Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
LO 1.................................................................................................................................................3
Concept of innovation with suitable comparison.........................................................................3
Explain vision, culture, teamwork and leadership ......................................................................4
LO 2.................................................................................................................................................5
4P’s of innovation with innovation funnel...................................................................................5
Explanation of Frugal innovation................................................................................................6
LO 3.................................................................................................................................................6
Significance of commercial funnel with NPD.............................................................................6
Develop innovative business case ...............................................................................................8
LO 4.................................................................................................................................................8
Explain various tools of intellectual property..............................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is the concept which is useful in making changes within the invention. It leads to
develop valuable changes as per the demand of their customers considering the suitable
approaches. It also leads to enhance the overall performance and productivity of commodity in
terms of attracting pool of customers (Muñoz-Pascual and Galende, 2017). The report is based
on Heinz which is UK based company tense to offer beans and ketchup and also developed in
1869. The report covers suitable comparison among innovation and invention considering the
new change which is squeeze bottles that replace the glass vessels as squeeze bottles are
convenient to use. Report also cover the vision culture and teamwork of company that helps in
shaping innovation by considering 4P’s, frugal innovation which depict the significance of
commercial funnel considering the new product development.
LO 1
Concept of innovation with suitable comparison
Innovation: It depicts the suitable modifications within the current product in terms of
generating new product. In relation with Heinz they make prominent changes within their culture
bottles by replacing glass vessels with squeeze bottles it is convenient for customers.
Invention: It represents the prominent act in terms of drinking uniqueness in the idea and
the concept that does not exist in the market place (Stojcic, Hashi and Orlic, 2018). For example,
electricity is invention and the products which are made from electricity is the consumption of it
which are innovation.
Basis Innovation Invention
Concept It is concerned with the
prominent development of
this specific product
considering the offerings with
innovative features in terms
of developing image of
company (Hon and Lui,
2016).
It is concerned with offering
prominent services to their
customers and the services
which are not exist in the
market.