INNOVATION AND COMMERCIALISATION.

INNOVATION AND
COMMERCIALISATION

TABLE OF CONTENTS
INTRODUCTION....................................................................................................................................1
OVERVIEW OF ORGANISATION........................................................................................................1
INNOVATION AND DETERMINE ITS IMPORTANCE TO ORGANIZATIONS IN
COMPARISON WITH INVENTION......................................................................................................1
IMPACT OF ORGANIZATIONAL VISION, LEADERSHIP, CULTURE AND TEAMWORK CAN
SHAPE INNOVATION AND COMMERCIALIZATION.....................................................................2
4PS OF INNOVATION AND USE OF INNOVATION FUNNEL........................................................3
FRUGAL INNOVATION........................................................................................................................4
COMMERCIAL FUNNEL AND NEW PRODUCT DEVELOPMENT PROCESS..............................5
INNOVATION BUSINESS CASE..........................................................................................................6
TOOLS FOR PROTECTING INTELLECTUAL PROPERTY AND KNOWLEDGE..........................7
REFERENCES.........................................................................................................................................9

INTRODUCTION
Innovation can be defined as the process to bring changes in process or methodology which
brings more value to the services. Innovation process can be considered as the essential part of the
business process. The lack of innovative practices in business operations can make it impossible for
the organizations to sustain in the highly competitive market environment. The process of innovation
not only enables organizations to bring new ideas in their practices but also uncover new approaches
for executing their operations. The innovative concepts in business provide more opportunities for
growth and success of the company (Chun, Chung and Bang, 2015).
The report will evaluate the impact and processes involved in the innovation and
commercialization. It will discuss the importance of innovation in business by comparing innovations
and invention. The document will also evaluate the role of organizational structure and leadership in
promoting innovation within organization. It will explore the concepts of frugal innovation and
commercial funnel through a case study of Marks & Spencer. The study will also describe the aspects
of new product development process and protection of intellectual property in context with the above
mentioned organization.
OVERVIEW OF ORGANISATION
Marks & Spencer is one of the leading retail organizations. Its head quarter is based in United
Kingdom and provides its services all over the world. The innovative business strategies of
organization have made it possible for the company to expand its business to such a large extent. The
Marks & Spencer store deals with the home products, food items and clothing. Some stores in UK
provide only food services.
INNOVATION AND DETERMINE ITS IMPORTANCE TO ORGANIZATIONS
IN COMPARISON WITH INVENTION
Innovation can be referred as the process of transformation of rearrangement of continuous
restructuring and remodeling of any idea or product. It is an essential component in the technological
aspects these days for the development and designing of any existing product or service or both.
Moreover, these innovative ideas come across by exhibition of nascent industries so that organizations
can mould it into architectural framework by following up the primary distinctiveness. On the other
hand, invention is refereed as the creation of originality and imagination by contraption of a notion
into an active designing of an idea.
Marks & Spencer is a big name in the apparel industry and their marketing team is driven by
feeding on innovation and latest trends that can be perceived through employing latest technologies
and articulation by demand and supply of the marketplaces. It is a vital part for differentiating
innovation on the basis of fundamental science driven with expression in terms of exponential demand
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in the markets to create various diversified products (van Hemert, Nijkamp and Masurel, 2013). This
company is adopting methodologies on consistent evolution of products to incorporate their efforts
with cognitive skills to produce an innovative process and product for sustaining amongst their
competitors by accessing the complementary networks and incremented distribution channels. The
linearity in this innovation process gives transparency and adoption of procedures for developing new
or existing product due to innovation effectively.
Figure 1. Linear Innovation process
IMPACT OF ORGANIZATIONAL VISION, LEADERSHIP, CULTURE AND
TEAMWORK CAN SHAPE INNOVATION AND COMMERCIALIZATION
M&S has become the epitome of innovation with commercialization at global level by
establishing themselves as one of the brands in apparel retail sector. They are known for their
exclusive designs as per seasonal and customers demands as well. The following elements have huge
impact on the organization as a whole.
Vision: Its vision to expand in all prime locations in all the countries they have been operating.
Thus, it led to shaking hands with other capitalist mindset companies for optimizing the resources and
increasing sales volume and revenue generation. In regard to commercialization, these people
understood the nuances attached with the financial gains and its effects on the complete worth.
Leadership: M&S has plans for reinventing their production team by inculcating a sense of
fashion in relation current trends and updated styles all over the world. However, they were struggling
in implementing it via commercial success (Carter and et.al., 2012). The managers and leaders at M&S
provided key points while managing the innovation model through establishment of high technology
to improve their research and development approaches.
Culture: An organization’s internal environment plays pivotal role in establishing
commercialization on vivid grounds. All M&S‘s teams are progressing for development and overall
progression in the assigned tasks, however, there is an attempt to gain profits by involving innovation
on products, services and processes. The complete prototyping stage accelerates and ends only when it
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