Innovation and Commercialisation (Task 2)

Innovation and
commercialization
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Table of Contents
INTRODUCTION...........................................................................................................................3
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
REFERENCES..............................................................................................................................10
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INTRODUCTION
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 (Westland, 2016). While on the 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.
The assignment will discuss on innovation and its importance. Also, it will explain how
vision, culture and team work shape innovation. Moreover, it will describe about 4 P’s of
innovation with frugal development and new product development case.
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 (Adams, and et.al., 2016).
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
thinking the outside the box and find the solution so from this way the product can be formed in
more innovative way and also finds a creative solution to makes the better business.
Increase productivity- when there is a feeling of Bogged down coming out from the employees
or managers than this the time need to think creatively and productively. To work smarter there
is necessary to focus on what are crucial things and what are not ,so that they can easily cut
down from the project. After that to focus on the programs as well as workflows that able to
increase the productivity of the Tesco.
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