Innovation and Commercialisation

Innovation and
Commercialisation

INTRODUCTION
Innovation is the process under which new products or services are introduced into
potential market which is better than the older one and improvised in order to create better
value for customers and to attain competitive edge into the marketplace. Whereas
commercialisation is the process in which product and services are introduced in order to
receive high attention of customers (Azarmi, 2016). This involves distribution of goods along
with marketing channels so as to enhance sales by taking support of customers. In this report
Heinz is taken which was founded in 1869 by Henry J. Heinz. The company is dealing in food
products and now they are aiming at providing stylish and innovative packaging to their product
so that it doesn’t get dry when opened for use so as to provide competitive edge to the company
and provide ease to customer as well. This report includes innovation and its significance in
compare to invention, 4P’s associated with innovation, development of frugal innovation and
application of commercial funnel and its significance.
PART A
TASK 1
P1) Explain innovation and determine its importance to organisations in comparison with
invention.
Inventions: Invention is defined as the development of those ideas which are new and
creative in that products and services are rendered to the customers in order to provide them
something new by this new idea can be introduced in the marketplace.
For example: Heinz has introduced their new bottles of ketchups which are highly
convenient and stylish and are air tight which can keep the ketchup fresh and not dried when
opened for usage.
Importance of invention: Invention is helpful for the businesses in order to introduce
new and varied kind of products and services in the market by which their needs and demands

can be settled down in prominent manner (Arora, Cohen and Walsh, 2016). By this Heinz is
eliminating the major problem of their customer and providing them ease to use their product.
Innovation: Innovation is the procedure by which brand new product or services can be
come up into the marketplace with the main objective of meeting needs and demands of
customer. This process is having its emphasis on converting raw idea into product or service
and to add value to their customers as well. Similarly innovation play prominent role in
attracting customer and retain them for longer period in order to earn tremendous profits.
For example: Heinz is aiming to provide innovation in their products by introducing
such packaging in which ketchup doesn’t get dry when opening for usage by customers. This is
going to make their product high valued in perception of their customers.
Importance of innovation: Heinz is required to introduce some innovation in their
product so as to cope up with their competitors and to get distinct position at marketplace.
Innovation is helpful for them in enhancing their overall sales and some of the benefits are
enumerated as under:
Gaining competitive advantage: One of the major advantages of innovation is that
with the help of the same high competitive edge can be received by the business. In the current
market high competition is existed due to which new customer and new market segments can
be attained. In the context of Heinz they are introducing innovative product with apt packaging
by which high value can be added to their product.
Quick response to customer expectation: With the help of innovation customer can be
catered in a better way and their expectations can be met in effective manner. When
expectations of customer are increasing this is directly having impact on the company and by
this customer centric benefits can be attained. This is providing high edge success and
profitability in the business. The new product of Heinz is providing them high attention of their
customer and this is making prominent path of success.

BASIS INNOVATION INVENTION
CONCEPT
This is the process by which
creativity can be introduced in
the business and new product
can be offered to the
customer. This is going to
help the business in making
more profits by which
efficacy can be developed in
the business and sustainability
can be attained.
This is the procedure in which
new product can be launched
in the business and this is
impacting the business in
positive manner and by this
new market can be unleashed.
These processes are helpful in
inventing new services and
processes in the marketplace.
SKILLS
This is needed by the
employee and helpful in
strategically plan for the
business so as to implement
processes in more effective
manner.
Within this employee are
ensuring scientific skills in the
business by which
brainstorming from market
needs and their development in
most of the services and
product.
OCCURRENCE
This is wholly emphasised on
scope and requirements by
which improvised services in
the business and by which
high end occurrence can be
received.
Within this dependency is
completing their distinct idea
in order to set scientific mind
set so as to provide competitive
edge.
CONCERN
Innovation is working along
with emphasise on bringing
focus on various products and
services by which various
varieties in the business.
The invention is working so as
to provide concern related to
distinctiveness of product and
services within business
(Cockburn, Henderson and
Stern, 2018).
LIMITATIONS
Within this innovation is
wholly dependent on taking
equivalent participation so as
to provide high support to all
the departments.
This is basic that research and
development is being
introduced which is
interrelated to each other.