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Innovation and commercialization in the organization

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Added on  2020-06-04

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INNOVATION AND COMMERCIALISATION Introduction 3 Task 13 P1 Innovation and its importance in the organization 3 P2 firm’s vision, leadership, culture and shapes innovation and commercialization5 Task 26 P3 Teamwork 4Ps of innovation and the use of innovation funnel 6 P4 Developments in frugal innovation and provide examples 7 Task 38 P5 Importance of the commercial funnel and the New Product Development process 8 P6 Building an Innovation Business Case for the chosen organisation 10 Task 411 P7

Innovation and commercialization in the organization

   Added on 2020-06-04

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INNOVATION ANDCOMMERCIALISATION
Innovation and commercialization in the organization_1
Table of ContentsIntroduction...........................................................................................................................................3Task 1.....................................................................................................................................................3P1 Innovation and its importance in the organization ......................................................................3P2 firm’s vision, leadership, culture and teamwork shapes innovation and commercialization ......5Task 2.....................................................................................................................................................6P3 4Ps of innovation and the use of innovation funnel ....................................................................6P4 Developments in frugal innovation and provide examples...........................................................7Task 3.....................................................................................................................................................8P5 Importance of the commercial funnel and the New Product Development process....................8P6 Building an Innovation Business Case for the chosen organisation............................................10Task 4...................................................................................................................................................11P7 Evaluating the different tools for protect knowledge and intellectual property.........................11Conclusion...........................................................................................................................................12REFERENCES.........................................................................................................................................13
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IntroductionInnovation is very significant for a business organization in order to survive in the market. Itcan provide competitive edge over rival companies in the market which is too important.Innovation is related with the new or creative idea which can be a device or service.Innovation is a continuous process where including research-development and improvementin existing product (Adam, 2014). The present report is based on 4com plc which is one ofthe innovative business unit in the area of telecommunication. The purpose of this report is toidentify various issues in innovation and commercialisation in the references case of Appleand Virgin group which are leader in such area. Task 1P1 Innovation and its importance in the organization It is essential for a company to make their product and services different from its competitorswhich can provide competitive position. Such product or services can be differing in terms ofdesign, advanced technology, improvement, colour, etc. (Bastalich, 2010). As the customerneeds are change over a period of time required new and innovative product which satisfycustomer demand in an effective manner. For this, a business unit is required that to conductinformation and utilise such data in design product and services. There is huge difference between innovation and invention and used both differently inaccording to the situation and scenario. These difference are given below:Basis Innovation InventionMeaningIt refers to the implement an idea in toreality for the very first time (Chun,Chung and Bang, 2015)On the other hand, inventionis related with the occurrenceof an idea which has nevermade before. ConceptDevelopment of original idea for thefirst time. Implementing an idea in toreality. Skill requiredIt required scientific knowledge andskills in order to implement the newidea. This required various skillsand information aboutmarket, technical, andstrategic and operational.
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Concerned withIt is focused on a single product andservice. This is concerned with thecombination of differentproduct and process(Clausen,and Rasmussen,2011). ActivitiesIt needs a limited research anddevelopment activities. On the other hand, activitiesare spread across variousdepartment. 4Com plc is conducting their business in the area of telecommunication which is verycomplex and competitive sector. There are large number of existing and new market playersin the UK market which provide tough competition for cited firm. For example, Apple Inc.one of most innovative organisation in the world because of its advanced product features anddesign. They introduced various product range like I pod, which design is too innovative, andwide variety of features. There are already large number of music players in the market butits size and quality not up to the mark (Cosh and Hughes, 2010). Therefore, Apple Inc.achieving success in the market. There is various advantage of innovation to 4Com plc and their employees given below:Increase idea generation environment within the organisation.Increase problem solving skills and capabilities.Building risk taking and decision making capabilities.Benefits of business organisationIncrease profitability and consistency in the market.Increase customer satisfaction level Provide competitive advantage in the market due to product differentiation.Benefit for customerEasily meet its demand at the affordable price.Life become easier due to innovation.
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