Question : 'The scenario of this report determine that in today’s competitive world innovation take a place to ensure that the company remain competitive in front of their target rivalries. In this regard it is required for CEO of HAKIM group to implement innovation in their business process within a limited time period by considering: Provide a clear explanation of innovation and compare it to invention. Determine different types of innovation in the context of HAKIM group. Evaluate the procedure required to commercialize the innovation in HAKIM group. Discuss different type of methods that can be used to protecting ideas of intellectual property as well as state its advantages and disadvantages. ' Answer : INTRODUCTION Innovation is a process of invention of new product and services which helps to gain competitive advantage at market place. It can be defined as new ideas and methods of completing all task in given time frames. In this report, HAKIM group has been selected that runs their business activities into an optical industry (Bagchi-Sen, 2010). They believe in independences and work with diversification of commodities thus gaining competitive benefits to firm in long period of time. HAKIM was established in 2001 and have achieved a nationwide reputation for their innovation by using hybrid approach which ensures best opportunities has been provided with practical benefits at market place. In this report, importance of innovation and its comparison with the invention is covered. It also includes the firm's culture, teamwork, commercialisation, vision, mission and four P’s of innovation. The assignment includes development as well as the importance of frugal innovation and makes innovation business case etc. You Share Your Assignment Ideas We write it for you! Most Affordable Assignment Service Any Subject, Any Format, Any Deadline Order Now View Samples You Share Your Assignment Ideas We write it for you! Most Affordable Assignment Service Any Subject, Any Format, Any Deadline Order Now View Samples TASK 1 P1 Importance of innovation and its comparison with invention Innovation can be defined as turning ideas into reality which helps to increase some additional value in their existing products and services form perspective of consumers . Management of firm is participating with all staff members into changes which help to completing task in new ways to get target in limited period of time (Aarikka-Stenroos and Sandberg, 2012). When organisation has used creativity in their commodities then they are able to increase brand value in industry. Importance of innovation has been explained as follows: Various kinds of issues arise during completion of whole enterprises activities so that innovation helps management of the company to operate business which helps to sustain in future. Through creativity, organisation has capability to take benefits of global entrepreneurship movement that provide higher profits and market share. Latest technology provides a competitive advantage by offering diversified goods as compare to their competitors. Through this, HAKIM group had increased their brand value and market position. Through innovation, enterprises have been able to enhance international connectivity to gain global presence. Invention: It is a process which is beneficial in producing completely new goods that cannot sell before or introduced by any other organisation in same industry. It is creative capabilities of the company (Bogers and West, 2010). Invention is a unique and novel process of completing task to produce goods. Comparison between invention and innovation has detail below: Basis of difference Innovation Invention Meaning It is an activity of modification of product and services by adding values in present goods. Firms have developed completely new commodities in order to full fill consumer's needs and wants effectively. Objective To add some component that enhances value in the original commodity. A firm has offer some something new to their clients that make their life easy. Skills All staff members of the enterprises have skilled and technical thus help to contribute into add feature by new thinking process (Bogers and West, 2012). It needed higher professional knowledge and skills as well as creativity to identify opportunities at market and find out effective solution in given resources. Concept Its initiate new thought at work place which has come into mind of employees. Firstly, management of firms has to find out buyer's needs, wants and accordingly produce commodities. Creators An entire team must work together to do modifications in existing goods. Department as R&D section of an organisation has to develop innovative ideas to manufacture products and services with new features. have a question or Need assistance CALL US +61 364132102 Request a CallbackOrder Now Need Business assignment help in Australia from professional experts to score higher grades. Contact us to get the best assignment writers for your assignments. P2 How organisational vision, culture, leadership and teamwork can shape innovation and commercialisation Within an organisation, management of the set vision, mission in order to run whole business activities in right path. For this, the manager of the HAKIM group had developed strategies to achieve their visions effectively for a longer period. It is an administrative responsibility to build a healthy working environment that helps to build a positive working culture thus motivates employees to participate into innovative activities (Ettlie and Rosenthal, 2012). Its show change in consumers behaviour and attitude that is arise due to implementation of creative idea infirm thus help to boost employees self confidence and morale. Some time, organisation set unfeasible objectives which cannot achievable so that it is very important to make their vision should be SMART. The impact of culture, teamwork, vision, leadership on creativity at the workplace is explained as follows: Vision: Owner of the company has established vision and management has developed strategies that help to achieve this vision effectively. Thus help to run business on right direction and they are made some short-term objectives to competing task in an appropriate manner. Human resources manager of HAKIM group has conducted training program for their employees who help to enhance their skills and professional knowledge. Through this, all staff members have able to give contribution in innovating work process in an effective ways. Leadership: Leaders of company has been able to influence their team members’ behaviours and motivate them to competing task in new ways in order to achieve objectives. They play a vital role in planning, managing, organising and directing employees within the workplace. A leader has an ability to build a positive attitude in order to execute creativity among members which helps in producing goods with some additional value (Gambardella and McGahan, 2010). For an organisation, it is very important to provide training to their leaders to build innovative skills that manage all inventions effectively at the workplace. Teamwork: It is a most important factor for an organisation, they are focused on their team because all work is done into the group and no one single person is not able to achieve the entire task in an effective way. When whole team has work together then they are capable to achieve goals by developing new innovative ideas that increase profitability of firms. You may also like to read: Motivational Techniques Help In Achieving Organisational Objectives UPTO50% Avail The Benefit Today! To View this & another 50000+ free Enter Email Submit
INTRODUCTION Innovation in context of business, can be refers to as the procedure of bringing improvement in existing goods or services. It can also be defined as organisational or business process which includes introducing as well as implementing new ideas, methodologies etc. Innovation is
INTRODUCTION An organisation have to develop new ideas and work on different thoughts so they can innovate services and products and run their business in right direction (Difference Between Invention and Innovation, 2016). Innovation is basically making modification in a product, system or
INTRODUCTION Innovation and commercialization is considered as the most essential element of each business enterprises as these two elements are effective for organisational growth and success. In this modern business era the major motive of each business is to adopt most advance and innovative
Information Innovation is necessarily required for every organisation for their sustainability in competitive market for longer period of time. There are different types of organisation such as private, public and voluntary therefore it must essential for all of them to bring innovation in their
Introduction and background The innovation has been one of the most research subjects in business as the various ways the innovation affects businesses and the market is diverse and unpredictable. The impact of innovation depends on many internal and external factors that make the innovation one
Introduction Innovation is considered as one of the critical factors to drive the social and economical development as well as success of any organisations. Hence, innovation within the organisation can be associated with processes or products that results into enhancing the customer and
Introduction The term Innovation innovation is viewed as the basic requirement of every organization. It refers to the process of converting an idea into a goods or services that creates values for customer or for which buyer are willing to pay. It can simply be defined as “new idea, method,
