Innovation is can be defined as a tool which is used by organisation to capture large market share with the help of new and innovative products. Aspirations of customers increases with time and when their one need is fulfilled than another take place and they look for innovative products that may satisfy their needs. Companies make modification in their existing products and than launch them in market this help them to grab attention of customers and fulfil organisational goals (Berry and Berry, 2018). Organisation chosen for this report is Rowlinson Knitwear which is clothing company and executing business in UK. This assignment is based on the innovation which is going to be implemented in Rowlinson Knitwear. The organisation is going to launch daily wear and fashionable clothes in market.
For this purpose various topics are discussed under this report that are innovations and its comparison with invention, different sources of innovation, the way in which innovation is developed, embedded and measured and organisational vision, leadership, culture and teamwork can shape innovation and commercialisation, 4p's of innovation, commercial and innovation funnel, frugal innovation, new product development process, innovation business case and different tools for securing knowledge and intellectual property.
Overview of Rowlinson Knitwear
Rowlinson Knitwear is a clothing company who is manufacturing school and corporate wear. Currently organisation is executing business in UK successfully. All the products that are sold by the compare are tested and made with good fabric. Headquarter of the company is in Woodbank Mills, Turncroft Lane, UK. The organisation was established in 1935. the employees of the company sews 40000 items every week.
P1 Innovation and its importance to the organisations as compare to invention
When an organisation modify its existing product and launch it in the market this process is called innovation. It helps to attract large number of customers by providing them such products that are required by them. Rowlinson Knitwear can use this technique to acquire large market share so that profitability can be enhanced and all the operations can be executed appropriately (Boudreau and Lakhani, 2013).
It refers to the introduction of a new idea in the market for the first time. This help the organisations to target prospect customers who get attracted towards such products that are new and have not yet been launched in the market. Managers of Rowlinson Knitwear can use this option to attract large number of customers by introducing new products