Importance of Innovation and Intellectual Property

The report emphasizes that innovation is crucial for long-term business success. It involves identifying employee needs, creating a healthy work environment, and developing an innovation plan. The report also discusses the importance of intellectual property protection through patents, utility models, industrial designs, trademarks, and trade secrets.

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INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION....................................................................................................................... 1
TASK 1....................................................................................................................................... 1
P1) Explain innovation and its importance for employees ......................................................1
P2) Explain how employees, organisational vision, leadership, culture and teamwork can
shape
innovation and commercialisation.......................................................................................... 2
TASK 2....................................................................................................................................... 3
P3) Explain the 4Ps of innovation and explain the use of the innovation funnel to examine
and shape innovative ideas ..................................................................................................... 3
P4. Explain development in frugal innovation and provide example of how it is used in
company context .................................................................................................................... 4
Task 3.......................................................................................................................................... 5
P5. Explain the importance of the commercial funnel and New Product Development (NPD)
processing for
commercialisation to employees ............................................................................................ 5
P6 Innovation of Business Case for Qbic Hotel organisation.................................................6
P7 Evaluating the several tools which can be utilised for developing, retaining and protecting
knowledge and intellect property............................................................................................ 7
CONCLUSION ........................................................................................................................... 9
REFERENCES.......................................................................................................................... 10

·INTRODUCTION
Innovation is very important for developing their business, it refers with generating new
idea and it includes new services with new solutions, experience, and updated technologies.
This file explaining the innovation and importance of new idea foe their employees. It is also
defining the staff, organisational motive, leadership, culture and teamwork giving the right
shape for their growth of businesses. According this report mention importance of funnel
innovation and evaluating the several tools for company can use to develop their businesses.
·TASK 1
·P1) Explain innovation and its importance for employees
Innovation is the process of new ideas or invention into a product that create value or for
which consumer will pay. It involves application of information, different values, initiative in
deriving greater and includes all the activity by which new ideas generating and also regenerate
into useful goods and services. It is referred with creating something unique which is usable for
business and helpful for organisation as well as employees. New ideas is very help full for
company in order to further satisfy the need and expectations of the clients. It can be defined as
simple word as new thought, through this concept providing better solution that when meet new
requirements. Such invention take place through the services, technologies, provision of
effective products, that are made available to society, market and governments.
For example Qbic Hotel is small size industry, it also start innovation for their services,
technologies, environment. These are play a very important for their firm, through effective
services they people maintain their relationship for long term and earn more profit. If they start
their services online, providing satisfaction innovation their product customer are automatically
attracted. Giving high occupancy level and happy returning consumer are the proof their best
quality services. Innovation is very important for Qbic Hotel employees for sharing their goal
means if worker understand this company goal and they share their views for the benefits of
organisation and personnel growth. Sharing goal is the most vital thing they can do to get
employer working for this hotel benefit. It is very help full their employer increasing their work
performance and creating a friendly environment. They feel better in their workplace and giving
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effective solution for every problem. They easily discuss for any are though which is more
usable for this company.
Innovation is very useful for this Qbic Hotel as well as their employees, through new
ideas this hotel improve their quality services, and increasing their worker work efficiency. It is
helpful for increasing productivity of their business and if they start using new technologies it
is very beneficial for this organisation employer doing work easily and providing better
services to their customer. For example Hilton hotel is large industry, they offer their customer
comfort facilities in their hotel and they also use new idea for giving the best quality their
consumer similarly Qbic firm follow innovation strategies so they generate more profit and
company achieve their target. One of the benefits invention workplace is using space to increase
employee satisfaction level. Though innovation they arise their work standard as compare other
hotel, so it is very crucial for their worker and their firm. New ideas create revolutionary
product or technologies it is related with taking risk and company that take high risk for their
high return through this innovation plan.
l壱P2) Explain how employees, organisational vision, leadership, culture and teamwork can
shape
1. innovation and commercialisation
Qbic hotel CEO needs to clear company vision, mission and the value of their industry,
because it is very important aspects of every organisational. It helps to show their main motive
like how to increasing their business productivity, how to maintain their customer's relationship,
how to achieve their target for long term business. Leadership is very necessary for this firm
through leader company has improved their employees skills and doing work well within team
it is help full for the success of the organisation. Leader always try to create an friendly
environment their workplace and influences other team member which they are willing to do
work easily. Leaders help to inspiring other people and it also helps in giving a new idea for
growth of their industry.
Culture innovation must be integral part of this hotel, it help to value of culture, if they
have strong positive organisation culture so their employees will be engaged and the result in
more profit, high success, increasing their sales and improve industry culture. Organisation
culture is important for shared value, trust or perceptions held by workers with an Qbic hotel
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company, because organisational culture reflect the values, beliefs and behavioural of the
employees. It also helps influence other people and improving the work performance. Culture
provides the job satisfaction, firms commitment and action. This industry consists their staff ,
with the behaviour of its single member affecting outcomes. It is refer with understand the
relationship between organisational culture, leadership behaviour and job satisfaction of
workers.
Team work is also essential part of this company through group of people work
complete easily and it help to increasing their work efficiency and creating a innovation plan for
achieving the goal of the firm. It also providing the shape of innovation and commercialisation.
Teamwork is very helpful for raise the level of quality of consumer services, planing, creativity,
and increasing efficiency of Qbic hotel staff. It can also produce more effective day to day
performance, giving better result and help to motivated other employees in their workplace. This
company good team member maximizes involvement, as well as distribution their workload
and share responsibility to all. They also share new information whole team, stronger team
member help to improve the weaker team member. These are the main aspect to help their
worker, organizational vision, leadership, culture and teamwork can shape
new ideas and help[ to development their firm.
·TASK 2
·P3) Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas
4Ps of innovation
Product- it is related with the value of particular product is how much contributing in Qbic
Hotel business. It is very essential part of this company, they provide effective quality of their
product for increase their sales and the main motive of the organisation giving a best quality
product for expand their business so they contribute their efforts on their services. This
company try much more value their product through online , effective adversing or also using
socail media.
Process – it is consist with how reasonable is that process that product is active through it is
necessary because if the process is too much long, too costly, so the chances are the
commercialisation opportunities of that particular product but it depends on spending lot of
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money for long term product process. Qbic Hotel if this organisation can be too long and too
costly to change their business environment and improve their product quality easily. But it is
only possible when they take appropriate action like spend all money and changing their work
environment and their providing the effective services and change in their cost so this firm
improve their working environment very quickly.
Paradigm – if Qbic Hotel producing a new product or making change in their terms of
company structure or in terms restructuring. Some time that company face challenge when they
start change their organisational structure. This company CEO selling their product service in
effective manner because they maintain t their firm name in the market and increasing their sale
through giving quality of product. This organisation need to maintain their image for long-term
running business. If some time some issue arise in their hotel like if any facility are not
available in room so this organisation focus on their services. They try to make their stability in
market and because customer want new things in the business environment.
Position- it is very important for determining the kind of flexibility and the way Qbic Hotel
change business environment. If they are doing something new, so the company change
everything very fast. Is based on innovation to change in particular product or process is
perceived and established global product line, originally they develop their hotel performance.
Qbic Hotel create some innovative ideas have depended on that idea they have select
the best idea, for generating more profit it is known as innovation funnel. This company makes
some innovative plan through brain storming creativity at the end when they try to reduce their
ideas. It is also idea to improve the quality of their services and finding the optimum solution. If
this firm use innovative funnel and reduce those 50 to 30 ideas then another round of
brainstorming start again. So they don't dismiss any idea unless and convinced other team
member that this idea is not going to work and then they drop any 5 idea and only take 15 ideas
forward to next stage and this industry implement these effective ideas and select best and see
how is going to work.
l壱P4. Explain development in frugal innovation and provide example of how it is used in
company context
Frugal innovation is the ability to increase substantially of business and social value
while reducing the use of scare resources. It is related with game- changing strategy Qbic Hotel
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in this firm are being compelled by cost – conscious and eco aware government, workers,
customer to create offering that are simultaneously affordable, high quality and sustainable.
More tan strategies frugal innovation is all new mindset, it is flexible approach that perceives
resources constraints not as exhausting challenge but as provide growth opportunities for this
firms. It is a process of innovation searching new business models, assemble vale chain, and
redesign product to serve customer who face extreme expend constraints. It includes resources
constraints to create more inclusive markets. For example this hotel industry start different
standard innovation like providing the best quality services their customer, maintaining healthy
environment and giving product quality for increasing their sales.
Frugal innovation also help development of Qbic Hotel in order to sell their product
and services at a low prices. Moreover, in the economic condition context of growth, this firm
develop frugality in order to cut their research and development expenditure and cost of their
product. This company add to frugal new ideas in types of low prices technologies product
providing solutions for low and medium size of market have been identifying as cost innovation,
or best sufficient new creation. The goal of the organisation developing new types of standard
services for increasing the sales if their business. The challenges for this organisation use
innovation to drive down the rate to a level of economically so consumer are not satisfied with
this so this company use different approaches to achieve the objective of their industry.
In another example of Qbic Hotel firms pricing if they change in their price and giving
product in reasonable rate every one like to come their hotel and if they are giving best quality
with minimum price so more customer attracted this changes so this hotel industry generating
their profitability ratio and gain market share.
·Task 3
·P5. Explain the importance of the commercial funnel and New Product Development (NPD)
processing for
1. commercialisation to employees
Commercial funnel is important for attracting the customer through attractive services. It
is the model which explaining the customer right like awareness of product and services. Qbic
Hotel is also right giving the full information about their product and service to the customer and
always aware their services. They follow six stage awareness, consideration action advocacy and
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action. Awareness is the most essential stage in this company for developing new product in
market so they have to right giving full details about their services which are providing to
consumer. People become aware about their services are better or not then take right decision for
developing new product developing. The next step is consideration means when they introduce
new product in their firms so determining how to make new product its features and after they
focus on how to promote through effective advertising, distribution channel.
Qbic Hotel fulfil their consumer need and want and they provide their service according
customer preferences. This company need to concrete on a more targeted and personalize
approach like they offering their service through emails, special discount, trail period,
promotions it is necessary for increasing their purchasing power and providing a limited time
Offer to allow their prospects. This company develop their new product generating new ideas it
is involved systematic search for new product and find one the best idea which is the major
source's customer, distributor and suppliers. If they generate new product idea it is very useful
for maintain the stability of their businesses. It also includes establishing new product is idea
screening the main purpose this stage pare theses down to those that are genuinely wroth
pursuing. It is very helpful for checklist that can be more used to rate each idea based on the
factors required for successfully launching new services in their market places.
Qbic Hotel also follow this step is marketing strategy development in three parts target
market, product positioning and strategies. They focus target market means sell this product
those customers they are easily willing or ready to get buy their products. They also focus on
existing customer because old customer help to increasing the level of more customers. Market
strategies also very helpful for explaining the plan long term and short term business goal.
Organisation deciding their marketing strategies for long run businesses. Product development is
related research and development part this firm introduce their service at budgeted cost. New
product developing process is very long and complex but its result in future is good. Through
developing new product company earn more profit and developing their business.
l壱P6 Innovation of Business Case for Qbic Hotel organisation
This hotel makes innovative plan as compare other company for improve their qualities
of their businesses so take a right decision like using new technologies in their system software
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Through innovation they reduce the uncertainty of their bushiness. Apple company is
synonymous of innovation in technologies so similarly Hilton hotel is also provided their
service with new idea. This hotel also adopt new technologies they change their working
environment, through new idea help to improve their employees performance. They take
efficient decision for long run work and increasing their sales. Innovation is very important for
improve the culture of this hotel and managing whole work. It is referred for looking to their
future means through innovation this company see their coming opportunities and gaining their
market share.
It is very important for their employees to have way to provide advice for new thoughts
and to be recognised for their efforts. For example Qbic organisation have award and worker
event and other incentives like their attendances at conference so it is the way of value and
providing reward. If any team leader sharing their valuable idea it is beneficial for success of
company. This industry follow breakthrough innovation it is commonly as new ideas, is
developing completely new thoughts and concepts. These are not related off nay lod product or
existing services or operations. Often developing the research and development team.
Breakthrough innovation use only new technologies as a way to fast cover to the top new market
for example this firms using internet and transistors. Incremental innovation is related with the
when this company make small change in their product and service to sure they keep their spot
in the retail store rather than changing the product or services completely, it builds upon what
already exit for example this firm add incremental innovation like update with new feature their
services and technologies.
Qbic Hotel need to finance for developing their business or expand their work
whole economy so they have need to lot of capital. So this organisation take loan from bank,
financial institution and other financial sources. It is very important for every business start-up
without capital no any organisation increasing their sale or not long run business. Finance is the
main part of this company it helps to generating new ideas in works. Innovation is also crucial
but without capital this company not improve their product quality or work performance. So this
company take capital from last year profitability for making new planes.
TASK 4
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l壱P7 Evaluating the several tools which can be utilised for developing, retaining and protecting
knowledge and intellect property
It is very much important of business owner to develop understanding about Intellectual
property. As this will help an entrepreneur in developing the understanding about the
legislation as well as regulation related to the intellectual property in order to protect their hard-
earned creations and ideas from unfair competitions. Intellectual property is defined as
immaterial property which results from creativity, such as patents, copyrights, etc. There are
different tools and techniques can be used by an organisation for developing, retaining and
protecting knowledge and intellectual
property (Roldán Bravo and Ruiz Moreno, 2017) One other the important tool is utilising the
internet. It is considered to be an effective technique for which can help an enterprise in reducing
the cost as well as time during the execution of research on patent trademarks, and copyrights. It
is required by an entrepreneur before developing or executing idea to ensure that the specific
ideas has not been implemented by other person. In addition to this there re some another
resources which can be utilise for developing, retaining and protecting knowledge and
intellectual
property these are ;
Patent – this is considered to be as an effective tool which provides the rights related to the
protect the ideas or invention from unfair competition. It also enables investor to eliminate
others from making, selling, or using the invention. Inventions permit many organisations to be
successful because they develop new or good procedures or commodity which offers competitive
advantage in the market. An example of fountain pen. The unique characteristics of pen is that it
can store ink. This fountain pen has helped firm in attracting more numbers of customer and
increasing sales (Lim,Darley and Marion, 2017)
Utility model- Utility patent provides inventor with rights to sue other person who copies the
patented invention, design, or discovery. Patent act restrict the companies to use or copy the
ideas of other organisation or party.
Industrial design- This fountain pen unique design which other pen generally does not have.
Trademark- It is recognises as a symbol , logo ,. or design which helps an organisation in
differentiating their products from that of competitors. It also allows customer to easily
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recognised the name of manufacturing firm. Company has used special material for packaging
of material which is rarely available. Business entity has imported the packaging material from
the other countries.
Trade secrets- An organisation can prevent their ideas from use by other person , by getting
registered the ideas or products. Trade secrets is recognised as formula, procedure , device,
which an organisation keep confidential in order to give firm a business advantage over their
competitors. An enterpriser can enter into a non-disclosure agreements>As this strategy
restricted access to confidential information (Biemans, 2018).
·CONCLUSION
It can be concluded that this report innovation is very important and beneficial for long
term business. It help to finding the employees need and help to making a healthy environment
in workplaces. It also concluded that file funnel innovation it is related with new changing in
business and it also added this report culture of innovation it is integral part of any organisation.
It helps to build innovation plan for long term firms. Qbic Hotel also make effective plan for
development of their business through lot of money from taken bank or other financial
institution.
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·REFERENCES
Books and Journal;
Roldán Bravo, M.I., and Ruiz Moreno, A., 2017. Open innovation in supply networks: An
expectation disconfirmation theory perspective. Journal of Business & Industrial
Marketing. 32(3). pp.432-444.
Lim, J.S., Darley, W.K. and Marion, D., 2017. Market orientation, innovation
commercialization capability and firm performance relationships: the moderating role of
supply chain influence. Journal of Business & Industrial Marketing. 32(7). pp.913-924.
Biemans, W., 2018. Managing innovation within networks. Routledge.
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