Innovation and Commercialisation

This document discusses the meaning of innovation, its importance, and the differences between innovation and invention. It also explores the role of vision, leadership, and teamwork in innovation and commercialisation. The document further analyses diverse sources of innovation and how they are used to cultivate an environment and culture of innovation. It evaluates how innovation is developed and measured in the context of Unilever and explains the 4Ps of innovation and the use of the innovation funnel. Additionally, it discusses the development of frugal innovation in an organizational context.

INNOVATION AND
COMMERCIALISATION
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Contents
Contents...............................................................................................................................2
Contents...............................................................................................................................2
INTRODUCTION...............................................................................................................3
TASK 1................................................................................................................................3
P1Explanation of the meaning of innovation, it’s important and differences between
innovation and invention...................................................................................................3
P2.Importance of vision, leadership and team work regarding innovation and
commercialization.............................................................................................................5
M1 Analyse diverse source of innovation and how they used for cultivate expansion for
environment and culture of innovation.............................................................................6
D1 Evaluation of how innovation is developed and measured in context with Unilever. 7
TASK 2................................................................................................................................7
P3.Explanation of 4ps of innovation and uses of innovation funnel to examine the shape
of innovative idea..............................................................................................................7
P4.Explanation of development in frugal innovation in organizational context...............8
M2Innovation funnel of Unilever.....................................................................................8
M3Role of frugal innovation in Unilever..........................................................................9
TASK 3................................................................................................................................9
P5. Importance of commercialization funnel and importance of new product
development in processing of commercialization innovation...........................................9
P6. Business case study...................................................................................................11
Established a new venture which is success fully run in market for long time period, for
this purpose they formulate strategies and working on the case of how the start their
new organization. It is not easy to start-up up new business organization there are some
ethical rules follow in systematic way. Following are the steps of creating innovative
case..................................................................................................................................11
TASK 4..............................................................................................................................12
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P7. Evaluation of different tools which organizations uses to develop, retain and protect
knowledge related to intellectual property......................................................................12
M4 Build a detailed innovation business case which includes how to measure its overall
effectiveness....................................................................................................................13
M5 Present supported evidence-based evaluation of these different tools in the context
of the wider business environment. Entrepreneurs.........................................................13
D2 Evaluation of the nature of innovation and its uses for overcome challenges to
develop successful innovation.........................................................................................13
CONCLUSION..................................................................................................................13
REFRENCES.....................................................................................................................14
INTRODUCTION
Innovation is the way which used in converting idea into realty by using systematic
procedure. It is directly link with commercialization. Innovation help in increasing sales
ad to become successful of the new product effective marketing strategies are requiring.
In this report Unilever organization has to be taken to determine the effect of innovation.
It is based on UK, and deal in healthcare and beauty product. In this report, the
importance of innovation, factor affective innovation process, the frugal and commercial
funnel has been decrease. This report also included how new product has been developed
and launch in market by sung process of new product development this report also
considered the way organization select their newly product by using tools of intellectual
property.
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TASK 1
P1Explanation of the meaning of innovation, it’s important and differences between
innovation and invention.
INNOVATION: It can be define as procedure of changing idea and thought of
personals into effective goods and services through which they create some value and
satisfy the desire of customers. Innovation is the word which is derived from Latin word,
innovetioneum. In other words innovation is define as introducing new products to
market and converting developing ideas in to reality. Innovation is essential part of every
business entity though innovative idea or introducing new products in market, a firm
never able to maintain their position in the market for long term time period, importance
of innovation in context wit Unilever is mention below
Innovation help in converting idea’s into reality (Dmitriev, Simmons, Truong Palmer and
Schneckenberg, 2014).
It is useful for the organization to bringing new product into market.
It helps in achieving competitive advantage by using unique feature products.
With the use of innovative process of manufacturing organization able to reduce the cost
of production.
It help in attracting the target market customers and useful in maintain goodwill mammon
business environment,
Innovation useful for the Unilever to find new talent within the organization an also
motivate employers to works towards achievement of business goals.
At the resent time individual think that innovation and invention are used as
interchangeably but there will be different in between these 2 words which describe below
Particular Innovation Invention
Definition It is a procedure of
operation of novel
goods, services ,
technology in
consecutively or
newly recognized
association
The term invention define as an motivation
or idea of implement goods and services
which never has been used and introduce
before in marketplace.
Aim Main function is to
shaped novel
technology
Addition into the assessment of already
establish product.
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within market
area (Çengel,
2017).
Related with It is apprehensive
with single
manufactured
goods.
It is related with mixture of different
products.
Skills Logical and
technological skill
are necessary for
invention
Administrative skills are required for
innovation procedure.
Scope Innovation has
wider possibility as
innovation can be
used in any trade
unit.
Invention has constricted range as contrast to
innovation as it is restricted to investigate
and expansion department
At present time business corporations use innovation for ,maintain themselves in market
competition if they offer their customers old product and service without changing in
them then their customers will defiantly attract in other rival organization because with
the changes in time demand of customers also changes. Unilever is one of the major
organisation of England which deal in beauty products they use innovation launching
new product to remain their customers. They new launch to enhance their workforce
skills . The now launch new biotech beauty products which includes, face wash, face
cleanup, foundation and biotech sun protect cream. All these products are innovation and
have different feature they use natural ingredients while producing these cream through
these products have not an adverse effect and they are herbal. They included herbal
product as in present time demand and able skin care product is increase in market area.
P2.Importance of vision, leadership and team work regarding innovation and
commercialization.
Vision: It defines as small statement which represent by organization to show a
future position and future goal. T is the main aim to which the establish retail
organization in. Unilever vision is to become world’s largest or bi retail organization in
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the field of beauty products. To achieve the vision, mangers introduce new predicts, it
provide guideline for commercialization process.
Leadership: The term leader is refers as personal who has the skills and capabilities to
motivate and influence personals to work towards achievement of goals .Leadership, is
quality of individual which is required for business as a great leader represent
organization in effective way and leader is the one who motivate and influence workforce
and provide guideline to the procedure of business activities. For innovative new product
it is the leader which encourages converting the ideal into realty. Unilever was founded
by in 1919. They are the perfect example of converting as small organization into large
one by effective leadership styles (Jonsson, Baraldi and Larsson, 2015).
Teamwork: The word team represent group of individuals all the members of them are
came together for specific project task. It is required for every business to build a strong
teams to which they can able to customers their task and solve any issue an also work on
productive new idea and skills. For team work Unilever use the theory model of Bruce
Tuckman which define for developing a team , personals face 5 stages which define
below
Forming Stage: It is the first stage of build team, in this stage personals meet each other
all belongs from different department, state and culture
Storming Stage: At this stage all the team members identify each others similarities their
passion work compatibility and mangers determine them about the task
Norming Stage: At this stage all the members know each other very well and
responsibility is divided in team. All members motivated and inspired each other and
discuss the way they do their work task. All members are work in effective way.
Adjourning stage: At this stage the task has been completed and team members get
separate from we each other after completion of the task. They all work in effective
manner and maintain coordination with each there to achieve the projects objective
within given time period.
Culture: It is most vital part of business organization. It define as values, norm and
beliefs which follow by business organizations to fulfil their ethical rules regulation.
Organization culture is made with different factors a, workforce religion, stories, myths
traditional, p[policies and rules of tradition. Culture and give direction the way
organization work and run their business cycle it s the effect of culture whit through
manger how to behave with subordinate and team members, culture environment help in
bringing coordination and bud strong communication and retain between the workforce
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and organization. Better work place facilities useful in reduce rate of employer turnover.
With the changes in time Unilever new hire their workforce different countries o get
skills and higher capabilities workers, all belong from different culture, thus they
implement policies which respect culture norms and values of ever employer of the
organization. Changing in culture also effect the innovation products. Organization
framework those produce through which they can maintain the belief of culture by selling
their product in market (Liu, 2016).
M1 Analyse diverse source of innovation and how they used for cultivate expansion for
environment and culture of innovation
Innovation is the proceed through which manger coverts tog he internality by which
their launch new product and secure in market. Management department of Unilever also
adopt innovation strategy as is the only way to maintain position in market. For this
purpose various factors effect, the product, culture, business environment, demand ,
supply validity of reduce, technology perception of customers, leadership surly, all the
organizational these factor affect during take decision of introducing new product in
market. Unilever launch their product on the basis of taking care of all the factor of
internal and external market.
D1 Evaluation of how innovation is developed and measured in context with Unilever
Unilever adopt the strategy of innovation in their operations when they face high
competition in market their goodwill goes down and their turnover rate also decree thus
manger decide to launch herbal skin care cream in market in order to come again and
build position in market. They measure the success of product by increasing rate of
profitability
TASK 2
P3.Explanation of 4ps of innovation and uses of innovation funnel to examine the shape
of innovative idea.
Unilever use innovation strategy to introduce new product, as their management
department have idea the importance and effect of innovation process on
commercialization thus they time to time represent new develop product or change
feature and their product and services , they follow the 4 p of innovation, which are
mention below
Product: Business organization use innovative strategy by introducing new product in
market. Unilever launch their biotech beauty cream and products n the market which is
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made up with natural product and have many natural ingredients which is beneficial for
skin of customers,.
Process: It is not required that introducing of new product and serves is consider as
innovation. It also includes when manger change the policies and procedure and bring
new technique to change the production or selling procedure. Management department of
Unilever now use advance technologies o record transaction ad also in their production
process which save time as well as cost of the organization (Roh, Jeong and Park, 2016).
Position: Changes in the position of product also comes in innovation procedure
Paradigm: Unilever converts framework or procedure of the beauty product they
produce in their organization.
For introducing innovating product and services business organization follow a process
which is known as innovation funnel procedure. In other words the method of converting
though into reality are define as innovation funnel process, follow are the stages of this
funnel
Marketing funnel: In this stage mange of Unilever found the target marketing are, by
using environment scanning techniques .They identify those customers which are able to
purchase beauty skin care cream of the organization.
Sales funnel: In this stage, manger department of the Unilever adopt and formulate those
marketing strategies though which the attract target market customers as well as those
customer who are unaware of the product of Unilever. The made a strategy through
which unaware cuoter knows put the product by using social media ad digital platform.
The organization incurred expands on this stage.
Innovation funnel procedure help the organization to build strong position in the market .
P4.Explanation of development in frugal innovation in organizational context
Frugal innovation: This procedure will be help in controlling the cost developing
innovative good and production and also useful in reducing risk of producing new
product and services. It also defines as frugal engineering .It is apply by every types of
business organization whatever they are small or large business corporations. Unilever
used frugal innovation procedure in order to cut throat cost of manufacturing the raw
material and ingredients cost regard offer produce cream and also control import cost.
They cut extra wastage activities which are the main causes of incurred high cost.
Following are the procedure of frugal innovation (Zhang, 2014).
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Scarcity driven innovation: This is the first phase of frugal engineering, in this phase,
manger of Unilever focus on the rest of increasing cost of production they supervise all
the proceed and also check records and data and then find out the reason of cost
increases. At this stage they solve problems related with the lack of material, equipment ,
recycling of product.
Cost driven innovation: At this stage management department of Unilever focus on the
effect of foreign trade cost, income effective business organization and the way they
solve issue regarding international business activities. They solve issue related with the
cost originated during trading of in international market, requirement of incitation
customers.
Deskiing innovation: At this stage of frugal engineering management department of
Unilever solve the issue regarding innovators they proved help and guide and give them
equipment and material require to convert the though into realty they also focus on
attractive business customer and cover their labours into skilled one by providing effected
training and development facilities.
M2Innovation funnel of Unilever
Innovation funnel is the procedure high which organization converts their though or
ideas into real so that they represent new product in market. In case of Unilever the
organization us changes their policies, procedure, and product by innovation
technologies. The company use innovation funnel for this they flow all the sales, market
and customer funnel in order to launch skin care herbal product in market.
M3Role of frugal innovation in Unilever
With the use of frugal innovation Unilever organization will b able to reduce the cost
of manufacturing new product and also controlling cost of foreign trade by applying
effective strategies .
TASK 3
P5. Importance of commercialization funnel and importance of new product development
in processing of commercialization innovation
Commercial funnel: It can be define as marketing policy which is apply by business
organization to attract and retain their customers for long time period. Commercial funnel
also known as sales funnel as it is related with the phase of sales frugal .Following are the
stages has been fulfilled by applying commercial funnel strategy
Attraction: At this phase of commercial funnel , business organization use effective
marketing strategies and policies in order to attract target market customer. They use
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communication tool, new product on digital platform, social medial to advertised their
product and emotionally connect with costumer. Unilever sale their skin care product by
advertising it on major platform thy also use those strategy which attract unaware
customers also (Farinha, Ferreira and Gouveia, 2016).
Converts: At this stage, management department of organization focus on their unaware
costumer’s and formulate policies to aware them regarding the product. Unilever
marketing team is very skilled thus they offer for product, advertise their skin care
product at unrelated market, the offers by one get one and promote their products by their
potential customers it will help in attracting those customers who did not known about
the organization products.
Close: At this stage organization focus on identifying the wants desire and perceptions of
consumers regarding the product. Management department of Unilever after introducing
their product in market, by questioner, survey online interview and take feedback from
customers and then work on the changing policies of product.
Delight: It is the final stage of sales funnel. After finding the problems and requirement
of the customers management department of Unilever focusing on changing in procedure
and fracture of product and service and provide effective products through which they
save their time. It will help in increasing the sales rate and also maintain goodwill in
market. They do it in order to maintain the long term position in economy. For this they
introducing and launch new product to desire customers.
New development process
For introducing new product in market, business organizations need to follow some steps
that raw material is being converted in to product which is able to introduced n the
market. Flowing is the procedure of NDP. It is improvement part of business organization
without it organization not able to survive in market.
There will be 8 steps of product developing
1. Idea generation: At this stage idea creating something new has been developed. It
is problem comes when organization face problems. At the higher competition time,
a team has been select by Unilever which work generating of idea regarding new
products and serves.
2. Idea screening: At this stage, framework has been ready which show the design
how idea converted into reality (Schmitz, Urbano, Dandolini, de Souza and
Guerrero, 2017).
3. Concept developing and testing: In this phase mangers make strategies regarding
new skin care product.
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4. Marketing strategy development: after formulation of strategy, mangers analysis
the market control and build policies regarding market condition related with the
skin care product, how it will be launch, by whom it , advertising strategies all
included in this phase of NDP
5. Business analysis: At this stage , managers identify the desire and requirement of
market customers related with the skin care product.
6. Product development: At this stage good and services implemented by Unilever
management department.
7. Test marketing: At this stage sample of product has been introduce in market.
Management department of Unilever take feedback of the skin care product of
customer and then change their feature of product if needed.
8. Commercialization: It is the last stage in this stage product is finally ready to launch
in market, Unilever introduce biotic skin care herbal product after completing each
phase of new product development cycle.
P6. Business case study
Established a new venture which is success fully run in market for long time period, for
this purpose they formulate strategies and working on the case of how the start their
new organization. It is not easy to start-up up new business organization there are
some ethical rules follow in systematic way. Following are the steps of creating
innovative case
STEPS OF CREATING AN INNOVATIVE BUSINESS CASE
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Executive Summary: It is the first stage in which manger decided, vision, mission object
and formulate policies for the organization.
1. The needs: At the next step mangers launch new product and services on the basis
of fulfilling desired of customers, Unilever and new skin care product.
2. Innovation: At this stage manager change policies procedure or product with
something new. Unilever change the packaging strategy of skin care product to
attract customers (Dunlap-Shohl and et.al.2018).
3. Customers Research: At this stage manger of Unilever focus on analyasising the
demands and desire of customers. So they change in their products.
4. Design and development: At this stage organizations develop product according to
the desire and demand of customers.
5. An expected benefit: For maintaining position in the market place mangers need to
focus on how they attract their customers for long period of time. For thus they need
to use effective marketing strategy. Unilever to sale their skin care herbal product
use social medial platform advertisement their product by famous every on England
so customer get attract to purchase its product.
It is essential for every individual follow the above steps in order to introduced new
start-up in market and focusing vision and mission of organization they are the
main base f the business organization.
TASK 4
P7. Evaluation of different tools which organizations uses to develop, retain and protect
knowledge related to intellectual property
Intellectual property can bed define ad considered as those part of assets or property
which is not natural but created and developed by human being by their skills and mind
capabilities. Intellectual property include, musical lyrics, poetry, songs, painting, way of
making food items, story of film, design, symbol, name brand icon logo and image. At
present world intellectual property are also essential tool of the organization it itself is the
source of competitive advantage. Many of time customers get attract with the logo, name
image and symbol of the business organization use, BMW, Lemobirigni, Jugular, Dairy
milk all these organization are famous for their symbols or logo. Management department
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of Unilever use following tools in order to develop, retain and manage their knowledge of
intellectual property of Unilever
Patent: Government proved right according to t law of intellectual property act that they
have right to the organization for specific period of time, for their product. Unilever have
some right that no other organization product same product and company their product
other is they can sue case on the other organization (Dewangan and Godse, 2014).
Copyright: It is one of the most famous tools of intellectual property. Government have
given right to written document that no over can show or represent the written document
in market. Unilever ha copy right regarding their graphical designs.
Trademark: It is the symbol of uniqueness which becomes unique to the business
organization from their rival companies. Trademark is symbol of goodwill. Unilever use
With the use of all these tools of intellectual property Unilever protect and secure their
rights against he rival organizations.
M4 Build a detailed innovation business case which includes how to measure its overall
effectiveness
With the use of skin care product launching in market , Unilever build strong
business case.
M5 Present supported evidence-based evaluation of these different tools in the context of
the wider business environment. Entrepreneurs
William and James lever founded Unilever and most famous entrepreneur, Unilever
has company right to its symbols and product they use trademark, company through
which they protect their product and save in market.
D2 Evaluation of the nature of innovation and its uses for overcome challenges to
develop successful innovation
Innovation is in dynamic nature it changes with the changes of time, manager of
Unilever use NDP process in order to introduce new innovate product which is based on
the demand of costumers though which they overcame the risk of maintaining position in
market by satisfying customers.
CONCLUSION
From this report hit has been identified that every business organization need to use
innovation strategy in their operations in order to maintain their position in market.
Innovation is the process of converting the though into realty, many factors effete in
notion proceed, culture, environment, vision mission. Manager not only innovative
product but they also change their procedure and technique of by using innovation, they
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use funnel to identify the way product use in market, with the use of engineering frugal
manager reduce the cost of production and innovating process. Launching in market,
organization use new product development procedure which product launch in the
market. They also secure it by using intellectual property tool through which they secure
their innovative product.
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Farinha, L., Ferreira, J. and Gouveia, B., 2016. Networks of innovation and
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pp.259-275.
Schmitz, A., Urbano, D., Dandolini, G. A., de Souza, J. A. and Guerrero, M., 2017.
Innovation and entrepreneurship in the academic setting: a systematic literature
review. International Entrepreneurship and Management Journal, 13(2), pp.369-
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Dunlap-Shohl, W. A., Daunis, T. B., Wang, X., Wang, J., Zhang, B., Barrera, D., Yan,
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CuCrO 2 hole transport layer for perovskite solar cells. Journal of Materials
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