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Assignment on Innovation in Existing Product

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Added on  2020-06-04

Assignment on Innovation in Existing Product

   Added on 2020-06-04

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INNOVATION ANDCOMMERCIALISATION
Assignment on Innovation in Existing Product_1
Table of ContentsINTRODUCTION...........................................................................................................................1P.1. Explain innovation and determine its importance to organisation in comparison withinvention......................................................................................................................................1P.2. Explain how organisation vision, leadership, culture and teamwork can shape innovationand commercialisation................................................................................................................3REFERENCES................................................................................................................................5
Assignment on Innovation in Existing Product_2
INTRODUCTIONThis assignment review about to innovation, which play an essential role in theorganisation in order to proper development of their existing product and services and keep P&Gand Heinz both organisation ahead in the race of the competition in the industry. Moreover, thisstudy review about the importance of vision, leadership, culture and teamwork which caninfluence the organisational working environment in terms of shape them into innovation andcommercialisation effectively. TASK 1P.1. Explain innovation and determine its importance to organisation in comparison withinventionInnovation: Innovation is the process that furnishes some effective thoughts andinvention process by which efficient products as well as services could be generatedeffectively and consumers will pay for it (Bastalich, 2010). Innovative idea must be in thefirm in which product and services can get economic cost plus satisfy consumers’ needssufficiently.Commercialisation: Commercialisation is the process in which an idea and innovativeproduct is set to be launched within the market effectively. This process involves severalactivities like promotional, distribution, marketing plus sales and customer supportactivities within the organisation in order to make commercialisation of innovation.Innovation Invention Innovation in P&G and Heinz define thatinnovation occur where something technicalsignificant contribution has been made bysomeone in existing product and serviceseffectively. Innovation defines about to the method inwhich something innovative values to be addedin existing product and services which couldsatisfy each customers needs effectively.Heinz introduce something new test of soups atinternational market which is in properInvention on P&G and Heinz organisationalcontext define the process by which newproduct and services to be introduced by thecompanies which is totally fresh for thecustomers. Invention can invent something new productand services within the market which no oneperson had before it (Wonglimpiyarat, 2010). P&G organisation also invent something newjuice drink, shampoo and feminine protectionproducts so that which can satisfy their1
Assignment on Innovation in Existing Product_3

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