Innovation and Commercialisation

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION: .........................................................................................................................3
P1 Define innovation and explain its importance to business organisation in comparison with
invention......................................................................................................................................3
P2 Define how organisational leadership, vision, culture and teamwork can manage
innovation and commercialisation..............................................................................................4
P3 Define the 4Ps of innovation and define the use of the innovation funnel to analyse and
shape innovative ideas ................................................................................................................6
P4 Frugal innovation development and its use...........................................................................7
Task3 ...............................................................................................................................................8
P5 New product developing and commercial funnel ................................................................8
P6 Innovative business case........................................................................................................9
Task4..............................................................................................................................................12
P7 Evaluation of various tools for protecting intellectual property..........................................12
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION:
Innovation is described as a process in which making alterations and modifications in the
current products and services. Innovation occurs for increment and making appropriate efforts
in present product and services in the market place. The marketer analyses different
opportunities, ideas and many more which helps in testing and marketing of product inside the
marketplace (Bilandzic and Hearn, 2018) Beside of this, commercialisation is considered as a
process which describes the launching of new products and services at commercial level. Both
innovation and commercialisation is necessary for company in order to operate it successfully in
order to achieve leading position in the marketplace. In context of Big belly, the marketing
manager focuses on providing innovative as well as creative products to its user is mentioned in
this report. This report is categorized into two parts. Firstly, it consider innovation to produce its
new products. Secondly, it covers commercialism in order to gain leading position in the
marketplace.
P1 Define innovation and explain its importance to business organisation in comparison with
invention.
Innovation: It is described as a process in which there is a alteration and changes in the
present products and services for success of the company. It involves improvement and making
suitable contribution in existing good and services. For this purpose, various elements are useful
for the functioning and activities related to innovation for future success and growth of the
company. In reference of Big belly, the manager focuses on offering innovative and recycling
solution for investing in renewable information technology and solar system in order to satisfy
the customer.
Invention: It is described as a process which is helpful in offering innovative ideas to
convert it into the action. It happens only when the innovative ideas come in the mindset of
individual and that ideas is converted into the finished products. This product is provided for the
first time in front of its user (Cheah, 2016) Therefore, it is necessary for marketing manager to
conduct a research in order to launch new product in the market. The manager of this company
invent and launch the plastic bottle recycling machine that helps the company in increasing good
brand image within the marketplace.
Comparison among innovation and invention

Basis Innovation Invention
Purpose The main motive is to generate
more and more revenue in its
existing products and services.
The main objective is to
introduce innovative and fresh
products to its potential
customer.
Occurrence It occurs only when an
business assess they there is no
more competitors and
competitions available in the
marketplace.
Moreover, it occurs when
innovative ideas generate in
the mindset of employees and
they convert their ideas into fid
that the questions that he gave
unished products in order to
fulfilling the needs of
customer.
Innovation plays an important role for the success and development in business
organisation. In order to produce new product in the market, the marketing manager of company
faces lot of challenges and risks which is going to be discussed below:
Unique selling point ( USP): There are a lot of competitors available in the marketplace.
Therefore, Big belly adopt innovative techniques to providing quite unique and specific products
because it carry and recycle five time more scraps. Therefore, the company setup the plastic
bottle recycling machine that helps in reducing the wastage of plastics as well as recycle it. In
addition to this, the company offer innovative products and services to its customer.
Continuous Improvement: This factor is helpful for continuous improvement in
products and services of the business organisation. Along with this, the environment and product
of its market is dynamic in nature. Therefore, Big belly face many alteration in selling of its
products and services. There is a need of continuous alteration and modification for the
betterment of company and its staff member.