Innovation and its importance

TASK 1

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

Innovation: 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).

Invention: 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 in market.

Difference between innovation and invention:

Sources of innovation: There are various sources of innovation that helps the organisation to increase profits and sales. A few sources of innovation have been discussed underneath:

The unexpected: It is very important for the manager to study the market so that market changes and conditions can be determined. It will help to formulate effective strategies for the business.

The incongruity: The companies should collect feed back form their customers so that their complaints can be used as hints for the new innovation this whole process is known as incongruity.

Process need: By identify the weaknesses in the organisational processes a company may implement innovation by finding solutions and correcting all the problems (Drucker, 2014).

Industry and market structure change: As market structure changes with time hence organisations also have to change their processes and products with the help of innovations to be competitive in the market.

Demographics: Income level, population, human capital and age of customers changes frequently and smart companies should always pay attention to these components so that innovations can be used to remain competitive.

Changes in perception, mood and meaning: Customer's taste, need and perception changes with time and when one need get satisfied than another need takes place organisation can provide them modified products to fulfil their needs with the help of innovation.

New knowledge: it is related to technology which changes with time and increase the expectations of customers form an organisation. It leads the firms toward innovation to retain all the customers.

In Rowlinson Knitwear innovation is managed and embedded effectively as this may help to increase market share by attracting large number of customers. Managers of the company make policies and strategies to increase involvement and engagement of employees in organisational activities that helps to enhance their work quality (Edquist, 2013). organisation is not having sufficient resources to embedded innovations in which there are less creative employees who may provide innovative ideas for innovation.

P2 The way in which organisational vision, leadership, culture and teamwork can shape innovation and commercialisation

Innovation and commercialisation both are very important for a company as this may help to expand business with the help of new ideas. If managers of an organisation keep information of market conditions than this may help to implement innovation appropriately. Organisational vision, leadership, culture and teamwork of Rowlinson Knitwear can help to shape innovation and commercialisation. This can be understood appropriately by following points:

Organisational vision: Vision is the long term goal of the organisation. It helps to identify that company have ability to attain success and growth in future or not. Vision of Rowlinson Knitwear is to become a great place where employees can enjoy their work. This vision can be achieved with the help of effective involvement of employees in their work. For all the managers it is very important to communicate vision with the employees so that they get aware of all the essential things and work hard to attain all the organisational vision. 

Leadership: Leaders of the organisation are required to cooperate and motivate the subordinates so that they may work effectively. In Rowlinson Knitwear leaders can guide employees to work appropriately and consider their opinion in decision making for business as democratic leadership style is followed by the organisation. This will help to implement innovation and commercialisation befittingly. Effective leadership help to establish a positive environment within the because it results in motivated employees and enhanced work quality of them.

Culture: Organisational culture is related to the distribution of power among managers and workers who are involved in different activities like marketing, research, selling and other. In Rowlinson Knitwear task culture is followed by the managers and leaders in which they formulate teams in which members are selected form different departments of the organisation. Leaders formulate these teams to find solutions for the problems of company. This also help to shape the process of innovation and commercialisation because team members can find appropriate ways to implement both of them. Organisational culture help to establish a good culture and environment in the organisation because it is used to find solutions for the problems for organisational problems.

Teamwork: It is mainly required in any task or activity which is performed by an organisation. If there is no team work than it is not possible to execute a plan successfully. In Rowlinson Knitwear all the employees and managers work in team and deal with challenges together. This can help the company to shape commercialisation and innovation. Team work can help to complete all the tasks in the time limit which helps to establish good culture and environment in the organisation.

Managers of Rowlinson Knitwear foster and develop environment and culture by formulating appropriate techniques and strategies that are required to be followed by for innovation. It is very important for the employees put their full efforts in all the activities so that all the operations can be executed appropriately (Freeman, 2013).

TASK 2

P3 4P's of innovation and use of innovation funnel to examine and shape innovative ideas

4P's of innovation: These were invented to facilitate organisations to while investing different areas where innovation is required. These can be used by Rowlinson Knitwear in order to be more competitive in the market. All the 4P's are as follows:

• Product:According to this element companies can modify their existing products that are sold to the market. Rowlinson Knitwear can use this option and launch a new product in the market.
• Process:It is the method which is used for the production process of the items that are manufactured by organisation. This can be used Rowlinson Knitwear by improving the process of sewing clothes and use an innovative technique for the same purpose that may help to attract large number of customers.
• Position:it refers to the promotional activities that are performed to aware customers about organisational products. Rowlinson Knitwear can modify its promotional or marketing activities to attain a good position in the market.
• Paradigm:It refers to the changes in basic mental model that are used by organisation to execute business. Rowlinson Knitwear can make innovations in paradigm by modifying existing models (Goldberg, 2013).

 All the above mentioned elements are going to be implemented by Rowlinson Knitwear as they may help to launch the fashionable and daily wear clothes in the the market which is an innovation.

Innovation funnel: it is the combination of three different elements that are investigation, development and delivering products to general public. It can be used by Rowlinson Knitwear while the launching a new product in the market as this may help to attain success in the market.

In investigation market conditions are going to be analysed by the marketers of Rowlinson Knitwear so that the innovations can be established successfully.

In development changes are going to be made in the existing clothes according to the needs and demands of customers.

In last element which is delivering, the products are going to be offered to the customers in order to satisfy their needs.

P4 Developments in frugal innovation and its use in an organisational context

Frugal innovation: It is the process of decreasing complexities and errors in the production (Frugal innovation, 2018). It can be used by the managers of Rowlinson Knitwear in order to reduce its cost of production of the innovative clothes. This is very beneficial for the organisations because this may help to launch an innovative product in the market with new feature that are replaced by older.

For example, Rowlinson Knitwear can use frugal innovation in its clothes. Currently schools uniforms and professional attires are sold by the organisation and now the company can launch daily wear and fashionable clothes in the market to cover large market area by increasing number of customers. As the quality of new clothes is not very good hence Rowlinson Knitwear can enhance quality of those clothes by reducing complexities in the manufacturing process.

Frugal innovation is vital for such organisations who are not able to bear higher costs for innovations but willing to expand the business in the market. A successful frugal innovation can help the companies to attain long term sustainability. This can also help to be more competitive in the market by launching innovative products on low prices that can grab attention of customers and help to capture large market share.

It can be used in Rowlinson Knitwear by making changes in its innovations which is  fashionable and daily wear and this will result positively for the company. The organisation can  modify the process of sewing clothes and use different methods of manufacturing to attract large number of customers. This will also attract large number of customers because the organisation will launch such clothes in the market with an innovation (Huberman and Miles, 2013).

TASK 3

P5 Importance of commercial funnel and application of new product development for commercialisation of innovation

Commercial funnel is the art of attracting customers to increase the number of sales. The importance of commercial funnel are as follows:

Brand Image:

Commercial funnel helps in marketing the product in new and existing market. This will help the company in increasing its brand image so that its fashion outlets will get attention of customers and hence increasing its sell.

Profitability:

With the help of commercial funnel the product is knowable to the market. This will increase in the selling of the new fashion outlets of Rowlinson knitwear. Therefore profitability of the company will also increases (Jain and et.al., 2013).

Customer Base:

The marketing of new product through commercial funnel also increases the customers base of Rowlinson Knitwear. By the marketing of new product customer base also increases in the company.

New Product Development:

New product development is the process of bringing new product to the market. The company Rowlinson Knitwear has launched itself in fashion outlets also. To launch these fashion outlets following are the steps:

• Product idea Brainstorming: This step focuses on launching the new product. The idea of launching new product is taken from customers. Rowlinson knitwear should also focus on knowing about the customer's feedback before launching the new product (Nelson, 2013). In case of Rowlinson knitwear, the idea of launching fashion outlet is considered.
• Evaluate the ideas: The ideas of customers should be evaluated so that it can be found that whether the product can sustain itself in market or not. Company should also evaluate their idea of customers before implementing fashion outlets.
• Market evaluation: Evaluation of the market should also be their so as to find the sustainability of product in market by Rowlinson Knitwear. This will help the company in finding the requirements to be added to the fashion outlet before launching it
• Analyse the competitive situation: The competition among the rivals can also be analysed with the help of NPD.Rowlinson knitwear should find the market rivals before launching the product.
• Prototype and marketing: A prototype of the product should be developed so that it can be in the hands of customers to find the feedback from them. This will help Rowlinson to find weakness of the product.
• Market testing: In this step if the feedback of customers in above shows weakness then it should be improved. This will make the product up to the mark before the launch.
• Prepare for launch: Now is the time for the company to launch its fashion products into market. This time the product delivers to customers is full to it's quality and will show good response among customers (Rice, 2013). This innovation will bring attention among the customers and will increase the sustainability of products in market.

Applications of NPD process:

NPD process helps in analysing the market situation by which sustainability of the product can also be checked. This also helps in fulfilling the requirement of customers so that chances of sustaining the product in market increases.

Steps to overcome challenges to develop successful innovation:

Processing Ideas Efficiently: Rowlinson should process the ideas, which are developed, efficiently. The circulation of idea will be like that it will cover all the steps of organization. If it is failing at any level in organization, it will not possible to launch the successful product in market. Therefore company should efficiently produce ideas.

Efficient internal structure: The internal structure of Rowlinson should be well efficient enough so that the idea of innovation can be implemented without having problem of skills. If any employee require training process to develop its skills then company should focus on providing those skills. This will help the company in launching of new product without any problem.

P6 Innovation business case for an organisation and the ways of funding

Business case is used to make more profit and also to attract a huge amount of customers. The case of Rowlinson Knitwear is that it is going to launch its fashion outlet. In this case the barriers related with the outlet during the production is taken into consideration. The steps of Business case are as follows:

Executive Summary:

Rowlinson knitwear is going to launch its new product which are related with fashion. In previous it manufactured the professional dresses (Wolin, 2016).

Objective:

The main objective of the company is to provide a best range of its fashion products as the brand image of previous stores so that it can attain the customers to it's premise.

Solution:

This provide the solution to the problems related to the manufacturing and distribution of the new product according to the demand of customers.

Market Analysis:

This process helps the company in providing the prototype of the product launched so that the customer will get to know about the product.

Business Analysis:

It is the process of developing better planning and support employees so that they can innovate themselves to increase creativity and attracting customers.

Financial Analysis:

It is the analysis of funds allocated to the firm to launch the new and innovative product.

Sources of funding:

There could be many sources to Rowlinson knitwear so that they can arrange fund to run business.

• Investors: The company can call to its faithful investors to invest in their new venture again. If the sustainability of new product in market is good than they can invest in company.
• Shares: The company can also raise funds through selling its hares which can be helpful for its shareholders if business get successful.

TASK 4

P7 Different tools that organisations can use to develop, retain and protect knowledge and intellectual property

Tools like copyright, trademarks, design rights, patents etc. are used to protect the innovation from the intruders which can copy the product and launch it in market. Following are the tools to protect the product:

Copyright:

It is the right of protecting the product in market from the intruders. In case of Rowlinson knitwear the other companies can copy the fashion products of it. Therefore the company should use copyright act with their product. If a company is using the copyright products then the user have to pay monetary damages and court may prohibit it from using its product in future again.

Trademark:

It is defined as the sign, design and expression which can be used to identify the product that it is specific to Rowlinson knitwear. The trademark of a product legally differentiate it with others. This symbol or letter makes authorization of the company which uses this intellectual

UPTO55%

Avail The Benefit Today!

To View this & another 50000+ free

Enter Email

Submit