Market Research and Business Case Development

The given assignment emphasizes the significance of conducting proper market research before introducing a new product. It requires analyzing the needs and wants of people in the target market and developing a business case to address potential issues and barriers in manufacturing processes. The assignment draws from various sources, including books and journals on innovation management, technology commercialization, and open innovation.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Describe innovation and its significance in comparison with invention...............................1
P2 How vision, leadership, teamwork and cultural can shape innovation..................................2
P3 4Ps of innovation and use of innovation funnel ....................................................................3
P4 Describe frugal innovation and its use in 3COM...................................................................4
P5 Significance of commercial funnel and usage of new product development........................5
P6 Innovation business case........................................................................................................7
TASK 4............................................................................................................................................8
P7 Different tools which are used to develop, retain and protect knowledge or intellectual
property.......................................................................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES .............................................................................................................................10

INTRODUCTION
In business organisation, the term innovation consists to create new ideas and concepts in
order to maximise profitability and attain numerous customers. Innovative products and services
are also assists in maintaining brand value of the company (Aarikka-Stenroos,and Sandberg,
2012). Thus, its prime motive is to generate unique products so as to fulfil all needs and demands
of people in an effective manner. The present assignment is based on 3Com; its a digital
electronics manufacturer known for its computer networking products. The main goal of the
business organisation is to provide best of networking facilities to customers as they can easily
communicate with each other. Apart from this, the report will be described significance of
innovation and invention. Readers will also come to know about 4Ps of innovation and use of
innovation funnel. Furthermore, commercial funnel and the process of new product development
will also explained later.
TASK 1
P1 Describe innovation and its significance in comparison with invention
Innovation: - It is the process of converting an idea into reality which create value for
customers. Innovation refers to replicable in idea or thought at an economical costs with an aim
is to satisfy customers needs and wants. In this modern era, due to digitalisation many small
business entities tend to adopt innovation so as to gain high competitive edge in a minimum time
period. 3Com is also used innovation in its production process for getting higher growth and
vitality. It improves the credibility of services which are offered to customers so as to attain them
towards company. But while generating any innovative products, management have to do
research activities in order to identify customers' desires. It helps them in gaining
Importance of innovation for business organisations is stated as follow: -
 To reap in the economic benefits of new technological inventions by commercialising
them over time (Bogers and West, 2010).
 It helps business organisations to integrate technology with strategic objective of the
company thus all activities and operations in proper manner.
 Innovation reduces new product development time and helps in technology transfer so as
to manage large and interdisciplinary projects or systems.
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 It puts a huge impact on changes in business activities as proper decisions can be made in
a proper manner.
Difference between innovation and invention: -
Innovation Invention
The term innovation is a transformation of
imaginative ideas into useful application by
engaging resources in effective ways in order
to cater value to society by improved products
and technology.
Invention is a creation of new products and
services, technoloigies which are generated in
previous time.
It results into commercialisation and usually
induced.
It results are not related with
commercialisation and invention can be both,
i.e. induced and autonomous.
Innovation is usually for economic purpose, for
example- business organisations adopt
innovation to gain higher profitability and sales
revenues.
Invention can be for economic as well as non
economic purpose.
Invention – The term invention means to create something unique which has never been
produced in past decades. Creative person find out an idea, then work on it, gather relevant data
and information. Afterwards, the idea to prove its significance and passing through which
various stages of inventions. Along with this, invention creates not only products but also
determine new ways, i.e. technologies, production processes etc (Bogers and West,2012). to do
a task or activity. As customers' preferences and tastes are changing rapidly day by day, then
want new things. The demand those products which are not used by anyone previously.
P2 How vision, leadership, teamwork and cultural can shape innovation
3 Com have made vision, mission to achieve their organisation goals and objectives.
Proper defining vision and mission of the firm and with help of effective leaders and teamwork
help to generate new innovations for company. Different innovation plays important role for
company to grow and achieve success.
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 Vision: It is an aspirational statement which reflects the identity of a company. It is an
ultimate goal which a company wants to achieve in future. Vision helps the company to
achieve their objectives efficiently. For effective growth, production team should
generate new ways to innovate something new so that it can attract customers towards
them to maximise their results. Team leader should engage other people also for better
idea generation. Leadership : A good leader have capability to guide, control, coordinate their team
members and motivate and inspire them to produce innovative ideas which can benefit
the company. They should also give responsibilities to team members and encourage
them to produce better outputs. Effective leaders helps company to grow and he or she in
mainly responsible for work done by other employees of company (Ettlie and Rosenthal,
2012). Culture: 3 Com has an enabling culture in which people are excited to perform different
tasks with great efforts. Good culture establish peace in the firm and workers are
encouraged to their work. Leaders of organisation should watch that nobody is disturbing
work culture. Company should take care of sentiments of different workers working in
the company so that employees can feel good while working.
 Team Work: An organisation has effective staff when they have people working together
to achieve organisational goals and objectives. This will help members to work together
and generate innovative ideas. Team leader should guide their members in right direction
and should watch them whether they are working properly. Team work helps the
company to achieve their tasks more efficiently and effectively.
P3 4Ps of innovation and use of innovation funnel
Below described 4Ps of innovation, such are stated as follow: -
Product innovation – The main product of 3Com is providing networking services to customers
in order to increase the number of customers in a minimum time period. Market have various
opportunities for an individual who have innovatiove deias.
Process innovation – It is essential for management to regular upgrade its production process so
as to maximise profits and sales. While adopting different tools and techniques, managers of
3Com can implement best suitable strategies.
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Position innovation – It emphasis on making certain modifications in marketing position of the
company; such changes are associated with organisational goals and objectives.
Paradigm – It states that business organisations have to measuren their growth and success.
Channel progression is an aggregation of various procedures which needs to be precede towards
specific goals and aims effectively.
Use of innovation funnel – The prime motive of any product or service is development
project to take an idea from concept to reality by converting to a specific product which can meet
market trends in an economic as well as manufacturable form. The process is called innovation
funnel.
P4 Describe frugal innovation and its use in 3COM
Innovation in services and product provide help firm in order to attain desired level of
efficiency and effectively. Frugal innovation helps 3COM to minimise their costing of
production, goods and complexity (Gambardella and McGahan, 2010). It vanish the features
form long lasting stuff which are not needed for lower price of products and which can be sell in
developing nation. The same invention provide assistance in order to filling up the gap between
stranded and actual price of products. For it, budget is also framed so that cost arising in the
production can be understandable in very easy manner. There are some major pointers that
manager required to look over and kept in their mind at time of Frugal innovation these are
detailed as like:
 In the process of it, leaders for the team needs to be made hence they can be able to
provide help in order to have target and objectives in an organisation in effective manner
and prominent or capable person needs to be a leader in this process. It is the work of
manager to put very right person at the suitable place.
 Appropriate and sufficient plans and policies for innovation required to be framed so it
will be help manager of 3COM in order to achieve their wished target and objectives.
Other side they are required to provide sufficient information to every workers which are
related to innovation.
The company 3COM using their all resources in a manner or way so that their services
and product do not cross their limits. Frugal innovation provide assistance in saving their time
that consumed in the purpose of production by this buyer will have their product on determine
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time and their will be no over consumption of finance or electricity. There are many profit of the
Frugal innovation in the firm of 3COM and some of them are detailed as:
 providing assistance in filling the gap in between standard and actual consumption of the
resources and minimisation of production prices.
 Helps in defining best possible way in order to boost up the profit or benefits and having
suitable objectives.
 Frugal innovation helps in application of the newest or current plans and policies which
assist in attaining the goals of firm.
 It provides helps in order to facilitates world class or excellent productive so that it can
be manageable and affordable to the respective budget limit of the person (Godin, 2012).
 It facilitates suitable information in respect to manager and other authority or top level of
persons in related to productivity level of the firm and the workers performing with it.
 Monitoring and replanning the pre determine objectives and strategies that involves cost
that provide helps in order to attain its goal and result.
Frugal innovation minimise all the unnecessary expanse of the process of production
which boost up the cost of product and assist the firm in order to have their taget in effective or
efficient manner and helps in growth.
P5 Significance of commercial funnel and usage of new product development
Commercial Funnel: This funnel is also referred as a marketing or revenue funnel,
which has two gates one for entry and other one is for exit. It states that, all kind of raw material
like ideas, thoughts, feedbacks from customers and employees, technology, equipments and
many more things first enters through broad gate with all possibilities for any organisation for
creating and developing new innovative products and services. These raw material will filtered at
each steps and it will finally produced a innovative and creative product or service for launching
in socio economic competitive market. After that, all raw material will define separately and
frame in structured manner. Thirdly, all feasible study regarding product or service will be done
and filtered required information. After that, a detailed analysed study will be done by experts
regarding innovative product and develops a filter product. Now its implementation part is done
for commercialization and financial feasibility which is most important and essential part of an
organisation before launching a product or service. In the last, suitable course correction plan
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will be launched for products or services before launching a innovative and creative product and
services for 3Com Corporation.
Application of New Product Development Process:
It's a process through which an organisation is ensure primarily about its growth and market
share before launching its new products or services. This process includes 7 stages of new
product development and here, it discuss with regards to 3Comm organisation:
 Idea Generation: It's an consistent and systematic research by using SWOT Analysis,
research and development department (R&D), customers feedbacks , market consumer
trends and competitors products and services. This methodology is required for stay and
compete 3Comm with its rivals in this competitive social economic marketplace or
environment (Walsh,2012).
 Idea Screening: The objective of this step is to find feasible and suitable ideas for
betterment of 3Comm organisation growth, market value and stock market shares either
in terms of financial, social and economic.
 Concept Testing: This steps reflects consumers attitude and intention towards new
products and services which offered by 3Comm corporation. At this stage, find steps or
solutions for reducing cost of newly manufacturing or designing products and services. In
other words, find ways for avoiding mistakes in terms cost which directly impact on
3Comm company customers relationships.
 Market Strategy Development: At this stage, all market related things will be analysed
like market share, size, structure and behaviour, maketing budget and strategy for
promotion and advertising the newly product or services.
 Business and Financial Analysis: In this, estimates selling price of product or services,
future and past sales of product and services, profit and loss estimation is done which all
depends on customers feedbacks and competitors sales growth charts of previous years.
 Test Marketing: Through this methodology, observing the peoples demands and market
needs and further improvements in their newly products or services.
Commercialization: It includes total marketing business plan for a newly product and services.
In this distribution, promotion, advertisement and launching the new products in market will
came for betterment in future.
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P6 Innovation business case
The business case is framed in order to identify the objective of 3COM and how they will
manage them so that they can be attain in easy manner. There are some case in relation to
innovation detailed such as:
Organisation's vision- each and every firm needs to frame its vision in respect to garb
success hence this is the very first step for the company and them after it they required to work
on the same or to frame strategies in order to garb objective to them (Huizingh,2011). Vision of
the firm offers dedication and sincerity to workers for building values in the particular market.
Target- determine objective and after that ready to performing on it which helps in
having particular target in effective manner. In an innovation firm evaluate their product and
services that is needed their innovation or not.
Customer research- it is very useful for launching the product in the market cause
buyers are the prominent person who provides review for their product in the market and can
frame or damage the image of brand. Customers are promotional tool as they are able to do
mouth publicity for a certain productivity and make influence to other to get that particular
product or goods. All the changes can be framed in accordance to the needs of customers and
their demands.
Funding- The financial support is very essential for each and every firm as it helps in
order to launching or introducing any new goods or product it can be be in various manner.
There are different types of sources of finance they are detailed as like:
 Bank- it is the prominent source with the helps of it business person will be able to get
proper fund and also can took loans in accordance of their demands. They offers funds
after take suitable securities for the protection of their money which are landed by bank.
 Financial institution- these are providing financial helps at the stronger rate of interest as
these all are gives desires level of fund to the person but charge higher rate for interest as
they will have sound profit. These institution are playing prominent role in the economy.
 Government- They are capable to offers sufficient financial support in order to start new
venture in their nation. Government generates their policies in regards to facilitating
proper fund for those whom needs finance for starting their business. Generally they
provide helps to their local person who wants to invest their all finance in own country
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this will generate revenue for that particular person and participate in generating the
economic growth.
TASK 4
P7 Different tools which are used to develop, retain and protect knowledge or intellectual
property
Intellectual properties provides help in order to protecting the firm form others. These all
are taken form government through providing some of the amount to the company. The
intellectual property helps to organisation in respect to protecting their goods and services so that
on other one will be able to produce same product in the environment. These all are intangible
rights providing to the owner of the firm and if some one frames the same product or make copy
of the same them owner of the company are having right to sue against them in the court . Some
of the intellectual property is detailed as like:
Copyrights- it is an very prominent and exclusive right which are providing for a certain
time period and after that they required to renovate the same. It can be implement to creativity,
innovation, intellectual and in the form of artistic. This offers the tangible links only.
Patents- this is offers to the person who wants to innovate some new things or product. It
provides right to the innovator that they can stop other person form innovation and frame the
same product with out having their allowance (Teece, 2010). If government permit or provides
rights then it can be known as the property of a person who innovate.
Trademarks- it is utilize for logo and symbol. Trade market is offered to the name of
certain business, some of tag lines or slogans too. The prominent aim of it is to differentiate the
all brand or goods form other product.
Industrial design rights- these are utilize by the firm that comes under the production
activity in order to secure their goods form other in term of their size, shape, colour and
combination
CONCLUSION
From the above mentioned report, it get concluded that innovation plays an imperative
role in growth and success of every business organisation as it gives strengthen to business
operations and practices. It aids business organisations to attain their goals and objectives by
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attracting customers through new and advanced products. Along with this, the report stated that
if an organisation, like 3Com as effective leadership and management then it assists to encourage
them for completion of a specific task. On the other hand, concept of frugal innovation is
associated with executing marketing plans so as to carrying out customers from target market.
While introducing any new product, it is essential for companies to conduct a proper market
research and recognise needs and wants of people. Moreover, business case is developed in order
to control all issues and barriers which can occurred in manufacturing processes.
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REFERENCES
Books and Journals
Aarikka-Stenroos, L. and Sandberg, B., 2012. From new-product development to
commercialization through networks. Journal of Business Research. 65(2). pp.198-206.
Bagchi-Sen, S., 2010. Strategic considerations for innovation and commercialization in the US
biotechnology sector. European Planning Studies. 15(6). pp.753-766.
Bogers, M. and West, J., 2010. Contrasting innovation creation and commercialization within
open, user and cumulative innovation.
Bogers, M. and West, J., 2012. Managing distributed innovation: Strategic utilization of open
and user innovation. Creativity and innovation management. 21(1). pp.61-75.
Ettlie, J.E. and Rosenthal, S. R., 2012. Service innovation in manufacturing. Journal of Service
Management. 23(3). pp.440-454.
Gambardella, A. and McGahan, A. M., 2010. Business-model innovation: General purpose
technologies and their implications for industry structure. Long range planning. 43(2).
pp.262-271.
Godin, B., 2012. “Innovation Studies”: The Invention of a Specialty. Minerva, 50(4). pp.397-421.
Huizingh, E.K., 2011. Open innovation: State of the art and future perspectives. Technovation.
31(1). pp.2-9.
Kim, S. K. And et.al., 2011. The effect of R&D, technology commercialization capabilities and
innovation performance. Technological and Economic Development of Economy. (4).
pp.563-578.
Lindič, J., and et.al., 2011. Deploying information technologies for organizational innovation:
Lessons from case studies. International Journal of Information Management. 31(2).
pp.183-188.
Snow, C.C. And et. al., 2011. Organizing continuous product development and
commercialization: the collaborative community of firms model. Journal of Product
Innovation Management. 28(1). pp.3-16.
Teece, D.J., 2010. Business models, business strategy and innovation. Long range planning.
43(2). pp.172-194.
Thore, S.A. ed., 2012. Technology commercialization: DEA and related analytical methods for
evaluating the use and implementation of technical innovation. Springer Science &
Business Media.
Walsh, P.R., 2012. Innovation nirvana or innovation wasteland? Identifying commercialization
strategies for small and medium renewable energy enterprises. Technovation. 32(1).
pp.32-42.
Wonglimpiyarat, J., 2010. Commercialization strategies of technology: lessons from Silicon
Valley. The Journal of Technology Transfer. 35(2). pp.225-236.
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