Innovation and Commercialisation Assignment - Burberry
15 Pages4705 Words484 Views
Added on 2020-10-05
Innovation and Commercialisation Assignment - Burberry
Added on 2020-10-05
ShareRelated Documents
Innovation andCommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1 ...........................................................................................................................................3Difference between in invention and innovation....................................................................3TASK 2............................................................................................................................................5Four P's of innovation.............................................................................................................5TASK 3............................................................................................................................................8New product development......................................................................................................8TASK 4..........................................................................................................................................10Different tools that can be used by the firm to develop, retain and protect knowledge andintellectual property..............................................................................................................10CONCLUSION..............................................................................................................................12REFERENCES .............................................................................................................................14
INTRODUCTIONThe term innovation refer to convert an idea or thought into a finished product that ispurchased by consumer. An innovation is effective in terms of cost and and satisfy the need anddemand of customer. Imagination and information are basis to create innovation. It also includeto improve some changes in existing product. Opportunity that are present in market arepredicted by companies. These opportunity are changed by companies into innovation to earnmore income by satisfy and fulfil need of customer. By creating an innovation an entrepreneurdevelop a new product as well as a new market for the company by taking risk(Ahrendts 2013).So the company enter into a new market and increase sale of products and profit for theircompany. Burberry is a fashion house which deal in various products that include fragrance,cosmetic etc. Thomas Burberry is the founder of Burberry group plc which establish Burberry inthe year 1856. In present era Burberry is the British luxury fashion house and its headquartersituated in England. In this report Burberry is launching a new product which is a organiccream. TASK 1 Difference between in invention and innovation.An invention is a process that start from engineering and end with the product thatconsumed by customer. Invention is a new process to create a new object or thing. To create aninvention an inventor invest time, money and machine that combine together and result insuccess or failure of a project(Al‐Mutawa 2013).Innovation is the change or a development process in an existing product or invention. Theinnovation is a part of creativity. An innovator think outside the box and then put his imaginationinto practical things. Invention InnovationInvention is the process to develop a productthat has not exist previously. Innovation refer to make amended on a productwhich is already present in market. To create an invention, the inventor requiredscientific skill. First step of invention isengineering. So inventor expand skill ofInnovation is adding value to a product. Forinnovating a product skill required byinnovator are strategic and marketing skill.
engineering till the development of a newproduct.An invention came in the market when a newidea enter in the mind of scientist orentrepreneur. Innovation occur when there is a need toimprove a product. In these an entrepreneurdevelop more value in a product for thecustomer. In an invention research and developmentteam play a major role to create a new product.For innovating a product it is the result ofperformance of all department that are workinginside the organisation. Context of Burberry for a new product. In today era, Burberry is leading the fashion industry by establishing themselves as aluxury fashion house in the world. As company always focus to expand there market reach interm of customer. So the company decided to launch a new product in its cosmetic sector that isorganic cream. There are some benefits which is useful for company that help Burberry toincrease their market share by launching organic cream is as follow:Today customer are more focused towards their skin and environment of earth. Socustomer consume those products which are skin and environment friendly. By launchof organic cream Burberry also increased their goodwill(Bhatti and Ventresca 2013).As creating perception in mind of consumer that company is manufacturing cleanproducts.A big problem in the beauty products that they are manufacture by mixture of chemical.So these chemical damage the skin of consumer. There is no control of government onmanufacturing of beauty products. Burberry is able to promote it organic cream that itinclude only natural ingredients.Skin is the largest organ of a human body. It act as a absorbent material whether it ishealthy or unhealthy. Most of the companies did not even check their beauty products.Burberry assist their organic cream to be safe and compatible for the skin of consumer. In order to context Burberry is dealing its business from a century. Company stand themin fashion industry as luxury house. This past experience of Burberry help them to create a loyal
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Theories of Innovation and Importance of Innovation & Enterprise in Businesslg...
|6
|1336
|500
Innovation and Commercialisation in Burberrylg...
|13
|4427
|98
Innovation and Commercialisation - Burberry Assignmentlg...
|11
|3631
|75
Importance of Innovation PDFlg...
|15
|4565
|132
Ventures and Entrepreneurial Mindsetlg...
|11
|1160
|84
Essay on Innovation and Interventionlg...
|9
|2659
|53