Innovation and Commercialisation

Innovation and
commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Explanation of innovation & its value to company in relation to invention....................3
P2. Explanation of how vision, leadership, culture & teamwork of an organisation shaping of
the process of innovation & commercialisation....................................................................5
TASK 2............................................................................................................................................6
P3. Explain the 4Ps of innovation & usage of innovation funnel .........................................6
P4. Frugal innovation ............................................................................................................7
TASK 3............................................................................................................................................8
P5. Importance of Commercial funnel & NPD process.........................................................8
P6. Innovation business case ...............................................................................................11
P7. Evaluation of Different tools to develop, retain and protect intellectual property.........14
CONCLUSION..............................................................................................................................16
REFERNCES.................................................................................................................................17

INTRODUCTION
Innovation is a process that is related to translation of invention or a idea for a existing
product or service for the purpose of developing high value for their customers. It is a path that
can be used for purpose of increasing the attractiveness of present position of a organisation. In
present report there is discussion of Heinz that is a Britain brand dealing in soups, ketchups and
these related products (Ciriello, Richter and Schwabe, 2018). It was started in year 1869 and has
presence in Ireland & UK, present report is based on the analysis if a new innovation that is
being brought up by Heinz where they are launching a new range of product in beans category
where there has been a market research conducted for determining the variant type and most
customers have given their preference towards veg chilli beans that will be complete new from
the existing product range of Heinz. For this there is use of certain tools like 4Ps of innovation,
frugal innovation and a business case in order to develop a new innovation product.
TASK 1
P1. Explanation of innovation & its value to company in relation to invention
Innovation can be defined as application of a new device or a new method that is
application of a better solution to meet the requirements of unarticulated needs of existing market
scenario.
Commercialisation is regarded as a process where a new innovation of process, product
or services is done in the market.
Invention: It can be regarded as a process of driving period and not related any existing
product or services there is a complete development of new product that takes place (Cantwell,
2017). It takes place when a organisation is trying to come up with some new ideas and create a
special space in market.
Importance of innovation:
Innovation is a very important aspect for every organisation that is helping in attracting more
customers so that there is a unique brand identity that is created in the market. It can be said that
innovation can be helpful in fulfilment of all marketing trends according to customer
requirements:

Continuous growth: Innovation is very helpful in process of growth for a organisation. It
is a process that assist in increasing the brand value and development of a positive brand image
that can help in growth for a organisation (Azar, and Ciabuschi, 2017).
Reinforcing brand: It is one of the most important factors that helps in gaining success
as existing users have something new & innovative.
Creation of USP: Innovation is very helpful in creation of a definite USP in the market.
It can be said that innovation helps in development of a distinct image in market that can affect
the profitability of organisation.
Difference between Invention Innovation
Basis Invention Innovation
Meaning Invention is defined as
launching of something new in
the external market that will
help organisations to enhance
their market share and
capturing larger share of
market (Schilling,. and
Shankar, , 2019).
Innovation is a process that is
having association with
developing of new features,
new ideas in the existing
products & services of a
organisation.
Concept It is a concept that is helping in
giving better services to
customers. It can be said that
invention helps in launching
completely new segment of
product & services.
It is a process that helps in
development of new &
innovative features to existing
& services.
Activities Invention is always limited to
using of a completely new
procedure for the purpose of
development in a organisation.
Innovation may have a have a
limited access and it is spread
across different departments in
a organisation.