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Innovation and Commercialisation : Assignment

   

Added on  2020-07-23

13 Pages3447 Words31 Views
Innovation andCommercialisation1

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Distinguish between innovation and invention along with the importance of innovation3P2 Role of organisations culture, mission, vision and team in innovation andcommercialisation...................................................................................................................5TASK 2............................................................................................................................................6P3 4P’s of innovation and contribution of innovation funnel in generation of innovative ideas................................................................................................................................................6P4 Developments in Frugal innovation..................................................................................7TASK 3............................................................................................................................................8P5 Importance of commercial funnel and role of NPD in innovation and commercialisation8P6 Formulation of innovation business case..........................................................................9TASK 4..........................................................................................................................................10P7 Tools which helps to develop, retain and protect intellectual property rights and knowledge..............................................................................................................................................10CONCLUSION..............................................................................................................................112

INTRODUCTIONInnovation is necessity in the today’s world to sustain in diversified business environment.Every organisation whether large or small is required to innovate in business structure. It is muchneedful for small organisations because high completion is present in market. Innovation in thefeatures and design of products helps to create the different identity in between customers.Innovation is the wide concept and it is not only related to the development of product andservice. It includes improvement in many other aspects of organisation such s administration,selling and distribution, accounting and marketing. Two way benefits are gathered by theorganization internal and external. Internal includes employees support, higher participation,effective organisational structure and external includes high market share, competitiveadvantage, good brand image etc. OAK Cash and Carry is small wholesale grocery organisation(Baraldi and Waluszewski, 2011). In the present report explain about, importance of innovation along with its differencewith invention, building of innovation through the support of organisations mission, vision andteam, 4P’s of innovation and Concept of Frugal innovation. Also, importance associated withcommercial funnel and role of NPD, preparation of innovation business case and tools whichhelps to protect IPR.TASK 1P1 Distinguish between innovation and invention along with the importance of innovationImportance of innovationInnovation is the process which includes use of new methods and techniques which are intrend in market and contributes in improvement of the different functional activities oforganisation. It is bring by OAK Cash and Carry to improve the internal strength of organisationthrough make their administration, selling and distribution, marketing and production activitiesbetter. Innovation in business motivates the employees is to work with passion they have theopportunity to learn the new things and develop their personality and professional career. Thereare much importance’s which are attained by OAK Cash and Carry is mentioned below:Competitiveadvantage: The main aim of small organisation is to build their position inmarket and improve their selling figures. This target is achievable by OAK Cash and Carry ifthey bring competitiveness in operations. It helps to attain competitive advantage in market. So,3

innovation is only aspect which contributes in making of the existing activities more effectiveand competitive. Administration department uses cloud technology to store large amount ofinformation at one place which improves their decision making. Similarly, selling anddistribution department is able to deliver their products timely to end customers or emergence ofnew method of selling like online platforms etc. Marketing activities are also enhanced wherenew options emerged for advertisement of products such as social media which is time savingand cost efficient. So, it provides the opportunity to OAK Cash and Carry is to gather the supportof all departments in success of organisation through which are able to grab some good positionin market.Application of best methods: Innovation helps to use best which is present in market foroperating their business operations. It improves the internal strength of organisation also helps toattract new and skilful candidate whom are searching for jobs. It provides the opportunity is toemploy best candidate in the organisation which contributes most of their efforts in process ofmaking the organisation different from their competitors. As more chance are available for theirpersonal and professional growth. OAK Cash and Carry is provides grocery products. Throughimplementation of innovative technologies quality and design of the products is improved andalso contributes in minimisation of cost. It provides opportunity is to set the low price to attractthe large number of customers (Bianchi and et. al., 2010). Distinguish between invention and innovationBoth are different terms Innovation means development of the features of existingproduct through application of unique methods of working and on the other hand inventionmeans development of something new which is different in all scenarios and emerged first time.The different between both the terms is understood from the points which are defined below:InnovationInventionProcess of making the existing product moreproductive in terms of quality, features, designthrough use of new technologies of workingEmerging new product which is not availablein market. It is the process which includes useof new ideas and methods in development ofproduct which is having new features notpresent in anywhere.The main purpose behind the innovation is toimprove their quality of their businessoperations through improvement in theIt helps to fulfil the dream of expansionthrough launching of new product line.4

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