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Unit 8: Innovation and Commercialization

Added on - 23 Jan 2022

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Assignment Front Sheet
QualificationUnit number and title
Pearson BTEC Levels 4 and 5 Higher
Nationals in Business
Unit 8: Innovation and Commercialization
Unit code:
Unit Level: 5
Credit Values:
Student nameAssessor name
Date issuedCompletion dateSubmitted on
Assignment titleInnovation and Commercialization
Word Count
Assignment Front Sheet
Hand-in Policy
You must complete this assignment on time. If you experience difficulties, you must
inform your tutor accordingly.
Late Work Policy
Consideration will be given to students who have valid reasons for late submission (e.g.
illness)
Plagiarism
In case of plagiarism, college regulations will be applied. You must declare that this work
is your own by signing the following statement:
Learner declaration
I certify that the work submitted for this assignment is my own and research sources are fully
acknowledged.
Student signature: _______________________Date: ___________________________
Table of Contents
P1. Explain the different context of innovation and differentiate between invention and innovation.......3
P2. Explain how organization vision and leadership and culture shape the innovation and
commercialization.......................................................................................................................................4
P3. Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and shape
innovative ideas...........................................................................................................................................4
4 P’s of Innovation...................................................................................................................................4
P4. Explain developments in frugal innovation and provide examples of how it is used in an
organizational context.................................................................................................................................5
P5. Explain the importance of the commercial funnel and the application of New Product Development
(NPD) processing for commercialization of innovation...............................................................................5
P6. Build an Innovation Business Case for an organization, including ways to access funding....................6
P7. Evaluate the different tools that organizations can use to develop, retain and protect knowledge and
intellectual property....................................................................................................................................6
Bibliography................................................................................................................................................8
Unit 8 Innovation
P1. Explain the different context of innovation and differentiate between invention
and innovation
Definition of innovation
Innovationisthecreation,developmentandimplementationofanewproduct,processor
service,withtheaimofimprovingefficiency,effectivenessorcompetitiveadvantage.”(Hudson,
2014)
Example of business innovation
Business success occurs with –
creating new products / services / markets
updating something known so it is exciting again
The following are examples of success through innovation –
1.
1.Technology companies triggering a paradigm shift by impacting
industries
A. Apple– changed music and consumer electronics
B. Uber– changing the taxi business
C. Airbnb– changing the accommodation industry
D. Amazon– changing retailing
1.
2.Technology companies creating new markets / industries
A. Google– with ” Search, etc. ”for a much better online experience
– changed the Advertising world with Adwords
– impacting the mobile, car, utility, etc. industries
B. Facebookestablished the ” social network ” market
C. WhatsAppestablished the personal communications market
D. Steamestablished the online market for licensing games
1.
3.Companies making something old new again
The following brands have taken familiarity and made it relevant with modern
technology to create a winning product / service –
1.Nest
Nest successfully revolutionized a stagnant thermostat industry because they took
something we all use and asked, “How can we make this (much) better?” They
listened to people’s complaints (ex: energy use, comfort levels) and went about
applying answers to these problems. When you’re in tune with public demands and
you can create the appropriate solutions, you’ll be successful.Nicolas
Gremion,Free-eBooks.net
2.Nintendo
Pokemon Go is a world-class example of how Nintendo became relevant again by
simply reinventing itself through a modern game that activated gamers of all ages and
genders. Pokemon Go incorporates virtual reality elements, gamification, and
commerce at scale in a way that has never been done with such precision. I believe the
reason for the success was well-executed timing.Kristopher Jones,LSEO.com
3.Snapchat
Snapchat brought photo sharing forward into the modern age and brought back a real
interest in photos and communicating through photos. They were successful because
they incorporated the social element and added ways to edit the pictures and add
things to them that made it even more fun for their audience. They also brought the
photo-sharing concept into the digital online age and made it interactive.
4.Slack
Chat rooms on the internet have always been around, and in the old days,asking
someone for their age/sex/location was just what you did on them. Slack brought chat
roomsback and made them more productive by highlighting their
usefulnessforteams. Today you would be hard-pressed tofind a company not using
Slack, or at least someone from the company not activeinaSlack community.
5.Polaroid
Polaroid cameras used to be these ugly, old looking things that resembled View-
Masters, and with everything going digital, Polaroid’s future didn’t seem very
promising. But, they’ve found a way to make their cameras kitschy, cool and popular
through unique branding and an engaging aesthetic. I doubt they’ll ever be seen as
dated again.
6.Unwelcome Greetings
The team behind Unwelcome Greetings knew that traditional Hallmark cards were
boring. At least, among Millennials, they felt that there was a better way to
congratulate a friend or share a funny meme. And so far their outrageous greeting
cards have been a hit among consumers who prefer to communicate in
memes,emojisandpranks.
7.Dollar Shave Club
Dollar Shave Club made it easier and cheaper to buy razors, and they did it with style.
They were successful, in part, because of their innovative approach to advertising. But
the real key was taking on an established industry that had been overcharging for
generations, and making the product cheaper and more convenient. Companies like
Casper are doing the same for mattresses.
8.GoPro
GoPro effectively took an old product that everyone has, re-purposed it, and made a
fortune. GoPro is nothing but a good-quality camera. However, they managed to make
it attractive, target a large niche of passionate customers and create a new category for
themselves. The beauty behind this brand istargeting a group of people who are tight-
knit andlarge enough to build a sizable business.
9.Netflix
As one of the cornerstones of the home entertainment industry, brick-and-mortar
DVD rental stores seemed like they’d be around forever. Then along came Netflix.
Not only did the brand reinvent the delivery of DVDs, they transformed movie rental
altogether with streaming service. The brand’s success has come from not just
embracing change, but seeing it as an opportunity for innovation.
10.Adidas
Adidasbenefited from people’s increased interest in sports gear that became
athleisure wear. RapperKanye West, NHL Pittsburgh Penguins star Sidney Crosby,
and NFL Green Bay Packers quarterback Aaron Rodgers helped put Adidas back on
top. As Adidas says,“Americans like winners. We needed to not just have athletes but
the best athletes.”(CAIL, 2017)
Types of business innovation
Itisremarkablehowmanypeopleareunderthefalseassumptionthatcompaniesareeither
innovativeornot.Thisisaverypolarizingandsimplisticperspectivethatdoesnottakeintoaccount
thedifferenttypesofinnovationsthatcompaniescananddopursue.
Forthispost,let’sbreakdowninnovationintotwodimensions:TechnologyandMarket,whichgives
usthefollowing4typesofinnovation:
IncrementalInnovation
IncrementalInnovationisthemostcommonformofinnovation.Itutilizesyourexistingtechnology
andincreasesvaluetothecustomer(features,designchanges,etc.)withinyourexistingmarket.
Almostallcompaniesengageinincrementalinnovationinoneformoranother.
Examplesincludeaddingnewfeaturestoexistingproductsorservicesorevenremovingfeatures
(valuethroughsimplification).Evensmallupdatestouserexperiencecanaddvalue,forexample
belowisanolderversionofConstantContact’semailschedulepage:
Thereisnothingmajorlywrongwiththispage,howeveritiseasytoseethatthepagetitleis
“Schedule”,yettherearenoschedulesettingsanywheretobeseen.Infact,inthisversion,you
havetoclickontheyellowschedulebuttonontheupperright-handcornertoactuallypopupthe
schedulesettings.Inaddition,thereisahugeemptyspaceontherightsideofthepagethatdoes
notcontributemuchvaluetotheuser.Belowisamorecurrentversionofthesamepage:
Thisupdatedversionreplacesthe“Schedule”titlewiththetitleoftheemailcampaign.Thismakesit
easierfortheusertoseewhichcampaigntheyareworkingon.Actualschedulesettingshave
replacedtheawfullyhugeemptyspaceontheright-handside,whichmakesitpossibleforthebig
yellow“Schedule”buttontoactuallyschedule.Also,largersizedformfieldshavebeenintroduced
toalloweasyclickingonthoseelements.Allthesechanges,whichmayseemasjustupdates,are
actuallysmallincrementalchangesfocusedonaddingmorevaluetoanexistingproduct.Theywill
provetobeincrementallyinnovativeifcustomershaveabetterexperiencewiththeproductandare
abletoscheduleemailcampaignsmucheasier.
DisruptiveInnovation
Disruptiveinnovation,alsoknownasstealthinnovation,involvesapplyingnewtechnologyor
processestoyourcompany’scurrentmarket.Itisstealthyinnaturesincenewertechwilloftenbe
inferiortoexistingmarkettechnology.Thisnewertechnologyisoftenmoreexpensive,hasfewer
features,ishardertouse,andisnotasaestheticallypleasing.Itisonlyafterafewiterationsthat
thenewertechsurpassestheoldanddisruptsallexistingcompanies.Bythen,itmightbetoolate
fortheestablishedcompaniestoquicklycompetewiththenewertechnology.
Therearequiteafewexamplesofdisruptiveinnovation,oneofthemoreprominentbeingApple’s
iPhonedisruptionofthemobilephonemarket.PriortotheiPhone,mostpopularphonesreliedon
buttons,keypadsorscrollwheelsforuserinput.TheiPhonewastheresultofatechnological
movementthatwasyearsinmaking,mostlyiteratedbyPalmTreophonesandpersonaldigital
assistants(PDAs).Frequentlyyouwillfindthatitisnotthefirstmoverwhoendsupdisruptingthe
existingmarket.Inordertodisruptthemobilephonemarket,Applehadtocobbletogetheran
amazingtouchscreenthathadasimpletouseinterface,andprovideusersaccesstoalarge
assortmentofbuilt-inandthird-partymobileapplications.
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