Innovation and Commercialisation - The Magmatic Trunki

Added on - 19 Feb 2021

  • 9

    pages

  • 2641

    Words

  • 4

    Views

  • 0

    Downloads

Showing pages 1 to 3 of 9 pages
INNOVATIONANDCOMMERCIALISA-TION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Importance of innovation and compared it with invention as well as examine how it can beintegrated within leadership and culture at Magmatic................................................................1TASK 2............................................................................................................................................3Explain the 4P's of innovation and use of innovation funnel......................................................3TASK 3............................................................................................................................................4Importance of commercial funnel and application of new product development process forcommercialisation of innovation.................................................................................................4TASK 4............................................................................................................................................5Methods to protect ideas and intellectual property along with advantages and disadvantages..5CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
INTRODUCTIONTo make a business growth market trends and analysis is very essential to takes placechanges in an effective and efficient manner. Innovation and commercialisation will facilitatesthe growth and development of an organization as well as helps in taking competitiveadvantages. This report is based on the Magmatic Trunki, it is a brand of carry-on hand luggagefor children which is designed by the Rob Law. Product of this company become well-knownafter featuring on the UK television series Dragons Den in 2006. Now owner takes initiate tolaunch the Jurni a ride-on suitcase for kids. under this report discussion about the concepts ofinnovation, invention, comparison between both, funnel innovation, frugal innovation, 4p's ofinnovations, commercial funnel, new product development as well as methods to protect theintellectual property.TASK 1Importance of innovation and compared it with invention as well as examine how it can beintegrated within leadership and culture at Magmatic.Innovation refers to the alteration in their existing products and services and create newconcepts and methods in an effective as well as efficient way. Trunki inventor rolls out newdesign of suitcase Which is Jurni, it is being released by Law's Bristol based company Magmaticas a biggest innovation of original Trunki. Recently many changes takes place in the market acompany needs to introduce innovative concept to build long term relations(Aarikka-Stenroosand Sandberg, 2012).Importance of innovation:It is essential to make policies and strategies to accomplish the objectives and goals of acompany in an effective manner. Rob Law innovation helps in solving the copycat problem byintroducing Jurni a ride-on suitcase for kids. This will helps in increasing the profits as well asproductivity and a company able to compete with their competitors such as PMS' Hong Kong-made kiddee case. Also, it enhance the employees knowledge and skills for taking competitiveadvantages by using their capabilities and competencies.Difference between innovation and invention:BasisInnovationInventionDefinitionIt refers to the improvement in theIt defines as a creation of new1
desklib-logo
You’re reading a preview
card-image

To View Complete Document

Become a Desklib Library Member.
Subscribe to our plans

Download This Document