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Innovation and Commercialisation - Assignment

   

Added on  2021-02-20

10 Pages3255 Words19 Views
Innovation andCommercialisation
Innovation and Commercialisation - Assignment_1
Table of ContentsINTRODUCTION...........................................................................................................................3P1 Explain innovation and identify its importance within Essence Drinks by comparison withinvention......................................................................................................................................3P2 Explicate vision, leadership, teamwork and culture responsible for shaping innovation andcommercialisation........................................................................................................................5P3 Description of 4P's of innovation and it's convention in innovation funnel ..........................7P4 Describe developments in frugal innovation and how they are being implemented inorganisation..................................................................................................................................9Conclusion.......................................................................................................................................9REFRENCES.................................................................................................................................10
Innovation and Commercialisation - Assignment_2
INTRODUCTIONInnovation refers to process of formulation of new creative, innovative views and mostrecent thoughts within exterior strategies or methods. Basically, it is a process which comprisesof diverse actions for edifying behaviour of activities undertaken (Abdul Razak, Murray andRoberts, 2014). This report is based on JW Marriott Grosvenor House London which was startedon 1929. It is a luxury hotel that is present within Mayfair area London, England. It is managedby JW Marriott Hotels. The Hotel is making relevant sales but to enhance them it is crucial tomake use of innovation. This report includes importance of innovation, teamwork, culture andvision that assist organisation to summarise innovation. Along with this, 4Ps of progression andinnovation within frugal innovation are explicated P1 Explain innovation and identify its importance within Essence Drinks by comparison withinventionInnovation is defined as an influential process where organisation adds enhanced value totheir services by which they can attain competitive edge within market (Pellikka and Malinen,2014). Generally, innovation refers to process by which organisation can alter as well as modifytheir existent services, thereby leads adding something new to their process of production.Alterations as well as modifications which are brought in by organisation in terms of products aswell as services will be in the form of design and size. It is carried out by Grosvenor Hotel tofurnish extra benefits to their customers by evaluation of expectations and needs. Innovationprocess efficiently assist organisation to improvise their customer base which will lead toenhancement in profitability (Ahmadi and O'Cass, 2016). With respect to Grosvenor Hotel, theykeep on furnishing extra and unique features within their products for enhancing the value oftheir services. An invention is generating a unique idea by any individual use in completing thegiven assignment. When different innovative ideology are gathered by more than two individualin team. A productive work is resulted. Most of creative idea are patented by owner so that it isnot copied by any other company or person.BasisInnovationInventionConcept It refers to process of addingworth to produce servicesIt is process of beginning ofsomething creative that is new.
Innovation and Commercialisation - Assignment_3

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