Innovation and Commercialisation of Iceland Ltd : Report
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Added on 2020-07-23
Innovation and Commercialisation of Iceland Ltd : Report
Added on 2020-07-23
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INNOVATION ANDCOMMERCIALISATION
Table of ContentsINTRODUCTION ..........................................................................................................................3TASK 1 ...........................................................................................................................................3P1 Innovation and its significance in comparison with inventions ............................................3P2 Shape of commercialisation and innovation through different factors..................................4TASK 2 ...........................................................................................................................................5P3 Explain the 4Ps of innovation and innovation funnel............................................................5P4 What is frugal innovation ......................................................................................................7TASK 3............................................................................................................................................7P5 Commercial funnel and the process of new product development (NPD).............................7P6 Innovation Business Case and the ways to access funding...................................................9TASK 4..........................................................................................................................................10P7 Tools and techniques use to protect and retain knowledge and intellectual property .........10CONCLUSION..............................................................................................................................10REFERENCES ..............................................................................................................................12
INTRODUCTION In simple words, innovation can be describe as new idea or thought. It is often viewed asthe tool of better solutions which meet new requirements. In context of business organisations,innovation relates with those ideas which are applied by the managers in order to fulfil the needsand demands of customers. It is also helpful for generating new products and services. Appleand Virgin group, such type of large business organisations are generally using innovations inorder to improve their appliances. ICELAND LTD. is the chosen organisation in this presentreport; it is a small retail organisation of UK that sells grocery, food and home products. Apartfrom this, the report involves the value of innovation for company's growth and success(Anokhin, Wincent and Frishammar, 2011). It is helpful for managers so as they can adopt newand adequate techniques of production for providing better quality services to customers. Alongwith this, the four P's of innovation – press, product, people and process is also explained in thisreport. TASK 1 P1 Innovation and its significance in comparison with inventions Innovation is considers with the process or an activity of making or doing something newin an effective manner. Along with this, business innovation is relates with the concept ofimprovement. It can be also associated with flourishing new products, improving existingtechnologies, designs, processes and marketing in order to resolve problems and issues.Innovative products and appliances also reach new customers in target market. In ICELANDLTD. ,innovation is helpful in implementing and creating dynamic goods. It can be catalyst forthe growth and success of the cited firm and helps managers to grow in the market place. Apart from this, invention relates with invent something different that is totally new tomarket as well as customers. In addition, it means to introduce the customers from a unfamiliartechnology. Below given the differentiate between innovation and invention: - INNOVATIONINVENTIONIt comprises with bringing new idea to themarket. It is all about making new things or items andfinding new ways of creating products. Innovation needs various skills, such as-It is only required scientific skills.
technical, strategic marketing etc. It spreads out of business organisation. It is limited only with research anddevelopment department. It is related with the improvement of variousproducts. This can be considered with only a singleproduct or item. Importance of innovation for a business organisation :- Create a competitive advantageInnovation supports to a business enterprises in order to create a competitive advantage. Inmodern world, it is essential for managers to improve their current methods and techniques ofproductions (Aryal and et. al., 2016). In ICELAND LTD. , it is helpful to demonstrate a truecommercial advantage. Many customers often see that innovation is assists to add value for acompany or its product. Responding to increasing customers expectations and choice The core concept of innovation is capable to fulfil customers needs and wants. It focuses onretaining and attaining buyers towards business organisation. Along with this, customers can alsoattract towards new products and for that they are ready to pay higher costs. Thus innovationhelps to increase firm's sales and profits as well. Implement the best method for organisations Innovation supports to managers as they can easily adapt to changing and dynamic workingenvironment. It is also helpful for them to implement the best and appropriate methods ofproduction (Bagchi-Sen, 2010). P2 Shape of commercialisation and innovation through different factorsInnovation and commercialisation, both are key factor of success for every businessenterprise. As per above definition, innovation relates with improvising existing productswhereas commercialisation is used in marketing of products. There are some changes that takeplace in operation of ICELAND LTD. . Along, with this, it is necessary for cited company to useinnovation in order to improve product's quality. This will helpful more to achieve goals andobjectives of business organisation. There are given below some factors which contributes ininnovation and commercialisation: -
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