Assignment- Innovation & Commercialization | Apple Inc & Virgin Group

Added on -2020-02-05

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INNOVATION ANDCOMMERCIALISATION1
ContentsIntroduction......................................................................................................................................................................Task 1...............................................................................................................................................................................P1.Innovation and its importance to employees in organisation.................................................................................P2. Organizational vision, leadership, culture and teamwork can shape innovationand commercialisation.................................................................................................................................................Task 2...............................................................................................................................................................................P3. 4Ps of innovation and the use of the innovation funnel to examine and shapeinnovative ideas...........................................................................................................................................................P4. Develop frugal innovation and how to use in organisation...................................................................................TASK3...........................................................................................................................................................................P5. Importance of the commercial funnel and the application of New ProductDevelopment .............................................................................................................................................................P6. Innovation Business Case for chosen organization.............................................................................................TASK 4..........................................................................................................................................................................P7. Different tools to develop, retain and protect knowledge and intellectualproperty .....................................................................................................................................................................CONCLUSION..............................................................................................................................................................References......................................................................................................................................................................2
IntroductionInnovation has become a necessity for product development and enhancementfrom time to time. The process of innovation is central to the prosperity and growthwhich can have different ways and methods. The commercialization refers toproviding a platform for the product to make it reachable and knowledgeable to thecustomers and mass. At present to organizations are developing their long-termstrategies based on innovation and creativity which is helping the companies to reachnew targets and success (Soard, 2016). In order to make the innovation practicessuccessful and implementation,the practice should begin for the internal resources i.e.employees or workforce who serve to be an important asset to the organization. Thediverse employee workforce with different skills, background, experiences, andknowledge can be used in different situations to identify and use the prospectiveopportunity to convert their gap into an advantage(Leitner, 2013). In that course, thecompany needs to be supportive enough to encourage, motivate and develop astructure which can help the employees to share and exchange their ideas, thoughts,and views over any particulate issues which can influence the positive outcome,innovation techniques or process that can help in improving the product in the bestpossible way. The current assignment deals with the above subject i.e. innovation andcommercialization which is based on two case studies on Apple Inc and Virgin groupas an example of innovation and commercialization of products and services. Theproject discusses various understanding and concepts of Innovation process used bythe organization with respect to an SME named Askinosie Chocolate, which is achocolate producing firm based in the US. The report is divided into four parts, whichhas been answered in accordance to meet the respective learning outcome.Task 1P1.Innovation and its importance to employees in organisation.The concept of innovation is a new method, idea or a device that is coupledwith commercialization. It puts new ideas and knowledge to a productive use incommercialising and creating a new service, process or product type, that is often3
being associated with invention. Innovation also gives rises to the development ofimproved products, services and processes. For example, the innovation of iPod byApple is an innovative version of MP3 players in which would record a large numberof songs. But this device is a newly designed product which requires smallest physicalspace for storage of songs. The term has been defined by recognised body of OCEDstating “Innovation goes far beyond R&D. It goes far beyond the confines ofresearch labs to suppliers, consumer and users everywhere- in non-profit, profit andgovernment business across institutions and across sectors”.The Askinosie Chocolate is one of the top SMEs situated in the US thatproduces a variety of chocolates such as dark chocolates, milk chocolates, chocolatebeverages, baking chocolate and cocoa nibs. The company was founded in the year2005 and is based in the city of Missouri. The company uses extremely transparentbusiness practices which provide a lesson to the budding entrepreneurs on how to tradewith farmers and pay fair trade market prices for their raw materials(SHAWNASKINOSIE, 2016).The company collects cocoa beans from four countries and prepares a varietyof chocolate recipes in 70 steps. This business model of the company considers theimportance of innovation by preparing different varieties of chocolate recipes in just70 steps. On the other hand, invention is the derivation of new products, services ofthe process from new knowledge and idea. It is the application of the idea in creatingsomething new. The company through the trade practices with the farmers is bringingchange to the lives of communities surrounding the cocoa farms which are helping thepeople there. This can be an invention in new service provision facilitating fair tradepractices to the cocoa farmers. The functionality of the company depends onmanagement which comprises of total 17 people including the founder of the company“Shawn Askinosie”. The company tries to bring balance in their quality and craft for makingchocolate for their customers. It is their first priority to provide best tasting chocolateto the world by combining efforts of people working in the production of chocolates.The employees and staffs involved in the making of chocolates are coordinating with4

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