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(PDF) Innovation Management and Commercialisation (pdf)

   

Added on  2021-01-01

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INNOVATION AND COMMERCIALISATIONMANAGEMENT

Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3Overview of organization's current situation and activities........................................................3Innovation, its importance and different sources of inventions .................................................4Vision, leadership, culture shape innovation and commercialisation.........................................54p's of innovation and use of innovation funnel ........................................................................6Frugal innovation and its use in organization.............................................................................8Importance of commercial funnel and application of new product development processing.....9Build innovation Business Case and ways of access the funding ............................................11Different tools to develop, retain protect knowledge and intellectual property........................12CONCLUSION..............................................................................................................................13REFERENCES .............................................................................................................................14

INTRODUCTIONInnovation is the activity of people and company to change environment of theirworkplace. It means breaking routines and dominant ways to thinking, introducing new thingsand behaviours, launching new standards. On the other hand, commercialisation is theprocedures of introducing production method into commerce making it available on themarket(Do and et.al., 2015). This study is based on Hennes & Mauritz (H&M). It is retailcompany that deals in fast fashion of clothing for men, women, teenagers and children. Firmintroduce fashionable hand bags in new market. This assignment will explain overview oforganization's current situation and its key activities. It will also analysis innovation, itimportance and its different sources for new product development in market. It will explain 4 P'sof innovation and use of innovation funnel to shape innovation ideas to employees. MAIN BODYOverview of organization's current situation and activitiesHennes and Mauritz(H&M) is multinational clothing retail company which deals in fastfashion clothing for men, women, teenagers and children. Firm and its associated organizationsoperate in 62 countries, with over 4500 stores as on 2017. It is second largest global clothingretailer organization. Now, they are introduced new product(hand bags) in new markets. So that,they are developing innovation and commercialization for new product development. With thehelp of invention, company increasing profits and generating revenues in the business ascompare to their competitors(Smart, 2018). Through innovation, company improve theirorganizational culture, leadership, team work and build relationship with their workers inworkplace. Therefore, H&M develops invention in new and existing product and servicesdevelopment across world. In this context, they have to many collaborations with other fashion houses such asKenzo, Balmain, Alexander Wang etc. In addition to H&M brand, firm consists of fiveindividual brands with separate concepts such as ARKET, Fabric Scandinavien AB, CheapMonday, Monki, Weekday. In 2015, company announced that it will award million-euro annualprize to advance recycling technology and techniques. H&M foundation is non-profits whichwas established in order to implement positive changes and improving living standards such aschildren education, clean water across worldwide and being environmentally aware.

Innovation, its importance and different sources of inventions Innovation: Innovation is process of thinking uncovering new ideas and ways. It can also pertain tomodify business model and adapting changes to achieve better products and services. Inventionrefers to something different or new creating operators of company. It is an act to introduction ofnew thoughts, devices or approaches(Collyer, 2017).Importance of Innovation: Innovation is important in the workplace, because it gives companies an edge inpenetrating markets faster and provides better connection to develop markets. It can also lead tobigger possibilities especially in rich countries. It is essential for both employees and H&M. For employees:Creatine new ideas: With the help of innovation, employees are creating new ideas ormethods in relation to working effectively and efficiently in the H&M. Increasing productivity: Innovation is essential for employees in the workplace. Withthe help this, more increasing productivity in the organization(Dhewanto and Sohal, 2015). For Organization: Growth and development: Company needs to growth and development of theirbusiness, so that they are developing different inventions for developing new product in themarket. Ultimately this helps in growth of business. Organizational Culture: Every firm needs to improve culture of their workplace.Therefore, H&M creates new ideas or thoughts for improving their culture of their organization. Different sources of Innovation: There are many sources of innovation that are utilized in new product development in themarkets. Such as follows:Unexpected innovation: These innovations takes places unexpectedly. They can happenby chance. There are long lists of unexpected innovation in human history(Zhang, Zhao and Xu,2016). All the same, it is interesting thing to note is that many essential inventions are lookingfor something, they stumble upon something else.

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