(solved) innovation and commercialisation assignment
Added on 2019-12-28
15 Pages5299 Words177 Views
Innovation AndCommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1 ...........................................................................................................................................3P1............................................................................................................................................3P2............................................................................................................................................4TASK 2 ...........................................................................................................................................5P3............................................................................................................................................5P4............................................................................................................................................7TASK 3 ...........................................................................................................................................8P5............................................................................................................................................8P6............................................................................................................................................9TASK 4..........................................................................................................................................10P7..........................................................................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONIn today's era, innovation and commercialization has become an important factor thatlead the firm towards success. Innovation is a process which is used by the business organizationso that new product can be available in the market with its unique features. Through thesefeatures, the enterprise will be able to sustain its competitive advantage in the market as compareto other rivals (Yin, Shi and Yan, 2014). Technology play a vital role in this process and throughthese they will be able to attract large number of customers towards their services. The presentreport is based on Periscopix which is a marketing agency in London. The firm focuses on usingdata and technology so that they can provide innovative services to their customers. The belowmentioned report is based on the innovation and its different types of employees. Along withthis, it also explains the process that is used by organization into commercialization so that salescan be increased. Furthermore, some of the tools are also used by the company to provideinnovative products.
TASK 1 P1Innovation is a process that is used by the organization so that they can create a strongbase of customers. Along with this, it is based on technology and new ideas. On the basis ofthese, the manager of Periscopix transforms the ideas into practical reality so that people will beable to get innovative product (Guha and Yang, 2010). Marketing agency can adopt techniquesof innovation so that they can offer their services at global level. Through this, the enterprise canget attention of the consumers. The business organization can also use some of the strategies sothat they can enhance features in the products. These innovations can be made on the basis ofsome sources such as end users, agents and so on. The manager has to conduct a research in themarket so that they will be able to identify the new ideas. Innovation is an important factor for the employees of Periscopix because through theywill be able to enhance their performance. Some of the characteristic are needed in the workersas on the basis of these they will be able to become an innovative person. Some of these traits arevisionary, openness, proactive, honest, curiosity and so on (Walsh, 2012). On the basis of thesecharacteristic, an employees can make his different identify in the firm then other employees.According to the case study of Virgin Group, they involve their employees in the decisionmaking process so that new ideas can be developed. So, the manager of Periscopix can alsoinvolve their workers in the planning process and consider the ideas which are suggested by staffmembers (Innovation to commercialisation. 2017). Through this, they will be able to increasesatisfaction among all employees. If all staff members will become innovative on their part thenthrough this the overall growth can be improved. There is difference between innovation and invention. Invention is related to theoccurrence of new ideas for the services and finding ways to make the products. On the otherhand, innovation is related to implementation of the ideas for the very first time in theorganization (Bogers and West, 2010). Some of the differences are:Invention is focuses on the development of new products and innovation is related toadding features into the existing services. Scientific skills are required when firm invent any product and on the other hand some ofthe skills which are required in the process of innovation are marketing, strategic andtechnical.
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