Innovation and Commercialisation in Tesla

INNOVATION AND
COMMERCIALISATION

TABLE OF CONTENT
INTRODUCTION.......................................................................................................................................3
LO 1............................................................................................................................................................3
P 1 Innovation and invention...................................................................................................................3
P 2 Organizational vision, leadership, culture and teamwork can shape innovation................................4
LO 2............................................................................................................................................................6
P 3 Explain the 4 P’s of innovation.........................................................................................................6
P 4 Frugal innovation..............................................................................................................................7
CONCLUSION...........................................................................................................................................8
REFERENCES............................................................................................................................................9

INTRODUCTION
There is a growth in the globalization in the entire world which can increase the
efficiency of the businesses which have a huge potential in market. There is a need of innovation
and invention in organization so that they can capture the market. Tesla is an American
organization which gets a lot of changes in the organization related to trends and demands of the
customers. The report consists of innovation and inventions, 4P’s of innovation, Funnel and
frugal innovation methods which the organization uses for a better market capture and
processing of the company to be smooth and effective.
LO 1
P 1 Innovation and invention
Definition
Innovation is the process of getting new ideas into services and products of the company
for the first time in the market. This is an addition to the products or services which can also be
called improvement in the products so that the customers can have a high satisfaction level. This
requires a lot of research and study for getting these changes (Dincer, 2017). Invention is getting
a new product and services which has never come in the market before at all by anyone else.
Significance
There are loyal customers which will come in the company when an invention is made by
the market which no one else is able to provide to the customers. Inventions make a better
reputation of the company in the market and innovation helps the company to improve the
customer satisfaction. The trends and demands of the customers change towards a product which
has to be innovation by the company from time to time so that they can have a better functioning
for themselves which is going to be very helpful for a long run of the company (Huang, Farrukh
and Shi, 2018). In innovation to take place there are a lot of technological changes which have to