Innovation and Commercialisation

INNOVATION AND
COMMERCIALISATI
ON

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explain innovation and determine importance to organisation in comparison with invention
.....................................................................................................................................................1
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation.................................................................................................................2
TASK 2............................................................................................................................................4
P3 Explain 4 Ps of innovation and explain use of innovation funnel to examine and shape
innovative ideas...........................................................................................................................4
P4 Explain developments of Frugal innovation and provide examples......................................7
TASK 3............................................................................................................................................8
P5 Explain importance of commercial funnel and application of new product development
processing for commercialisation of innovation..........................................................................8
P6 Build innovation business case for organisation..................................................................11
TASK 4..........................................................................................................................................13
P7 Evaluate different tools that organisational can use to develop, retain and protect
knowledge and intellectual property..........................................................................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
Innovation defines as a carrying out new combination that helps in attracting the number
of customers by involving the launching the new goods and services within new or existing
market. It represents as a modifications and changes in order to sustain in the business market.
This helps in gaining the high profits and revenues that also gain the competitive advantage
within competitive marketplace. In this commercialisation refers to the process of introducing
the new products and services in front of customers so that high sustainability can be gained and
achieved (Rasmussen and Eliason, 2017). This report includes the Rowntree's company that is a
confectionery business operated in York, London. This company can offers the varieties of
commodities like Kitkat, Fruit pastilles, Smarties. Further it introduces the thin mint chocolates
in 1962 that can attracts number5 of customers. But in recent year company sales is to be
affected and due to this manager can focus on introducing the new products that can gain their
market share. IT includes the innovation, commercialisation and Invention terms with their
importance that helps in process the NPD and developing business case for gaining profits.
TASK 1
P1 Explain innovation and determine importance to organisation in comparison with invention
Innovation Refers to the new concept that represent new ideas of a person mind that are
occurring as per the changing needs of business environment. The innovation can be done by
organisation when there is a need of gaining higher profits and attracting customers in market. IN
case of Rowntree's tree manager can introduce new range of products so that customers get
attracted towards it (Wang, Phillips and Yang and et. al., 2018).
Invention defines as a process of creating and developing the new things or products. For
example- If a person can make a Bike that doesnot need any kind of fuel to run than it will
represents as an invention. In context of Rowntree's comparison between Innovation and
invention can be shown below:
Comparison between innovation and invention
Basis Innovation Invention
Skills For doing the innovation high
marketing and strategic skills
Within Invention scientific
knowledge is to be needed at
1

are required. the time of inventing some
product or device.
Concept Innovation refer to
development in the existing
goods and services.
Invention refers to the creation
of something unique and
creative.
Focusing elements Within innovation major
focused is on the change due
to business will gain high
profits.
The main focus of invention is
developing the new product.
Importance of innovation and invention
Innovation and invention is very essential for the business in gaining higher profits and
revenues. In case of Rowntree's these both contain some importance that can shown below:
 Increases productivity- The main importance of innovation in Rowntree's is that it will
enhance the productivity within business due to which business can sustain for longer
time and also gain the higher profits. In this they can prioritise their task as per the
innovation so that large base of customers are retain with company (Lim, Darley and
Marion, 2017).
 To create something- In Rowntree's the importance of Invention is that it helps in
attracting the large number of people by introducing the new products within
marketplace. In this company can focus on step by step process so that mistakes can be
removed and task can be improved.
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation
Vision- The vision of the company helps in attaining the target in specific form. In case
of Rowntree's company the vision is to lead, competitive, nutrition and health delivering to the
people so that long term survival can be enjoyed.
Mission- The major mission of company is to get the higher success in producing the
chocolates and cocoa butter. These are very demanding in the public and because of this they can
gain higher profits and market share.
2