Innovation and Commercialisation

Innovation and commercialization

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
LO 1.................................................................................................................................................3
P1 ...........................................................................................................................................3
P2............................................................................................................................................4
M1...........................................................................................................................................5
D1...........................................................................................................................................5
LO 2.................................................................................................................................................5
P3............................................................................................................................................5
P4 ...........................................................................................................................................7
M2...........................................................................................................................................8
M3...........................................................................................................................................8
LO 3.................................................................................................................................................9
P5 ...........................................................................................................................................9
P6 .........................................................................................................................................11
M4.........................................................................................................................................12
LO 4...............................................................................................................................................12
P7 .........................................................................................................................................12
M5.........................................................................................................................................13
D2.........................................................................................................................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
The innovation is a process of translating an idea, new thought into goods and services of
company which is creates more values of products and customers will pay for this product and
services. In context of business, innovation often results when company add ideas into company
for satisfying needs and wants of customers in proper manner. In this report me as a trainee brand
strategy innovation consultant will address the different concern related to Tesco and provide some
recommendation to improve the same. The present study is based on “Tesco” which is one of most
the largest retail sector company in UK but in the recent past Tesco has seen a fall in the sales of
the company due to increasing competition in the market. The report will explain innovation and
compare with invention. This will also explain leadership, culture, vision and team work better
for giving shape to innovation (Christensen and et.al., 2016). Report will use by 4 P's of
innovation and its application of funnel innovation as well as develop by frugal innovation for
company. The report will explain by the importance of commercial funnel and application of
new product development. This will also build a business case for an organization by evaluating
different tools to develop and protect knowledge of property intellectual.
MAIN BODY
LO 1
P1
Definition of innovation:
It is the process of translating an idea or invention into a good or services which can
creates values for customers.
Importance
This is important to manage and solve problems easily and increase productivity. This
creates more flexibility for TESCO.
Innovation is the process of putting ideas and new thoughts into workplace for increase
values of product and company at marketplace. The innovation is help to satisfy needs and
expectations of customers with company. Innovation is take place of supply better services with
lower price rate to customers by fulfilling their needs. The customers need include those internal
department and stores as well as shoppers. For example: Tesco is the British multinational
corporation in the UK. It is third largest company in the world which is measured by gross

revenues (Dutta and Folta, 2016). The company is well-known for their day to day innovations in
marketplace. That is help to develop customers attractions. They innovate new concept Hoole
mobile app which allows customers to place orders of coffee, before even reaching the till.
Company continuously innovate range of apps for new high speed, tablet, shop roll out and so
on. Tesco is inspires world through creating innovative products at marketplace.
Invention:
Invention is generally defines as a new creature which has been created and made for the the first
time to be used by the other in the nation.
On the other side, invention is process within an overall product development process. It
is the process of making something for commercial purpose. For example: Tesco is put more
efforts into invention. For managing project team effectively company invent NCD process.
Through, that team is able to give solutions for innovation in process.
Comparison between innovation and invention:
Innovation Invention
 Innovation refers to making changes in
existing products and services in proper
manner. For example: due to
globalization “Tesco” is produce
different mobile apps for attract more
customers.
 Invention is referred creation of a
brand-new product and services at
market place (Festa and et.al., 2016).
For example: Tesco invent anyway
spray cleaners for households.
 As compare to the innovation,
invention is the thing which is made or
created for the first time. There was no
basis available to perform the invention
but there is basis in the innovation.
 Innovation are not patent. For e.g.
TESCO is one of the major innovation
which carry the renowned brand name
in market.
 Few invention which are unique carry
the right of patents under the patent
Act. For e.g. Telephone, electricity