Assignment on Innovation and Commercialisation In Business (Docs)

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................2
P1 Innovation and its importance and its comparison with invention........................................2
P2 Organisational vision, culture and teamwork can shape innovation and commercialisation. 3
TASK2.............................................................................................................................................5
P3 4Ps of innovation and use of invention funnel in company....................................................5
P4 Improvement and development in frugal innovation..............................................................6
TASK3.............................................................................................................................................7
P5 Importance of the commercial funnel.....................................................................................7
P6 Make an Innovation Business Case........................................................................................8
TASK4.............................................................................................................................................9
P7 Tools to develop, retain and protect knowledge and intellectual property.............................9
CONCLUSION..............................................................................................................................10
1

INTRODUCTION.
In general innovation is the process of transferring of useful data and new ideas for the
purpose of introducing a new change in any format. In business term it may be defined as the
ability of manager to think in a creative manner or bring a new ideas for the production of goods
or delivering services to predefined customer (Bain and Kleinknecht, 2016). In a common an
idea is consider to be innovate if it is economical and must satisfy a specify need in whichever
filed it is implemented. To understand the innovation Intel is selected to determine the impact of
innovation of their performance.
In this report, comparison of innovation with invention as well as the creativity of vision,
culture, teamwork and leadership is discussed. Report also focus 4ps of of creation and
commercial funnel and various analysis tools that company may develop to protect knowledge
and retain intellectual property.
TASK 1
P1 Innovation and its importance and its comparison with invention.
Intel, is one of the second largest supermarket chain in UK and they sell their product
through online also. Company run its business in various parts of country and at national level.
They provide various household commodity for daily use and gives services that fulfil customer
needs. An innovation is defines as the introduction in the old process and bringing new things or
fresh methods, approaches, techniques for performing a particular task. Company requires new
innovative ideas for doing and completing business process so that product are produced well
and sold well. IN Intel, manager always tries to innovate their ideas for selling particular product
and this creativity helps them to increase brand name, value at market place. Importance of
Innovation in Intel that are described below:
 It help to overcome various problem that arises while doing business activity.
 By new creativity, entity are able to become multinational that assist in improving the
profitability (Bason, 2018).
 As innovation means introduction of new technology, it aid company to gain competitive
benefit at existing market. With the help of this Intel, will be able to increase its market-
share and customer base.
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On the other side invention is defined as the process of inventing something new that are
not introduced by any other companies in market before. This is consider to be the fresh process
that have been introduces by Intel, to increase the productivity and keeping in mind that this
process is never ever applied by any other organisation. Innovation and invention are two
different thing that is compared on the basis of some ground that is discussed below:
Basis Innovation Invention
Meaning It is an activity of adjustment in old
ideas of thoughts in order to bring
effectiveness or some value in
present product.
Company applies fresh ideas to
create entirely new goods that fulfil
customer needs and desire.
Objective This process is helpful to bring
some improver value in primary
commodity.
With the help of this process it
provide something fresh that form
life effortless.
Skills Manager and other Worker of the
company must be skilled and
specialized.
High professional knowledge and
understanding of market as well as
creative in nature is must in
employees (Champagne and et.al.,
2015).
Concept Its is related to innovate when new
contented are come into knowledge.
Foremost, manager of the firm
analysis customer needs and wants
consequently germinate product.
Creators Entire team work together to
variety alteration In product.
There may be individual or full
division like R&D section create
advanced product and services.
There are various sources of innovation that help companies like Intel, to grow and
develop new product that will assist them to attract more customer. Some of the common sources
of innovation are the unexpected, incongruities, process change, industry and market structure,
demographics condition etc. In Intel, manager makes certain plans to examine the current status
of their product and determine weather goods are consider in market or not.
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P2 Organisational vision, culture and teamwork can shape innovation and commercialisation.
Commercialisation is defined as the process of introducing a totally new commodity or
introducing a new and effective method of manufacturing different product into commerce. This
stage is ideation stage and also consider to be mouth of funnel. In business world, it is very
important for every company to make a clear objective and managements must also tries to set a
clear vision for the future performance. So this is they responsibility of manage to formulate
strategies and policies in order to increase the performance and attain vision aims in an
appropriate ways that increase the performance of worker (Cheng and Huizingh, 2014). Manager
must keep in mind that objectives set but be SMART and easily feasible and achievable that
bring effectiveness in labour behaviour and attitude. It is observed that culture may have and
impact on innovating activity in an organisation that could result in betterment of their
performance. Consequence of vision, teamwork, culture on innovation with in Intel, are discus
below:
Vision: Management of companies create strategy to attain vision that help them to grow
in future and improve the business process and methods. So HR manager of Intel, organise
various training seminars and programs in the offices that help employees and other worker to
increase professional knowledge. For example vision statements of Intel is to get to a billion
connected computer at global level, provide million of server and trillion of dollars of e-
commerce.
Leadership: It is defined as the way of managing and controlling other worker of
company to perform a specific task. Leader are consider to be the most those individuals that
plays an important role in planning, organising, managing and controlling group member. They
applies various innovate ideas in their functioning and thus increase the productivity of company
aids to increase performance of employees and organisation as whole. Leaders manage and
control group members to implemented or executive creativity at working place. In Intel, leader
develop and innovate new methods to train worker and bring effectiveness to perform business
task. The leadership style applies in Intel is path goal theory of leadership that help to bound
employees and make them motivate so they work with full efficiency in order to attain the
targeted goals. The CEO of company perform the primary function that is to work subordinate
work to make valued and desired rewards that are available in Intel.
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Culture: It is consider to be one of the important internal environment factor within
company that could effect the productivity and performance during a time phase. In the case of
Intel the corporate culture is applied as a manner of ensuring the organisation competencies
despite competition and other challenges within the same industry. For instance it promote
human resource support for the production of high quality product which aid to fulfil Intel's
mission statements and vision statements.
Teamwork: It is observed that team work in group to create a innovate idea as an
individual is not capable to manage and execute creative work in company. It is the
responsibility of team member in Intel to develop new ideas to have a better sales for their
existing product that help company to generate high revenue. There has been effective and
efficient team working for Intel that makes company powerful and profitable in this competitive
world. Thus the employees at Intel are great people, very intelligent and passionate (Chesbrough,
Vanhaverbeke and West, 2014.).
TASK2
P3 4Ps of innovation and use of invention funnel in company.
In general innovation is referred to the act of developing new and innovate product that
will be responsible to fulfil demands of clients and make them satisfy in effective manner. So,
proper innovation mix is consider to be an crucial tool that will improve the quality of different
product produce by Intel. This mix involves 4Ps that are product, process, position and paradigm
that assist in implementing policies with in an organisation. In Intel, manager uses the 4Ps of
innovation mix to ascertain the demand in industry and generate more profit this is describe
below:
Product: This means that alteration and adding new features in the existing product and
services. Manager of Intel create a plan to bring effectiveness changes in their product and it is
consider to be the most crucial elements that will generate profit. As once the modification is
done then they wait for the response of customer if they are satisfied or not with these alteration.
It help company to grow its goodwill in market to their competitions.
Process: It is related to the act of completing and performing a business activity.
Management of Intel form plans to change the manner of producing product and improve the
process of delivering those finished goods to customer so that they feel comfortable. They make
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fresh process affiliated to manufacturing, operations, selling, merchandising, branding,
promoting and other activity.
Press: It is related to those factor that is related to the environmental condition and
climate of the place where company operate its business operations. This involves faithful
atmosphere of surrounding such as organisational culture, sufficient amount of resource and
creativity in the workplace and workforce. So in Intel, manager requires to reframe their
company operation system and create a proper effective press factor at workplace.
People: Every business requires a sufficient amount of workforce to run their daily
business activities in a proper manner. In includes internal stakeholder within company such as
employers, worker, investor, clients and other individuals (Chrisman and et.al., 2015). In Intel,
workforce plays an important role for growth as they use their mind, abilities skill to bring
innovation and effectiveness in producing goods and bringing satisfaction level in services.
Innovation funnel is defines as the cater of new ideas in company that help in attaining of
companies goals and objective in a predefined period. In Intel it is a process in which all
collected information for external sources are analyse and execute and at last the with the help
pod precessed information management could make effective decision with appropriate methods.
There are basically three steps that are explained below:
 Management of Intel gather relevant important information from different sources
according to the clients at market place.
 Then small section of market is included or examined so that company can arrange these
resources to formulate strategies and plans for growth and development.
 At last, the management of Intel provide final result with the help of processed
information that helps to improve the customer satisfaction (De Medeiros, Ribeiro and
Cortimiglia, 2014).
Thus it is very important for the manager of Intel to reshape the innovation funnel at the
right cost in order to make more profit and increase to market share.
P4 Improvement and development in frugal innovation.
In business world frugal innovation is referred to a process of decreasing cost complexity
and the total cost involved in production process. This help companies to cut their expenditure
and save more amount to overcome any other issues of company if required in future. With the
help of this, management of organization may withdraw unneeded features of product and
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services that automaticity trim prices of that goods. Frugal innovation is an useful tool for every
organisation as it aids in maintaining a suitable profit and competitive advantage in market. In
Intel manager adopt new innovate low pricing strategies that help them to attain economic of
scale. In state to create frugal innovation in company management follows some step, those are
explain below:
 Determine improvement area: This is related to ascertain the basic improvement place or
points for company product and service. In Intel, manager prepare necessary list of all
those point that needs to be improved.
 Make alternative solution: This is related to the making employees opinion about all
relevant issue so that option of solution are made.
 Selection most suitable: As once the list are prepared about certain issues and solution,
then most appropriate solution is chosen according to needs and wants.
 Sustainable solution: Manager of company, determine sustainability of answer to
recognize that it may work for longer time or not. If not then choose another one.
 Clients behaviours: This process is helpful for business firm as they are able provide
quality of goods accordingly to the demands of customer. This will be helpful in
increasing the brand name and increase the profitability.
 Engage and repeat: Many times customer start liking a product so they do not wants any
modification and changes in these product otherwise they may move to other company
product.
So manager of Intel, apply the frugal innovation that help them to reduce the cost of
manufacturing new product. It also support to determine product that do not require any
innovation in long run and gives the more benefit to company. Thus they keeps on producing the
similar product that is more in demand and provide more customer satisfaction (Kleinknecht,
2016).
TASK3
P5 Importance of the commercial funnel.
Commercial funnel is introducing an ideas that bring focus of large number of customer
but result in smaller number of clients those are actually interested to buy product and services. It
consider different step to increase high profitability are knowing, interest, assessment,
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purchasing decision, re-evaluation and acquisition form. In Intel manager applies the application
of commercial funnel so that promotion of product in done in effective manner, so of the
importance is discussed below:
 Management is responsible to measure all information and collected data in a proper
mode to draw a effectual conclusion. These all are very crucial for the firm to make high
consumer satisfaction.
 With the help of commercial funnel, company is able to create quality product and
services are provide to large number of customer. This method help Intel to gain long
term sustainability and make it capable enough to attain predefined goals and objective.
 It aid to appoint positive and advanced measure goodwill which implanted powerful
brand image in customer's mind and they are attracted more towards their product and
services offered by them (Mahr, Lievens and Blazevic, 2014).
New product development process: In order to increase the total sale and generate more
amount company process effective plans to create or develop new product. For this development
manager of companies like in Intel guide their employees and workforce in formation of new
product. The management focus to apply the application of commercialisation funnel that
support to produce highly effective and innovative product to meet the generation requirement.
Some basic step are discussed below:
New product strategy: The role of management id to create effective strategies that
helps in forming new product. With the proper research by marketing department they determine
the needs and wants of customer and makes product.
Idea generation and screening: Management of company make alternative ideas that
support in creating new goods and services. They make a suitable choice from the various
available option so that only those product are formed that are needy by customer.
Business analysis: Manager investigation business growth expectation at industry place,
that improve their orientation in approaching period (Malerba and Adams, 2014.). They find out
the all accessible chance for company are form strategies accordingly.
Commercialisation: This step is related to the process of selling product and services
that are applied by companies in market. One of the important part for companies as unless and
until their product is not displayed they are not going to be sold.
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New product: The last step is related to the product development as the main motive of
companies is to develop suitable product that satisfy customer wants and needs.
P6 Make an Innovation Business Case
In business world every company wants to create a business case that help in determining
goals and objectives. So these companies make a definite approach that help in attaining
predefined goals and objective in an effective ways in a specific period of time. Manager of Intel,
manage all relevant project that helps them to cop up with growing competition in market. The
basic steps to make an innovative business case that are discussed below:
Step 1: Confirm the opportunity: In this step the manager of Intel describe the situation
and the upcoming business opportunity that will impact the performance.
Step 2: Analyse and develop shortlisted option: Manager of Intel analyse the different
option available in market and gather them to take future decision. It is the responsibility of
manager of company to have a team that conduct a research to determine the latest trends,
attitude, consumer behaviours, preference etc. so that product and services are are sold
effectively in market (Mowery and et.al., 2015).
Step 3: Evaluate the option: It is very crucial for the Management of Intel to evaluate
the different option that will give the best result for the achievement of business objective of
Intel. Funds are consider to be the most important part for any business as companies requires
money to run their business activities. One of most notable sources of finance are equity. But at
the same time only fewer company are able to execute this procedure.
Step 4: Implementation strategy: Manager hold some plan of action and scheme that
assists to gain objectives. It is the responsibility of manager to communicate all vision goals with
their worker to maintain their market value for a long run.
Step 5: Recommendation: For the betterment of services and product produced by Intel,
manager determine the areas or point for improvement in their existing product. They do this
with the help of setting a target for all worker working in company. By the end of this, it result in
the increment of productivity and performance of company and employee as whole.
Intel makes possible the most amazing experiences of the future. So there are number of
product recently manufacture and launched by Intel such as Intel i9 7980XE Extreme Edition 18
core unlocked CPU processor, Intel Optane Memory 16GB Card, family corex ci9x 2018
1280x1280 Intel 9th Gen Core etc.
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TASK4
P7 Tools to develop, retain and protect knowledge and intellectual property.
Innovation is related to a process of translating fresh ideas and thoughts in an appropriate
way so that existing [product may have a new value and they would satisfy customer demands in
a proper manner. In large companies like Intel, management use innovative ideas to develop and
maintain team and execute there effort in increasing the productivity. They also consider this
factor to generate profitability in business activities and bring change in company performance.
As well as leader and other manager of company contribute in innovation process that help in
motivating worker and developing potential to work for the achievement of company goals. In
Intel human resources manager provide regular training to their employees that supports in
improving the knowledge and skills.
Copyrights: Almost every large companies use the concept of copyright that means
protecting innovative ideas for producing product. Basically company that deals with tangible
product likes books, photographs, biopic etc. It means that no other company can copy the
product that is already produced by one company.
Patents: It is related to the permission given by government to one company to produce a
product that is already produced by other company (Wallace, 2017). Actually, the permission is
for a specific period of time after that the company stop making those product. Those companies
that produces similar product uses various innovative techniques and tools to sale their product in
market.
Trademark- Organization name and logo etc. is trademark which gives brand worth as
fit as strong market picture. It is also consider to the business name, label line, exception, goods
picture or figure, construction etc.
CONCLUSION
From the above report, it has been concluded that innovation is related to alteration in
features of product and services that help companies to attract more number of customers. This
help existing companies to gain market share at a high level and helps to improve buyers
satisfaction through which profitability are increased. The report shows important differentiation
between invention and innovation. With the help of 4Ps company is able to develop new
innovative ideas for the betterment of their product.
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REFERENCES
Books and Journals
Bain, D. and Kleinknecht, A. eds., 2016. New concepts in innovation output measurement.
Springer.
Bason, C., 2018. Leading public sector innovation: Co-creating for a better society. Policy
Press.
Champagne, P. A. and et.al., 2015. Monofluorination of organic compounds: 10 years of
innovation. Chemical reviews. 115(17). pp.9073-9174.
Cheng, C. C. and Huizingh, E. K., 2014. When is open innovation beneficial? The role of
strategic orientation. Journal of product innovation management. 31(6). pp.1235-1253.
Chesbrough, H., Vanhaverbeke, W. and West, J. eds., 2014. New frontiers in open innovation.
Oup Oxford.
Chrisman, J. J. and et.al., 2015. The ability and willingness paradox in family firm innovation.
Journal of Product Innovation Management. 32(3). pp.310-318.
De Medeiros, J. F., Ribeiro, J. L. D. and Cortimiglia, M. N., 2014. Success factors for
environmentally sustainable product innovation: a systematic literature review. Journal
of Cleaner Production. 65. pp.76-86.
Kleinknecht, A., 2016. Innovation patterns in crisis and prosperity: Schumpeter’s long cycle
reconsidered. Springer.
Mahr, D., Lievens, A. and Blazevic, V., 2014. The value of customer cocreated knowledge
during the innovation process. Journal of Product Innovation Management. 31(3).
pp.599-615.
Malerba, F. and Adams, P., 2014. Sectoral systems of innovation. The Oxford Handbook of
Innovation, vol, pp.183-203.
Mowery, D. C. and et.al., 2015. Ivory tower and industrial innovation: University-industry
technology transfer before and after the Bayh-Dole Act. Stanford University Press.
Wallace, D., 2017. Environmental policy and industrial innovation: Strategies in Europe, the
USA and Japan. Routledge.
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