Innovation and Commercialisation Assignment - Food and Grocery Store

Added on - 04 Oct 2020

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Innovation andcommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Innovation and its importance to organisation in comparison with invention......................1P2. How organisational vision, leadership, culture and teamwork can shape innovation andcommercialisation......................................................................................................................3TASK 2............................................................................................................................................4P3. The use of innovation funnel in examining and shaping the innovative ideas.....................4P4. Frugal innovation and how it used........................................................................................5TASK 3............................................................................................................................................6P5. Importance of commercial funnel and application of New Product Development processfor commercialisation..................................................................................................................6P6. Innovation Business Case.....................................................................................................7TASK4.............................................................................................................................................8P7 Tools that organisations use to develop, retain and protect knowledge and intellectualproperty.......................................................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONInnovation simply refers to the new idea, imagination and creative thoughts in the formof method or device. It includes deliberate application of initiative, information and imaginationin deriving assorted value from resources and involves all processes through which new ideas arecreated and transformed into new products. In the present assignment, chosen organisation isFood and Grocery Store which offers grocery items to customers that they require in their dailylife(Clayton, Feldman and Lowe, 2017). This assignment covers innovation and its importanceto firms as compared to invention. It also defines the way vision, leadership, teamwork andculture can shape innovation and commercialization. Apart from this, 4P's of innovation,development in frugal innovation, significance of commercial funnel and application of newproduct development is defined. At last, innovative business case and different intellectualproperty tools are discussed in this project.TASK 1P1. Innovation and its importance to organisation in comparison with inventionInnovation refers to the act or process of introducing a new and unique idea, method ordevice which support a company to provide its services in a more efficient manner for maximumcustomer satisfaction (INNOVATION, 2018). It is very essential for a company to includeinnovational approaches in its operations which encourage employees to perform their work in aefficient and most effective manner(Dutta and Hora, 2017). By implementing innovationalpractices Food & Grocery Mart will be able to enhance the productivity of its employeesworking within the organisation. This further support Food & Grocery Mart to maximize theirprofitability and return over investment.CASE:-Food & Grocery Mart is a UK based company which belongs to retail sector and provideproducts like eatable, beverages, books and grocery items through their stores. But the increasingdemand of customers for online purchases leads to decrease in its customer base due to busy lifeschedule people doesn't get much time to purchase their stuff by visiting physical store. So, inorder to solve this issue Food & Grocery Mart had decided to provide an home delivery option toits customer by providing them an online access to store services. For this company is bringing amobile based application in which customers can login and order to product of their demand1
which will be then deliver to their address. The progress of this idea will be measured by theprofitability which is earned by Food & Grocery Mart.Innovation is born out from some unique ideas which support a company to grow expandits operation and perform well in market to achieve a competitive advantage. There are manysources through which an innovation can be generated. It includes,Necessity:-Requirement is consider as a mother of invention because necessity alwayslead a person to think and identify a new way of doing work that provide more reliableand effective outcome(Gaddy and et. al., 2017). After determining the trend of onlineshopping among people has encourage Food & Grocery Mart to innovate new method ofservice access that support them in maintaining their market share.Demographics:-Lifestyle which people follows can also be a medium of innovation.The busy schedule that nowadays community is living leads the generation of demnd ofquick service access. This leads Food & Grocery Mart to innovate their way of servicesby bringing their online mobile application.Market structure:-The structure as well as procedure to which a market give morepreference also encourage companies to bring innovation in order to cope up with otherplayers in market. By assessing the interest of retailers toward regular up-gradation intheir services for attracting customers leads Food & Grocery Mart to think more creativeand bring a new innovation approach of online services.These all are the sources through which the idea of innovation can be born out thatcontribute toward improving the organisational operations. Hence it is very essentials for Food &Grocery Mart to explain the importance of innovation to its employees. This will motivateemployees to share their innovative ideas and create up a constructive conflict that help inidentifying the new methods of brining innovation in current processes(Goble, Bercovitz andFeldman, 2017). This will not only provide benefit to company but also support employees inenhancing their critical thinking skill that contribute toward their career enhancement. Apartfrom this it also support employees in enhancing their performance which provide them newheight in their career life. Innovation is sometime wrongly interpreted as invention, but both theterms are different from one another which can be better understood using following table:InnovationInventionInnovation happens when someoneIt refers to the creation of a commodity2
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