This assessment will require certain questions to be answered they are:
- Elaborate the strategies and the outgoing factors for innovation.
- Critically analyse the growth and the functionality for innovation.
Innovation is defined as implementing new ideas in a firm or organization in order to providing better product to their customers. In other words, it is an opinion which is used by management for increasing the revenue and customer reliability towards firm. In present scenario, it is very essential to every firm that they have to innovate their products due to which, they will sustain in the marketplace for a long time period. Innovation also provides support to management which helps them in taking competitive advantage in marketplace.
The organization is taken for this assignment is Marshfield Bakery which was established in 1984 and based in UK. This assignment will discuss about the 4p’s of innovation and their use in innovate the product. Innovation funnel and frugal innovation are also discussed in this report. Commercial funnel’s importance and how it provide support to the organization along with New product development process.
P1 Importance of innovation with comparison to invention
Marshfield Bakery is a small bakery shop which is located in United Kingdom. The organisation was established in 1984 by Paul and Lynne white. Their main objective behind this firm to provide effective bakery items to the customers as they provide handmade bakery items to their customers due to which, they have a good market presence in bakery items. Organization is awarded by BRC certificate by UK government. They are providing variety of bakery items to their customers such as shortbreads, Loaf cakes, flapjacks etc.
Innovation is an essential procedure that includes generation of new ideas and concepts due to which organization can easily meet with the requirements of the customers. It is very important to Marshfield bakery to improve or modify their products so that they will sustained in marketplace. It is also used in thinking because it is connected with analyzing of market trends and needs of customers. Innovation is defined as making of new and advanced products and services of firm so that, management can easily meet with the demand of customers. Marshfield have to adopt some new ideas so that, they will improve their brand image in marketplace (Vishnevskiy,2015).
Importance of Innovation to organization
Marshfield bakery has to uses advance technology so that they can improve quality of their products and provide effective services to their customers. These technique provide assistance to managers therefore, they can easily earn more revenue. For this, Marshfield bakery decided to launch a new organic chocolate in market. There are some importance of innovation are given as under:
To develop innovation in business process- the main objective behind innovation is to attract more customers towards offering of the firm. For this, company have to develop some new products which help them in attracting more number of customers and they will also increases their revenue.
innovation provides help to organization in modification of existing product and also support in making new product. These techniques also supports organization in reducing unnecessary cost from the production due to which organization can easily achieve their target in limited period time.
P2 Organisation Leadership, vision, teamwork and culture can shape innovation and commercialization
In present scenario, every organization wants to improve its brand image in marketplace due to which, every firm have to create products and services as per the market trends and requirements of their customers. The main purpose behind innovation is to achieve preset goals and objective of the firm because of this they can get competitive advantage in marketplace (McCoy, 2010). Team work, culture and leadership plays very crucial role in Marshfield bakery. Through the help of them, organization can easily innovate better product and get improvement in quality of goods. It also provide aid to the managers in performing their functions in effective and systematic manner
(Vaccaro, 2012). As a small player in the market, Marshfield have a few workers who are providing services in the organization. Team work, culture, vision and mission are explained as under:
it is the statement which provide foundation to the organization without it firm cannot perform its operational activities in well manner. It is also gave support to the management in setting their objectives so that, they will able in deciding their targets which are achieved by them in the given time period. The vision of Marshfield bakery is to make quality products so that, organization will able in expanding their business activities. For this, they regularly improve and modify their products due to which, they are attaining more number of customers.
In every organization, leader have various responsibilities such as towards the organization and employees. So that, they have to play various roles in the organization i.e. motivating the employees and providing solution of their issues. Due to which, Leaders are giving more contribution in growth and success of firm. Leaders at Marshfield bakery providing supports to their team members so that, they will perform the task in effective manner and organization will easily achieve their preset targets in given time period. Organisation wants to launch a new organic chocolate for this, they have to recruit an efficient person who have the ability to provide guidance and support to the firm so that, they will able to launch this product due to which, more number of customer will be attracted in future period.
It is an important tool which is used by managers for getting collaboration work from their workers. In addition to this, it is used in maintaining cooperation between staff members and management so that, management will easily achieve their preset objectives in limited time period. Managers of Marshfield bakery are also providing motivation to their employees due to which, their customers and employees are reliable for the organization. Through the help of it, organization can easily convince their workers for manufacturing new products for the market with implementing new techniques and methods. Due to which, they can easily reduce their cost and manufacture an efficient product for their customers.
It gave an important effect on the process of commercialization and innovation. Every organization has their own culture and their managers have to follow it. As a small organization, Marshfield bakery has a few numbers of employees who are loyal for them and provide support to the firm in critical conditions and situations. Managers of organization are also giving motivation in various ways to their staff members such as reward and gifts on the basis of their work performance due to which, they get motivated and provide maximum efforts in completing the task.
All the above elements are necessary for innovation and modification of product. For implementing the innovation and commercialization process organization have to follow such elements due to which they can easily innovate the goods and services in effective manner. It will also provide maximum output for the organization in future period. Through the help of these factors, organization can get competitive advantage and increases the efficiency of their staff members. There are various factors which are also affecting the innovation process such as goals and objectives of firm, budget etc. for this, company have to make necessary strategies for them in order to making the successful innovation process.
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P3 4P’s of innovation and the use of the innovation funnel
Every organization wants to attracting more number of customer towards their offerings it can be possible through innovation. As the market trends are change according to the perception and demands of customers which directly affects the organization. Every customer wants an efficient and effective product to fulfill its need so that, organizations have to analyse the needs and demands of customers then they can innovate or modify their products. The 4P’s of innovation process are briefly explained as under:
It is the first phase in which organization have to decide that what is the modification required to the product and service. In this process all the process, modifications and improvements in the product and service are applied in order to getting more effective outcomes in the future. It is also provide support to the organization in getting attraction of customers. It includes finance, marketing and HR department so that, organization get effective outcomes of product development in future.
: It plays an important role in the organization because without it product cannot enhance quality and standard. So, it is essential for improvement of products and services of the firm. For this, Marshfield bakery has to adopt new technologies in order to increasing the productivity therefore, revenue and productivity will be also increased.
Marshfield bakery is a small player in the marketplace so that, if they want to taking growth and advantage in the marketplace they have to provide products on lower price which will help them in getting revenue and profitability in future (Guan, 2010.). It is also provide opportunities to the organization due to which, sales and revenues will be increased in future time.
It is the last phase in it, organization wants to improve its services in terms of feature and characteristics of product. New product can not attract more number of customer than it is just connected with some changes. It also improves the process of existing products which help them in more attraction of customers.
Use of innovation funnel
Commercial funnel is used for development of goods in effective manner. In an innovation of product requires some step to follow in terms of changing it from concept to reality. For e.g. a manager who wants to innovate a product for it, they have to formulate some strategies, plans and policies that helps them in processes of development the product. It also improves the whole sale process and commercial funnel. It provide guidance to manager in getting more effective outcomes and they wil able to reduce unnecessary cost from the production process..Innovation funnel will provide help to the managers of Marshfield bakery so that, they will develop new strategies for introducing products and services of the organisation.
P4 Development in frugal innovation
It is used by the manager for reducing the cost of production. In this, managers have to take helps of advanced technologies so that they can modify the product in effective manner. This type of innovative methods will provide help to the organisation because through it, they will able in reducing cost of the manufacture and effective utilization of resources in terms of electricity and other services. In the context of Marshfield bakery, their managers are using frugal technologies such as websites and methods of social media platforms due to which, organisation can improve their brand image in ma