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Assignment on Significance of Innovation - PERISCOPIX

   

Added on  2020-06-03

16 Pages4124 Words60 Views
INNOVATION ANDCOMMERCIALISATION

Table of ContentsINTRODUCTION ..........................................................................................................................3TASK 1 ...........................................................................................................................................3P1. Innovation and its significance in comparison with invention ........................................3P2. Shape of commercialisation and innovation through different factors............................4TASK 3............................................................................................................................................6P3 Explain the 4P's of innovation and innovation funnel .....................................................6P4 What is frugal innovation .................................................................................................8TASK 3............................................................................................................................................9P5 Commercial funnel and New Product Development (NPD) processing...........................9P6 Innovation Business Case and ways to access funding...................................................11TASK 4..........................................................................................................................................12P7 What is intellectual property ..........................................................................................12CONCLUSION .............................................................................................................................13REFERENCES................................................................................................................................1

INTRODUCTION “Innovation is all about putting a new idea or approach into action”. It is generallydefined as commercially successful exploitation of ideas. Innovation is an invention or ideawhich creates value into products and services for which customers pay a specific amount. At thetime of innovation managers need to ensure that their products are able to satisfy the needs andwants of customers. Innovation encompasses deliberate application of imagination, initiative andinformation in order to deliver divergent values from resources (Crumpton, 2012). PERISCOPIXis the chosen organisation in this present report which is a marketing agency specialized in databased marketing solutions. Its annual turnover is $585 million. The present assignment involvessignificance of innovation in the business organisation which is related with mission, vision andculture of firm. There will also be discussion on 4P's of innovation that are used in innovationfunnel. At last, the report will explain various tools and techniques which can be used in order todevelop, protect and retain the intellectual property of company. TASK 1 P1. Innovation and its significance in comparison with invention The word innovation is used inconsistently in business literature. It can also be defined asthe successful implementation of new concepts and knowledge into new processes, products andservices which deliver customer value in the market place. Along with this, organisationalinnovation refers to changes in business practices in order to achieve goals and objectives ofcompany. Business organisation needs to implement strategies and policies that encourageinnovation. It starts with top management for developing policies and empowering staff toregulate the plan (De Massis, Frattini and Lichtenthaler, 2013). For example- APPLE, themultinational technology company uses 70-20-10 rule. It spends 70% of their resources and timeon their business, 20% on related thoughts and ideas as well as 10% on unrelated new business.So, as PERISCOPIX apllying the same strategy in order to gain highest market share over theworld. Invention is a unique method which is totally different from innovation. The inventionprocess involves re-engineering and the new product development process. It can be atransformation upon a product or machinery for creating an objective or a result. Someinventions can be patented which legally protects the rights of intellectual property of company

or the inverter. An may be inventions lead to an innovation because not all of there areeconomically feasible. 4

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