Innovation and Commercialisation

Innovation and
Commercialisation
STUDENT NAME:

INTRODUCTION
Innovation is the process of unique thoughts or new imaginations to make innovative
goods and services within marketplace. Innovation always concerned as better utilization for
better solutions which is needed to meet overall marketing needs in stipulated manner. On the
other hand, innovation takes place to develop more and more innovative goods and services
within the market by following overall governmental rules and policies within nation. Herein,
commercialisation refers to procedure of launching fresh goods or production method at market.
According to this, assignment is based on Chilli’s which was established within 2010 through
James Butterfield and Tim Bouscarle in London, U.K. Main aim of this company is to offer
better ability of cold water without having purchase single use plastic water bottles. Moreover,
assignment will consist so many things such as explain innovation and analyse differences
between invention and innovation (Aryal and et. al., 2016). After this, assorted kinds of
innovation and procedure needed to modify innovation. At last, scope of methods for saving
thought and interpret their benefits and disadvantages will get covered.
TASK 1
P1. Innovation and define its significance to organisation in comparison with invention.
According to present scenario innovation refers to most effective part of every kind of
business by which they can draw in ample amount of customers at marketplace. As per this
innovative thoughts and ideas marketers are able to gain their appropriate profit by using new
technologies and strategies in a perfect way. Therefore, innovation is viewed as better usage of
amended answers that generally meets needs and demand as well as existing marketing needs. So
that innovation can take point by conditions of more than efficacious and unique commodity,
services, activity, services, applications and enterprise models which made availability within the
government and society (Carayannis, Cherepovitsyn and Ilinova, 2016). On the basis of this
innovation always considered as the something original and much effective in order to
implement on new ideas or thoughts to attract numerous customers.
Innovation:
Innovation refers to the process of translating different type’s ideas and invention into the
overall operations that formulates appropriate values for this customers willingly give fund.
Along with this innovation concerned as the replicable at specific economic cost and satisfy
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overall needs and wants of the customers within marketplace. It includes all the processes such
as application of information, initiative and imagination of various values and so on. With the
help of this an owner of the business can create effective ideas to gain better success in the
market. In reference with Chilly’s, they always make unique water bottle with huge range of
colours and lids. For more development in their project they bring innovative ideas to attract
customers (Ge and et. al., 2016). For example: If Chilly's introduced new type of water bottle
with unique colours and combination, so that it will be the good innovation on their goods which
directly influence people in an effective manner.
Invention:
Invention is the method of different kinds of services in order to develop effective
product by applying overall engineering methods to attain successful growth. It is also known as
the type of process which helps business firms to make new process for gaining overall objects in
context with business. Therefore, invention is totally different and unique function which gives
results positively by which they can achieve targeted goals. In relation with Chilly’s, it is much
essential technique for them to make every business process in a proper way. In order to make
innovative ideas and thoughts respective firm is able to provide better ideas for its employees, so
that they can develop unique services for their customers in an effective manner (Henttonen and
Lehtimäki, 2017). By having innovative plans company can get effective brand image in front of
people at marketplace. If Chilly's will implements on different types of technologies and tools
then it will affect overall organisation in positive manner also will increase customers confidence
towards their products successfully. Therefore it can be the best invention of examples in a
perfect manner.
Differences between innovation and invention
Differences Invention Innovation
Concept It is the development and
creation of new thoughts in
order to make something
special without verifying
works.
It is an activity of developing
new ideas or concepts to
develop new imaginative ideas
into reality.
Meaning It is the type of musical It is always tie up with other
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