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Innovation Funnel and New Product Development

   

Added on  2020-02-12

10 Pages3313 Words39 Views
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Innovation andCommercialisation
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Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3Explain the importance of commercial funnel and the application of NPD process..................3TASK 2............................................................................................................................................5Innovation Business Case for the organisation and ways to access funding..............................5TASK 3............................................................................................................................................7Evaluate the different tools to develop, retain, protect knowledge and intellectual property.....7CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
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INTRODUCTIONInnovation is a process that can enhance the quality of the products so that customers willbe able to get more valuable services. Through this, the requirements and expectations of peoplecan be fulfilled (Podmetina and et. al., 2011). Commercialisation is a kind of process that is usedto launch the new products into the market. Here, advertisement and promotion play their role sothat overall sales can be increased. The present report is based on AB dynamics Ltd whichperform their operations in automotive industry. The small enterprise focuses on their innovationand commercialisation techniques so that they can improve their growth. In this context, itexplains the importance of commercial funnel and how new product can be developed.Furthermore, it focuses on the different tools that can be used by an enterprise in order to retainand protect the intellectual property. TASK 1Explain the importance of commercial funnel and the application of NPD processThe business can use a particular commercial funnel in order to launch their products intothe market so that customers can consume different services as per their requirement. This kindof tool is used by the organisation so that they will be able to increase their overall sales. ABDynamics Ltd uses the concept of technological advancement in order to provide some advancedfeatures into the services so that their profitability level can be achieved. Some of the safetyfeatures which are introduced by the automotive industry are like head up display, softwarewhich can provide direction to an individual, automatic glass break (Fiedler and Welpe, 2011).Through these kind of features, the company will be able to attract number of people towardstheir services from all over the world. In this manner, their overall brand image can be improvedat global as well as domestic market.
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