Innovation and Commercialisation in Business Organizations

This document discusses the importance of innovation and commercialisation in business organizations. It defines innovation and explains its significance compared to invention. It also explores how organizational leadership, vision, culture, and teamwork can manage innovation and commercialisation. The document further defines the 4Ps of innovation and the use of the innovation funnel to analyze and shape innovative ideas. It also discusses frugal innovation development and its use in organizations. Lastly, it covers the process of new product development and the commercial funnel.

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION: .........................................................................................................................3
P1 Define innovation and explain its importance to business organisation in comparison with
invention......................................................................................................................................3
P2 Define how organisational leadership, vision, culture and teamwork can manage
innovation and commercialisation..............................................................................................4
P3 Define the 4Ps of innovation and define the use of the innovation funnel to analyse and
shape innovative ideas ................................................................................................................6
P4 Frugal innovation development and its use...........................................................................7
Task3 ...............................................................................................................................................8
P5 New product developing and commercial funnel ................................................................8
P6 Innovative business case........................................................................................................9
Task4..............................................................................................................................................12
P7 Evaluation of various tools for protecting intellectual property..........................................12
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
Innovation is considered as a procedure in which it is necessary to make necessary
modification in present goods as well as services. It arises for making necessary increments in
current good as well as services at market place. The marketing manager focuses on assessing
the various opportunities that assists in testing as well as selling of goods in the market. In
addition to this, commercialization is described as a process that focuses on introducing
innovative goods as well as services at Marketplace. Both innovation as well as
commercialization is important for organisation to run their business in successful manner and
also accomplish leading position at Marketplace. In reference of big belly the marketer
emphasized on offering new and unique goods to its user that is given in this report. This
assignment is divided into two categories. Firstly determine the innovation that focuses on
manufacturing innovative products. Secondly commercialization helps in gaining and achieve in
leading position at market place (Naughton and Foss, 2019).
P1 Define innovation and explain its importance to business organisation in comparison with
invention.
Innovation is considered as a procedure in which it is necessary to make critical changes
in current goods as well as services for success as well as growth of organisation. It includes
making effective alteration in given product and services. There are different elements that are
helpful for conducting different activities as well as functioning in relation to innovation for
success in future period of time. In context of big belly the marketer emphasized on providing
innovative as well as recycling solution for investment made in the renewable technologies in
relation to information as well as solar system for satisfying user.
Invention is considered the procedure that is useful for providing innovative business
ideas in order to convert it into action. Therefore it is necessary to bring innovative ideas and
transform it into finish good. Thus, it is important for marketer to organise appropriate research
for introducing innovative product at market place. The manager focuses on introducing plastic
bottle that helps organisation in building good reputation at Marketplace.
Comparison among innovation and invention
Basis Innovation Invention
Purpose The primary purpose is to The primary aim of this is to

create more income in current
product as well as services.
launch innovative goods for its
user.
Occurrence It arises only when the
organisation analyse that there
is no more rivalry firm
available at market place.
Furthermore, it arises when the
marketer bring innovative
ideas for transform it into the
finished good for satisfying the
need of customer.
Innovation is significant for growth as well as development of company. For
manufacturing innovative Product at market place the marketer focuses on confronting the
challenges that is mentioned below:
Unique selling point In present context there are many competitive firm that provide
similar kind of Product at market place. Therefore it is necessary for Big belly to use unique or
innovative techniques for providing goods to its customers as per their needs. Therefore the
company focuses on introducing plastic bottle recycling machine in order to eliminate wastage
and offer innovative goods to its user.
Continuous improvement this is useful for regular improvement that is necessary for
goods as well as services of company. The big belly focuses on making necessary alteration that
is useful for marketing of goods as well as services (Seclen and Barrutia, 2018).
P2 Define how organisational leadership, vision, culture and teamwork can manage innovation
and commercialisation.
The leader focuses on making appropriate vision for bring innovative ideas within an
organisation. They emphasized on building appropriate team for bring innovative goods and
services at Marketplace. Therefore it is necessary to bring innovation for success as well as
growth of the company. There are different factor that must be considered for success of
organisation that is given below:
Organisational vision it defines the goal of organisation that must be accomplished in pre-
decided period of time. The staffs of big belly are very essential for bringing innovative ideas at
Marketplace. The organisation focuses on introducing plastic bottle recycling machine for
reducing or eliminating waste and also helps in eliminating noise pollution. For using different

innovative techniques that helps organisation in boosting Goodwill as well as brand image of
organisation.
Leadership it is considered as a Process that help the leader in using different style related
to leadership for bring innovation at Marketplace. In addition to this the leader of big belly
focuses on carry out different duty as well as responsibility in good way. It is necessary for
leader to use democratic style of leadership for bringing unique and innovative goods for
increasing the level of performance of organisation. Therefore the big belly use autocratic
leadership style that is helpful in being innovative goods for boosting reputation as well as
goodwill of organisation (Shi, Wu and Fu, 2020).
Culture defines the way in which the organisation offers the product as well as services
that improve the personal identity at workplace. In discourse to big belly the manager provide
unique and innovative goods as well services to its user. It helped them in accomplishing
competitive edge at market place and also it provide the confidence and level of motivation in
their staff at market place.
Teamwork it considered as a working business environment which help the staff
organisation to co-operate with each other and perform their work in team for accomplishing
goals as well as objective. Therefore, it is necessary for organisation to provide coordination as
well as corporation for success as well as growth of Organisation. In reference of big belly the
manager focuses on working with a team member for accomplishing vision of organisation and
also it is it is helpful in reducing conflict and issues that arises at Marketplace. In addition to this
they also provide superior quality goods as well as services to its customers and also focus on
reducing wastage and noise pollution.
P3 define the 4Ps of innovation and define the use of the innovation funnel to analyse and shape
innovative ideas
For improving different product the organisation adopts innovative or unique resources
that are useful in introducing something innovative as per the necessity of consumer. The
marketer focuses on using 7 components for bringing innovative goods at Marketplace. They
focus on offering unique goods for success as well as growth of organisation (Styhre and
Remneland-Wikhamn, 2016). They also offer appropriate product to its user for increase
profitability in the company. Therefore the four Ps in relation to Innovation and adoption of
innovation funnel that is given below:

Product is considered as the basic factor that is useful for offering innovative and unique
goods for its user for reducing or eliminating wastage. The main focus is to satisfy the
requirement of user and provide value to the organisation. In context of big belly the marketer
focuses on launching plastic bottle recycling machine for reducing wastage. Therefore their main
focus is to build the brand image and reputation of organisation at Marketplace.
Process is considered as a procedure that help in introducing goods as well as services for
attracting large number of customer at Marketplace. In context of big belly, the manager focuses
on offering goods as well services as per the need of user. They introduce innovative goods
named as plastic bottle recycling machine in order to reduce wastage that increases the profit
margin of the company in upcoming time period.
Position herein the product or goods are position as per the rivalry products that are
available at Marketplace. There are various numbers of competitors that provide similar types of
goods and services at Marketplace. In reference of big belly the manager introduce plastic bottle
recycling machine that help in eliminating wastage as well as noise pollution. It also helps the
company in eliminating wastage and increase in profit margin during the particular phase of time
period (Wu, 2017).
Paradigm is considered as a procedure in which organisation confronted challenge for
offering innovative goods as well as services to its user. In context of big belly, they focus on
manufacturing the proper standard as well is benchmark for achieving competitive advantage at
market place. The company also focuses on making appropriate strategy for cope up with the
alteration that is made at Marketplace. The primary purpose of organisation is to create revenue
by offering qualitative for superior goods as well as services to its user.

The innovation funnel is considered as a process that help the company in creating
innovative ideas as well as bringing practical plan for accomplishing objective of company. In
addition to this organisation convert the business ideas into reality for satisfying the requirement
of individual person at Marketplace. Therefore it is critical to offer unique as well as specific
good as well services to its customer during the particular phase of time period.
There are different path which is used in innovation funnel that is going to be mentioned
below:
Opportunity assessment the organisation focuses on targeting customer by increasing
knowledge or skill regarding need of customer and collects more market data that help in
bringing up innovation within business organisation.
Inside based ideation here in the organisation focuses on taking idea of different types of
goods that help in growing opportunity and target customers during particular phase of time
period.
Conceptualization in this level, the team is design in order to implement idea within an
appropriate manner.

Evaluation and benchmarking Their main focus on taking feedback from the customer in
order to implement the concept in an appropriate manner.
Go after testing They focus on taking reviews from the individual person then it help in
increasing success level in future period of time.
Launch here in the organisation focuses on launching product and services into market
that increases profit margin in future period of time
P4 Frugal innovation development and its use
Frugal innovation is considered as a part and parcel of commercialization that involves
best or optimum use of resources for advantages of mass population. The different development
in term of frugal innovation imposes positive impact on the organisation such as big belly. There
are four levels that help in improving frugal innovation that is adopted by big belly in performing
their function that is given below:
Assessment of frugal innovation for improving frugal innovation which focuses on
assessing the need or requirement of business organisation in which they focus on optimum
utilisation of resources (Nogrady, 2016).
Deduction of problems here in the big belly focuses on assessing the requirement of
frugal innovation. They focus on the problem related to scarce resources and bring innovative
ideas to introduce innovative project at Marketplace.
Deduction of pattern here in the big belly focuses on reducing the problems which is
assessed in the second level of improvement and development process.
Pattern system this is considered as a last level that helps in improving as well as helps in
assessing appropriate system for project and adopt as a frugal innovation in their work.
Frugal Innovation and organisation
There are different methods that are used by big belly named as frugal innovation for
providing advantages to organisation and also helpful for achieving objective in long period of
time. There are various examples that are given below:
Product development frugal innovation helps business organisation in developing the
product as per the need of the customer. It also helps them in decreasing the price of production
method and also offer appropriate product by eliminating wastage at Marketplace.

Market analysis there is a need of use of investment of capital by organisation but frugal
innovation assist the organisation in managing its price by creating innovative ideas that help in
assessing the use of direct feedback system for its user and also it is helpful in eliminating the
price of research at Marketplace (Dias and Ferreira, 2019).
Idea generation Frugal innovation help the organisation in generating and creating the
ideas by using various method for instance big belly focuses on reducing the garbage and also
they replaced the garbage bins by using smart bins that help in reducing the operating cost at
Marketplace.
Use of resources this will assist the organisation in using the resources in an appropriate
manner. In reference of big belly they focus on performing their work in an effective manner by
optimum utilisation of the resources they use a frugal innovation that help in handling the scarce
resources in better way for performing work in good way.
Frugal innovation is considered as a success as well as growth of organisation and it handled
the scarce resources in better way in order to complete or finished a project in timely manner and
it also helps in achieving competitive edge it Marketplace for accomplishing goals as well as
objective in pre-decided period of time. For example when generic electric win plaudits for US
$800EkG machines, affordable cell phone by local companies is considered as an example of
frugal innovation.
Task3
P5 New product developing and commercial funnel
New product development is considered as the procedure that help in adopting innovative
techniques within business organisation for targeting market and achieving competitive
advantage in Marketplace.
Process of new product development
Idea generation herein the organisation focuses on creating innovative idea related to
development of product. Big belly focuses on creating or manufacturing plastic bottle recycling
machine.
Concept definition herein the big belly focuses on awareness of the product to different
user such as retailer owner of shop that use this product in protecting environment.

Market analysis The organisation focuses on introducing product as per the assessment
of market. In response of big belly they assess the London Market for identifying the
requirement of recycling of plastic bottles.
Product development herein after analyses the market it is the time to introduce the
product at market place. In reference of big belly they provide clarification regarding the product
and introduce the goods at Marketplace (Song, 2016).
Commercialization At last the organisation focuses on introducing product at market
place and marketing its goods in better way.
Commercial funnel it is considered as a Process that helps in introducing innovative product at
market place. It is considered as a graphical representation that helps in increasing sales and
profit margin in future period of time. There are five levels in relation to Commercial funnel that
is going to be mentioned below:
Idea generation in context of big belly they create the innovative ideas by introducing
plastic bottle recycling machine that help in protecting environment and free from various types
of pollution.
Idea screening herein it is the responsibility of organisation to screening the idea in order
to check the efficiency and effectiveness of the product that provides value to the organisation
that is involved in this level.
Testing concepts here in the big belly focuses on testing of innovative product before
launching the Product at market place. It is helpful in identifying efficiency level of particular
Product at market place.
Assessing requirement of product development here in the big belly focuses on
checking the product as per the reviews are feedback of customer or focuses on satisfying their
customer by offering their product (Byun, Sung and Park, 2018).
Commercialization they introduce the product at market place by using different
promotional techniques such as advertising, sales promotion and many more. Big belly introduce
its goods at Marketplace by using advertisement on TV.
Ansoff Matrix it is considered as a framework that is used for introducing innovative Product at
market place. This technique is helpful and useful in launching innovative Product at market
place there are four kinds of quadrants that is included such is market penetration, market
development, product development as well is diversification and many more that is given below:

Market penetration this is considered as a level that is helpful for the organisation in
selling the existing product at existing Marketplace. There are various strategies that is adopted
by organisations such as discount, free sample for attracting large number of customer at
Marketplace.
Product development here in the company focuses on launching innovative product
named as plastic bottle recycling machine for retaining customers for a longer period of time.
Market development there are various market in which the company want to expand
their business here in the company focuses on providing their product by using different
promotional techniques at new market place.
Diversification this is considered as a risk stage because the company focuses on
introducing innovative products in New Market. Therefore it takes too much risk but provide
high rate of return in upcoming time period (Momaya and Lalwani, 2017).
Implementation Ansoff matrix is considered as a best framework that help in making
appropriate strategy for organisation. They can adapt product development stage in order to
launch their new product plastic bottle recycling machine. It helps in increasing their revenue or
profit margin in future period of time.
AIDA MODEL
The steps included in AIDA model which is going to be mentioned below:
Attention: The first level in marketing is to attract large number of customer at
marketplace.
Interest: Once the user increase awareness regarding products as well as services in
order to enhance interest level of user at marketplace.
Desire: After increasing interest of user in goods and services that helps in achieving
goal and objective in timely manner.
Action: The goal or objective is to initiate action that helps in achieving goal in future
period of time.
P6 Innovative business case
Business case:
Steps Description

Executive summary Here in the organisation adopt innovative
methods such as recycle plastic bottles that
help in providing good quality product to its
customer and wastage of product is also
recycled by the organisation.
Objectives There is main aim of company is cope with
environment they belies that plastic have worst
impact on environment so company used an
innovative idea to market plastic recyclable
machine which can recycle even bad quality
plastic.
Mission The mission of the companies to reduce the
wastage of plastic bottle by 40% at UK and
also they adopt solar panel for use of zero
carbon in completing its all project. It is helpful
in increasing the sales and profit margin of
company.
Source of innovation and solution The primary purpose of innovation is to adopt
the solar panel as well as recycling of plastic
that help in protecting the environment from
any kind of population at market place
Innovation in product Innovation in product help in creating
electricity by using solar panel. They adopt
innovative technology for recycling of plastic
bottle at market place.
Target market The main or primary target market of user is
retail shop; metro station as well as bus stands
where there is an ample of individual person
with recyclable bottles.

Sources of funds There are various kind of source of fund that is
used by big belly such is equity share that is
considered as a cheapest source of fund which
imposes minimum interest rate.
Benefits The main advantage for big belly is to decrease
operating cost that is helpful for Organisation
in increasing level of profit.
Monitoring and controlling It is considered as a last level which help the
company in monitoring as well as controlling
level of performance of product and also it help
in making appropriate cooperation as well as
success of their goods.
Sources of funding
There are different kinds of source of fund that is helpful for Organisation in smooth
operations of their business. Big belly adopt various kinds or types of sources of finance that is
given below:
Bank loan it is considered as a basic source of finance in which the organisation take
money from the bank and provide the interest rate with principal amount at a predetermined
period of time. It is considered as a cheapest source of finance (Morris and Spilsbury, 2016).
Government assistance herein this is the kind of finance in which the government offer
credit to organisation for improving their business and financing the different operation of
organisation. This kind of loan help in decreasing the rate of interest with advantage related to
tax.
Crowd funding herein the organisation require the capital so they borrow the fund from
financial company for financing their project in good way.
There are different kinds of source that is useful for business organisation and it is
considered as a cheapest source of finance for organisation. The big belly adopts bank loan for
financing their business at Marketplace.
Task4

P7 Evaluation of various tools for protecting intellectual property
Intellectual property rights:
It is considered as that right which is helpful for company in creating innovative ideas
and registered it under legal institute. Therefore, herein the competitive firm does not copy the
idea of organisation that increases the production of organisation in given period of time. There
are various intellectual property rights that are given below:
Trademark is considered as a procedure which helps the organisation in building unique
and specific brand image at Marketplace. TM is considered as sign, picture as well as symbol
that help in assessing the brand name of goods in appropriate way.
Advantages: It helps in building a separate identity by using its logo as well as brand
name. It is considered as a useful for organisation in building separate identity at Global market.
Disadvantages: Sometime, it is copied by competitive firm that impose negative impact
on organisation.
Patent it is considered as intellectual property right that help the organisation in
registering it organisation under law. This helps in reducing the copying of Idea by another firm
that is selling the same kind of goods as well as services.
Advantages: The patent of organisation is used to bring innovative ideas that are helpful
for success and growth of organisation (Kim, Kim and Kim, 2016).
Disadvantages: Sometime, it is copied by competitive firm that impose negative impact
on organisation.
Copyright is considered as a process in which the organisation brings innovative ideas at
Marketplace. This is adopted in different books like writing of author’s, publications and many
more.
Advantages: Copyright is considered as a process in which the organisation has a
copyright to manufacture, print as well as marketing their product at market place.
Disadvantages: Sometime, it is copied by competitive firm that impose negative impact
on organisation.
In reference of big belly the organisation can adopt the patent right for bringing
innovation at Marketplace that is helpful in reducing barrier for completing the particular project.
It is also helpful in achieving competitive edge at marketplace.

CONCLUSION
On the basis of above given report it has been said that innovation is considered as the
most important factor for bring new goods as well as services at market place. It is very
significant for organisation to discuss the advantages of innovation of goods and services to its
user at market place. Both innovation as well as commercialization is important for organisation
to run their business in successful manner and also accomplish leading position at Marketplace.
In reference of big belly the marketer emphasized on offering new and unique goods to its user
that is given in this report. This assignment is divided into two categories. Firstly determine the
innovation that focuses on manufacturing innovative products. Secondly commercialization
helps in gaining and achieve in leading position at market place.

REFERENCES
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