Innovation and Commercialisation in Megaro Hotel

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
LO 1.................................................................................................................................................3
Innovation and its importance for the organisational..................................................................3
Role of culture, vision, leadership and teamwork in innovation and commercialisation...........4
LO 2.................................................................................................................................................6
4P's of innovation and use of innovation funnel that can shape innovative ideas......................6
Development in frugal innovation and examples of how it can be used in organisation............8
LO 3.................................................................................................................................................9
Importance of the commercial funnel and application of new product development.................9
Innovation Business Case.........................................................................................................11
LO 4...............................................................................................................................................12
Different tool for developing, retaining and protecting knowledge and intellectual property..12
CONCLUSION..............................................................................................................................13
REFERENCES................................................................................................................................1

INTRODUCTION
Innovation is new idea or a creative thought which facilitate in resolving the issues or
making the simple. It can take place through the processes, technologies, products or the services
which are offered by the organisation to the customers. This helps the company to introduce new
ways in which they can satisfy their customers and open up new opportunities for them.
Commercialisation refers to the procedure that helps the company to introduce new products and
services in the market so that the organisation can efficiently attract the customers. It also
includes the production and the distribution of such new innovation that helps the company to
take the competitive advantage. For the report the organisation that is taken into consideration is
Megaro hotel which is a boutique hotel located in London. The hotel offers various augmented
services to the customers which helps them to satisfy the customers. In this report the concept
and importance of innovation, 4P's of innovation, commercialisation, usage of frugal innovation
and innovation funnel is considered which helps the organisation to understand and introduce the
change. Apart from this the product development process is also considered which will facilitate
the hotel to introduce the innovation and develop the service.
LO 1
Innovation and its importance for the organisational
Innovations is considered as an effective process which helps the company to develop a
new product or service with which they can meet up the demands and the changing requirements
of the customers. It helps the company to enhance the value of the products and services which
they offer to the customers.
For example: Megaro hotel is planning to introduce such a innovative service in their hotel
which can attract more of customers to their hotel. For this they decided to provide pod style
rooms in their hotel which is a unique services than any other hotel.
Importance of Innovation: Nowadays every businesses faces stiff competition which is
why they have to innovate their processes, products and services. Innovation facilitates the
organisation in resolving the issues faced by them, to tackle with the level of the competition,
enhance the productivity of the organisation. For Megaro hotel the innovation has various
importance which are given below: