Innovation and Commercialisation Assignment - Apple
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Added on 2020-07-22
Innovation and Commercialisation Assignment - Apple
Added on 2020-07-22
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INNOVATION ANDCOMMERCIALISATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ..........................................................................................................................................1P1. Explain innovation and determine it importance to organisations in comparison with...1invention ................................................................................................................................1P2 How your organisational vision, leadership, culture and teamwork can shape innovation ..3TASK 2............................................................................................................................................4P3. Explain the 4Ps of innovation and explain the use of the innovation funnel...................4P4. Explain developments in frugal innovation and provide examples ................................6TASK 3............................................................................................................................................6P5. Explain the importance of the commercial funnel and the application of New ProductDevelopment...........................................................................................................................6P6. Innovation Business Case for the chosen organisation, including ways to access funding.8TASK 4............................................................................................................................................9P7. The different tools organisation can use to develop ,retain and protect knowledge andintellectual property................................................................................................................9CONCLUSION ..........................................................................................................................10REFERENCES .............................................................................................................................10
INTRODUCTIONInnovation refers to creating new idea, thoughts, process and methods by which problemcan be solve in more effective manner. In today's scenario every business is coming up with newinnovations. So that they can make their products and services in more effective way. Whilecommercialization refers to a process by which enterprise produce new ways and methods incommerce(Anokhin, Wincent and Frishammar, 2011). Innovation and commercialisation gohand in hands. To satisfy customer and to retain this both are very important. Because if firmdidn't change their product according to customers needs and wants consumers stop using thatproduct and shift to another brand. The company which is taken into consideration in this report is virgin group and apple.These both companies are into different sectors. Apple introducing gadgets like iPhones, iPad,iPod and other devices. While virgin group is into entrainment, finance and live style. Both ofthe companies having its big name and having good brand reputation in market. The marketshare of both the enterprises are very high.In this report importance of innovation has been describe. Impact of vision, mission,culture, leadership on successful innovation. The 4Ps of innovations has been mention in thisparticular assignment. Concept of funnel has been their in this project. Different tools toprotecting intellectual property are discuss. 1
TASK 1 P1. Explain innovation and determine it importance to organisations in comparison withinvention Innovation refers to creating something new which is not their in market. The meaning ofinnovation is usually depend upon their usage. It has different meaning for different people. It isvery important in today's scenario as very organisation is going for this concept. Without this nocompany can sustain in market for longer run. Their many profits which company is havingwhen the are regularly innovate their products (Bagchi-Sen, 2010). This can help them togenerate more revenues, expand market shares and others. Innovation tends to improve theefficiency of product and services. By this enterprise can have competitive advantage over otherfirms. Following are the importance of innovation.Create competitive advantage: Innovation help enterprise to get competitive advantage.As company is producing unique products and provide such function which otherbrands do not have. By this more customer buy the product because they are gettingnew solution which are easy to access (Davila, Epstein and Shelton, 2012). Theirdifferent view of people for innovation like some people perceive innovation as valuefor money, for some of them it is different in functions. Company can bring new trendsin market to gain competitive advantage. Innovation establish the best method for the business: Innovation brings best way tosolve business problems (Godin, 2012). As by innovation the firm can solve theirproblems in quick and easy manner. It is very important to allocate resources properlyand innovation them to do it. Difference between innovation and inventionBasis Invention Innovation Meaning Invention is idea or process which iscomes first time it is not there earlier.Innovation refers toimplementing new ideas forfirst time. Concept The original idea in theoretical conceptThe concept of innovation isimplementing idea inpractical scenario. 2
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