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Innovation and Commercialisation Culture

   

Added on  2021-01-01

18 Pages4994 Words336 Views
Innovation andCommercialisation

TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................1LO 1 ................................................................................................................................................1Innovation and its significance in comparison with invention....................................................1Organizational culture, leadership, vision and team work shape innovation andcommercialization ......................................................................................................................2LO 2.................................................................................................................................................44P's of innovation and use of innovation funnel ........................................................................4Developments in frugal innovation and provide its example used in the organization .............6LO 3.................................................................................................................................................7Importance of commercial funnel and application of new product development processing forcommercialization of innovation ................................................................................................7Build innovation case for firm involving ways of access funding .............................................8LO 4.................................................................................................................................................9Different tool to used to develop, retain and protect knowledge and intellectual property .......9CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12

INTRODUCTION Commercialization is the procedure of bringing new goods and services to themarketplace. The concept of commercialization depicts the changes taking place in marketing,sales, production and distribution as well as customers support to achieve the commercialisedprofits of the new developed products and services. On other side, innovation is the procedure oftranslating thought or invention into product and services which create value or for whichconsumers will pay (Dincer, 2017). This study is based on Marks and Spencer (M&S). It is theBritish multinational retailer in London which selling appeal, home appliances and luxury foodsproducts. Now they want to introduce new clothing product that is 3D printing T-shirts for menand women in the UK. Report will explain innovation and its significance in comparison withinvention. It will state leadership, culture of organization, team work, vision which leads tocommercialization and innovation. Furthermore, study will state Developments in frugalinnovation and provide its example used in the organization. LO 1 Innovation and its significance in comparison with inventionThe term innovation isreferred to as the process that involves taking different types ofactions to outline or highlight new methods of doing anything. It creates higher chances andcritical for living, economic development and success of the organization. Organizations are ableto innovative for setting the firm in various paradigm in relation to determine new chances andbest technique to solve recent difficulties (Chun, Chung and Bang, 2015). It helps to M&S forintroducing the new clothing product in the UK which is 3D printing T-shirts for men andwomen due to increase demand. In contrast, invention is the action of bringing thoughts or objecttogether in new manner to make something which did not exist before. It is the unique and newdevice, composition or procedure. Difference between Innovation and Invention: BasisInventionInnovationMeaningIt means to the occurrence ofthoughts for goods or procedureswhich has never been createdbefore. As compared to that, it expressesthe execution of thoughts forgoods or procedures for the firsttime. 1

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