increase efficiencies of process with in work place. It build positive brand image in clients mind. In the last, process in a very important act, in that all employees are together effect overall firm performance.

Position:It is refers to occupying certain place in potential or targeted clients mind. Management make promotional strategy in order to create effective position at market place. Through this, firm are build positive brand image as well as high value of it may create high customer's satisfaction. By this, company are able to manager sales as well as profits to retain market share. Integrated marketing communication is a one of the effective strategy that used by company. This create strong relationship between.

Paradigm:It mean innovation change in underlying mental model which affect the process of what firm does. This is based on hoe, firm make some modification in their product and services accordingly to their new process or ideas. In this, they are implementing changes by executing their though, that provide additional value to goods which increase their market belief. If enterprises ask about what kind of modification that clients wants in their product, but they are not capable to full fill all types of needs of the consumers. Because customers are always demand more and more something in existing product. So that, it is almost impossible to full fill all kind of demand in an effective manner. Innovation is not a easy task but firm do that to manage certain needs of the consumers (Kim and et.al., 2011). Sometimes, it is essential to avoid these thinking and develop product according to their own ideas and knowledge. That improve profits as well as market position of firm. These kind of changes may different form others but it may more effective by representing it at market. Management of EE limited need to innovate ideas to produce product and services according to their own opinion.

Innovation funnel is a all about cater new ideas to company that help them to achieve goals and objectives in their future period. In this, all information which are gather form external sources are evaluating and executing in order to know appropriate knowledge about invention at work place. After the reach on last stage, management take decision which are more appropriate and specific of the company aim. It includes three steps which are explain as follows:

  • First step: Company collecting all necessary information to create changes according to its demand of all potential clients at market place.
  • Second step: Its include small segment of market in which firm can sort them and develop strategies as well as plan in order to make changes.
  • Third step:Its a final step which can taken by management of the company. By small segment they provide final result that have provide high customer's satisfaction.

P4 Developments in frugal innovation

Frugal innovation is a process of reducing cost complexity and cost of product. It decrease production cost by applying various strategies and plan. Through this, they are able to provide quality of goods to their potential clients. In this, management of enterprises may remove unnecessary features of product and services that automaticity reduce prices of that goods. Its mainly focus on decreasing complexities. Each and every company wants to gain high market share as compare to their competitors, but it is not a easy task(Lindič and et.al., 2011). For this, they use low pricing strategy at market. With this, they are able to achieve competitive advantage in industry. Management of EE limited has choose low price strategies in their working place, for this they achieve economic of scale. By this, they able to produce low cost product that provide high market share. Apply is a one of the finest example of innovative as well as frugal innovation. They develop innovative product by removing unnecessary features that reduce cost of the goods. In order to develop frugal innovation at work place management follows some step, those are explain below:

  • Identify improvement area:It is a first step in which firm are identify improvement area in their work place. Manager of EE limited make list of all point which needs modification or innovation.
  • Make alternative solution: After identification of problem, take employee’s opinion about all issues and make list of all alternative solution.
  • Choose most appropriate solution: Form all available solution selection most appropriate one according to their needs and wants.
  • Sustainable solution: Identify sustainability of solution to know it may work in long period of time or not. If not then choose another one.
  • Shape clients behaviours:Through this process firm are able to provide quality of goods according to clients needs and wants (Snow and et. al., 2011).
  • Engage and iterate:Some time customers can not demand more modification in current or existing product. It can full fill all needs in an effective manner. So that, company want to engage potential customers with their product in order to full fill demand effectively.

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Task 3

P5 Importance of the commercial funnel

Commercial funnel is referred to idea which begins with focus on large number of potential clients and end with a much small number of customers who may actually make purchases of product and services. It include various step to gain high profitability are awareness, interest, evaluation, purchasing decision, re-evaluation and repurchases phase. These all stage is a very important to make their market position. Some importance of commercial funnel are explain as follows:

  • It is a management responsibility to evaluating all information and data in a proper manner to draw a valid conclusion. These all are very important for the company to make high customer's satisfaction.
  • Through commercial funnel, firm are able to develop quality of goods and services which give large number of clients(Teece, 2010). By this, they are capable to gain goals and objectives in an effective manner. Through this, they are receive long term sustainability at market place.
  • It help to create positive and high value goodwill which established strong brand image in customer's mind.

Application of new product development:Company may develop process plan to make new product and services. In this they follows various steps those are explain as follows:

  • New product strategy: management of the company may develop strategies to make new product. They find out the needs and wants of the customers and accordingly make plan.
  • Idea generation and screening: They make alternative ideas which help to create new product. Form all available alternatives choose most appropriate one according to needs.
  • Business analysis: They analysis business growth possibility at market place, which improve their position in future period. They find out the all available opportunities for company are make strategies accordingly(Thore, 2012).
  • Commercialisation: It is a one of the most important step of all new product development process. Commercialisation is a process of selling product and services at market place. It is a only activities which generating revenue for the company.
  • New product: In the last, product develop step are completed. It is a production or manufacturing process.

P6 Make an Innovation Business Case

Business case help to identify goals and objectives. They make systematic approach to achieve these goals and objectives in an effective manner in given time frame. For EE limited, it is very important to manage all these task effectively to deal with high competition in industry. There are some innovation case are explain as follows:

Organisation's Vision- For this process, company make vision that provide long term path and future objectives that are achieve by companies in order to gain long term sustainability. For this they maintain some policies and strategies that helps to gain objectives. It is management responsibility to communicate all vision objectives with their employees to maintain their market value.

Target- In this, firm are analysis modification area or features of existing product to develop new and innovative goods. That provide high market share. This is their requirement to set targets for all employees (Walsh, 2012).Through this, they are able to increase productivity as well as performance of all staff members. Its helps to set clear objectives.

Customers research- Management of the company has conducting research to know clients preferences, perception, attitude, behaviours etc. about product and services. By this activities, enterprises are capable to develop product according to customer's demand.

Funding: An organisation have several option to generate loans for run their whole business activities in an effective manner. Some are banks, financial institution and government body or many more. All of these have their own rule and regulation for providing funds. One of most famous sources of finance are equity. Only few company are capable to execute this process.

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Task 4

P7 Tools to develop, retain and protect knowledge and intellectual property

Innovation is a process of converting ideas into product in an effective manner that create value for all clients. Management of the company are consider this factor to gain high profitability and marker share. Administration use different ideas to motivate workers to completing task effectively (Wonglimpiyarat, 2010). Leaders of an organisation give contribution in innovation process. They motivate as well as influence all team members behaviours toward firm vision. HR manager of EE limited provide training to all employees that improve their knowledge and professional skills. Trained workers may help to achieve goals and objectives in given time frame.

Copyrights- This is mostly used by big organisation to provide protection their innovative new product rights. In this, no one firm may copy their product if they do so is a punishable offense. It can provide only to tangible products like books, software, painting, photographs, nobles and biopic or etc.

Patents- Government provide permission to inventor. On one person can copy or produce same things at market place (Bagchi-Sen, 2010). But it is for limited time period. When government give permit for copy then company use innovation techniques to sell product at market place.

Trademark- Company name and logo etc. is trademark which provide brand value as well as strong market image. It may also business name, tag line, caption, product picture or name, phrases etc. It is come under companies act and no one copy the same.

Conclusion

Form the above report it is concluded that innovation is a very important tool to gain competitive advantage at market place. Innovative product improve customer's satisfaction that helps to increase profitability as well as high market share. They get information related to goods strength and weakness. This report in based on EE limited which are run their business operation at small level. Manager conducting research to know clients needs and wants accordingly to make goods in order to full fill customers demand in an effective manner in given time frame.

References

Books and Journals

  • Aarikka-Stenroos, L. and Sandberg, B., 2012. From new-product development to commercialization through networks. Journal of Business Research. 65(2). pp.198-206.
  • Bagchi-Sen, S., 2010. Strategic considerations for innovation and commercialization in the US biotechnology sector. European Planning Studies.15(6). pp.753-766.
  • Bogers, M. and West, J., 2010. Contrasting innovation creation and commercialization within open, user and cumulative innovation.
  • Bogers, M. and West, J., 2012. Managing distributed innovation: Strategic utilization of open and user innovation. Creativity and innovation management. 21(1). pp.61-75.
  • Ettlie, J.E. and Rosenthal, S. R., 2012. Service innovation in manufacturing. Journal of Service Management. 23(3). pp.440-454.
  • Gambardella, A. and McGahan, A. M., 2010. Business-model innovation: General purpose technologies and their implications for industry structure. Long range planning. 43(2). pp.262-271.
  • Godin, B., 2012. “Innovation Studies”: The Invention of a Specialty. Minerva, 50(4). pp.397-421.
  • Huizingh, E.K., 2011. Open innovation: State of the art and future perspectives. Technovation. 31(1). pp.2-9.
  • Kim, S. K. And et.al., 2011. The effect of R&D, technology commercialization capabilities and innovation performance. Technological and Economic Development of Economy. (4). pp.563-578.
  • Lindič, J., and et.al., 2011. Deploying information technologies for organizational innovation: Lessons from case studies. International Journal of Information Management.31(2). pp.183-188.
  • Snow, C.C. And et. al., 2011. Organizing continuous product development and commercialization: the collaborative community of firms model. Journal of Product Innovation Management.28(1). pp.3-16.
  • Teece, D.J., 2010. Business models, business strategy and innovation. Long range planning. 43(2). pp.172-194.
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