Importance of Innovation - Unicorn Grocery

TASK 1

P1. Innovation and its importance to employees with a difference with invention

The term innovation refers with development of applications and ideas which boom up the way of doing things. It may results in new products or services, a transformed business processes, changes in the way of marketing and introduction of new technology. Along with this, innovation supports small entities to grow by improvising their efficiency and productivity. Entrepreneurs ability to innovate also remain them to be competitive and respond effectively towards changes. Producing innovative products or services are enable to satisfy customers' needs and wants in an effective manner and supports a company to gain high competitive edge.

Following is defined importance of innovation in context of Small businesses -

• Problem solving: Due to some external forces, business associations face several issues that may also affect their working activities and decision making process. By using innovative tools and techniques managers are enable to resolve work based problems. The practised convention and planning for solving all issues is not sufficient even there is needed implications of several effective ideas or concepts based on innovative thinking. As the main objective of innovation is to diminish all workplace issues and perceive a business organisation in an unprecedented manner.
• Adapting to market dynamics:It is an known fact of market that enterprise rapidly changes. Hence, it is an strong requirements for adopting of innovation techniques so that staff can be empowered, engaged and an improve finance condition can be achieved within a firm (Dahlander and Gann, 2010).
• Responding to customers expectations and demands: Innovative products are enable to satisfy customers needs or demands in best possible way. Consumers are a key elements of an enterprise in order to sustain its brand value at marketplace for long run. Implication of innovative tools bring value for customers and a firm customer-oriented. It turn out enhancement of increasing sales and profitability of companies by which they are able to accomplish their goals and objectives in best possible manner.
• Effective competing: There are various companies are competing within a market providing similar services as well as goods. Some of situation make it extremely important for adopting it in a very creative way by which goods and services are perceived in a very different way so that manager enterprise position can be availed.

For finding out major differences it is important to differentiate within invention and innovation which is given below:

Difference between invention and innovation

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