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The scenario of this report determines innovation practices in business context that can assist in implementing desired change in business functional and operational activities. All these practices require to be based on analysis of:
- Provide an explanation over innovation as well as discuss difference between invention and innovation.
- Determine different types of innovation in Nisa retailer shop.
- Evaluate the required process of innovation commercialize in Nisa retailer shop.
- Identify the methods for protecting ideas as well as explain its advantages and disadvantages.
Innovation and commercialization plays a crucial role in small and medium business. Innovation help to attract customers and users to buy more products and increases its sales and maximizes company's profit margin. The entire report is based on Nisa retailer shop. It produce so many kinds of product like groceries wholesaler with dining facility and it is world's largest retailer company where products are found in single store for the easiness and convenience of customers. The company main objective is to provide good quality and services by helping independent retailers make a true difference with their competitors. The report also presents how innovations help in company's growth and development. It focus on company vision, leadership and teamwork will help in innovation and commercialization. The report presents different 4 P's of innovation and how they affect in company's performance and growth. It also explain frugal innovation and how it help in Nisa Retailer to perform well in the competitive world. It also throw some lights on commercial funnel and application of new product process and how it affect the growth in Nisa. The report also explains different funding sources which help to run new business and presents different intellectual properties which help to protect their products from others.
P1. Explaining innovation and its importance to employees of Nisa Retailer Store
Innovation is recreation of existing products. To remain in this competitive world, every business owner should recreate its product and generate new ideas into their service and goods which creates value for customers. Innovation is an idea which must satisfy the specific need of users. Through innovation, employee of Nisa Retailer store feel comfortable and there is a need of innovation in every small and medium business, as it help to keep employees attach with a company and they work with more efficiency and by innovation employee will help to keep attach with company and help to increase in productivity.
It is necessary to innovate and add more ideas in company in order to encourage people to buy things from their store only. If the company is an innovative firm, then there is a need to maximize the employees in order to get views and apply new ideas in their existing products. People need new and something different product from other company, to attract more customers, Nisa retailer shop always try to produce something different from others store as recently they offer a combo pack of routine usage products with such a low and affordable price that each and every individual went and purchase (Johannessen, 2017). There are many other example which a company try to attract more users. Innovation is necessary in Nisa retailer store, because customers expectations are high and they are not accept obsolete product and services, as they have many more option. They want those companies who can sole their problems and as a result, innovation is necessary. To achieve regular business growth and improving bottom line there is need to add more new product and replace old ones from new innovative ideas this help to attract more people in their store and maximizes their sales and help to improve their status and position.
Invention refers to creation of a brand new product where as innovation means making changes in existing product. A new invention lead to innovations. Invention is an original idea and its working in theory where as innovation is practical implementation of new idea into old one. Through invention only single product or process can be done but in innovations there are combination of various product (Dincer, 2017). From the case of Apple, earlier the owner invent new brand i- pad which has only limited space to store songs and people did not appreciate this inventions because it has many drawback and they uses MP3 players to listen songs because its capacity is more than i-pads then the owner realizes the need of customer and innovate I-pads with more storage and extra facilities, which is actually appreciated by peoples and now become a leading brand and company in all over world. In present scenario, Apple made many changes in their existing product in order to maximizes its sale with affordable prices. Innovation will definitely lead a company in next further level of success and help in their growth and development .
M1 innovation is helpful in the growth and development of Nisa as using new technology and apply it on the product can helpful in the growth of a business. There are various sources of innovation such as internet, leaders skill and ability etc this can foster up the organization and lead to next level of success.
D1 Nisa used different innovative product in order to develop and expand its business. Innovation help to increase in its sale power and apply new ideas on the existing product will also attract more customers and increases the profit as per requirement. As Nisa is also make its best effort in order to build brand image.
P2. Presenting how organizational vision, leadership, culture and teamwork can shape in innovation and commercialization in context with Nisa Retailer
Innovation and commercialization help to shape up the company and vision, culture, leadership and teamwork will also help in innovation. In the context with Nisa Retailer company, it also take many steps for recreate its product and groceries. Vision means to think about companies future, leadership means to lead company in right direction, culture means without discrimination can recruit many people as a employee and teamwork is coordination between staff and management (Dezi and et.al. 2018). These all factors will help to innovate products such as:
Vision: Nisa wants to provide all food product with good quality with fresh material and its vision to become a destination for fresh, quality on day to day running products. They also wants to add many store with a unique quality and selling point which make it different from others. Recently it has in store dining room, a seated coffee area with full barista coffee, displaying pastries and cakes and self serve chiller offering a variety of soft drinks, coffees and juices. But in future they wants to establish big retailer shop including lunch, breakfast with online and door to door services and this all will be done through innovations and commercialization.
Leadership: this is quality which help to take company in next level as leadership quality should be there in every person who run a business, in the context of Nisa retailer, the managers