Innovation and Commercialisation

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................4
TASK 1 ...........................................................................................................................................4
P1 Innovation and its importance for Marks & Spencer.............................................................4
P2 Role of Vision, Leadership, Culture and Teamwork of Marks & Spencer in shaping
innovation ...................................................................................................................................6
TASK 2............................................................................................................................................7
P3 4P's of innovation and innovation funnel...............................................................................7
P4 Development in frugal innovation and its utilization for Marks & Spencer..........................8
TASK 3............................................................................................................................................8
Importance of commercial funnel and the application of NPD for the commercialisation of
innovation....................................................................................................................................8
Innovative business case for an organisation............................................................................10
TASK 4..........................................................................................................................................11
Tools organisations can use to protect and retain intellectual property....................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Organisations always try to enhance their growth and success of business. For this, the
marketers make changes in their products and services by observing the current situation and
demand in order to fulfil the requirement of existing market and these changes are termed as
innovation. In order to modify the products and services the features and functions of the offered
products and services also gets updated in this process (Hassan and Batool, 2019). For this, the
innovation manager plays an important role in order to generate innovative ideas regarding the
develop the products. Apart form this, the innovative manager is responsible of the
commercialisation of the products and services. Commercialisation is a process which is used in
order to introduce or launch the new product in the market in order to provide new products
easily to them and they can purchase it. For this, the effectiveness and efficiency of the new
product development innovation and commercialisation gas been illustrated by the Marks &
Spencer which is a British multinational retailer and headquarter in Westminster, London.
Company is specialised in selling the high quality clothing, home and food products. The
importance of product development includes various strategies and models which need to be
deliver and to upgrade their products offerings also highlighted the importance of enlisting the
performance of the existing competitors.
TASK 1
P1 Innovation and its importance for Marks & Spencer
Innovation is defined as conversion of new ideas or processes into finished goods or
services. Developing products which are fresh and adding value to company and for the
customers, for which they want to pay is the main motive of innovation (Chen and
Vanhaverbeke, 2019). It is a phenomena which is beneficial when it mix up with creativity.
Innovation involves high range of risk with it but if works properly it can bring competitive edge
towards company.
Invention on the other hand is development of entirely new product which do not have
any existence in marketplace and nobody ever thought of it. Invention takes place when any
fresh idea an individual had is changed into finished good or service and introduced to
consumers for the first time. Invention involves lot of research and development cost and a very
long process.