Assignment on Innovation & Commercialization

Added on - 06 Jun 2020

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INNOVATIONANDCOMMERCIALISATION
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INTRODUCTIONInnovation can be understood as a process to improve or make a significant change to aexisting product or service. Is is one of the most essential ingredient of a companies sustainablegrowth and one of the most important task that needs to be followed in an organisation.Companies like Virgin Group are the forerunners in innovation and have made significantchanges to their products from time to time.It helps companies to trade their products in a newmanner and these innovations are made according to the market and customer demand (Aarikka-Stenroos, Sandberg and Lehtimäki 2014). Commercialisation can be understood as process ofmanaging business so as to earn profit from it. Periscopix deals in digital marketing area in UK.This company is specialised in the business of Pay Per Click management, display and googleanalytics services. It is UK's first certified firm and basically works for technology innovation.This report showcases the importance of innovation and commercialisation in a business andhow product development can lead to attain customer satisfaction which helps them to providecompetitive edge over their competitors.TASK 1P1 Innovation and its importance in comparison to invention.Innovation can be termed as a process to create something new in the existing product ofthe company. This is a way to make changes as per the business requirement. Creativity is ainnovation. It can be understood as creation of new product or process that helps to shapebusiness into another way. Being from the field of designing ideas for digital marketingPeriscopix understands the role of innovation in making business successful.This can also beunderstood by the fact that Virgin group has made regular changes to its products adding newfeatures so as to attract more customers and increase their market share.Whereas invention can be understood as the term used for launching of products orcreation of process for the first time in the market (Abou-Ras, Kirchartz and Rau, 2011).Invention process helps companies to expand its business in a totally new area. An inventionhelps to achieve a completely different function that has uniqueness. Periscopix needs tounderstand the importance of invention in increasing the market share and overall asset of the1
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