Innovation and Commercialisation

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
P1. Innovation and its importance..........................................................................................3
P2. How vision, team work shape innovation........................................................................5
LO2..................................................................................................................................................6
P3. 4 P’s of innovation...........................................................................................................6
P4. Development in frugal innovation....................................................................................8
LO3..................................................................................................................................................9
P5. Importance of commercial funnel and NPD application..................................................9
P6. Innovation case...............................................................................................................10
LO4................................................................................................................................................12
P7. Tools to retain and protect knowledge...........................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
Innovation defined as activity of transforming idea or creativity into those commodities
that creates worth for which consumer will pay (Agrawal and Hockerts, 2019). In the present
scenario, this is vital for entities to come up with innovative ideas. It leads to carry new
opportunities to grow and assists to advanced business activities. Generally, innovation termed
out as dynamic activity, commodities and ideas that attracts customers. It increases the likelihood
of their business succeeding. Thus, main purpose of innovation is to undertake better research
and development.
The present report is based on topic as Innovation and Commercialisation towards
existing product and services of Tesco, it is British multinational groceries and general
merchandise retailer. This is entity that deals in product and services of grocery store.
Furthermore, study will lay emphasise on activities as to carry out the comparison
between innovation and invention. Henceforth, the value and significance of innovation to
organisation must be defined to discuss about the organisational leadership and culture and
approaches to innovative ideas will be define with inclusive of funnel and frugal innovation.
LO1
P1. Innovation and its importance
Innovation termed out as technical invention that refers to create more effective
processes, commodities and ideas (Barasa, Vermeulen and Kimuyu, 2019). This is defined as to
introduce new idea to modify existing goods and services to make more better. It creates the new
enterprise and fundamental source of growth in business. With help of undertaking innovation,
the entity can able to gain competitive advancement. Effective creation within existing product
and services leads to improve organisational performance and goals of enterprise can be attained.
Thus, in Tesco innovation enables to develop new commodities and services. Significance
towards adopting innovation defined in following manner as are-
High quality goods- Innovation allows enterprise to evolve into commodities with high quality.
It assists to target new customers segments and that leads to enhance profitability and
productivity. Additionally, innovation is defined as effective term that aids to develop high
quality commodities. With help of undertaking the innovation in product and services the firm
can also be able to attract the customers.

Building future- The main motivate of bringing up innovation is to accomplish advanced
growth in future. By developing innovation after analysing needs and wants of customers aids to
shape the future of the enterprise. Thus, entity must adopt the process of NPD as this helps in
order to rise profitability and productivity within the enterprise (Brand and Blok, , 2019).
Additionally, Tesco is taking initiative to modify existing product and services in context of
introducing organic food commodities for health conscious customers. This term has taken the
attention of rivalries as Aldi, Morrission, Sainsbury's etc. Thus, innovation aids to enhance the
sustainability of the enterprise.
Providing modern tool- Innovation enhance the creativity of people to do the things in more
advanced manner. Thus, innovation can only be possible with use of technological advancement.
So, staff of the enterprise must provide the training and this can leads to enhance knowledge and
raise the capability of an individual.
Henceforth, this can be concluded that innovation is something that can assist to
enterprise to enhance competitive advancement within market. Innovation leads to practical
implementation of new ideas and this leads to raise productivity and profitability.
Distinguish in innovation and invention
Basis Innovation Invention
Meaning It may be defined as changes
that adds value. This implies
the execution of idea for
product and process for the
very first time (The Difference
Between ‘Invention’ and
‘Innovation’, 2018).
This is defined as physical
creation of new idea and
concept. It is defined as
occurrence of idea for
commodity or processes that
has never been made earlier.
What is it? Adding value to something
that is already existing.
Creation of mew commodity
Concept This is defined as practical
implication.
It leads to original idea and this
working in term of theory.
Skills required It needs to have set of
marketing, technical and
This required to have scientific
skills (Agrawal and Hockerts,