Innovation and Commercialisation

This document discusses the difference between innovation and invention, the impact of organizational vision, leadership, culture and teamwork on innovation and commercialization, the 4Ps of innovation and the use of the innovation funnel, developments in frugal innovation and its application in an organizational context, and the importance of the commercial funnel and new product development for commercialization of innovation.

INNOVATION AND
COMMERCIALISATION

Contents
INTRODUCTION...........................................................................................................................3
LO 1.................................................................................................................................................3
P1 Difference between innovation and invention........................................................................3
P2 Organizational vision, leadership, culture and teamwork can shape innovation and
commercialization........................................................................................................................5
LO 2.................................................................................................................................................6
P 3 4Ps of innovation and explain the use of the innovation funnel to examine and shape
innovative ideas...........................................................................................................................6
P 4 Developments in frugal innovation and provide examples of how it is used in an
organizational context..................................................................................................................8
LO 3.............................................................................................................................................9
P 5 Importance of the commercial funnel and the application of new product development
processing for commercialization of innovation.........................................................................9
LO 4...............................................................................................................................................10
P 6 innovation business case for an organization, including ways to access funding...............10
P7 the tools which can be used by the company to retain, develop protect knowledge and
intellectual property..................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation is often also viewed as the application of better solutions that meet new requirements,
unarticulated needs, or existing market needs. Commercialization is the process of introducing a
new product or production method into commerce making it available on the market. The term
often connotes especially entry into the mass market, but it also includes a move from the
laboratory into commerce. Land Rover is a British brand of four-wheel drive cars that
exclusively offers premium and luxury sport utility vehicles. This report gives a classification
between invention and innovation with the value behind it. Other than that the impact of culture,
vision, leadership and teamwork on the company. 4 Ps of innovation with the use of innovation
funnel that helps to bring innovative ideas. Importance of the commercial funnel and the process
with application of development of product which includes the process for commercialization
and innovation. Business case for innovation with options to get funding and tools through which
company can keep their rights for the intellectual property safe (Rasli and Kowang, 2017).
LO 1
P1 Difference between innovation and invention
It is important for the business dealing in the market focus on the factors of innovation
through which they can evolve and bring changes in market. Management of the company needs
to understand that this must be their prime focus of area if they want to increase their scale of
operations. Land Rover is known for the comfort and convenience with the best off roading cars.
This is why they have been able to maintain such a unique image in the market (ZAHEDI,
MIRGHAFOORI and MARVOTI, 2018). Also with the reports from their research and
development team it has been assessed that Land Rover is working on this issue so that they can
deliver with the needs of people as well as the needs of environment. With this they are also
focusing on the measure of bringing the feature of automated driving to improve the riding
pleasure for their customers.
Innovation-
This aspect makes changes and evolves the products that already exist in market. This is done so
that they can keep the product in the competition and fulfill the needs of the customers. In order

to make innovation in the marketplace it is necessary that company must hire employees who
know how to deal with change and adapt it so that they can increase the opportunities available
to them. This aspect is not easy to be met which is why many companies conduct sessions of
brainstorming regarding this so that they can find innovative ideas. This is done so that
companies such as Land Rover can prove the establishment and meaning of the brand because if
they do not cope up with this factor then they won’t be able to survive in market. It is important
to note that the form of innovation brought by them that is electric cars is not first of the kind as
many of the companies have already come up with it. Still it will be a Land Rover and they have
been successful in creating buzz for this in market.
Invention-
On the other hand invention exists when a new product is solely launched by the company with
totally new attributes so that they can make their place in market easily. This factor also requires
experienced and skilled employees but it also needs employees who are expert in the field of
technical area. This is how they meet with the needs and wants of customers. For this businesses
invest in the area of research and development such as wherever customer is facing difficulty and
they have the resources to make it simple then they can work on it. Invention in the segment of
electric car for the company will be to come up with a battery that has enough power to run on
long routes on a single charge. This is necessary so that they can increase the aspect of value for
money of their cars. It is important that they keep inventing this sort of things so that they are
able to keep up with forces of market (Rasmussen and Eliason, 2017).
P2 Organizational vision, leadership, culture and teamwork can shape innovation and
commercialization
These factors which are concerned with culture, vision, teamwork and leadership impact
very harshly to the business and reduce the chances of innovation for them. With the help of
model given by Charles handy it can be easily understood-
Power-
This factor derives the outcome that only some of the employees present in the company
has the power to take decision for them. There are some evaluation benchmarks set up by the

company such as on the basis of performance and the successful completion of task. Land Rover
provides them with equal chances and then come to a decision.
Task-
Land Rover assigns the task to employees on the basis of their choices and the field of
area in which they have performed best in the past. It is because of this there has been no issues
in the performance of the company.
Role-
This factor states the roles and responsibilities of employees that they have to work on.
They assign the role to them as per their experience. Land Rover believes in working together as
a team which is why they keep assigning team projects which helps them to improve
coordination and cooperation between them which is why they are able to maintain the flow of
work.
Person-
Land Rover believes that the performance is different when everyone is putting all of
their efforts in the project. They respect the position of everyone and allow them their workspace
which is why they deal with them on a different time so that everyone feels respected.
Other than this theory of teamwork was introduced by Bruce Tuckman in 1965 with 5 stages
Forming-
The employees working in the team have to work in coordination so that every step taken
in the project is mutually discussed. This way every employee is clear about their tasks.
Storming-
It involves challenging the higher management as the concept behind this is that with this
approach they will complete the task faster. Sometimes this creates conflicts between them.
Norming-

This form focuses on reducing the stages of conflicts and work by understanding the
thought process of the members of the team so that they are able to work as united and share a
common goal (Kim and Park, 2018).
Performing-
Till this stage every employee starts to accept the style and pattern of working of each
other. This reduces the conflicts between them and they start working as a team which improves
their performance.
Vision of Land Rover is that they want to make the best SUVs and fulfill the needs of
their target audience. In order to complete their vision they need are working on their project of
electric vehicle as they are the need as well as the future of the market and with that they will be
able to maintain the value of their brand.
Leadership of Land Rover has to focus on other areas such as Team work as it is important to
work together and brainstorm because many of the innovative ideas are generated with it.
LO 2
P 3 4Ps of innovation and explain the use of the innovation funnel to examine and shape
innovative ideas
The model of innovation involves stages that is in the area of marketing so that they can
improve the position which will help them to bring new patterns in their culture through which
they are able to grab the attention of their target audience.

Paradigm-
It is important that company make changes in their style of working so that operations
can be assessed or taken out in a different manner. It will be difficult for them as they would
have to go through undertaking change in many areas. It is necessary if the management of Land
Rover wants to increase their profits it will only be possible when they will be working with
approaches that are different so that they can implement changes in their culture and their model
will also turn out to be different. The brand image of the company is because of their rugged and
powerful SUVs but with that they need to make sure that they are evolving with time and
adapting the change as per the needs of the market such as electric cars. For instance in order to
capture more share and retain old customers they need to adapt changes which happens with
time.
Product-
It is important for the management of business to look after the aspect of communication
between the team because they believe that it will help them to improve their offerings. If this
goes well with coordination they can bring changes to the product which can increase its value
and this will make it easy for them define their product against their competitors. By
brainstorming together on an issue they can come to a decision which can make the product more
attractive in the eyes of customer. They have also partnered with Jaguar so that they can offer the
best car.
Process-
This aspect deals with production of the company and making it better but before that
company needs to recruit skilled employees, train and evaluate them so that they can understand
and maintain the flow of supply. It is important to look after these measures as then only they
will be able to increase their profits (Osoro, Kirama and Vermeulen, 2017). For instance by
bringing change in processes and take the help of skillful employees they can increase their
profits.
Position-

It looks after how the company has positioned their brand and how they are going to
launch their product. It is important to keep in mind the thought process of customers. for that
they need to assess different sources and collect all the useful information which will help them
to launch the product in a better way. Management of the company has the option of using mix
model of innovation through which they can make their style of positioning better.
P 4 Developments in frugal innovation and provide examples of how it is used in an
organizational context.
Frugal innovation helps the business to reduce the costs that are enabled in the cycle of
manufacturing and also help to reduce the nature of business as less complex. The concept of this
form is generally considered for the materials which do not come handy in durable products such
as car or phone. Although Land Rover have maintained their operations in many countries and
for that they have to maintain the price as well as durability of the product so that they can
maintain their standard as well as their profit. They target many of those people who have been
overlooked. Also with the rapid adaptation of Globalization the processes have been used by
many companies as the standard of living of people have been improved. Land Rover needs to
enable this concept in their process because the technology for electric cars is not advanced
which makes it less durable and even the cost is more. Apart from that they will have to change
many of the inputs in the stages of production which will force them to incur more investment in
that area.
This is where the concept of frugal innovation comes in use as with the help of it
company can reduce all the elements in the stage of production which are not important. Also
with the help of that they can make it more durable and cheap. In order to increase their sales
they need to look out for countries that are developing as that will be their main market.
Competitor of Land Rover that is Mercedes introduced a truck which did not become successful
and then they hand it over to their partner that was Tata who made it successful with this
concept. Once Tata become successful they stopped taking the help of this method. It is
important for the management of the business to assess the needs of people in market before they
have finalized the decision of going there. This way they will be able to make the product as per
their needs and wants and increase the rate of their success. This is because many of the
competitors meet failure due to this very reason of not studying the market and assessing the

needs of people. This is one of the reasons that cars offered by Land Rover are high end and
expensive as it cater to the needs of specific audience. But with the help of implementation of
this method they can reduce the price of their offerings (Sutopo, Astuti and Suryandari, 2019).
LO 3
P 5 Importance of the commercial funnel and the application of new product development
processing for commercialization of innovation
Strategy for Marketing-
The management of the company prefers this funnel when they are not able to think of a
strategy on their own. The reason behind this is that they believe with the help of it they are able
to select and make an appropriate decision for marketing which will increase the rate of their
success. This way they work on the right direction with measures and tools that are effective for
them.
Relate Customers-
The management of Land Rover works on a different approach this is because their
guidelines and protocols are different from any other company. Managers creates their own
content so that they can use it at the time of launch event. This is done to influence and leave an

impact on their target audience through which they are able to improve their sales. Also with the
help of this they are able to influence the right form of audience as per their offering.
More Sales-
In order to increase their sales they can describe the attributes of their offerings as per the
needs and wants of the customers. With the advancement in technology and other factors
company believes that they can attract different form of buyers. They have gained this much
confidence because they have analyzed the commercial funnel in depth through which the
management believes that more sales can be generated. They believe that after assessing the
market they will be able to launch their next product in a better way. They are also using funnel
so that they can offer more satisfaction to their customers (Shakeel, Takala and Zhu, 2017).
New Entrants-
It is important for businesses to conduct the sessions for brainstorming as it is important
to figure out the right idea for the situation and more importantly management also needs to keep
in mind that the right idea needs to be implemented in the culture at the right form of time. this is
because if not done at the right time they won’t be able to succeed. New entrants will face this
type of difficulties because of less experience in the market. This is the strategy of Land Rover
first they study the market and then take the use of funnel so that they can stay ahead from their
competitors.
NPD- New Product Development is the process that takes a service or a product from conception
to market. Measures in product development include drafting the concept, creating the design,
developing the product or service, and defining the marketing.
LO 4
P 6 innovation business case for an organization, including ways to access funding
SWOT Analysis
Strength-

Powerful strength of business is its goodwill and Land Rover has that. Other than that
they have tied their hands with Jaguar and now they are working together on electric car with
their knowledge they can make the best out of it.
Weakness-
Many of the customers have had bad experience from their products such as breakage,
leakage, air suspension etc. This affects the image and reputation of brand. Apart from this they
had to face difficulties such as not getting after sales service.
Opportunities-
There are many opportunities which they can claim and make their portfolio better one of
which they are working on right now that is the future of this sector electric cars. They need to
invest in the area of research and development and reveal some of their concepts for future in
market as a prototype (Stojcic, Hashi and Orlic, 2018).
Threats-
Land Rover was bought by Tata Motors an Indian brand which may have affected their
image in other markets. They need to make changes in their portfolio by living up to their
announcements so that they can remove this threat.
4 P’s of Land Rover-
Product-
The product of the company offers premium quality and ride. They have a bunch of cars
in line up which are waiting to be launched but the management is waiting for the situation of
market to get improved so that product gets successful.
Place-
The change in ownership of brand has been advantageous at many points because now
they have extended their base in two markets one is Asian and other is British both of them has
become the base market for the company. Management of Land Rover is looking for more
dealers to buy their franchise and open more outlets.
Price-
They have been able to serve as a successful brand because of their offerings and that is
because its totally rugged and different from the offerings of competitors. The reason behind the
charging of high prices is because of the quality they offer and brand they have established in the
market. It is not going to change even for the upcoming advanced products. Although there are

chances that people may get subsidy from government which can be to pay less tax or less price
to the product. The target audience for their products are those people who maintain a rich
lifestyle which is why company has to maintain the class and integrity of their brand.
Promotion-
Management of company does not believe in promoting their brand by using all the
methods and strategies available as they believe that people are familiar with them and their
years of practice in market. Even if they want to use some method they use those which are
effective and cover large audience such as Television and online channels (Kim and Kim, 2018).
Ways to get funds-
Internal Funds-
These are retained earnings of company which they have kept safe or aside for future
investments when they want to expand their business or get out of complex situation.
External Funds-
In order to raise funds from this method they need to take the help of financial institutions
or money lenders which can be even their competitors. The rate of interest charged can be as per
the relation between the parties involved.
Bank Loan-
In order to raise money Land Rover can always consult with bank as they have a good
repo in market and they can easily acquire funds from them by acquiring security.
P7 the tools which can be used by the company to retain, develop protect knowledge and
intellectual property
There are some aspects through which Land Rover has been able to keep their rights,
knowledge and ideas safe from other competitors so that no one imitates it which keeps the
company safe. Other than keeping them safe it also gives them the benefit of introducing that
idea or technology first in the market through which they can gain high amount of market share.
Some of the tools to protect the intellectual rights and property of the business are

Patents-
This aspect gives the company a grant which is basically a right of the property who has
invented it. It is used for things that are new, useful non-obvious inventions which will be for a
fixed duration and that is 20 years from when they have filed for applying a patent. This will
give them the power and control of whether or not they want to release their knowledge or
advanced innovation in market with others.
Trademark-
It is the name or image which works as an identification or resemblance of the brand.
Every company has their own logo which in order to protect have to be registered as trademark
so that it cannot be copied by any other firm in the market. It is the logo which helps the
customer to identify the brand and with time they gain trust on brand because of that. With the
help of logo they are able to form the image of the brand (Lim, Darley and Marion, 2017).
Copyrights-
With the help of this tool businesses can keep their idea or work safe which is related to
literary, music or related with art etc. This way business can keep their idea safe and they will
have a legal certificate from the government through which no one can take legal action against
them which removes the chance of their brand image getting affected.
CONCLUSION
From the above studies it has been assessed that the decisions taken by Land Rover in the
past has helped them to establish their brand. On the other hand they have to make some changes
in their portfolio and make it more advanced as per the needs and wants of the market. Current
thing that they need to work on is to focus on the launch of electric car with Jaguar so that they
can make their place in the competition back and gain their share which they lost in different
markets which was because of change in ownership. It is crucial that they meet the needs of the
market so that they can develop their market increase profits and satisfy the needs and wants of
their customers.

REFERENCES
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