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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 business operations so as to maximise the level of satisfaction of customers. Innovation not only brings advantage to company in terms of reducing cost of operation but also enhances the standard of living of people through providing them quality products and services at an affordable prices (Bianchi and et. al., 2010)). The present assignment writing report is based on OAK Cash and Carry which is small sized company deals in providing wide range of grocery products. The project describes the important of innovation along with their comparison with invention. Contribution of innovation in achieving mission, vision, and team work are also discussed under this report. 4P’s of innovation and the term Frugal innovations are also mentioned under this report. All other aspects are also briefly explained under this report with the context of OAK Cash and Carry.
P1: Distinguish between innovation and it differentiation with the concept invention
Innovation: It is process of modifying something into new and innovative so that it can bring benefits to company as well as customers. It includes the suggestions and opinions of expert which directs the management to change exiting into better one. Therefore, it is essential for OAK Cash and Carry to adopt new and innovative changes in their internal management so as to enhance the capability and strengths of an organisation. Innovation can be done in different departments so a to bring efficiency in quality of work. Not only company’s performance, innovation makes huge impact on employee’s performance also in form of bringing motivation among them so as to perform well. For example, Launching a new mobile application facilitate customers to buy company's products using their mobile without visiting at their physical store. It easily influences buying behaviour of targeted customers which in results increasing sales and revenue of company. Along with this, there are other advantages as well that will be received by OAK Cash and Carry which are given as below:
Competitive advantage: Every organisation whether small, medium or large has operated its business functions with an objective of sustaining in market for longer period of time through competing with their rivals in more effective and efficient manner (Crossan and Apaydin, 2010). As OAK Cash and Carry is small sized company which faces tough competition with large number of rivals therefore it is important for company to implement new and innovative ideas into business structure so as to achieve competitive advantage in market. For example, the administration department of OAK Cash and Carry may uses mobile technology in which they decide to launch new mobile app which facilitate customers to buy company's products without visiting at their physical stores. This will help company in achieving huge customer base which in results achieving competitive advantage in market. Bringing innovation in marketing activities are also help company in gathering huge number of customers at their stores.
Application of best methods: Innovation enhances the way of grabbing an attention of customers across worldwide. Only the requirements is an effective management who are capable to think different and something innovative that will make their company different from their rivals. Implementation of new and innovative ideas into action in the procedure of different business activities help in achieving productivity and profitability. For example, launching a new mobile app to increase sales and customer base or using social media platform to achieve loyalty of retained customers (Guan and Chen, 2010).
Difference between invention and innovation
Innovation and invention are two different concepts which are adopted by every organisation in order to brings something new and innovative into the market so as to achieve competitive advantage. Innovation is the process of developing the features of current products with the help of using unique methods and techniques where as invention means creating something new which cannot be introduced earlier in the market. Apart from this, there are many differences among between two which are given