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

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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