Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Comparison between innovation and invention.....................................................................3
P2 Organisational vision, culture and teamwork to shape innovation and commercialisation...4
TASK 2............................................................................................................................................6
P3 4Ps of innovation and use of innovation funnel.....................................................................6
P4 Developments in frugal innovation........................................................................................8
TASK 3............................................................................................................................................9
P5 Importance of commercial funnel and the process of new product development.................9
P6 Innovation business case for organisation involving various source for funds...................11
TASK 4..........................................................................................................................................12
P7 Different tool to retain intellectual property for longer period............................................12
CONCLUSION .............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Commercialisation can be defined as the process that exists for introducing a new product
and the production method in a business. On the other side, Innovation is the subset of
commercialisation process which is used to make changes in the existing product and in the
similar market (Bagno and et. al., 2017). Commercialisation process undertakes more risk as it
deals in a new market. Whereas, innovation process is less risky as in the modifications will be
done in the existing products into a similar market. This report is written from the perspective of
the Samsung which is one of the leading organisation in the telecommunication industry. The
main aim for this report is to understand innovation as well as commercialisation process by
making first appearance for a new feature or product. Further, this report highlights on
innovation process, four P's of innovation and utilisation of innovation funnel. Along with this
frugal funnel and new product development will also be focused in this report.
TASK 1
P1 Comparison between innovation and invention
Invention- This is determines as a process or procedure through which fresh ideas are
developed and implemented in the organisation. It governs that adopted changes can never exists
in the market. Invention is developing new product that helps organisation to generate new ideas
in order to attract more number of customers. Like Samsung introduces their new phone which
is also converted as a tablet (Kang and et. al., 2016).
Importance of invention- Inventions leads the organisation to introduces new feature in
their product. So it is easy for management to make the changes in products in order to satisfy
customers needs and wants. The demand for the tablet is increasing on daily basis. Therefore,
with introducing new phone that can work as a tablet also helps the management of Samsung to
gain competitive edge in the market.
Innovation- Innovation is one of the major activity that helps the organisation to
introduce better as well as new products in the market. The main aim of innovation is to
determine the products as per the needs and wants of customers. This results it is east for
organisation to retain customers for longer period in the organisation as it increases the profits
for the company. Like the Samsung is totally focused to improve their processor which
improves the performance of organisation (Molnar, 2018).

Importance of Innovation- In the context of Samsung, management must need to implement
innovation in its products because the competition among telecommunication industry is too
intense. Some of the major benefits related with innovation process is mention below:
To gain competitive edge- One of the most important factor for innovation is to
introduce new product that is not exist in market. It results this is easy for the company to gain
competitive edge. As many new competitors are entering into new market with new
technological aspects. So it is mandatory for existing players to deal with the changes in its
product.
Fast recognise of customers’ expectations- Innovation not assist the organisation to
satisfy the needs of customers. But it also helps the management to make and introduce a product
as per customers expectation. This results it is easy for organisation to make customer-centric
products in order to increase the profitability of organisation (Rosca, Arnold and Bendul, 2017).
Comparison between innovation and invention
Invention is the major function that is related with the development of product by
introducing new idea and process in a active product. The major benefit that helps the
management is to fulfil demands of customers which enhances business area for Samsung.
Moreover, in invention can be done through implement technical and scientific skills. Like the
addition of high camera quality in phones is a major aspect for innovation.
Innovation is the another aspect for the organisation that is related with the improvement
of existing products. This determines that the process to make a product and service will be
changed. So more economic value will be included in the products. For this technological,
strategic and marketing skills must be improved. So better results in the productivity will be
enhances in context of organisation as well as products (Agola, 2016).
P2 Organisational vision, culture and teamwork to shape innovation and commercialisation
Commercialisation- The process for commercialisation is a method by which new
products and services are represented in market. In order to implement commercialisation
process effectively Samsung requires well-developed strategy to make a success for their new
products.
Vision of Samsung- Samsung is one leading organisation of telecommunication that
sales huge number of mobile phones in the consumer market. The vision of Samsung is to
remain in the market for longer period by making innovation in its products in order to achieve