Innovation and Commercialisation in Business Organizations

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