MS&E277 | Difference between Invention and Innovation | ASDA

Scenario

Sainsbury wants to introduce new products into its existing market due to increasing demand. Innovation manager has examined the growth and potential profitability and convince organisation to introduce new products. The company competitors are engaged in introducing new products in the industry as UK market is becoming competitive.

You re employees as innovation consultant and analyse the situation to provide suggestions on company should move forward and develop products. Report will include the following:

• Discussion on the difference between invention and innovation.
• The importance of innovation in organisations and ways through which this can be embedded within the organisational leadership and culture.
• Discuss different kinds of innovations and four directions of change an organisation took place. Discuss the 4ps of innovation and its capability and management of innovations. Make recommendation top innovation manger on which innovation should be adopted.
• Determine the approaches that the Innovation Manager can take to process innovative ideas, including the innovation funnel and frugal innovation.
• What are the steps the Innovation Manager should go through to derive a new and innovative product?

The following should be carried

LO1 Discuss the role of innovation and what are the difference between invention and innovation.

For Sainsbury, discuss the importance of innovations in organisation, determine how vision, leadership, culture and teamwork shape innovation and commercialisation of Sainsbury.

Discuss different sources of innovation and determine how the organisation can foster and develop an environment and culture of innovation. You should also critically evaluate how innovation is developed, embedded and measured in Sainsbury.

LO2 Discuss the different types of innovation.

Discuss 4Ps of innovation and determine the use of the innovation funnel to examine and to shape innovative ideas. You should also analyse the innovation funnel and apply this concept in Sainsbury.

To determine your understanding of innovation, discuss developments in frugal innovation and give examples of in an organisational context. You should also analyse the role of frugal innovation in your chosen organisation.  

Evaluate how innovation is developed, embedded and measured in your chosen organisation.

LO3 Determine the process required to commercialise innovation.

To determine your understanding of the innovation, explain the importance of the commercial funnel and the application of new product development (NPD) processing for commercialisation of innovation.

Propose an innovation business case for Sainsbury and ways of funding.

LO4 Discuss the range of methods for protecting ideas and understand their advantages and disadvantages.

Determine the different tools that it can use to develop, retain and protect knowledge and intellectual property, you are required to critically analyse the nature of innovation and the context in which it is developed, providing evidence-based judgements on how your organisation can overcome challenges to develop successful innovations.