Importance of Innovation and Commercialisation in Organizations

Innovation and
Commercialisation

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Explain innovation and determine its importance to organisations in comparison with
invention.................................................................................................................................3
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation............................................................................................................5
TASK 3............................................................................................................................................6
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas............................................................................................................6
M2 Analyse and apply the innovation funnel in an organisational context...........................8
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.............................................................................................................8
TASK 3............................................................................................................................................9
P5) Explain the importance of the commercial funnel and the application of new product
development (NPD) processing for commercialisation of innovation...................................9
M4) Build a detailed innovation business case which includes how to measure its overall
effectiveness using appropriate techniques available to test, iterate and improve ............13
TASK 4..........................................................................................................................................14
P7) Evaluate the different tools that organisation can use to develop, retain and protect
knowledge and intellectual property....................................................................................14
CONCLUSION .............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Innovation is an introduction of any new idea, techniques or plan being made in order for
the betterment of the organisation and people. It covers all the practicals being done on the
technology, services and models to achieve something new, this basically needs certain training,
in all scientific and other regions as this is collection of various ideas made for the betterment of
the society. Innovation merely go through various stages where new ideas, products, services ,
methods being used and introduced. Commercialisation involves introduction of new product or
any new ways through which products are introduced in the market it involves stakeholders to
help them in providing capital and also the customers through whom they get various ideas about
the current needs. The organisation chosen for this report is Marks and Spencer which is founded
in 1884, Its headquarter vis in London,UK. It is a multinational brand which deals with clothing,
food products and home products. This company is coming with a new innovation in there
clothing brand(Boretti, 2020).
TASK 1
P1 Explain innovation and determine its importance to organisations in comparison with
invention.
Invention is a method where a company or an organisation with there new unique ideas
and composition tries to make a noval device, this is extension of boundaries to make changes
that has not been made before innovation mainly needs a thought process with out any
restrictions in a scientific manner for any invention it is important to raise all the technical skills
in inventors.
Innovation refers to the idea being taken by the organisation or the people in order to
launch or develop a new products it is a process where new combinations were made to reframe
the existing products or to develop something new with the sources available in the
market(Chinsinga, and Poulton, 2018).
In context to the Marks and Spencer company, it is an innovative company focusing on
heart monitoring T-shirts and its importance is mentioned below:

 Growth of organisation: For running a successful business it is important that company
focuses on the goals and should make various innovations to maintain its product value.
Marks and Spencer is a globalised brand which has a successful brand image in the
market and this mainly happens as it comes up with innovative ideas which attract
customers. Innovation and its relevancy: There is a change needed in every sector so the company
has to focus on the growth and also on the profits being increased by adapting some
relevant ideas according to the ned of customers. Marks and Spencer focus on bringing
new changes in there products to earn more profit from the market. Distinction from other companies:Innovation is always something which was not done
by others, and makes customers attracted towards them. Marks and Spencer focus on
bringing something new in there products and there innovation makes them different
from the other existing companies(Dike, S.C. and Odimabo-nsijilem, 2020).
Base of differentiation Invention Innovations
Arises when: A sudden new idea came in the
mind of scientist which helps
to increase the profit of
organisation.
When there is a need for
making change in the existing
or new products.
Developed with: One single method is used to
develop any new product.
Mixing or combining existing
products.
Skills needed: Important scientific skills are
needed in order to make a new
changed product.
All kind of technical,
economics , entrepreneur and
strategical skills.
Main motive: To gave a new product which
was not occurred earlier and to
attract more customer through
it.
Improvements in the services
in context of need in the
market.