Unit 6 Innovation UKCBC College BTECH Level 4

Task 1

P1 Innovation and its importance to organisations in comparison with invention

Innovation define an effective activity as well as procedures in which company improve their quality services. This will aid in developing the overall growth of the company at market place. By using innovation concept, company easily produce new and quality services as compare to its competitors which may leads in improving the positive brand image at market place. Along with this, innovation helps in establishing effective production process by which company serve variety of services to its customers as per their needs and wants. With the help of this company attain better success. Basically, this procedure includes various aspects like any kind of modification, alteration within the existing production process by implementing new and innovative ideas. With the help of this company enhance their profitability level and at the same time they also invite large number of customers towards the products and services (Boons and Lüdeke-Freund, 2013). In addition of this, invention and innovation both term are different and play their specific role in business environment. The difference between both term can be understood following points:

Importance of innovation in comparison with invention:

Basically the concept of innovation is one of the important procedures foe business organization by which company enhance their profitability level by delivering quality services to its customers. Along with this, it also develops actual theories, confidence and skills towards the implementation of innovation process in most effective manner. With the help of this company produce creative services for their customers with the aim of attaining better success at market place. By using innovation concept, firm attain competitive advantage form its rivals by providing attractive services in market place.

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

A concept of innovation required an effective way to develop business activities in order to attain positive outcomes. In context of Talent Plus, company use various tools and techniques within their organizational activities in order to attaining set goals and objectives in appropriate time frame (Breznitz and Murphree, 2011). This will aid in enhancing the positive brand image at market place. In addition of this, manager also play vital role in providing better direction to their workers so that they effectively implement the concept of innovation within the organization (Brown and Osborne, 2012). This will aid in increasing the chances of attaining desirable goals and target. Furthermore, for attaining better results, manager also responsible for monitoring worker’s performance at the time of executing their activities. By this manager easily improve their productivity level at market place. In this context there are important elements which helps company in attaining better results. All these are as follows:

Vision: It is one of the important element which may help business to attain appropriate results. basically it is based on future aspect where the company wants to see itself. Talent Plus operate their business with the purpose of attaining long term and short term goals which leads in enhancing the productivity level of the company. In this context, the vision of Talent Plus is to be leading HR consultancy firm in UK by providing better services to their customers. With the help of this they easily execute their activities and attain better success at market place in upcoming period of time. In this context the main objective of this company is to established positive relation with their customers in which they easily compete their competitors at market place.

Mission: This term is related with the short term goals in which company maintain their positive brand image at market place. In this context the main mission of Talent Plus is to provide best candidates to organisation who are willing to have them. With the help of this company enhance their profitability level at market place.

Leadership: Leaders as well as manager provide better direction to their team workers at the time of performing task. By this company easily attain their set goals and objectives and at the same time also encourage them to perform well. In context of Talent Plus, leader of the team motivates as well as encourage them to put their best efforts for attaining better results. Better leadership contribute in attaining all the target in appropriate time frame.

Teamwork: For attaining set goals and objectives, it is important for business organization to motivate their workers for working in a strong team. So that every employee easily executes their work and activities. Good team work helps in achieving set goals and objectives in appropriate period of time (Brynjolfsson and McAfee, 2012). Along with this, it is also important for manager as well as leader to to maintain healthy relation with their workers so that they effectively attain their target in appropriate time frame. In addition of this, Talent Plus also set various teams for performing entire business activities and function in order to attain better results. In this innovation can give shape to team work which may leads in achieving positive outcomes.

Culture: Under this, it is also important for business organization to maintain better culture in which workers easily perform their activities and also reduce the chances of arsing any kind of conflicts among them (Cross, 2011). With the help of this, firm enhance their productivity level and at the same time also attain competitive advantages. In this context, an effective culture contributes in established positive and comfortable working environment so that workers effectively perform their task with more effectiveness.

Task 2

P3 4Ps of innovation and use of the innovation funnel

Concept of innovation can be defining as an effective procedure to produce something new in front of customers which may leads in increasing profitability level of the company. Basically it helps in fulfilling customers’ needs wants towards the company products and services. By implementing the innovation process company enhance their performance level in front of customers and at the same time also established their positive brand image at market place. In context of Talent Plus, company use 4P's of innovation which aid in improving the overall performance of the company. All these are as follows:

• Product: It is one of the essential factor which offer by the company to its customers as per their needs and wants. With the help of this company maximize their profitability level. For inviting as well as attracting number of customers, company undertake better research for understanding the customers’ needs and wants. With the help of this company enhance their profitability level ta market place.
• Process: It is also important factors in which company effectively implement the process which may leads in improving the performance level of the company. For attaining better results, it is important for Talent Plus to use effective process in which they provide better training and development programs to their workers to provide them quality services to its customers (De la Mothe and Paquet, 2012).
• Position: This element is also important element of innovation which is related with promotion. In this, company easily increase their profitability level by serving quality products and services. In this company use various tools and techniques such as social media and many more for communicating with their customers. With the help of this company easily established their positive brand image at market place.
• Paradigm: It is important P of innovation which helps in adding features within the existing products and services (Gawer, 2011). Along with this, it also includes need of innovation which is important for attaining better results. With the help of this company enhance their profitability level by adopting entire changes which may leads in achieving positive results.

Use of innovation funnel to shape innovative ideas

Innovation funnel play vital role in which business adopt real life example as well as situation for converting into their products. This will aid in inviting large number of customers towards its products and services. Basically the main aim of this is that it helps in analysing the market trends in order to offer quality services to its customers as per their needs. It helps Talent Plus to attain better success by fulfilling customers’ needs and wants.

P4 Developments in frugal innovation

Frugal innovation defines an effective procedure in which company produce new and innovative products with less production cost. Mainly it helps in increasing the profitability level by minimising the manufacturing cost. It directly contributes in overall success at market place. The main advantage of using this, company get various opportunities in which they develop their overall brand image at market place. With the help of this firm capture larger market share form its rivals by delivering quality services to its customers at affordable cost. Along with this, frugal innovation support business organization to make variety and quality products and also cut down the overall cost of the company. In this there are some element which helps in understanding the frugal innovation are as follows:

• It is important for manager to effectively understand about worker’s strengths and weaknesses which may leads in motivating them to improve their performance level.
• The management of the company also provide various opportunities in which firm enhance their profitability level by proving quality services to its customers (Gennaioli, Shleifer and Vishny, 2012).
• Talent Plus use new and innovative technologies produce quality products and services for their customers as per their demand in order to provide them better satisfaction.
• Along with this, manager also responsible to update strategies and plans as per market trends to attain better results. With the help of this firm enhance their profitability level at market place (Gunday and et. al., 2011).

All these helps in implementing the process of innovation process which directly contribute in attaining higher success at market place.

Task 3

P5 Significance of commercial funnel and application of New Product Development (NPD)

Commercial funnel is an effective procedure which helps in implementing modification within existing products and services. With the help of this, company attract larger number of customers towards the company products and services. In addition of this, commercial funnel is appropriate tools which helps in delivering quality goods and services in market place. Along with this, this funnel also provides better support in which company maximize their profitability level and at the same time also attain better success at market place by capturing larger market share form its rivals. Basically the main aim of using commercial funnel is to enhance heir overall sale of the form in order to achieve larger profitability.

In addition of this, the first step of this process is to determine the ways to generate the profitability level. After this step manager of the company evaluate the cost and rates which required at the time of implementing the ideas to develop a new products and services. Furthermore, firm also determine the way which needs money and funds to implement the products within the organization. This will directly contribute in enhancing the profitability level of the company in market place (Jiménez-Jiménez and Sanz-Valle, 2011). In this context, there are some main importance of commercial funnel which help business organization to capture larger market share by delivering quality services to their customers. All these can be understood by following points:

• Innovation aid in improving the quality of the products which may help in attaining better results.
• It directly contributes in overall growth of the company in market place.
• Innovation promote creativity in order to generate more profits.

New product development:

NPD is a larger process which may aid in developing a new product which includes some steps are as follows:

• Idea generation: Under this, manager generate ideas by undertaking an effective research in order to gather relevant information.
• Idea screening: Under this, the manager of the company defines specific ideas in which they appropriate advice form experience people in order to generate larger positive outcomes in appropriate way (Kleinknecht, 2016).
• Concept development: Manager of the company make an effective transform new products by considering real life situation and actions.
• Strategy development: Under this, business organization prepare as well as formulate an effective strategy in order to improve their quality products.
• Examine business situation: For attaining better results, manager of the company analyses the actual situation of the business to implement the concept of innovation.
• Product development: In this firm develop their quality products to satisfy customers’ needs and wants.
• Test marketing: Under this, firm offer their products for testing its acceptability in market place.
• Commercialisation: It is last step in which company sale their final products final customers by using appropriate communication tools.

P6 Innovation Business Case for and organization

Talent Plus is a HR consultancy firm which operate their business at small level in which they serve skilled and capable employees to those organization willing to have. Along with this, company also tries to serve their services in effective manner to attain larger profitability at market place. In this context there are some aspects which consider at the time of preparing innovation business case are as follows:

• Executive summary: Talent Plus is HR consultancy firm in UK in which they offer better knowledge to their customers to improve efficiency level. The main aim of this company sit o be a leading HR consultancy firm in UK. For this company serve quality services to its customers in order to capture larger market share (Lundvall And et. al., 2011).
• Target: Talent Plus target those companies who wants to recruit skilled and talented workers to improve their profitability level with the help of this firm enhance their productivity level.
• Situation: Under this, firm make an appropriate section in which all the issues and problems are get resolved by providing better solution to their customers (Manso, 2011).
• Why product is innovative: For inviting larger customers, company should produce innovative services such as firm provide talented workers with more efficiency to business in which company enhance their profitability level.
• Customers research: As a famous company, Talent Plus understand their customers taste and preferences by undertaking an effective research. With the help of this they easily create strong customers within the organization.
• Funding: For attaining better success, it is important for company to manage their financial resources for analysing the collected data and information. For this company take loan from financial banks and institutes.
• Expected benefits: Under this, firm determine the profit after implementing the innovation concept which may leads in attaining positive outcomes.

Task 4

P7 Different tools that organisations can use to develop, retain and protect knowledge and intellectual property

It is important for every business organization to protect their rights, thought and opinion in order to attain better success. In this intellectual property provide effective information of organization which is differ from others. With the help of this company make their specific brand image in front of customers and market as well. It includes some properties like, trademark, copyright, trademark, trade secret and many more. All these aid in attaining better success at market place. In context of Talent Plus, they operate their business with the aim of providing better services to the workers in order to enhance their productivity level. Basically, intellectual property helps in protecting the business things copyrights and many more. All these can have understood by following points:

• Copyright: In this, person registered their copyright under the act and legislations to protect their goodwill. By this company offer their products and services which may leads in improving the performance level of the company (Metcalfe and Miles, 2012). Basically it is registered for limited period of time.
• Patent: Under this context, an individuals discover new things and goods to sell their products and services in market place. Thus, it is important for business organization to registered the patent in its acts which may leads in improving the brand image of the company at market place (Rosenbusch, Brinckmann and Bausch, 2011).
• Trademark: It is also an important way which define sign, design and identity which help business organization to define their specific brand image at market which is differ from others. Basically, it shows on product package and label by which customers determining the quality of the products. With the help of this company build their positive brand image at market place.
• Trade secret: It define the process in which business organization define their methods and pattern in order to attain competitive advantages. Basically, it is related with the information which keep confidential from the company in appropriate way.

Conclusion

From the above mentioned report, it can be concluded that innovation play vital role in increasing positive brand image of the company. In this company easily provide quality services to their customers as per their needs and wants. With the help of this company easily compete their competitors at market place and take strong place. Along with this, 4p's of innovation also helps in improving the profitability level in which firm serve variety of goods and services in market place. In addition of this, commercial funnel also plays vital role in increasing the chances of attaining number of benefits which directly contribute in attaining higher success at market place.

References

• Anderson, N., Potočnik, K. and Zhou, J., 2014. Innovation and creativity in organizations: A state-of-the-science review, prospective commentary, and guiding framework.Journal of Management. 40(5). pp.1297-1333.
• Boons, F. and Lüdeke-Freund, F., 2013. Business models for sustainable innovation: state-of-the-art and steps towards a research agenda.Journal of Cleaner Production. 45. pp.9-19.
• Breznitz, D. and Murphree, M., 2011.Run of the red queen: Government, innovation, globalization, and economic growth in China. Yale University Press.
• Brown, K. and Osborne, S. P., 2012.Managing change and innovation in public service organizations. Routledge.

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