Innovation and Commercialisation - P1 Importance of Innovation

INNOVATION
AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Importance of innovation for an organisation and its comparison with invention................1
P2 Teamwork, vision, culture, leadership can be shape commercialism and innovation...........2
TASK 2............................................................................................................................................4
P3 Innovation funnel and 4P's of innovation..............................................................................4
P4 Development of frugal innovation and its uses .....................................................................5
TASK 3............................................................................................................................................6
P5 Value of commercial funnel and application of new product development..........................6
P6 Innovation business case........................................................................................................8
TASK 4............................................................................................................................................9
P7 Tools to develop protect and retain knowledge and intellectual property.............................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation is a process of developing new ideas to produce fresh product and services
thus help to organisation develop differential goods in order to compete competitors as well as
taking competitive benefits in long period of time. Innovation is a transformational process in
which ideas convert into reality to achieve goals, objectives in limited period of time. It must be
replicable in economical cost and satisfy a specific consumers needs. Creativity has includes
deliberate utilization of data or information of market to develop new ideas, initiatives,
imagination and deliver higher quality commodities (Aarikka-Stenroos and Sandberg, 2012). In
this report select Unicorn grocery which are running their business activities at small scale. It is
a co- operation grocery established in the year of 1996 located in United Kingdom. In this
company approx 70 peoples have worked with annual turnover of £ 7 million. In this assignment
covers importance of innovation as compare to invention and 4P's of creativity. Also covers
frugal innovation and benefits of commercial funnel with application of new product
development.
TASK 1
P1 Importance of innovation for an organisation and its comparison with invention
Innovation: Creativity is a process of introduction of something new or innovative that
help to satisfy particular need of clients in an effective ways. It is idea, method and process to
converting thought into reality. Through this producer, they are able to manufacturing creative
goods and services to attract large number of consumers thus help to achieve sustainability in
long period of time (Bagchi-Sen, 2013). Some importance of innovation are explain as follows:
 Innovation may help to competing task in appropriate ways for get high market position
as well as clients toward organisation goods and services.
 With the help of innovation, management can identify path of success with unique and
novel working operation that can assist in meeting target, goals in limited period of time.
 By assistance of innovation, firm may develop new brand in which lot of new buyers has
attract toward commodities.
 Through this, firm are able to get core competences which develop differenced product
and services as compare to rivalries in the same industry.
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 Creativity has stands for various coordination apart from competitors in the same industry
(Bogers and West, 2015). Innovation may help to achieve competitive benefits as compare to their competitors at
market place.
Invention: It is process of developing new ideas which are not be used by any other organisation.
Invention is a completely fresh thought of completing task in an appropriate ways as well as
help to make differentiated goods and services as compare to competitors. The main difference
between innovation and invention are explain as follows:
Innovation Invention
 It is a process of up- gradation and new
variations in existing goods and
services.
 Innovation is a modification procedure.
 It is a ideas of adding some new feature
in current product to attract large
number of consumers.
 In this process of brand new
development of technology that has
addresses particular wants as well as
desires of potential clients (Bogers and
West, 2014).
 In invention firm are get completely
new working ideas which can not be
using before.
 Unique and novel process of work that
help to run business activities
effectually.
So that, Unicorn grocery has implemented innovative idea of working at work place in
order to operate enterprise activities effectively. From this, they are get some valuable feedback
from their consumers in order to make modification in existing goods and services. It can help to
meet high customer's satisfaction in long period of time. Regular creativity has make positive
and enhance goodwill of firm at market place (Ettlie and Rosenthal, 2012). For example, Apple
is a used innovation strategies on continuous basis to develop higher technical commodities as
compare to their rivalries in the same industry.
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