Innovation and Commercialisation Assignment Solved - Tesco Plc
Added on 2020-10-22
15 Pages5274 Words340 Views
INNOVATION ANDCOMMERCIALISATION1
ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and its importance to organization in comparison to invention...........................1P2 Role of Organizational vision, leadership, culture and teamwork to shape innovation andcommercialisation........................................................................................................................3TASK 2............................................................................................................................................5P3. 4Ps of innovation and the use of innovation funnel to examine and shape innovative ideas5P4. Development in frugal innovation and examples of how it is used in an organizationalcontext..........................................................................................................................................6TASK 3............................................................................................................................................7P5. The importance of the commercial funnel and the application of New ProductDevelopment(NPD) processing for commercialization of innovation............................................7P6. Innovation Business Case for Tesco Plc for accessing funding...........................................9TASK 4..........................................................................................................................................10P7. Different tools to protect, develop and retain intellectual property and knowledge...........10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................112
INTRODUCTIONInnovation refers to creation of new products from existing one through ideas andimagination. It is a method in which new ideas or imagination is generated and converted intouseful products. This process results when company applies ideas to produce new products tosatisfy needs and demands of consumer's. Innovation is beneficial for company as it will attractmore consumers towards organisation (Kim and et. al., 2014). This report is prepared in context ofUK based company Tesco Plc. It is a British multinational retailer which deals in groceryproducts. The company offers various products such as books, clothing, electronics, furniture,etc. Further, this project also discusses about difference between invention and innovation. Inaddition to this, there are also some process which is required to commercialise innovation whichis stated below (Shapira, Youtie and Kay, 2011). Lastly, there are some types of innovation and 4Psof innovation which is beneficial for company to introduce products at market place. TASK 1Overview of companyTesco Plc is a British multinational retailer company which operates its business in UK.This company is operated by Jack Cohen. In this, approx 476000 million employees areperforming their activities in achieving goals by their efforts. It provides various food items suchas furniture, toys, foods items, groceries, etc. All goods and services offered by organisation toits customers is at affordable prices. They also provide many discount coupons which helps themto attract more consumers towards them. P1 Innovation and its importance to organization in comparison to inventionInnovation is a changing or creating more effective process in form of new products andservices. In business, innovation helps in creating new and innovative products by implementingideas or thoughts. This method also helps Tesco Plc in manufacturing new products withinnovative features (Kamariah and et. al., 2012). It is essential for company as it assist them toallure more clients towards them. On the other hand, Invention is a process of developing newproducts for the first time. This also assist company in increasing their market value andimplementing new schemes in introducing products at market place. Importance of innovation 3
In this modern era, innovation is a beneficial method for company in development andgrowth of their business. Companies are said to be innovative that foster and use creativity increating their products. This process is also important for growth of Tesco Plc and to gaincompetitive advantage at marketplace. The importance of innovation in company is as follows:Continuous improvement: The process of innovation helps company in improving theirmethods and products (Aarikka-Stenroos and Sandberg., 2012). It also assists Tesco Plc inlaunching and introducing new schemes or business strategies. On the other hand, inventionleads company to introduce new product which have never been introduced at market place.Enhance creative development: This process give various advantages in building newbusiness operations. It is important for company to achieve new ideas or implement newschemes within business. This enhances company in achieving more growth and toaccomplish targets or objectives. Creative development also enhances organisationfunctions of Tesco Plc. This will results in higher productivity and also increases salesrevenue. In this, the process of invention also helps company in enhancing their creativedevelopment and attracting more consumers. Response to rivals and trends: Innovation also leads companies to stay at top at market placefrom their rivals. They should follow new trends and produce goods according to their customersdemand (Engel, 2015). In context of Tesco Plc, innovation also helps company to gaincompetitive advantage at market place in comparison to their competitors. On the other side,invention is done on the basis on current market trends and products invented better than rivals.Company uses many strategies and techniques to manufacture a unique product. Difference between Invention and InnovationBasis for comparisonInvention Innovation Meaning Invention is a process ofproducing new product whichhave never been introduced byimplementing ideas andthoughts. Innovationreferstoimplementation of ideas orimagination for first time. Creation It is a creation of newproducts. It refers to adding value inexisting product.Skills neededIn this, advanced and scientificAccording to this, technical,4
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