Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Explain difference between innovation and invention.................................................................3
Critically discuss link between innovativeness of a specific organisation and its leadership,
organisational culture and teamwork...........................................................................................5
TASK 2............................................................................................................................................6
Identify and analyse sources of innovation as a core process within specific company.............6
Explain 4P's of innovation with relation to the particular organisation.......................................7
Appraise the value of the innovation funnel and frugal innovation to an organisation...............8
CONCLUSION................................................................................................................................9
REFERENCES .............................................................................................................................10

INTRODUCTION
Innovation refers to the process of bringing out modification or revolution within existing
activities to accommodate the changing requirement of customers. It simply refers to creative
idea that help to differentiate the functioning of particular organisation from other entities
dealing in similar type of industry (Muthinja and Chipeta, 2018). Similarly, commercializing the
innovation helps an organisation to reach out their invention amongst diverse mass and gain
immense success in market. It basically helps to spread the awareness amongst target market to
engage the traffic and gain competitive advantage. To better define the topic Vauxhall Motors
Limited has been selected which is the part of automotive industry whose headquarter is in
United Kingdom. The company has successfully bring out innovation by expanding their
business from engine cars to electric cars in order to reduce carbon emission. This report cover
topics like explain the context for innovation by differentiating it with invention. Along with that
explain different type of innovation that helps in building successful strategy by producing
desirable solution successfully.
TASK 1
Explain difference between innovation and invention
Innovation encompasses the diverse spectrum of idea, thoughts, activities, expression,
problem as well as outcome that emerges the urge to carry out unique procedure with the
objective to satisfy upcoming requirements of customers. It basically leads to the existence of
new idea which possibly helps to bring out favourable changes by bringing modification in the
existing product. Continuous improvisation in the offerings of company helps them to explicitly
build loyal customer base which maximises the investment of company. In relation to the
Vauxhall Motors Limited that offers personal and commercial vehicles realise the essence to
bring innovation. This led the manager along with staff to acquire new techniques or skills and
participate in creating and distributing zero carbon emission vehicles. Such actions attract the
interest of internal as well as external stakeholders who participate together to conduct long term
sustainable performance (Biemans, 2018). Further, commercialization helps in delivering
innovative product within diverse market by spreading adequate information about the product.
This appeal the interest of customer in terms to carry out final purchases. The mangers of
Vauxhall company broadcast their innovative with the help of social and print media in order to