logo

Innovation and commercialisation INTRODUCTION 3 LO13 P1 Innovation and commercialisation

   

Added on  2020-10-22

20 Pages5268 Words462 Views
Innovation andcommercialisation1

Table of ContentsINTRODUCTION...........................................................................................................................3LO1..................................................................................................................................................3P1 The Significance of innovation in the company and also compare with invention...............3P2 Sainsbury's, culture, leadership, vision and teamwork shape commercialisation orinnovation....................................................................................................................................5LO2..................................................................................................................................................8P3 The innovation of 4Ps used in the term of innovation funnel and shape the innovationideas. ..........................................................................................................................................8LO3................................................................................................................................................11P5 Significance of the commercial funnel and application of New Product Development(NPD) process for the innovation and commercialization ......................................................11This is also applicable for discovering the pain points in the business development process. 12There are different steps follows for generation of new product development- ......................12P6 Create an Innovation enterprise Case for firm that include different ways to access funding...................................................................................................................................................14LO4................................................................................................................................................16P7 Various type of tool and platform that used in the Sainsbury's for develop, protect theintellectual property and knowledge.........................................................................................16CONCLUSION..............................................................................................................................18REFERENCES..............................................................................................................................192

INTRODUCTIONInnovation and commercialisation is a term that perform different activities and actions inproper manner. Innovation is based on ideas that help for purpose of growth and development.Commercialisation is a subset of innovation that converting idea and concept for the businesspurpose. Sainsbury’s is the fastest growing organization which is based on the super market inUK with share 16.9% in the supermarket sector. This report will discuss about the innovationand how it important for the organization. This assignment will describe the different vision,leadership, team work and culture of the innovation. Furthermore, it will summarise the 4P's ofinnovation that determine the use of innovation funnel in the business operations and functions.This report will describe the development of frugal innovation which is useful in the Sainsbury’sorganization. At last task, there are different types of tools that useful for protect the intellectualproperty or knowledge in effective manner. LO1P1 The Significance of innovation in the company and also compare with invention.Innovation is a method or process that translating the idea and invention. This processwill help for creating values for the customers. Innovation is must an idea that replicable at theeconomical cost. It is the best process for increasing the productivity and profitability in themarketplace. Innovation is a process that useful for developing new product for increasing theproductivity and profitability. This technique is mainly used for change the method and processto perform the business operations and functions. Innovation is also applicable in the enterprisesand also change their strategy on the basis of working. In this way, Sainsbury’s firm willimprove the operations and functionality of the organization. This process will useful for addingsome effective features to the product. Invention can be referred as development of new goodand service in the organization that help in the development and growth of sustainability. Sainsbury’s is the fastest growing organization in global marketplace in UK. Thisorganisation is located in London that generate more revenue approximately 2.6 crores in theyear of 2017 (Casey, 2018). In past few analyse, it can found that there are different types of keymeasurement aspect on the basis of operations and marketing trends. Sainsbury’s followsdifferent strategies and planning in order to complete their task and function in proper manner.Innovation is the best approach which help for improve the business plan according to the need3

and requirement of business. This technique also helpful for increasing the sustainability of longterm used. There are some important factors followings:Innovation help business operations and diversifying- Innovation is technique ormethod that applicable in commercialisation of organization to manage their dailyoperations and business activities. Sainsbury’s firm always change their strategiesbecause they are putting some efficient idea for increasing the business activities.Manager is planning the effective plans for successfully increase the growth anddevelopment. Team management is playing important role in the organization becauseemployee implement new ideas in order to adopt new technology in their workingculture. This will help for improve the business process in effective manner.Invention of modern technique- Modern technology is the best part of organization todevelop their business process and efficiency towards their working culture. Sainsbury’sadopt new technology and improve the working procedure of business as well asemployee. Each and every employee putting some efforts towards their specific goals andachievements (Clausen and et.al., 2018). Tool and platform are the best equipments thathelp for increasing the output of employee and it will turn into the environment ofSainsbury's. Sainsbury's firm is recently increase the production in marketplace and produce thedifferent technology regarding the device that improve the performance and growing rapidly.Innovation and invention are used for generating profit for the future growth and development. Differentiate between the innovation and inventionInnovation InventionInnovation process should provide theunique idea for the competitive positionin the marketplace.This process is based on the conceptualto use the strategic for achievement ofgoals and objectives.Innovation is useful for creating theproduct and process. Invention is not applied the ideas in thebusiness process. It does not know forachieving the goals or not. This process is help for building aneffective relationship with the anothersuppliers. Invention is useful for improving themarket values and participate tosignificant contribution towards the4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Innovation and commercialisation
|20
|5090
|61

Innovation and Commercialisation
|15
|3988
|92

Innovation and Commercialisation: Importance, 4Ps, Frugal Innovation, Commercial Funnel
|16
|4257
|1

Innovation and Commercialisation in TESCO
|18
|5942
|42

Unit no - 8 Innovation and Commercialisation
|22
|5983
|345

Innovation and Commercialisation
|16
|4421
|73