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Innovation and Commercialisation Assignment Solved

   

Added on  2020-10-05

13 Pages3924 Words421 Views
Innovation andCommercialisation

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Importance of Innovation and comparison with inventions.................................................1M1 Different source of Innovation.............................................................................................3D1 Analysis of innovation development in reference to organisation........................................3P2 Role of Organisational vision, leadership, culture and teamwork to shape innovation andcommercialisation.......................................................................................................................3P3. 4 Ps of innovation and use of innovation funnel to examine and shape innovation ideas ..5M2. Analyse and apply the innovation funnel in an organisational context...............................6M3. Evaluate the role of frugal innovation in an organisational context....................................7D2.Evaluate the nature of innovation and challenges to develop successful innovations..........7TASK 2............................................................................................................................................7Covered in PPT...........................................................................................................................7CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8

INTRODUCTIONInnovation is simply new idea or method of doing things. It is viewed as solution to thepeople problems. It is a process of converting an idea or invention into a good or service forwhich customer will pay. The company Tesco Plc is selected for present report. Tesco is amultinational groceries and general merchandising retailer, headquarter in Welwyn Garden City,Hertfordshire, England, United Kingdom. The innovation and invention and their importance intoday's dynamic world has been explained in present report. As organisational vision, leadershipculture and teamwork can shape innovation and commercialisation which is also explained underthis report. The 4Ps of innovation and innovation funnel plays vital role in to examine and shapeinnovative ideas is also being discussed in the report. Beside this, development in frugalinnovation in reference to organisation has also been explained.TASK 1P1. Importance of Innovation and comparison with inventionsInnovation:It is a process of bringing up new idea about a product or services into the organisationwhich has great impact on the success of organisation. Innovation refers to the new concept orproducts that derive from individual idea or from research. Basically it is the commercializationof invention itself. The importance of innovation in organisation are as follows:Innovation Report:CompanyLocation andDeal inInnovationNumber ofemployees andexpected budget Tesco Plcmultinationalgroceries andgeneralmerchandisingretailer,headquarter inWelwyn GardenCity,Company hasbeen facingdecreasing salesfrom last fewyears so nowcoming up withits new mobileapplication forAs there will beapproximately 7number ofemployees will berequired to launchand continuousmonitor theapplication. And1

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