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UNIT 8. Innovation And Commercialisation Assignment

   

Added on  2020-06-04

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INNOVATION AND COMMERCIALISATION
UNIT 8. Innovation And Commercialisation Assignment_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P.1. Explain innovation and its importance to organisation in comparison with invention........1P.2. Explain how vision, leadership, culture and teamwork can shape innovation andcommercialisation.......................................................................................................................2TASK 2 ...........................................................................................................................................3P.3. 4Ps of innovation and use of funnel innovation..................................................................3P.4. Development in frugal innovation ......................................................................................5TASK 3............................................................................................................................................5P.5. The importance of the commercial funnel and the application of new productdevelopment processing for commercialisation of innovation...................................................5P.6. Innovation business case for Volkswagen Automotive corporation....................................7TASK 4............................................................................................................................................8P.7. Different tools to develop, retain and protect and intellectual property..............................8
UNIT 8. Innovation And Commercialisation Assignment_2
INTRODUCTIONIn this documentation, we will discuss about various importance of innovation in theorganisation and also compare invention to innovation. Moreover, we will take a look at howvision, leadership and teamwork will provide proper guideline to the organisation in order tobetter formation of innovation in the business efficiently. We will utilise of 4P's innovation andfunnel innovation in this research in order to find out the best option of innovation in thecompany and we will develop frugal innovation that can generate environment in whichinnovation can be implemented effectively as well. Furthermore, this assignment review aboutseveral kinds of development and retail and protection strategy which can effectively protectintellectual property of the company efficiently.TASK 1P.1. Explain innovation and its importance to organisation in comparison with inventionInnovation: Innovation define about the process in which an idea and invention isimplemented into the business in order to produce new product and services in effectiveform and for that customer would pay for it (Plewa, 2010). Commercialisation: Commercialisation is the method in which innovative product andservices initiate in the new market. Commercialisation involves into several parts likeproduction, distribution, marketing activities, sales and customer support as well in orderto make commercialisation success. InnovationInvention Innovation involves the idea on product andservices in very first time in order to providenew product offering.Innovation describe about to adding somevalues in already existing product and serviceseffectively.It is totally practical activity on an innovativethought.Innovation needs of marketing mechanism andInvention define about to the thought andprocess on new product and services whichnever comes before anyone's mind. Invention describe about to formulating a newproduct and services (Date and Eligibility,2010).It is a genuine idea on someone minds and it istheoretically based.Invention needs of scientific ability to produce
UNIT 8. Innovation And Commercialisation Assignment_3
strategic ability to its implementation.It is the process which spreading all over theorganisation.Innovation can be implemented oncombination of numbers of product ansservices in the market.idea about new product and services.It needs limited research and development. Invention implements on new product andservices in the organisation. Nowadays innovation is the most necessary thing for each organisation in the business. Ina survey it is concluded that 90% of organisation in the world believe in implementation ofinnovation in the company in order have new product and service development. VolkswagenAutomotive also need implementation of innovation in their existing luxury car product andservices in order to better satisfy customer demand in the industry effectively. Invention in auto-mobile sector can increase the market sales of the organisation by efficiently satisfying theirtargeted customer demands and needs effectively (Uppenberg and Strauss, 2010). Innovation onVolkswagen Automotive firm take them bring ahead in now complex competitive auto-mobileindustry in the world. Commercialisation is also essential part for Volkswagen AutomotiveCompany in respect of initiate introducing innovative product and services in existing market.This is a fundamental demands for Volkswagen Automotive organisation in terms ofaccomplishment of technological based economy which enhance the development areas of thefirm. These things would increase succession of the business in near future of the company inindustry more efficiently. P.2. Explain how vision, leadership, culture and teamwork can shape innovation andcommercialisationIn Volkswagen Automotive organisation, there are various elements which make greateffect the innovation and commercialisation of their existing product and services within the firmeffectively. Volkswagen Automotive major vision is to achieving their targets of strategy 2025,in this stratgy the organisation wants to become the biggest automotive company in the world byproviding innovation product and services in auto-mobile industry with existing offers. To bettersatisfy each customers needs in the market efficiently as well (Schröder, Baaken and Korff,2012). Its major vision to become world's biggest sustainable automotive care products provide
UNIT 8. Innovation And Commercialisation Assignment_4

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