Innovation and Commercialisation: Importance, Process, and Frugal Innovation in Tesco

This document provides an overview of innovation and commercialization in the context of Tesco. It explains the significance of innovation compared to invention, how organizational factors shape innovation, the 4Ps of innovation, and the concept of frugal innovation. The document also discusses the process of innovation and commercialization in Tesco and provides examples of frugal innovation within the organization.

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INNOVATION AND
COMMERCIALISATION
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Table of Contents
INTRODUCTION 2
P1 Describe innovation and explain its significance to the firm in comparison with the
invention. 3
P2 Describe how organizational vision, culture, leadership and teamwork helps to shape the
innovation as well as creation 4
P3 Describe 4Ps of innovation and also the use of Innovation funnel so that it helps to shape
innovative ideas. 5
P4 Describe of frugal innovation and example within the Tesco Organization. 7
CONCLUSION 8
REFERENCE S 8
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INTRODUCTION
Innovation means a new idea or thought or new imagination which can be in the form of
device or methods. It is also known as the application of effective solutions which assist in
meeting new requirements, uncertain needs or existing market requirements. Commercialization is
the practice of launching new products or services to the market. On broader sense
commercialization includes production ,marketing, sales, distribution and providing customer support.
TESCO is an British multinational grocery retailer which have headquarters in Welwyn Garden City,
Hertfordshire, UK.TESCO is the third largest retailer in the world. The study will highlight the
importance of innovation in an organization by comparing it with invention. The report will describe
how organizational vision, culture, leadership and teamwork influence innovation and
commercialization. Moreover, the study will highlight the 4ps of innovation and how innovation
funnel is useful in shaping innovative ideas. The report will highlight developments in innovation
through different examples.
P1 Describe innovation and explain its significance to the firm in comparison with the invention.
Innovation is considered as the first event of the idea for a service or product. Thus, the
innovation means that first try to make the products or service into the existence or practice.
Innovation is the process of inventing ideas within the completed services and goods that adds value
for that consumer will play. It can also act as a catalyst that helps to Business grow and also adapt
within marketplace.
Successive innovation is also considered as the business strategy of Tesco as it could mean that
changing the business model as well as making changes within the existence environment so that it
deliver the services or products.
Importance
To solve the problems of an Organization there is a need of the creative answers . There
are many times when firm faces' problem ta do not seem to go away. There is a need of

more innovative way and also finds a creative solution to makes the better business. thinking the
outside the box and find the solution so from this way the product can be formed in
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others. TESCO is focusing on making its product unique so that it can attract new customers and
expand . Its market share. Suggestions are taken by the employees as by their innovative ideas new
innovative products are created, in this step TESCO is focusing on improving the quality of products
and services,thus it assists in increasing firms productivity.
Process- It is considered as an important issue ,as it is a way through which customers give to the
consumer as if the process of the delivery is long then there is a possibility of less success as well
as if the process is also short then the possibility regarding success is also enhanced. For the Tesco
process of delivery of food is considered as the criteria of the success.In this step measure are
made for improving the process of the organisation. TESCO is focusing on improving the production
process which were used till now by new innovative ideas. By creative ideas new procedures are used
by the company so that more products can be produced in lesser time,thus assist in increasing overall
productivity of TESCO. It means innovating new process to add to, or may be replacing the existing
one.
Position- If the aims of the particular commercialization and innovation process or in other words
that through which a firm wants to accomplish the position. Tesco wants to accomplish its
position by giving best services to the consumers.IT is the change way in which the goods are
introduced to the consumers. By innovative ideas ands skills practices are made to target the market
in which the products and services of TESCO is to be offered. In this step customer targeting is done
by TESCO ie, to whom the products are to be sold and what are the ways by
which the products can reached to consumers. Efforts are made by the company.so that the goods
manufactured can reached to large audience.
Paradigm- it is also known as the planned process through which a company faces the
challenges of becoming innovate ideas as well as thinking and also the process of how firm can
perform all the tasks while facing the challenges and threats at the same time. Tesco has the plans
how to business within a changing situation as well as condition. For this Tesco faces fake calls from
the customers while providing new food to the customers.It is the way in which an
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individual thinks about what organization does and for whom the business tasks are done.
Paradigm is also called as business model. It is the change in the basic mental models what the
TESCO does.
Innovation Funnel of Tesco- It is considers as the process of developing new ideas through the
describing the steps through which an idea can be taken as best for giving best services to the
consumers. There are various types of ideas as well as thinking ,in addition to that various types
of funnel through which idea may be driven as well as processed ,and assist to maximize the aims
and objectives. First step is to collect the information in the case of innovation funnel of
Tesco .Then it deals with how this idea can be best for the needs and demands of the consumers.
After that the process comes on the screen the idea among the various ideas ,among all of them the
best idea to implementation. Then after that questions came in mind that which are the best
supportable to the firm's consequences and opportunities and after that finally implement the ideas to
realize the ideas into the practice.
P4 Describe of frugal innovation and example within the Tesco Organization.

Frugal
innovation is considered as the process of invent of services ideas within the context of resources
which becomes scarce. It also depends on various factors such as social factors, environmental,
political that are considered as the driving force . These are the factors that are
helpful to shape an innovation process. Also, it considers as the product producing through reducing
expenses within a low level. As sometimes it is polarized as well as modified
ideologically, this kind of research shows that business can gain the 'win-win'' situation through
eliminating poverty from the firm and from the society.
In latest years, Companies trying to expand have shifted their awareness to rising
markets. But if they're to achieve those markets Firm need to remember that they will
additionally have to impact on other, kind of crucial shift they will exchange their method
regarding innovation.
For maximum organizations in Western markets, innovation has supposed the development of new
products with greater advanced functions at top class charges. But in rising markets, where
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their merchandise should attraction to the millions who don’t have thousands and thousands,
corporations will need to grasp the artwork of frugal innovation. However, information frugal
innovation and studying how to practice it are a lot less difficult said than carried out.Ur textual
content right here. Know consumers
tesco requiredBegin the to journeyunderstand by get the to actual know conditionsthe target
consumers from which .the This consumer shows that lives the as Firm well like as
uses the product. For example , even as Nokia planned its low-charge mobiles for rising markets like
Nepal , it found Nepal out that the product needed to be very rugged as well as resist
publicity to dirt, high versions various temperatures as well as gives various other facilities of a
torch, because large parts of rural regions suffered from power cuts.The low prices helps these
countries to afford kinds of product
CONCLUSION
From the above study Innovation and Commercialization has becomes a part of the priority of an
organization. Both of them plays a crucial for the development and growth
regarding a business and also gives a competitive advantage. Furthermore, it also highlights other
hand Commercialization is considered as the process of converting knowledge,ideas and
inventions into the bigger capitals doe communities,persons and enterprises at the large scale to
gain the maximum profit that inventing within research ,licensing,production as well as marketing
regarding target market. Every organization success lies within the promotion of innovative ideas
within their products as well as services.
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REFERENCES
Books and Journals.
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cally, is d f ch s at ss n n e win'' on ugh