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Unit 3 Innovation And Commercialization Level 4 Regent College

2142Downloads1 I Published: 21 May ,2020

INTRODUCTION

Innovation is method which is ascertain by different organisation to perform various operations in effective manner (Westland, 2016). It is method by which organisation ascertain new and advance technology which aids to accomplish goals and objectives of organisation within stipulated time period. These new and innovative technology maintain effectiveness in performing different types of activities in proper manner. New and advance technology aids to increase productivity of company and also attract large number of customer for organisation. NIX Communication is small medium organisation which deals with telecommunication sector. It provide various service to network service to different service. This report explains about innovative techniques which are ascertain by organisation in order to increase its profitability. Organisation uses frugal innovation , 4p's of innovation, innovation funnel and different approaches of leadership which aids to accomplish mission and vision of company and it also aids to expand its service in various area.

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TASK 1

P1. Innovation and its importance to organisations in comparison with invention

There are different organisation which implement new and advance technology to enhance the productivity of different company in proper manner. Management took various initiative steps which explains about different approaches in order to make modifications in organisation in proper manner. These changes aids to attract large number of customer in marketplace. These innovative methods aids to accomplish different type of activities of organisation in proper manner. There are various strategies which is ascertain by NIX Communication organisation in order to maintain effectiveness in performing different types of activities at stipulated time period. This innovative technology helps to manufacture different range of products as per the requirement made by customer.

Importance of innovation with respect to invention

New and advance technology aids to perform goals and objectives of organisation in proper manner. It create interest to different employee in order to perform various functions of organisation in proper manner. By applying various approaches of leadership organisation perform various functions in proper manner which aids to tackle risk and complication which are arise during performing various operation of organisation in effective manner.

Difference between innovation and invention is mentioned below:

Basis

Invention

Innovation

Meaning

It is concerned with various process which aids to develop new products and services to perform various functions of organisation (Su and et. al., 2013).

It explains about the various function which are performed by different employee working in company which aids to change shape and size of different existing products.

Work

Invention is concerned with the development of new and advance products by individuals which are never developed before.

This is related to implement change in different products as per the new techniques.

Necessary skills

There are different types of innovative techniques which aids to develop new and advance products and services which aids to attract large number of customer.

The person which have mechanising technological and strategic capabilities which aids to expand business.

It explains about the implementation of new and innovative thoughts which are related to modification of various products and services which are already present in company such as Apple various I-pods which has capability to store more than 1000 songs. This is done by modi faction done in this product by company. This aids to increase profitability of organisation and able attract large number of customer for the organisation (Fu and Mu, 2014).

P2. The way organisational vision, leadership, culture and teamwork can shape innovation and commercialisation

There are various types of activities which are performed in company in order to attain effective outcomes. NIX Communication organisation make some innovative change into firm in order to implement and advance technology which helps to perform various operations of organisation in proper manner. The major role of leaders of organisation is to motivate their employee to perform their different work as per new and advance technology implemented in organisation in effective manner. Manager of NIX Communication company put their effort to deliver business -boosting telecoms system at reasonable price to different customer in UK. It also monitor performance of various employee working in organisation in proper manner. Manager of organisation implement various strategies which aids to resolve different issues which are able to perform different types of operation within stipulated time period. Management of company define the main vision, mission of company to different employee working in company and they guide to perform their work as per the vision and mission made by company. They also motivate employee in order to achieve goals and objectives of organisation in proper manner (Dmitriev and et. al., 2014).

Vision: NIX Communication company has long and short goals which helps to achieve productivity of company. With help of defined vision, organisation can achieve target with in stipulated time period. The main vision of company is to be the best in the business to stand out from the crowd and provide unrivalled excellent services in the telecommunication sector.

Sector: In order to maintain healthy relationship with customer organisation implement different types of new and advance idea in organisation which able to accomplish demand and desire of customer in proper manner. The main vision of organisation is top provide best qualitative network services to the various company which aids to generate large number of revenue as well as build trust organisation.

Mission: This statement can help in commercialisation and innovations operations because it aids to attract large number of customer it is short term objectives which aids to accomplish the target of organisation in proper manner (Keohane, 2013).

Leadership: Leader plays an important role in order to direct the various employee to accomplish different types of task of organization in proper way. In context to leaders of NIX communication guide their team to perform different types of activities of organisation. It also aids to perform different types of task in proper manner.

Culture: employee working in the organisation comes from various background and they have different consequences of mentality. Organisation needs to direct employee in order to perform their activities according to culture of organisation. Due to variability of cultural background of employee there is a chance to arise different types of issues and problems in organisation. So it is duty of manager to direct employee work in single culture.

TASK 2

P3 4Ps of innovation and use of the innovation funnel

Meaning of innovation is to invent something new specific which aids to enhance the performance of organisation of company. It is related with different process,products, position, and paradigm which are termed as innovation mix. The 4P's of innovation are describe below:

  • Process: There are different types of process in which are used by company like production of various products, supply of products selling and recruiting and accounting and many others. It aids to accomplish various functions of organisation in proper manner.
  • Products : it is most important element which helps to encourage different people in order to purchase various products from these organisation. The management of organisation implement different types of new and innovative products for the
  • Position: This component is as same as the promotion of the marketing mix. By which the images of the brand or company name plays an important role in order to enhance the profit and benefits which are concerned with sales, client satisfaction and maintain the position of organisation (Schoonmaker, Carayannis and Rau, 2013).
  • Paradigm: it is essential factors which can be defined as the effect of changes due to the image of the various products desire of customer and strategies of This factor is concerned with to perform various types of research done in the marketplace in order to fulfil the demand and desire of customer.

Use of innovation Funnel

This is funnel which plays an important role to impart various information which can be conduct to manufacture new and advance technology. These technology helps to attract new client as well as perform existing technology which are concerned with maintenance of values of products of values of products in marketplace.

  • Focus on wide mouth of funnel: It is defined as to owed a crew of new and innovative thoughts as well as probability in order to perform different functions of organisation. The mouth of funnel define the demand and desire of customer in proper manner.
  • Narrowing segment: This phase is concerned with the screening of various area which are perform in order to match various standard of demand and desire of various customer.
  • Narrow Funnel: The team of organisation determine various situations of innovation by giving the positive effect on the productivity and profitability in order to implement new strategies and policies. This funnel determine the effectiveness in the performing new and innovative technology to maintain the various operation of company (Muller, Hutchins and Cardoso Pinto, 2012).

P4 Developments in frugal innovation

innovation is the methods which company implement various types of new and advance design in to manufacture new range of products in effective manner. This aids to maintain the effectiveness ad capability of company in a systematic manner. Frugal innovation is concerned on to implement effective and appropriate process which aids the manager of the company reduce the production cost of various goods and service of company. It is important for organisation in order to take corrective measures during preparing budget. Management of NIX needs to apply various strategies to accomplish different types of demand and desire of organisation in the marketplace. There are different types of point which are describe below which aids to determine the manager of organisation.

  • Manager should have efficient knowledge which are related to process of innovation in order to guide various employee performing different company. It also aids to attain goals and objectives of organisation.
  • It is very important for the upper level of management needs to analysis the different skills and knowledge of employee which are concerned with performing work in proper manner.

On the hand Apple Inc and also Virgin group case study determine that both these company allocate different resource to perform various operations of organisation in fix time frame. The frugal information plays an important role in order to perform different types of functions of organisation in proper manner. Management of organisation implement different thoughts which are related with the frugal innovation in order to perform different functions with in the company (Meng and et. al., 2016). There are six principle of the frugal innovation which are describe below:

  • Engage and iterate – this principle defines that company do not need to implement new and innovative techniques at regular interval.
  • Flex your assets: NIX communication can persuade amount of retained earning towards implementation of innovative tools and also provide various financial support in the long term goals.
  • Sustainable solution: the company needs to concentrate over the major cause about the various issues and implement different strategies which aids to resolve the issues.
  • Shape behaviour of customer: In order to determining the purchasing power of different customer and the buying behaviour various customer.
  • Creation of value with customer: Regular and proper communication with various customer to give rapid development of company methods.
  • Innovation stakeholder: if different stake hold such as employees, customers, supplier etc. are the creative so that they can helps the organisation in better and fast implementation of various thoughts.

TASK 3

P5 Commercial Funnel and its importance and application of NPD for the purpose of commercialisation and innovation.

Commercial Funnel: Commercial funnel can refer to playing with the minds of customers with the help of products and services of company. NIX Communication uses this method for the purpose of manipulating its goods and services in order to attract consumers of different mind sets. This kind of approach will help company in retaining its crucial customers over a longer period of time. The various importance of commercial funnel can be described as follows:

  • Research: It would mean research of market and customer preferences. It is helpful in getting knowledge about the market and customers. NIX Communication conducts this type of research in order to attract customers by understanding their mindsets.
  • Improved quality of products: This can help company in increasing the overall quality of product as well as services of the company (Do, 2014).

The New product Development process is consist of various steps, these are discussed as follows:

  • Idea generation: It can be regarded as the very first step in the process of new product development. NIX Communication takes care of various preferences of customers for the purpose of generating and developing new idea. The Idea generated by NIX Communication is a new type of Mobile application that will be a one stop solution.
  • Idea Screening: Under this, A particular idea is screened from various ideas that a company or its management come across. The idea, which is most profitable and marketable is selected.
  • Concept Testing: Under this, The concept is first tested in market for analysing its feasibility.
  • Market Strategy: A strategy is usually framed to develop the concept within the market. NIX Communication may choose any of the strategies like aggressive moderate etc. for marketing its Mobile application.
  • Business Analysis: It refers to analysis of the idea that has been generated, whether it will be able to make profits and sustain in the market.
  • Product Development: After proper analysis of the idea and its feasibility, it is time to develop the ultimate product. The mobile application will now be developed by the company by taking help of App developers.
  • Test Marketing: It refers to Testing the application in the market, before an official launch of the same. A test is done to check out whether it is gaining consumer eye balls or not.
  • Commercialisation: Once the product is being developed and tested successfully, it is ready to hit market and ready for commercialisation.

Importance of commercial funnel

Importance of commercial funnel for business company can be understand by different points:

  • Enhance the quality of various product and services
  • Helps to expand and success of organisation
  • Promotion of creativeness

By implementation of commercial funnels it helps to improve the quality of different types of products and services of organisation. It give opportunity for the organisation in order to produce different types of information of the organisation.

It helps to expand the business in order to attain the aims and objective of organisation this leads to helps to utilise by the manager in order to accomplish different types of task in effective manner.

P6) Innovation business case for an enterprise

In today's modern scene competition is so advanced at market and every business system is concern on attaining higher competitive edge through implementing innovative ideas and thoughts at work place (Hossain, 2013). Innovation create value in enhancing organisational performance and productivity at market place. NIX Communication is a small telecommunication company which is concern on exploring their business operations at wide scale through implementing innovative ideas and technologies at work place. The company introduce a new mobile application in which over all description about the offers, product or services of firm are mentioned in detailed manner which create value for customers as well as or firm to making transaction easy and comfortable There are various stages that are involved in the innovation business case, which are associated as below:

  • Executive Summary: The growth and success of small business firms are beneficial for the growth of economy. NIX Communication is a small business enterprises which offers variety of telecommunication products and services of firm at market place. The major focused area of firm is to implement new and innovative products as to gaining attention of more and more buyers in order to developing the performance and sales of firm.
  • Targets: The major concern area of firm is to fulfilling the basic desires of people at market place through offering them innovative and new products with advanced features. As a small telecommunication company NIX Communication introduce a new mobile application in respect to providing easy and fast services to their potential buyers.
  • Solutions: It is essential for an organisation to analyse the whole market before introducing a new product at market place. This component states that the design and feature of product needs to be attractive in nature as to attractive more buyers towards firm (Hemmelskamp, Rennings and Leone, 2013).
  • Why product is innovative: The has decide to produce mobile application as it new and innovative at market place. This product helps in providing total information about the organisational products and services through a single application on mobile phone.
  • Customers Research: Customers are potential base of market as the ontogeny and development of firm are based con the expiation level of customers. Firm such as Nix Communication taking feedbacks from customers in order to making appropriate changes in the products and services of firm.
  • Funding: Company needs to manage proper flow of funds and capital in order to implementing all organisational operations in systematic manner. In respect to produce a new product at market place company needs to have appropriate source of funds and capital. The management of organisation asses funds for the angel,investor, take loans from the banks in order to perform various activities of organisation. This factors aids to perform various types of operations which are performed by the effective distribution of funds . So manager of organisation needs to allocate various amount of funds to perform different working activities.
  • Expected Profit: In this company set some specified criteria for attaining profit through selling products and services at market place.

TASK 4

P7 Tools used by an organisation to develop, retain and protect intellectual property and knowledge.

It is responsibility of every business organisation to protect the intellectual property that it might have used or generated during the process of conducting a business in an effective way. This is done by business organisation for the purpose of protecting its intellectual property from outsiders. A company can claim a right on innovation, various tools that are available for this purpose are as follows:

Patents: These are patent of a new innovation that are being made by the company. For this purpose, the organisation has to apply with government authorities (Zhao and et. al., 2016 ).

Trade Marks: It can be regarded as a unique name which is being given to the product and by using this name, the company trades its product. This has to be registered in market as well.

Copyright: It is the right of company on Some written content like books, websites etc. A outsider may copy these, and therefore it is essential that a claim on these are registered with authorities.

Professional helps: This is one of most effective process by which management of organisation can perform different types of activities of organisation in proper manner. Organisation expert take help of professional in order to perform various functions of the organisation in effective manner.

Right to intellectual property: This factor is concerned with owner of company of intellectual property in order to attain various information about the basic rights and duties of the organisation. The individuals needs to have data about the power to protect and save the intellectual property.

CONCLUSION

From the mentioned report it has been assumed that it is important for each business organisation to attain high growth and profit at market place through offering innovative tools and technologies at market place. Invention and innovation both are consist to be the most essential element of firm as organisations are concern on introducing new and innovative products at market place in context to maximising sales and revenue of firm at market. 4 P's of innovation plays effective role in implementing all business operations in efficient manner. The concept of frugal innovation provide support the process of innovation and commercialisation funnel also effective in attaining high competitive edge of firm at market area. Company needs to apply various tools such as trade mark, copy right and patent as to protect their intellectual property. These all elements are helpful in making significant identity of firm at market place.

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