Innovation and Commercialisation in Austin Fraser Ltd.

Innovation and
Commercialisation

INTRODUCTION
Innovation refers to the process that involves multiple activities which are performed to
convert or translate an idea into a good or services which maximises their value and satisfaction
level of customers. Introducing such new and innovative product into market so as to make it
available on the market is known as commercialisation. Therefore, both innovation and
commercialisation plays a major role for an organisation to achieve growth and competitive
advantage in market. There is need of bringing innovation into market by organisations
irrespective of the size whether small, medium or large in order to cope up with the factors that
influences interest and behaviour of targeted people. Austin Fraser Ltd., a UK based company
which is engaged in recruiting candidates for the right job in reputed organisations is selected for
the purpose of preparing this report. The project discusses the value of innovation in the growth
and success of an organisation in competitive market (Bianchi and et. al., 2010).
TASK 1
P1:
Innovation is defined as an activity of conversion of products or services into innovative
offerings that maximises their value as well as satisfaction level of targeted people. Bringing
innovation in existing products or services brings company ahead than their rivals in competitive
market and assist in achieving huge profitability as well. It can be possible with the help of
maximum support from management who encourages employees to develop new and innovative
ideas in their working procedures as to achieve better possible outcomes.
The term invention is different from the concept of innovation, as invention defined as
generation of something which were not developed or introduced by others earlier whereas
innovation refers to an activity of improving the existing procedure of business activities through
implementation of new and innovative ideas (Casadesus‐Masanell and Zhu, 2013). Austin Fraser
Ltd. is a company of UK which is operated its functions at small scale due to which introducing
innovation in the business support them to achieve growth and expansion. The business
environment is dynamic in nature which brings lots of complexities that can harm the existence
of business in market. Therefore, it is required for management to search new and innovative
way through which they can execute business functions more smoothly (Dries and et. al., 2014).
For example, launching a new mobile application which gives a platform to eligible candidates
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to upload their resume which makes easy for managers to invite them and recruit for reputed
organisations. It reduces work burden of employees as they are not required to give enough
efforts to search eligible candidates for the purpose of recruitment. Commercialisation is also
another important concept which defined as the introduction of new product or service i.e. a new
mobile application so as to facilitate targeted customers and employees to use such new product
for their own benefits. Taking an example of Apple and Virgin they both are always tried to
upgrade their existing software on regular basis which bring ahead them in competitors with their
rivals. For example, Apple Inc. was introducing iPod in the year 2001 which becomes the first
MP3 player in market thus attract lots of people and earn huge revenues. Another example of
Virgin, creation of Virgin Galactic which facilitate customers to store their valuable information
more securely. Therefore, innovation is required to be adopted for an organisation for the
following benefits :
 Gaining competitive advantage : Innovating the products and services of the
organisation helps it to attract more number of customers on behalf of the innovative and
unique features of goods. This helps the company in gaining a competitive edge in the
marketplace. Austin Fraser Ltd. can bring innovation in its products so that it can better
satisfy its customers and become more competitive.
 Quick response to customer's changing needs : Innovation helps the company in being
the first in the market to be able to meet the customer's dynamic changes in needs and
wants. This helps the company in building a brand image along with making strong
relation with customers.
Comparison between Invention and Innovation:
Basis Innovation Invention
Concept It refers to the conversion of
new and innovative ideas into
practical form to develop
existing products or services.
It refers to the creation of new
and innovative ideas that
cannot be introduced by
anyone before in the market.
Skill Marketing, technical and
strategic skills are needed to
adopt innovation.
Scientific skill is needed
(Filippetti, 2011).
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