Importance of Innovation and its Types- McDonald's

Brief :

Learning Outcomes:

• Examine the context for innovation and determine the difference between invention and innovation.
• Discuss the different types of innovation.
• Explain the process required to commercialise innovation.
• Analyse the range of methods for protecting ideas and understand their advantages and disadvantages.

Project Scenario:

You are doing a small research as a new researcher that is based on innovation and commercialisation of Mc Donald organisation which has the intention to embed innovation and commercialisation in the organisation culture over the next 12 months. You are required to work with the company as a part of your research and you are shadowing the CEO of the organisation to complete your research. Produce a report based on the research to inform how the organisation benefit from the innovative and commercialisation skills to maximise the Return on Investment (ROI). Give a small ntroduction to the organisation for which you are doing the research with the rationale for this report. The activities should reflect the scenario of given organisation .

1. A brief overview of given organisation’s current situation and key activities.
2. A complete analysis of innovation and its importance to employees of given organisation, with examples in comparison with invention. You can enhance your explanation with an analysis of different sources of innovation and briefly analyse how innovation is developed, embedded and measured in your chosen organisation.
3. Discuss to employees of given organisation how organisational vision, leadership, culture and teamwork can shape innovation and commercialisation, and you can enhance your explanation with an analysis of how organisations can foster and develop an environment and culture of innovation.

4. An examination of the 4Ps of innovation and the use of the innovation funnel to examine and shape innovative ideas to employees of your chosen organisation. The 4Ps of innovation should include Product, position, process, and paradigm.
5. An analysis of how the given organisation can develop frugal innovation. Also, produce an evaluation of how frugal innovation is used or can be used in the organisation that you have mentioned.
6. Examine the importance of the commercial funnel and the application of New Product Development (NPD) processing for commercialisation to employees of your chosen organisation, with practical examples where necessary. You must demonstrate the application of New Product Development (NPD) for launching a new product and you can enhance this with evidence-based judgements on how organisations can overcome challenges to develop successful innovations.
7. Create a detailed Innovation Business Case for your chosen organisation, including ways to access funding.
8. An analysis of the different tools that the chosen organisation can use to develop, retain and protect knowledge and intellectual property with practical examples where necessary. The key IP tools including copyrights, trademarks, design rights and patents.

Structure of Report:

1. Cover page
2. Contents page
3. Introduction
4. Main Body (Focusing on individual learning outcomes and linking them to the chosen organisation)
5. Conclusion and recommendations
6.  References and Bibliography.

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