Context and Scenario
A UK based company of your choice that want to introduce new products into the existing market as rising demand. Being an innovation manager, they have studied the market for growth and potential profitability and now they are planning to develop new products. The chosen company is currently engaged in developing new products that is needed within the industry. In fact, UK market is increasingly becoming competitive.
In this case, you have been hired as the consultant to analyses the situation and present recommendations on how the company must move forward for developing new products. This respective report will cover the following:
LO1 Define the concept of innovation and determine the difference between intervention and innovation.
For the given organization, analyze the benefits of new products and explain innovation & analyze the significance to company’s in comparison with the invention.
Explain how the vision, leadership, culture and teamwork can shape innovation and commercialization.
For the benefits of the chosen company, analyze various sources of innovation and how the company can foster and develop an environment & culture of innovation. Furthermore, critically analyse how innovation is developed, embedded & measure in the given company.
LO2 Define various types of innovation
You are needed to define the 4p’s of innovation and define the use of innovation funnel in order to examine and shape the innovative ideas. You must also analyse the innovation funnel and apply such concept.
In order to demonstrate the concept of innovation, define the development of frugal innovation and give examples of how it can be used in an organization content. You must also evaluate the role of frugal innovation in the given company.
Critically analyse how the innovation is developed, measure and embedded in the given company.
LO3 Discuss the process needed to the commercialize innovation
Explain the significance of commercial funnel and its application of new product development(NPD) processing for the commercialization of innovation.
In the innovation manager needs to be convinced that developing a new product is the way
Forward for the growth of the company. You are required you build the innovation business case for the company. It must include ways to access funding, appropriate techniques to analyse the effectiveness.
LO4 Discuss the range of methods for protecting ideas and understand their advantages and disadvantages.
Evaluate various tools that can be used to develop, retain and protect knowledge and intellectual property. Furthermore, analyse the nature of innovation for developing, providing and evaluating the evidence-based judgments on how the company can overcome challenges to have successful innovation
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