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Benefits of Innovation and Commercialisation : Report

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Added on  2020-07-22

Benefits of Innovation and Commercialisation : Report

   Added on 2020-07-22

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Innovation and Commercialisation
Benefits of Innovation and Commercialisation : Report_1
ContentsINTRODUCTION.................................................................................................................................3TASK 1.................................................................................................................................................3P1: Difference between innovation and invention and its importance in comparison with invention3P2: Contribution of organisational vision, leadership, culture and team work in innovation and commercialisation..............................................................................................................................5TASK 2.................................................................................................................................................6P3: Analysis of 4P’s of innovation and application of innovation funnel in development of innovation ideas.................................................................................................................................6P4: Development in frugal innovation and its uses............................................................................8TASK 3.................................................................................................................................................9P5: Use of NPD for innovation and commercialisation and importance of commercial funnel.........9P6: Development of innovation business case.................................................................................11TASK 4...............................................................................................................................................12P7: Different tools that organisations can use to develop retain and protect knowledge and intellectual property rights...............................................................................................................12CONCLUSION...................................................................................................................................12REFERENCES....................................................................................................................................14
Benefits of Innovation and Commercialisation : Report_2
INTRODUCTIONInnovation refers to an action which is taken to improve something in order to attract interest and buying behaviour of customers towards to purchase them. Every organisation hasfocuses on implementing innovation in their business structure with a motive of expanding business on a large scale and earns huge profits. The main purpose of preparing this report is to provide the benefits of innovation and commercialisation in the growth of an organisation. Rowlinson Knitwear, a UK small-sized company which is engaged in producing clothing wear garments to school and corporate people. The project includes the vision and objectives of the company and its contribution in implementation of innovation and commercialisation. There are 4P’s of innovation which are also introduced under this report. Innovation funnel and its development, Use of NPD, commercial funnel along with their importance, deve3loment of innovation business case, different tools useful to develop, retain and protect intellectual property rights are also covered under this report (Brettel and Cleven, 2011).TASK 1P1: Difference between innovation and invention and its importance in comparison withinventionInnovation and invention are two different concepts which are developed by every organisation with a motive of grabbing attention of loyal as well as new customers. The management is wholly responsible to think something new which help organisation in gettingstrong position in competitive market. They need to analyse the market trends and accordingly concentrate on bringing something new and innovative that fulfil customer’s needs and requirements (Camisón and Villar-López, 2014). Here are the some differences between invention and innovation:Invention v/s InnovationInventionInnovationIt is developed by management when they have new ideas and concepts to introduce in market.Changing something through adding some extra value features with the purpose of maximising the satisfaction level of customers.The main objective of invention is to provide customers something new which they The main aim of innovation is to compete with their rivals through giving extra value
Benefits of Innovation and Commercialisation : Report_3
expected from an organisation.added products and services to the customers.R&D team of an organisation should require to focus on creating new ideas and concepts.It occurs when the management feels the need to change or improve product.Importance of Innovation to organisationImproving products on regular basis will bring profitable result to every organisation irrespective of size whether small, medium or large. But only requirement is to select right time thus the management are held liable to implement different methods in order to find out the market trends and customer’s taste ad preferences and accordingly directs the different departments of an organisation to improve their business functions so as to maximise satisfaction level of customers. Therefore, the management and leaders both are playing an important and valuable role in implementation of innovation in different business functions. For example, upgrading existing technology used in production process help in producing quality products as compared to their rivals’ products. There are some other advantages as well after implementing innovation which are given as below:Application of best method: As every departments working in an organisation are responsible to think something new and innovative that will help them in achieving better possible result. Such departments include marketing, finance, operation and sales which perform with a motive of achieving desire goals and objectives of an organisation. Thus, changing ways of performing into better one will bring efficiency in worker. For example, themanager of marketing department should require to implement innovative ways of attracting customers towards the products improved by production department. They need to focus on adopting various marketing tools and techniques such as Advertisement on TV, Newspaper etc. help Rowlinson Knitwear to gain large number of customers through which they generatehuge profitability and sustainability (Crossan and Apaydin, 2010).Competitive advantages: Changing products into better through adding some extra value will enable Rowlinson Knitwear in giving quality products better than their competitors. For this, R&D team of Rowlinson Knitwear should require to carefully analyse the rival’s strategies and their products and accordingly focus on enhancing their products and services. This will increases competition in competitive market which brings benefit to customers as well.
Benefits of Innovation and Commercialisation : Report_4

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