Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODCUTION...........................................................................................................................1
TASK 2............................................................................................................................................1
(a) Explain the difference between invention and innovations...................................................1
(b) Analyse source of innovation as a core process....................................................................2
(c) Discuss link between innovativeness of the company and its leadership, organisational
culture and teamwork..................................................................................................................3
(d) Explain the 4Ps of innovation in reference to company........................................................4
(e) Appraise the value of innovation funnel and frugal innovation............................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7
.........................................................................................................................................................7

INTRODCUTION
Innovation indicates to a creative and new ideas or imagination in an activity form. It
consists changes in current products and services of an organisation with the purpose of
maximising success and growth of the company in form of profit and productivity. It also
concentrates on the customers satisfaction after determining the existing and upcoming trends.
Whereas commercialisation states to introduction and lunching a new commodity in the market
that are able to get attention of number of individual and in this, it covers the steps relating to
manufacturing to distribution activity of a good providing in the current and existing market
(Altaf, e Hassan and Batool, 2019). This assignment is based on Aldi which is discount
supermarket chain and operates its business approx 20 nations with the help of its 10,000 stores.
The company is want to make innovation by implementing “Drone technology” in its home
delivery service. The assignment will cover information about 4Ps of innovation and use of
innovation funnel to shape innovation idea. Further will explain about development of frugal
innovation and its utilisation in context of company.
TASK 2
(a) Explain the difference between invention and innovations
The difference among innovation and invention is defined as under on the basis of
comparison form:
Differentiate between invention and innovation
Particulars Innovation Invention
Concept It mention as the activity of
developing and make contribution
in improving existing product and
services as per the needs and
demands of market. Basically, it
means that creation of something
that can be able to launch,
introduce and sell in the market.
It refers to the generation of
thoughts and ideas which are used
in a business in form of
manufacturing goods and services
very first time. Generally, it
indicates to that items and
commodities that are unique and
manufacture first time by a firm
(Huang, Farrukh and Shi, 2018).
1