Innovation and Commercialization Assignment Brief

Submission Front Sheet
Programme BTEC Higher National Diploma (HND) in Business (RQF)
Unit Title and
Number:
Innovation and Commercialization (Unit 8)
Assignment title Innovation and Commercialization Assignment Brief
Unit RQF
level/Code
Level4/ (M/508/0494)
Module Tutor
Name /Email
Credit Value 15
Assignment
Brief Code
Cohort Name Sep 20B Assignment
Date Set
04/05/21
Student’s Name Student’s
Registration
Number
Submission Date
09/07/2021
Distribution
Date
05/05/2021
Is this a first
submission
YES
Is this a
referral
submission
Word Count
6018
Learner’s statement of authenticity
Student’s
Signature
Date 09/07/2021

Innovation and
Commercialization

Table of Contents
INTRODUCTION.......................................................................................................................1
Innovation and Invention.........................................................................................................1
Importance of innovation........................................................................................................2
4Ps of innovation.....................................................................................................................4
Innovation funnel....................................................................................................................5
Frugal Innovation....................................................................................................................6
PART B...............................................................................................................................................7
Commercial Funnel, NPD and Business Case............................................................................7
Intellectual Property..............................................................................................................13
CONCLUSION.........................................................................................................................15
REFERENCE............................................................................................................................17
Books and Journals...........................................................................................................................17

INTRODUCTION
Innovation play an important role in development of an organization as it facilitates new
techniques and tools for running a business. It is essential for a business to adopt precise
innovation techniques in order to formulate various effective methods of business functioning.
The application of innovation in a business is helpful in increasing income of a business as well
it is also helpful in increasing business efficiency (Aldea, 2018). Reliance worldwide corporation
is a multinational industrial service provider at the marketplace which provides effective
solutions to several industries all over the world. The organization was established in the year
1949 and mainly provides water and plumbing solutions to different industries.
Scope - The report will analyze the innovation and invention of the product which Reliance will
be producing. Along with this, importance of innovation will be articulated which will also
explain the 4P’s. Innovation funnel will be explained and evaluated in detail with the innovation
funnel management process. Other than this, commercial funnel, NPD and a business case will
be explained in detail. The intellectual property aspect will be explained in detail and in precise
form. This will help in the overall analysis of Reliance’s new product development. The scope of
this assignment will help in evaluating the future and the current Reliance trends which will be
helpful in gaining the technological advantage effectively and efficiently. The assignment will
focus on the Reliance’s 5G technology which is to be invented in the mobile phones to make the
customers available the effective and efficient sources of how and when the technology will be
gained.
Scenario – The scenario will entail the basis and the explanation for Reliance to seek rapid
growth of the operations when it will launch the new product and continuous rise in the sales will
be observed while company innovates the new product and service and as per its distribution
capability. When the organization, enters into the fourth years it observes the decrease in the
sales. The founder thought to innovate and invent new range of products and services and in this
I am hired as the brand strategy innovation consultant to provide recommendations to the
organization.
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PART A
Innovation and Invention
Innovation is the practical implementation of ideas that result in the invention of new
goods and services which creates the progress and the growth along with development on large
scale.Invention is the unique way which initiates in the product development process
(Varadarajan, 2018). Innovation is mainly related to formation and development of new effective
ways in development of a particular product or service. Innovative products and services are
major demand of market in order to attract large number of customers. In era of stiff competition
between different companies it is essential to involve major operations and business functions
with the help of innovation. It is the major responsibility of a business to facilitate and support
innovation in order to increase efficiency and revenue of a business. At Reliance worldwide
corporation, practice of innovation plays a crucial role by facilitating business development in a
precise manner. It is essential to involve innovation related operations at the marketplace to
facilitate overall business development. Most of the times in global company’s market growth
are dependent upon innovation related operations. In the era of globalization it is important for
various companies to follow innovation related techniques to maintain a professional level in
operations. It is essential for a business to take precise help of innovation techniques in order to
gain competitive advantage.
Invention is the method of process or composition of something new which is creative
and reflects something other than the usual. Invention is done in the product development
process which helps the organization in making and attaining the results of how invention along
with changes can take place (Richter and et.al., 2020). Invention will help Reliance in knowing
what the process is and how to invent something new which is according to the product or
service development which they have decided to take the action towards.
Importance of innovation
The concept of innovation is described as in recent times competition has increased
between different companies thus it is essential for a business to implement innovation
techniques in a precise manner (Amara, 2019). Innovation is very much helpful in providing
competitive advantage to a business and also helpful in achievement of organizational goals and
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objectives. Most of the business organizations in this competition world are majorly dedicated to
involve deploying professional management in innovation related operations to gain business
development. Reliance worldwide corporation is also effective in applying universal tools and
techniques of bringing innovation in order to lead the marketplace. In business environment
traditional methods are considered as old ways of performing different things. With the
application of innovation a business can easily set up new ways and products in order to attract
large number of customers from the marketplace. Innovation also plays a critical role in business
development by facilitating quality management. As innovation takes support of different
activities which are related to functioning of information and technology it is helpful in
performing accurate operations (Amara, 2019). Innovation also facilitates a business to earn a
good amount of profit from the marketplace in order to achieve several business related goals. In
an organization it is essential for the top level management to take support of various innovation
management models to develop a competency edge. With the application of famous management
models in innovation field a business can easily gain competitive advantage.Innovation and
invention are differentiated as – Invention is the creation of the services and the products and
presenting the procedure for the first time in the market. Whereas Innovation is when there is
some type of changes or improvisation in the products and services.
Every organization has specific vision regarding different aspects of leadership and culture in
order to gain competitive edge. It is essential for a business to formulate effective team work by
the help of different employees to achieve different organizational goals and objectives. In vision
of a company there is a major role played by strategic and human resource management. The
importance of different managerial aspects for Reliance worldwide corporation is mentioned
below:
 Vision- The vision of an organization plays a major role in bringing different
innovation practices in the business. Most the business in competitive market
formulate effective vision with help of professional strategic management.
Innovation related organization is helpful in formulating effective products and
services which are also precise in attracting customers. Reliance worldwide
corporation effectively formulates vision at the starting of a financial year and takes
support of management to achieve that vision.
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