Innovation And Commercialization Assignment
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Added on 2019-12-28
Innovation And Commercialization Assignment
Added on 2019-12-28
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INNOVATION ANDCOMMERCIALISATION
Table of ContentsINTRODUCTION ..........................................................................................................................3TASK 1.......................................................................................................................................3P1 Explain innovation and determine its importance to organisations in comparison withinvention......................................................................................................................................3P2 Explain how organisational vision, leadership, culture and teamwork can shape innovationand commercialisation................................................................................................................4TASK 2.......................................................................................................................................5P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine andshape innovative ideas.................................................................................................................5P4 Explain developments in frugal innovation and provide examples of how it is used in anorganisational context.................................................................................................................6TASK 3.......................................................................................................................................7P5 Explain the importance of the commercial funnel and the application of New ProductDevelopment (NPD) processing for commercialisation of innovation.......................................7P6 Build an Innovation Business Case for an organisation, including ways to access funding......................................................................................................................................................8TASK 4.......................................................................................................................................9P7 Evaluate the different tools that organisations can use to develop, retain and protectknowledge and intellectual property...........................................................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTION Innovation and commercialisation means adopt new and smart techniques and methods intheir services and products, innovation help to develop new products and goods to customers andalso help to build a effective image in the market and in customers mind. Apple is theinternational company those provide smart and new technologies and systems to customers itsalready build and set a effective image in the market(Abou-Ras, Kirchartz and Rau,2011). Applecompany launch a new system in the market that is small sleek-looking iPod for customers itshelpful and suitable their environment so they can easy to use with smart technology. Other oneis virgin group, its a group of many sectors and different sectors of virgin company. In thiscompany include many business areas just like travel, entertainment, finance and live style andtrends in the market. Both companies wants to give proper satisfaction to customers and providethem good quality of products and services. These both companies wants to adopt and use newand innovative techniques and methods in their working environment and their system so theycan produce new and different technology and facilities to customers.TASK 1P1 Explain innovation and determine its importance to organisations in comparison withinvention.Innovation is the process in which adopt and using new techniques and methods inproducts and services so company can easy to update feature and techniques of products in theeffective manner and provide new products to customers(Thore 2012). Its help to attractmaximum customers and give proper satisfaction to them. In the other hand invention, is thesame thing according to innovation but in this process not updating and improvement in existingproducts and services its produce and manufacture new or different products try to customers.Invention is the systematic and new innovative thing its help to produce and manufacture newproducts and services with smart techniques and services its help to attract maximum customersand help to build a effective image in the market also customers mind. Innovation is thesystematic and universal in the nature it means implementation new techniques and methods inexisting products and goods(Cooper, Seiford and Zhu, 2011). Innovation is the important thing toupdate day by day according to situation and trends in the market. Innovation help to achievedecide objective and goals of the business and its provide new systems and services to
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