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Innovation and Commercialisation - Assignment

   

Added on  2020-07-23

16 Pages4696 Words35 Views
Business DevelopmentLeadership ManagementDesign and Creativity
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INNOVATION AND
COMMERCIALISATION
Innovation and Commercialisation - Assignment_1

Innovation and Commercialisation - Assignment_2

INTRODUCTION
In present time period creation using creativity has become key role in the social and
organizational structures. Moreover, technology has supported and made changes in the
industrial society. Now development in the organization needs to altered, they need to adopt
socio-technical changes. In order to achieve the potential improvement and long-term
sustainability development, technological innovation is required (Drucker, 2014). In order to
develop effective brand in the market, excellence in service and fundamental growth in
organisational structure company needs to adopt the innovation. With the help of innovation
company can develop effective product and services which can influence the market and
customer. Through innovation many companies have developed their previous products and
created a brand image in market. Innovation can be defined as the systematic act of developing
the existing product into brand new goods or the procedure for developing new commodity and
services. Through innovation, large firms have made values in the mentality of their customer
and for which they are ready to pay any amount. Following report contains the details regarding
the innovation in small business firms. Report contains the general difference in the innovation
and invention, various types of innovation. Moreover, the report contains the discussion about
the commercialization process necessary for the innovation and how organisation can be
benefited from it. At last, evaluation of various tools and methods for protecting the ideas in the
organization for the developments.
LO1
P1 Innovation and its importance to firm.
According the Wichman (1998) innovation can be described as the process of delivering
the goods and services in new and innovative way, adopting brand-new ways to promote and
inform to the customers, developing new to maintain the firm and adopting new methods for the
operational management. There are various impact which can be seen through innovation in the
development of the small business (Union, 2014). Through the creativity and ideas, existing
product can be cast into new novel and with the help of the commercialization the product can be
1
Innovation and Commercialisation - Assignment_3

launched to the market. Commercialization in small business is process which is completed in
stages; it includes the manufacture, statistical distribution, marketing, sales and consumer
support which are necessary for gaining the commercial success in the market. All this process
are required to develop marketing strategies, product launching and anticipate issues which are
coming in the organizational success. Large firms like Apple Inc. and Virgin group uses only
two ways to sell their product; they are innovation and invention. Using the innovation and
invention the stakeholders in the firm can gain efficacious outcomes and can create brand image
for the firm. Being a CEO of small business, Amtek Plastics UK Ltd., innovation, invention and
commercialization must be adopted and followed by me as done by Apple Inc.
Every one knows Apple Inc., it's an American International technology company Firm is
famous for the electronic gadgets, software and hardware. The design and creativity of the
company is different from the existing firms which made it number 1 brand. For strategic
development of the company has innovative business models and terrific new products. The
combination of the outstanding software in fab hardware creates beautiful combination which is
delivered to the consumer to achieve success (Johnston and Marshall, 2016). In the product list
of Apple iPod, iPhones, iPad, MacBook and iTunes are the game changing innovation. Great
leader in Apple believes that innovation is pace for the firm and this the company focus on the
great innovators. For the consumer's, the brand name is enough to purchase the product. The
company comes on number 1 position in market value, most valuable brand in the world, having
a market cap of $752 Billion and sales of over $217.18 B. Company believes that in order to
develop the long lasting innovative product there is great discipline required. Company uses the
combination of innovation, invention and commercialization to launch the product and reach the
market.
In terms of the innovation, Apple Inc has developed the first successful innovation which
was iPod. Small in size and sleek looking device which can store 1000 songs and weighed 6.5
ounces. Though there were many MP3 players available in the market having lot of music space
but the great innovators in the company developed the iPod with largest number of song and
smallest physical space. Company was able to sell more than 1.4 million iPods and had been the
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