Innovation And Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
P1 Explain innovation and identify its importance within Essence Drinks by comparison with
invention......................................................................................................................................3
P2 Explicate vision, leadership, teamwork and culture responsible for shaping innovation and
commercialisation........................................................................................................................5
P3 Description of 4P's of innovation and it's convention in innovation funnel...........................7
P4 Describe developments in frugal innovation and how they are being implemented in
organisation..................................................................................................................................9
Conclusion.....................................................................................................................................10
REFRENCES.................................................................................................................................10

INTRODUCTION
Innovation refers to process of formulation of new creative, innovative views and most
recent thoughts within exterior strategies or methods. Basically, it is a process which comprises
of diverse actions for edifying behaviour of activities undertaken (Abdul Razak, Murray and
Roberts, 2014). This report is based on JW Marriott Grosvenor House London which was started
on 1929. It is a luxury hotel that is present within Mayfair area London, England. It is managed
by JW Marriott Hotels. The Hotel is making relevant sales but to enhance them it is crucial to
make use of innovation. This report includes importance of innovation, teamwork, culture and
vision that assist organisation to summarise innovation. Along with this, 4Ps of progression and
innovation within frugal innovation are explicated
P1 Explain innovation and identify its importance within Essence Drinks by comparison with
invention
Innovation is defined as an influential process where organisation adds enhanced value to
their services by which they can attain competitive edge within market. Generally, innovation
refers to process by which organisation can alter as well as modify their existent services,
thereby leads adding something new to their process of production. Alterations as well as
modifications which are brought in by organisation in terms of products as well as services will
be in the form of design and size. It is carried out by Grosvenor Hotel to furnish extra benefits to
their customers by evaluation of expectations and needs. Innovation process efficiently assist
organisation to improvise their customer base which will lead to enhancement in profitability
(Ahmadi and O'Cass, 2016). With respect to Grosvenor Hotel, they keep on furnishing extra and
unique features within their products for enhancing the value of their services.
Basis Innovation Invention
Concept It refers to process of adding
worth to produce services
which are rendered by
organisation. They employ
creativity within their process
of production which will lead
to high competition and
It is process of beginning of
something creative that is new.
By this organisation can
efficiently focus on building up
new market for particular
creation.

effectiveness within market
(Chun, Chung and Bang,
2015).
Scope There exists a broad scope for
organisation as unlike
operations can be taken with
usage of theme, technology,
innovation, market and cost.
It comprises of an productive
approach which has been
undertaken into consideration
with an identical services.
Occurrence It is crucial for Grosvenor
Hotel for creating
improvisation within existent
products.
Creative ideas are needed by
scientists who will aid
organisation for analysing new
products.
Skills required Diverse types of skills are
needed by individuals with
respect to adaptive as well as
technological skills which will
assist them to build up
strategies as well as policies
for rendering effective benefits
by furnishing effectual
guidelines to employees.
It is crucial for an organisation
to possess effectual technical
skills which will assist them to
provide something innovative
and new within market
(Dincer, 2017).
Importance of Innovation in Essence Drinks
It is crucial for an organisation to agree upon innovations within functionalities by which
success as well as competitiveness within market can be attained. It is essential for Grosvenor
Hotel to make use of innovation by which they can compete effectively with others and remain
sustainable within market around the world (Dodourova and Bevis, 2014). It will aid them to
enhance ROI as well as customer base. Its importance is shown below:

 Amplified creativity among employees: Incisive and swift techniques will aid in
enhancement of profit to employees which also creates an affirmative impact on
creativeness. Grosvenor Hotel offer the services like restaurant, accommodation,
swimming pool and many other facilities to customers. Through different innovative
methods they are able to strong influence on output from employees and gain competitive
vantage within marketplace (Fuertes-Callen and Cuéllar-Fernández, 2014).
 Increased profit: It is an essential function for an organisation to carry out their business
in effective manner so that redistribution and customer base can be intensified.
Innovation assist organisation for presenting something which is new within their existent
services as well as in the market. Grosvenor Hotel can formulate different methods in
their way of rendering services. Like they can provide their customers with dishes from
multiple continents, innovative entertainment options and many others. This will lead to
improvise worth of their goods as by this they may be able to attract more of guests their
by leading to improvisation in their return of investment.
P2 Explicate vision, leadership, teamwork and culture responsible for shaping innovation and
commercialisation.
Innovation is defined as one of the most critical element of organisation, by which they
can improvise creativity and leads to higher growth. It is the methodology for construction of
latest facts. With respect Grosvenor Hotel, innovation will lead them to furnish unique services
within market and enhance benefits which will be utilised for furnishing efficient facilities
(Fuertes-Callen and Cuéllar-Fernández, 2014). Grosvenor Hotel can bring in various types of
innovation within their process of production like expansion of merchandise and their
administration which will lead to overall increment within uniqueness. There exist diverse types
of innovation they can be either administrative, technical or in their processes. Grosvenor Hotel
can utilise different innovative methods like providing their premium customers free passes to
new year party or Christmas Eve. For this, they must make use improvisations within their
existing systems. It is necessary for an organisation to make use of techniques within their
everyday organisational practices which will further aid them to form an environment which is
entirely innovative. Some of the major contributions which are carried out by Grosvenor Hotel
are illustrated below:
Innovation and vision:

When an organisation has formulated a strong vision then they can efficiently make their
contributions in terms of money for carrying out innovative processes. If they have not devised a
strong vision then it will result in failure (Greenaway and Rudd, 2014). When methodological
visualisation is possessed by leader then they can formulate effective strategies as well as render
effectual guidelines to employees through which it will become easy for them to carry out their
day to day operations. The vision of Grosvenor Hotel is to furnish enhanced services to their
customers through which they feel worth for money. They aim at endeavouring treasured and
finest services to their guests or customers. By this organisation can acquire enhanced
competitiveness there by leading to generation of higher profitability.
Leadership and Innovation:
For carrying out various techniques associated with innovation, leader is responsible for
encouraging and gives proper guidelines to employees by which their day to day performance
can be amplified. It is mandatory for leaders within organisation like Grosvenor Hotel to furnish
peculiar benefits to their employees through which their performance can be enhanced which
will also lead to enhancement within their overall development in terms of skills as well as
innovative nature (Gulbrandsen and Aanstad, 2015). Employees are not innovative when they
have strict rule book associated with their everyday activities or functionalities as they are more
keen to complete their work in proper manner.
Innovation and Culture:
Culture is as clear as attitude and principles which are being adopted by organisation ro
an individual. Different cultures exist within organisation which takes them forward within
innovative culture. It is the primary responsibility of leader within Grosvenor Hotel to have
effectual collaboration with middle workforce by which they can have trenchant working
environment. It is crucial for an organisation to build up trust among employees and
management. For this, it is elementary for organisation to render employees with limited
restrictions by which they can have different ways to carry out their activities.
Teamwork and Innovation:
It is crucial for organisation to ensure that employees are carrying out their operations as
single identical unit. The different techniques of innovation cam be utilised in appropriate
manner by this and it will lead towards strong culture (MacGillivray and et. al., 2014). It is
responsibility of leader of Grosvenor Hotel to make sure taht employees share their opinions on

specific topic so that they can give their assistance in accomplishment of particular task in apt
way. Along with this, it will assist to enhance their sustainability within market when conditions
are not in their favour.
P3 Description of 4P's of innovation and it's convention in innovation funnel
The tool which is mix of innovation and deals with needed enhancements within business
environment is known as innovation funnel. It comprises of product, process, paradigm and
position. By this effective course can imply to employees of organisation through which they can
conduct inventive step (Mohannak and Samtani, 2014). This will also enable them to develop as
well as prompt their thoughts. These steps will smooth en progress of organisation for attaining
extensive edge. 4P’s of innovation are explicated below:
(Source: 4P's of Innovation, 2018)
Product Innovation: Assorted ways are devised for improving efficiency of existent
services. Grosvenor Hotel has opted for various new methods as well as technologies by which
they can improvise their services as well as expand themselves. This is determinant with usage
Illustration 1: 4P's of Innovation

various effectual steps that will aid them to enhance satisfaction of customers with respect to
products which are being offered to them (Pellikka and Malinen, 2014).
Position Innovation: This is accumulated with new segments of market to render
services. Here organisation will identify numerous of ways for classifying market with respect to
their services and commodities for bringing innovations. By making use of this, Grosvenor Hotel
can examine diverse market segments and identify their potential customers. This will aid them
to ensure sustainability (Abdul Razak, Murray and Roberts, 2014).
Process Innovation: In this organisation can identify diverse creative methods with
whose assistance they can formulate and add value within production of their processes and
improvement in there procedures through which they can generate cost effective services with
enhanced quality. It is inner process which will assist Grosvenor Hotel to boost up their
productivity. For this it is crucial to evaluate entire process of invention.
Paradigm Innovation: It includes values, beliefs, theorise and doctrines. Models and
theories have been covered here in effectual manner which will lead to interrupt ways. Along
with this, paradigm innovation comprises of formative creation of paradigms by with the help of
which development process of organisation can be effectively enhanced. With assistance of this
Grosvenor Hotel can amplify superiority and quality of their services (Ahmadi and O'Cass,
2016).
Use of Innovation Funnel
This refers to process which has been opted by organisation while developing services.
The major principle behind this process is to improvise services as well as ender them whenever
requested by customer. This comprises of different steps to which organisation is responsible to.
Initial step is to have well-built information pedestal that will aid them to have trenchant
information in context of existent trends within market. Grosvenor Hotel can effectively take
benefit of this step to assemble information which is associated with their rivals and customers
with creation of surveys and questionnaires.
Intermediate step in this progression is to monitor ideas of company. It is indispensable for
entity to have proficient ideas for creating effective services and produce within marketplace
(Chun, Chung and Bang, 2015). By transmission ideas organisation can find most excellent way
and use it boost overall rate of interest (ROI). At final, this scheme will assist organisation to
attain organisational objectives which are recognized after decisive assessment. After this

merchandise are being presented to consumers. Grosvenor Hotel must put into practice spirited
strategies with the help of which they can effectively able to achieve needs of their consumers in
bendable way. Innovation funnel will smooth the progress of Grosvenor Hotel to boost their
efficiency as well as prosperity.
P4 Describe developments in frugal innovation and how they are being implemented in
organisation.
Frugal innovations refers to measures through which organisation can stay away from
needless cost associated with complexity and production. This modernisation will lead to
reduction in cost of services by eliminating irrelevant elements from long-term services (Dincer,
2017). Normally innovation influences various factors they are, political, social and
environmental which exists within environment of country where organisation is furnishing their
services. By implementation of frugal innovation within functioning structure cost of services
can be reduced and they can be offered within market at lower prices as compared to their
competitors.
It is crucial for Grosvenor Hotel to boost up their return on investment. This is further
used by company in which they have insufficiency of resources. It will further assist them to
shrink cost related with process of invention. With respect to, Grosvenor hotel they furnish the
services to customers with enhanced security and provide them with an friendly environment
where customers can feel comfortable. Furthermore, it will assist them to enhance their customer
base as at present scenario people look forward to luxury lifestyle (Dodourova and Bevis, 2014).
For Grosvenor Hotel, it is crucial to execute concept of frugal innovation in their working
structure with respect to their day to day operations so that they can enhance their profitability as
well as ROI. As the services which are provided by Hotel are highly standardised and provide
the suitable environment for stay it will give their customers a sense of satisfaction (Fuertes-
Callen and Cuéllar-Fernández, 2014). By this Grosvenor Hotel can formulate affirmative and
healthy relation with their customers thereby leading them (Hotel) to enjoy their (customers)
loyalty in future perspective. It will lead to growth of organisation.
Conclusion
From above mentioned report, it has been observed that innovation is essential factor for
success of organisation within market. This will aid organisation to increase their return on

investment and also their shares within market. Innovation is direct outcome of invention in
which all the aspects of organisation are taken into account. It also assists them to identify best
possible way through which organisation can have innovative culture within working premises.
Apart from this, frugal innovation will lead an organisation to increment their number of
potential customers by rendering innovative as well as effective services at reasonable prices.
REFRENCES
Books and Journals
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MacGillivray and et. al., 2014. Innovation and cost reduction for marine renewable energy: A
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Mohannak, K. and Samtani, L. A., 2014. A criteria based approach for evaluating innovation
commercialisation.
Pellikka, J. T. and Malinen, P., 2014. Business models in the commercialization processes of
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