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Case Study on Innovation and Commercialization

   

Added on  2021-01-01

14 Pages4047 Words252 Views
Innovation and Commercialization (Case Study)Innovation and Commercialization: Amazon Go (Case Study)Student NameInstitute NameDate1

Innovation and Commercialization (Case Study)Executive SummaryThis assignment provides a complete analysis of the concept Innovation and commercialization.The analysis of this concept is based on a case study on Amazon Go. The assignment includesdifference between invention and innovation, the importance of innovation in comparison toinvention in Amazon Go, how organizational vision, leadership, culture and teamwork candevelop innovation and commercialization, the 4ps of innovation, analysis and application ofthe innovation funnel for Amazon Go, the role of frugal innovation in the development ofAmazon Go, developments in frugal innovation and its use and the role of frugal innovation.Table of Contents2

Innovation and Commercialization (Case Study)Introduction.................................................................................................................................................3P1 (LO1) Explain innovation and determine its importance to organizations in comparison with invention....................................................................................................................................................................4D1(LO1, 2 & 3) Critically analyze how innovation is developed embedded and measured in an organizational context.................................................................................................................................6P2 (LO1) Explain how organizational vision, leadership, culture and teamwork can shape innovation and commercialization.......................................................................................................................................7P3 (LO2) Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and shape innovation ideas.................................................................................................................................8M2 (LO2)Analyze and apply the innovation funnel in an organizational context......................................9M3 (LO2) Evaluate the role of frugal innovation in an organizational context.........................................11P4 (LO2) Explain developments in frugal innovation and provide examples of how it is used in an organizational context...............................................................................................................................12M1 (LO1) Analyze different sources of innovation and how organizations can foster and develop an environment and culture of innovation......................................................................................................13References.................................................................................................................................................13IntroductionThe term Innovation refers to the introduction and implementation of new methods and ideas.This can be defined as the process which includes different activities to find out new ideas to doa particular thing. In the provide case of Amazon Go, the company came with an unique idea tolaunch a store named Amazon Go, where the prices of the purchases of the customers willautomatically billed to the Amazon Prime Accounts of the customers. In this store sensors willautomatically track the details of the customers when they shop in the store and record thepurchase item accordingly for pick up. This store can also be used by the employees of Amazonas well as general public.Here, the launch of the Amazon Go by the company Amazon can be considered as a technicalinnovation. The benefits of this innovation can be seen while analyzing the effectiveness to the3

Innovation and Commercialization (Case Study)customers as well as company. This innovation helps to get the services in a frequent mannerwith authenticity of payment made by the customers to the company. It helps cost effective andless time consuming.P1 (LO1) Explain innovation and determine its importance to organizations in comparisonwith inventionThe term innovation is not similar to creation as innovation is an art for thinking of ideas forinvention and a thought to produce certain things. However, the innovation of new things canalso be termed as creativity. In Innovation people basically have to think out of the box forgeneration of certain ideas and methods. Innovations provide greater opportunities which help anorganization for economic growth, critical survival and success of an organization. Innovation ofnew concepts helps the organization to develop real concepts which is considered as a driver ofoptimized operationsToday, it can be said that nothing in this world is permanent whether it may be technology orproduct. With each passing day there is an improvement in the technology which includesupdating or invention of new ideas. However, there is difference between innovation andinvention. The term invention can be defined as the creation of a completely new product or service ortechnology whereas the term innovation refers to the act of making certain changes in theexisting product, service or technology with the introduction of new ideas.The following are some of the differences between innovation and invention:InnovationInventionThe implementation of an idea or thought in aproduct, service or technology for the very firsttime is known as innovation.The happening of an idea or thought for aproduct, service or technology which wasnever made in the past is known as invention.4

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