Assignment: Innovation and Commercialisation
Added on 2020-10-04
15 Pages4098 Words75 Views
Innovation andCommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and its importance in comparison to invention....................................................1P2 Impact of organisational leadership, culture, vision, teamwork on innovation.....................2TASK 2............................................................................................................................................3P3 4 P's of innovation and use of innovation funnel...................................................................3P4 Development in frugal innovation.........................................................................................5TASK 3............................................................................................................................................6P5 Importance of commercial funnel and application of New Product Development...............6P6 Innovation Business Case......................................................................................................7TASK 4............................................................................................................................................8P7 Different tools to retain, develop, protect intellectual property.............................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONInnovation means to develop new things in existing product and services. There aredifferent policies adopted by company to provide satisfy consumer. These days there are changestaking place in business environment and it is necessary to accept those changes and apply toorganisation. It is essential to analyse competitor's policies then adopt it to promote company inpositive manner (Aarikka-Stenroos and Sandberg, 2012). Innovation is done by top levelmanagement but this is implemented by employees of company so it is essential to motivateemployees to give their best. Innovation arises when some new is in trend or consumer is facingproblem in existing product. In this report, Wiser is the company which is recruitment company,they provide services to train personnel and provide better options to company regardingselection of candidates. This report discuss about innovation and its importance as compared toinvention, impact of leadership, culture in innovation, 4 P's of innovation, frugal innovation.There is proper process followed by management to develop new product in market. There isproper business case for developing new services to society, tools to protect intellectual right.TASK 1P1 Innovation and its importance in comparison to inventionInnovation is essential for growth of company. According to Bagchi-Sen, 2010 there isneed of improvement in existing product and services. There are possibilities if company doesnot accept changes of external environment then there are possibilities that consumer does notlike to prefer their brand. Invention is different from innovation , but sometimes people use these termsinterchangeably. It is essential that company has to work as per external factors of organisation.In case of Wiser, they are thinking to launch software which is beneficial of society. As per toplevel management of Wiser, there is requirement of some unskilled personnel in society such asmaid, driver. They are launching mobile application which provide best solution as per need ofclient. There are bifurcation on the basis of culture, age, background, etc. According to them,competitor companies are not emphasising on it. So there are possibilities that Wiser can providethis facility to society and this helps them to improve image in market.Meaning of InnovationThere is need of improvement in product and services, this can be performed throughanalysing different factors associated with business. There are possibilities that manager has to1
perform task in manner which is effective and comfortable for organisation (Bogers and West,2010).Innovation is important for company to provide better satisfaction to consumer. It isessential that manager has to take actions which are beneficial for growth of company. It helps inimproving quality of product and services.Meaning of InventionThere is requirement of some new things which is invented by person. This idea isgenerated when some problem is faced by society. Difference between Innovation and InventionINVENTIONINNOVATIONWhen there is sometime new in market whichwas not existing then it is known as invention.Some value addition to existing product andservices is known as innovation.There are possibilities that invention is notlaunched in market due to failure of productand services.Innovation of product is definitely launched inmarket for commercial purpose.Invention can be due to financial or nonfinancial motive.Innovation leads to generate financial profitbecause this is generally improving satisfactionlevel of customer.There is important role of research anddevelopment department of company toimplement invention successfully.Innovation can be done by joint efforts of alldepartments. There must be some motivationalfactor attached with it.Invention can bring some changes in company.Innovation brings changes in organisationalgoals and objectives of association.P2 Impact of organisational leadership, culture, vision, teamwork on innovationThere are many policies framed by top level management and it is essential to giveemphasising on implementing them in better way (Ettlie and Rosenthal, 2012). There arepossibilities that employees are not performing their responsibility in better way, so managermust give emphasise on performance of workers. Employee and employer both are essential inperforming activities in better way, it is essential that employer must emphasise on motivatingemployees to give their best. This helps in providing satisfaction of customer. There are differentpolicies adopted by manger to create good environment within organisation. 2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Innovation and Commercializationlg...
|14
|4410
|466
Innovation and commercialisation in organisational changelg...
|15
|5042
|243
Innovation and Commercialisation in Business : Assignmentlg...
|15
|4158
|34
Innovation, Commercialism and Business Caselg...
|15
|4722
|390
Innovation and Its Importance to Employees : Assignmentlg...
|12
|4148
|66
Innovation Business Case 7 TASK 48 P7 & M5 Innovation Business Case 7lg...
|13
|3927
|274