Innovation and Commercialisation Assignment - Sainsbury

Added on - Nov 2020

Trusted by 2+ million users,
1000+ happy students everyday
Showing pages 1 to 4 of 13 pages
Innovation and
Commercialisation Assessment
Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explanation of innovation and its importance and comparison with invention.....................1
P2 Organisational vision, leadership, team work and culture can shape innovation and
commercialisation.......................................................................................................................2
M1 Different sources of innovation............................................................................................3
D1 Examination of scope, development and growth of entrepreneurial venture........................3
P3 Explanation of 4Ps of innovation...........................................................................................4
P4 Developments in frugal innovation and their use..................................................................5
M2 Application of innovation funnel in an organisation............................................................6
M3 evaluation of frugal innovation.............................................................................................6
D2 Impact of small business on different level of the economy.................................................7
TASK 2............................................................................................................................................7
P5 Covered under PPT................................................................................................................7
P6 Covered under PPT................................................................................................................7
M4 Covered under PPT...............................................................................................................7
P7 Covered under PPT................................................................................................................7
M5 Covered under PPT...............................................................................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8
INTRODUCTION
Innovation can be described as a new idea which is used by various organisations to find
solutions to meet their requirements such as profit maximisations and customers attractions. It is
an activity that includes the creations of new things that may help to run a business smoothly.
Commercialisation is the process of launching a new product or an innovative manufacturing
method in the market in order to gather funds to run the business (Budzianowski, 2016). It is also
known as new product development and includes various activities like sales promotions,
advertising and other marketing efforts to acquire higher market share. Company chosen for this
report is Sainsbury’s which is a chain of supermarket and operating business in UK.
Thisassignmentcoversvarioustopicssuch asdifferencebetween innovationand
invention, importance of innovation for an organisation, 4Ps of innovations application of
different approaches like innovation funnel and frugal. Problems of an organisation, new product
development,solutionsfortheproblemswiththehelpofcommercialfunnel,toolsand
techniques for testing effectiveness of the new product and the way in which the organisation can
protect intellectual property of new product.
TASK 1
P1 Explanation of innovation and its importance and comparison with invention
Innovation:It can be defined as new ideas that are introduced and implemented by the
managers or directors of the companies in order to achieve business goals. It includes all the
elements that are required while applying new and innovative things in the management of the
company or new product so that the organisation may attain higher level of profits. It is very
important for an organisation to introduce new and innovative products or services so that profit
can be maximised (Jacobsson, 2013).
Invention:It can be defined as an idea of a new thing which haven’t yet introduced in
the market. It is totally a new concept in which a new idea is implemented by the organisation to
grabattentionsoftheirprospectcustomers.Itrequirestechnicalknowledgetoforman
extraordinary invention that may help to reach all the predetermined goals of a company.
Difference between innovation and invention:
InnovationInvention
It can be defined as the idea which is used toIt is the creation and introduction of an idea
1
modify a present product or service.for the first time.
It requires professional skills to formulate an
innovative idea.
Technical and scientific skills are required to
introduce an invention in the market.
Innovationhelptofindsolutionsforthe
currentproblemsthatarefacedbyan
organisation.
Ithelpstoofferanewproducttothe
customers to grab their attention.
Main objective of innovation is to launch a
modified product in the market to satisfy the
customers.
Objective of invention is to introduce a new
product in the market that may facilitate the
individuals.
It is something new which is uniquely useful
for the consumers.
Itissomethingthathavepotentialvalue
through the utilities and features.
It is very important for an organisation it is
willing to acquire higher market share with
the help of existing products by modifying
them.
Itisessentialfortheorganisationwhile
managers want to attract potential and retain
existing customers with the help of a complete
new product (Hsieh, 2013).
As Sainsbury’s is a supermarket chain and it can attract more and more customers with
the help of innovative products and a new invention that may help to acquire more market share.
Both the elements also help to attain long term sustainability for the future period (Dereli and
Altun, 2013).
P2Organisationalvision,leadership,teamworkandculturecanshapeinnovationand
commercialisation
Innovation and commercialisation is very important for the organisation to launch
modified products in the market so that higher market share can be acquired. Organisational
vision,leadership,teamworkandculturecanshapetheprocessofinnovationand
commercialisation. It can be understood with the help of following points:
Organisational vision:It is the view of future place where the organisation is willing to
be. Vision of Sainsbury’s is to be the most trusted retailer and first choice of employees and
customers where they love to work or shop (Walsh, 2012). The company is willing to set a
positive image in the minds and hearts of customers in order to expand the business. The vision
may help the organisation for the innovation in business by modifying existing product or
services. Sainsbury’s can modify the way of providing services or make any innovations in the
2
Desklib Logo
You are reading a preview
Upload your documents to download or

Become a Desklib member to get access