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: