Innovation and Commercialisation

Innovation and
Commercialisation

INTRODUCTION
Innovation can be define as a process of creating or developing something new in order
to enhance business activities (An, H.J. and Ahn, 2016). It is a method of converting or
translating a idea into goods and services. Innovation is something which is original as well as
never use before. Commercialization can be describe as a process that helps in bringing some
new product and services in market area. It consist product development, distribution, marketing,
sales, customer support as well as other key functions of organisation which help in attracting
customers as well as improve profit of organisation. Company chosen for this report is Marks
and Spencer. This company is dealing in retail sector as well as providing high quality clothing
products to its targeted customers. Marks and Spencer company was developed in 1884 and
founder of this organisation was Michael Marks and Thomas Spencer. Headquarter of this
organisation is located in London. United Kingdom. Product line of Marks and Spencer company
includes ready made cloths, shoes and other footwear, accessories, bags and many other
fashionable products. This report consist of concept of innovation as well as its importance for
organisation. It also includes Innovation is compared with invention. It has been evaluated the
impact of vision, teamwork, leadership and culture in order to shape innovation and
commercialisation. It includes 4P's of innovation as well as use of innovation funnel to shape
innovative ideas. Apart from this, it includes frugal innovation and its uses in context of
organisation.
MAIN BODY
TASK 1
P1 Explain innovation and determine its importance to organisations in comparison with
invention.
Innovation play a crucial function in development and improvement of enterprise as well
as helps organisation to conduct enterprise functions in more effectual style. Each or every
company have to use various strategies in order to achieve desired goals and objectives. These
strategies should be developed after analysing and evaluating all factors that will have impact on
business as well as affect its performance (Andreassen, Lervik-Olsen and Calabretta, 2015).
Marks and Spencer company needs to develop strong strategies in order to introduce new and
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innovative product in market area. This will help in attracting more and more customers towards
business and gaining competitive advantage over other rival companies.
Innovation: Innovation can be referred as a process of introducing something new or
creative in market which has been never used or seen. This is very helpful in developing product
which will be able to meet with customer needs and wants. Innovation can be describe as a
process of specific instrument to use endows resources with in a creative and unique manner in
order to build a innovative product. It is a deliberate application of information as well as
initiative and imagination with the motive of developing highly valuable product in market.
Innovation is helpful in enhancing performance as well as productivity of organisation and helps
in increasing its sales (Chun and et.al., 2015). Marks and Spencer company needs to introduce
new and innovative product in market area in order to attract more customers as well as proving
them a valuable product. New and innovative product in market area will help this company to
gain competitive advantage over other rival companies in market.
Importance of Innovation: this is considered as a very essential part for Marks and
Spencer company as it play a crucial role in growth and development of business. It ensures that
business activities are conduct in more effective manner as well as desired goals will be achieved
timely. Important of innovation in context of Marks and Spencer company is mention below.
Increase productivity: Innovating is a very helpful tool in enhancing productivity as well
as improve the performance of organisation. Marks and Spencer company can improve its work
quality and develop high quality products in more faster manner. Each and every employees will
be able to conduct business activities in more effective and efficient way and this will directly
helps in increasing organisational productivity.
Competitive advantages: Marks and Spencer company will be able to gain competitive
advantage over other rival companies. This organisation is dealing in highly competitive market
area so innovative tools and techniques as well as new product will helps this company to beat
the competition in market area as well as gain advantage.
Creative development: Innovation is essential for growth and development of business as
well as enchaining its business activities. It is important that Marks and Spencer company
continuously grow and develop its business operations in creative manner. So for this respective
organization necessarily to use creativity and new in its enterprise process.
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