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Innovation and Commercialisation - Virgin Group
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Added on 2020-07-22
Innovation and Commercialisation - Virgin Group
Added on 2020-07-22
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INNOVATION ANDCOMMERCIALISATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................2P1. Importance of innovation and difference between innovation and invention .................2P2.Impact of vision, mission, leadership, culture and teamwork on innovation andcommercialisation...................................................................................................................3TASK 2............................................................................................................................................4P3. Explain 4p's of innovation and use of innovation funnel to shape innovation ideas.......4P4. Explain developments in frugal innovation and their usage in organisation .................6TASK 3 ...........................................................................................................................................7P5. Importance of the commercial funnel and the application of New Product Development7P6. Build an Innovation..........................................................................................................9Business Case........................................................................................................................9TASK 4 .......................................................................................................................................10P7. Tools which are used to retain, develop and protect intellectual property.....................10CONCLUSION ............................................................................................................................11REFERENCES .............................................................................................................................12
INTRODUCTIONIn today's world, every company wants to have competitive advantage. For this firmskeep on updating their products regularly so that they can provide best quality of goods to theirconsumers. Innovation tends to bring new ideas, creativity, processes by which the new solutionscan be introduce in market. On the other hands commercialization refers to procedure by whichfirms can produce goods by implementing in new ways and bring new ideas in business. Theseboth are very crucial elements for business growth (Anokhin, Wincent and Frishammar, 2011).Customers wants product which satisfy their needs. customer never buy product which isoutdated and old technology. So introducing new methods in business and in goods are verycrucial for company to sustain. The company which is taken into consideration for this particular report is virgin andapple. These both are different companies from different industrial segments. Virgin is group isrelated with entertainment, finance and lifestyle. While on other hand apple refers to electronicgadgets producing company they are into production of iPods, iPhones and iMac. These both arebig brand names in market. Market share of these both companies is very large (Bagchi-Sen,2010). Their profits margins are also very high. In this report, the difference between innovation and invention has been mention. 4P's ofinnovation are describe in this assignment. Different tools of intellectual property protection arediscuss in this project. 1source1: Innovation, 2016
TASK 1P1. Importance of innovation and difference between innovation and invention Innovation refers to bringing of new ideas, methods, procedure in business. Byinnovation the existing problems can be solved in more easy way. Innovation is having its widemeaning. Every company is going to bring innovate their products. It’s very important part of anorganisation. By this company can sustain for longer run. Every customer want the productwhich is new technology and firm need to innovate their products before their old productsdemand decreases in market (Davila, Epstein and Shelton, 2012). By this more revenues can begenerated. Innovation helps firms to improve their efficiency of products and services.Importance of innovation is given below. Creates competitive advantage: Innovation help to provide competitive advantage tofirm. When firm is providing different facilities to customers. They gain competitiveadvantage. They providing those goods which is company's competitors are not having.For example Apple is manufacturing iPods. By this person can listen to music in veryaccessible manner. By carrying small device and large storage. By this deviceCustomers can enjoy music anywhere at any time. when this product launch manycustomers like this product. There is different perspective of value from differentpeople. Some people perceived value as worth for money but some customer perceivevalue in features of product. As firm is bringing new trend in market customer thisencourage customers to buy new products in market. As like virgin they are dealingwith many many segments they are continuously coming up new innovation. This givethem competitive advantage to firm. According case study virgin create new idea ofventure which gave them success in their particular field. Establishing new methods and process for business: By innovation the newsolutions of existing problems can be identify by the firm. Innovation make easy forfirm to solve problems. As new techniques come in market place the process ofbusiness become more fast, production take place in faster manner, quality of goods canbe improved. As new technology is taking place employees are trained accordingly bywhich employees able to serve customers in effective manner. Firm need to use alltheir resources in effective manner so that innovation process and its implementationcan take place in adequate manner (Godin, 2012). In context to virgin group firm is2
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