Innovation and Commercialisation - Amazon
This assignment is about understanding innovation and commercialisation in the context of business marketing.
15 Pages4611 Words90 Views
Added on 2020-12-29
Innovation and Commercialisation - Amazon
This assignment is about understanding innovation and commercialisation in the context of business marketing.
Added on 2020-12-29
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Innovation andCommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Explain innovation and determine difference between invention and innovations..........1P2 Explain how organizational vision, leadership, culture and teamwork can shape innovationand commercialisation............................................................................................................4TASK 2 ...........................................................................................................................................6P3 4Ps of innovation and innovation funnel for Amazon Go................................................6P4. Critical evaluation of role of frugal innovation in the development of Amazon Go.......9TASK 3 .........................................................................................................................................11Covered in PPT.....................................................................................................................11TASK 4..........................................................................................................................................11Covered in PPT.....................................................................................................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONInnovation and commercialisation is very important for every organisation. As it helps inproviding innovative and new products in market. Innovation is a process or action to identifynew solution of problems (Ke and et. al., 2016). Commercialisation is introduction of new goodsand services or new process for production in market and making it available to the targetconsumers. Present report is based on Amazon Go, it is grocery store which is a subsidiarycompany of Amazon and founded in 2016. It provide services by using computer vision, deeplearning algorithms and sensor fusion for making the purchase and payment automatic. Thisreport includes difference between innovation and invention, importance of innovation for theorganisation. Role of vision, leadership, culture and teamwork in innovation andcommercialisation. Use of innovation funnel in creating innovative ideas, development in frugalinnovation and its use for company. It also includes importance of commercial funnel and newproduct development process commercialisation of innovation. Innovation business case andways of funding for given organisation and tools for protecting innovative ideas and intellectualproperty. TASK 1P1 Explain innovation and determine difference between invention and innovationsInnovation refers to several activities which can be related to product, process andorganizational routine. It focuses on acquiring profitability by more attention of potentialcustomers in target markets (Osoro, Kirama and Vermeulen, 2017). Business entities can catchlatest trends, access relevant information and ensure product availability on customer's fingertips.Customers enable for better experience by different choices on shopping way. In respect ofAmazon, this is count in most innovative companies in 2017 survey. Organization has developedmany platform of shopping and lifestyle by considering culture. These insight increase 60%users in potential market. Amazon Go has opened first store but that time they didn't consideringon differentiation prospects. Nowadays it interacts to consumers with amazing digital platformsfor instance: convenient store by using digital cart and payment through their account. Thisrefers to fastest transactions, machine learning and computer cloud systems which make it smartshopping on these stores. 1
Innovation has significant role for every business plans which ensure to its long termsuccess in the market.Difference between innovation and inventions:Basis of comparisonInnovationInventionMeaningIt refers to new development inexisting product and technicalprocesses.It implement for new product ordifferent process for increasinggrowth.ConceptIt based on new professionalideas for practical procedures.This concept based on workingtheories and original opinions.Required skillsIt shows combination ofmarketing and technical skills.Invention can be feasible only byscientific skills.ActivitiesInnovation concerns on moreactivities across the company.These process focuses mainly inresearch and developmentdepartment for new process andproduct.ConsiderationInnovations consider on acombination of similar productor services.This works on particular productor procedures.Importance of Innovation in retail industry:There is a wide difference between innovation and inventions already discussed above.Both processes are important for developing a product for a company's success yet innovationhas an edge over invention. Innovation in terms of development of existing processes is moreimportant than invention as it requires lesser funds and efforts. Amazon Go also broughtinnovation in retail industry. It is following sensor technique, those fundamentals changes retailsales thoughts in customer's mind. In this grocery store doesn't have credit card machines and noneed of cash and ATM cards for payment. Through this system, company is enabling fortracking consumer's behaviours during shopping activities. On this basis, it provides discounts onrelated prior buying behaviour. Thus, it can be said that innovation has a major role to play inretail industry as described below:-Maintain customer relationship: Innovation leads to creativity by providing newfeatured product or services in existing operation (Du and et. al., 2017). These kind of ability is2
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