Innovation and Commercialisation in Burberry

Innovation
and
Commercialisation

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P1 : Innovation and its importance for the organisation in comparison to invention.............3
P2 : Explanation to how vision, leadership and culture of organisation can shape innovation. .4
TASK 2............................................................................................................................................5
P3 : P's of innovation and use of innovation funnel to examine and shape innovative idea. .5
P4 : Developments in frugal innovation in organisational context........................................7
TASK 3............................................................................................................................................8
P5 : Importance of Commercial funnel and application of New product development ........8
P6 : Detailed Innovation Business case for the organisation.................................................9
TASK 3 .........................................................................................................................................11
P7 : Tools that can be used by the company to develop, protect, retain knowledge and
intellectual rights..................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES................................................................................................................................1

INTRODUCTION
Organisation modernise their activities and processes with the aim to get competitive
advantage. For this they keep on innovating their products, processes, serves etc. By this the
organisation means to implement better solutions so that they can meet up with the requirements
and augmented needs of the customers. The businesses thus commercialize the new products,
services or methods by making them available in the existing marketplace. An innovation is
commercialised by the organisation by going through various steps. For this report the
organisation that is taken into consideration is Burberry, which is a UK based luxury fashion
retailer. In this report various innovation undertaken by Burberry and the impact of vision,
leadership and culture on innovation is discussed. Also innovation funnel is used in the report to
examine the innovation idea along with that commercial funnel, business case are prepared for
commercialising the innovation.
TASK 1
P1 : Innovation and its importance for the organisation in comparison to invention
Overview of the organisation : Burberry is a British fashion house which offers ready to wear
outwear, fashion accessories, fragrances etc. and have been operating worldwide. They are
highly customer focused for which they destroy their unsold products in order to protect their
brand and goods from being stolen. As this stolen goods can be sold at cheaper rates which can
adversely affect the image of the company.
Innovation is the process of replicating an idea or invention on the goods, services or processes,
which will increase the benefits and value to the customers for which they pay. While Invention
is introducing any idea, product or service for the first time.
Difference between the two is given below :
Basis Innovation Invention
Concept Innovation is implementing any idea
at an economic cost.
Invention is such an idea which is to
be proven as feasible.
Skills required For innovation, marketing and
strategic skills are required as it is
concerned with implementation in
For invention a set of scientific and
technical skills are required.

existing strategies.
Concerned with Innovation is concerned with
aggregation of various activities and
products.
Invention is specific towards any
product or service.
Importance of innovation : Burberry is one such company that keep on introducing innovation
in their business as it is very important for the organisation. Innovation helps the organisation to
solve the problems easily, increases productivity, in taking competitive advantage. The Burberry
brings innovation in their business by using Big Data and Artificial Intelligence which helps their
employees to target their customers easily. This facilitates them to increase sales and satisfy their
customer. Also their marketing initiatives such as Burberry Kisses, customisation in the trench
coats, digital presence are all innovations that are implemented by Burberry helped them to boost
their sales and to best their competitors (Datta, Ailawadi and Van Heerde, 2017).
Sources of innovation : There are various sources that compels the organisation to adapt the
innovation. Such sources are unexpected changes, structure of the market, changes in
demographics and in perception of the target market etc. which affects the choice of customers.
To make their business effective the Burberry need to keep an eye on such sources that leads to
innovation.
P2 : Explanation to how vision, leadership and culture of organisation can shape innovation
For the company to be successful it is important to set the vision on the basis of
objectives they want to achieve. Managing employees is a difficult task when their is diversity in
the organisation as it has influence on culture of the organisation and this can be well managed
by the leaders. Innovation and commercialisation is such a process which involve the entire
organisation thus it can be shaped by vision, leadership and culture.
 Vision : Vision are determined on the basis of goals of the organisation, this helps the
individuals to set targets for them. Organisation integrates their operations to achieve the
goals due to which the organisation need to introduce innovation. For e.g. employees who
has to achieve their targets of sales determines various sources from where they can
attract customers. Such as employees of marketing team of Burberry suggested content to
be used while advertising which attracted a large number of customers (De Mooij, 2018.).
Vision of the company helps the employees to develop a mindset in which they are