Innovation and commercialisation
Added on 2020-07-23
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INNOVATION ANDCOMMERCIALISATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and it's importance...............................................................................................1P2 Vision, culture, teamwork and leadership to shape innovation and commercialisation........2TASK 2 ...........................................................................................................................................4P3 The 4 P of innovation and funnel innovation.........................................................................4P4 Frugal innovation developments............................................................................................5TASK 3............................................................................................................................................6P5 Commercial funnel importance and process of new product development...........................6P6 Innovation business case........................................................................................................8TASK 4............................................................................................................................................9P7 Various tools to develop, protect and retain intellectual property and knowledge................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONInnovation and commercialisation will help businesses to make effective products fromthe unique ideas. The report will cover the importance of innovation in comparison withinvention and also the leadership, culture and vision to shape innovation and commercialisation.The 4P of marketing mix and developments in frugal innovation with new product developmentprocess will be discussed in this report. Innovation business case to assess funding and differenttools to protect knowledge and intellectual property will be discussed.TASK 1P1 Innovation and it's importanceIt can be said that invention and innovation are different from each other and theirsubjects as well. A hair line difference between these two that innovation refers to thoughts,ideas and approaches used to the respective field effectively. Invention refers to making anyproduct or service at different level (Azarmi, 2016). Making unique and effective things whichcan be non-living or living is known as invention efficiently. In respect to this, innovation is ledby invention effectively. There are some certain differences between these two which arediscussed below:InnovationInventionInnovation can be described as processwhich includes the demonstration ofideas and unique thoughts for buildinga subject.Innovation is easy to apply and alsocan be used again and again for thecommon subject.Television are upgraded to LED andLCD which is a innovation. SmartTV's are the innovated version oftelevision.Invention refers to making any productor service at a different level. Makingunique and effective things which canbe non-living or living is known asinvention.Invention process can not be repeatedlike innovation.Invention is totally different whereideas and new thoughts takes places inorder to invent something innovative.Invention does not exist in the worldpreviously (Barbaroux, 2014).Old television's are the best example1
for invention. Innovation can be described as a process which includes new and creative idea andthoughts in order to develop the Apple goals and objectives in various geographical locations andcountries effectively. The demonstration of new and creative ideas will help Apple to increasethe revenues efficiently. Innovation is important as well as crucial for the firm in order to makepositive aspects within the environment. It will also help to determine the innovation towardsproducts and services from which organisation is able to increase their profitability andproduction which will also help to increase the revenues at high level effectively. It will helpApple managers to make corporation with understandings of process and common goalsefficiently. Cultural innovation will help business to create effective transactions by consideringresources, process and priorities (Browning and Rowell, 2015). In addition to this Apple requiresnew culture and routines which can be fit to the innovation grasp of firm. There are sometraditional organisations which considered new things which will help them to evaluate thevarious aspects towards the operational activities. Organisation culture system can be used bycitied firms in order to manage their invention's and innovation's in proper and appropriatemanner. In respect to this, leadership is important for the businesses in order to control thebusiness operational activities. Leadership plays a crucial role which helps to develop andimprove performance of different departments effectively. This will also help Apple to achieveobjectives and goals and innovation will help to develop business transactions which producepositive results for the firm.P2 Vision, culture, teamwork and leadership to shape innovation and commercialisationInnovation regarding the firm is depended on vision, mission, culture and variousleadership style at workplace. The vision of Apple will help to develop and improve the marketexpansion and will also determine the work of employees towards the firm effectively. Businessshould work more in order to accomplish the market share and profitability. The Apple shouldensure that they can develop new innovation in their business practices to increase thepromotional activities (Gao and Haworth, 2016). The culture should be ethical enough for Appleto fill the demands and requirements effectively. Good relationship is also necessary which willhelp to provide other work on the regular basis efficiently. 2
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