Importance of Innovation & Commercialisation
Added on -2021-02-21
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Innovation andCommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................4P1. Define innovation and identifies its importance within organisation as compare withinvention......................................................................................................................................4P2. How organisational leadership, vision, culture and teamwork can designcommercialisation and innovation..............................................................................................6P3. 4P'S of innovation and innovation funnel use in context with organization.........................6P4. Frugal innovation with examples how it can be used in firm...............................................8P5. Significance of the commercial funnel and application of NPD process forcommercialisation of innovation.................................................................................................9P6. Innovation business case for an organisation........................................................................9P7. Different tools that an organisation can used to formulates. Intellectual property andprotect knowledge.......................................................................................................................9M1. Analyse various sources of innovation and how organisation can hinder or develop anenvironment as well as culture of innovation.............................................................................9M2. Analyse or apply innovation funnel in to the organisational context..................................9M3. Evaluate the role of frugal innovation in context with organisation...................................9M4. Detailed innovation business case.....................................................................................10M5. Present evidence based evaluation of various tools in wider organisational context........10D1. Critically analyse how innovation is developed and measured in organisational context.10D2. Critically explain the nature of innovation in reference with organisation........................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONIn order to make business successful, it is necessary to know about overall trends ofmarket. At current scenario there are lots of organisation who put huge efforts foe theiremployees and employer as well. With the help of this they can make their business better andable to achieve organisational goals effectively (Ahn, Minshall and Mortara, 2015). Whereas,innovation is the process of transferring an idea that develops effective value for whichconsumers will pay. Herein, commercialisation refers to the process of bringing unique goodsand services to market. This present assignment is based on Samsung Electronics which isworld's largest multinational electronic organisation was formed during the year of 1969 andheadquartered is in Suwon, South Korea. It deals with electronic items such as lithium-ionbatteries, semiconductors, chips as well as flesh memory devices. Further discussion will bebased on explantation of innovation and their difference between inventions or innovation. Afterthis it will focus on different types of innovation or discussion of the process needed tocommercialise innovation. At last, methods for protecting ideas as well as advantages ordisadvantages will get covered. P1. Define innovation and identifies its importance within organisation as compare withinvention.According to the present scenario, innovation plays crucial role in every business's lifewhich helps them to make unique and better ideas for satisfying overall needs and demand oftheir customers. In reference with Samsung Electronic they always used different tools andtechnologies in order to give better services to their customers. By implementing on this hightechniques strategy they can achieve its predetermined goals and objectives appropriately. Thereare briefly explanation differences of these terms, those are explained below: Innovation: It is the process of developing new ideas, creative thoughts, newimaginations unique methods in order to fulfil customers needs and wants appropriately. It is theonly way by which firms can easily understand their consumer's demand and requirements andable to accomplish marketing needs. Innovation always bring uniqueness in goods and services,technologies, processes as well as business models. Therefore, innovation termed as a mostrealistic and attractive approach of business to satisfy customers and increase firm's productivityand profit. For example: Zipcar bring effective innovative ideas which allows people to rent a
near by car through the day or by the hour. With the help of this business model customers buycar on rent as per their suitability. Invention: It is a unique process or method in order to develop unique product in theorganisation. With the help of this firms can improve their overall goods and services to getbetter results in future. Auto mobile industry is the best example of invention as modern carlaunched in the year of 1886 but now a day due to higher technologies design, shape and featuresof this industry has been changed. Therefore, auto mobile industry reflects evolution across theglobe. Difference between innovation and inventionDifferenceInnovation Invention MeaningIt is helpful for implementation ofideas for goods and services atvery first time. It is the process of thinking aboutgoods and services that has neverbeen prepared ago. ConceptIt is the practical implementationof different ideas. Think about realistic ideas indetail. ActivitiesIt is the wide process within theorganisation.It has limited scope to research anddevelopment department. SkillsIt requires lots of marketing andtechnical skills along withstrategic skills.It is only needed scientific skills. From the above explanation of innovation and invention it has been observed that, bothare necessary terms for the Samsung Electronics. With the help of innovative thoughts and ideasthey can easily implement on new strategies by which they can influence other towards itsproducts (Greenaway and Rudd, 2014). Therefore, it is much essential to motivate workerswithin an organisation and they always able to make unique policies for their customers to gainbetter success in future as well as marketplace. On the other side innovation takes unique placewithin business environment so that respective firm can take better place by making differentstrategies and policies for their customers. Innovative ideas will always helps this organisation toachieve its goals by giving better performance at market.
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