Innovation and commercialisation

Innovation and Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1Explanation of the meaning of innovation, its important and differences between innovation
and invention...............................................................................................................................3
P2.Importance of vision, leadership and team work regarding innovation and
commercialization........................................................................................................................5
M1 Analyse different sources of innovation and how they used for foster development for
environment and culture of innovation........................................................................................6
D1 Evaluation of how innovation is developed and measured in context with Samsung...........6
TASK 2............................................................................................................................................6
P3.Explanation of 4ps of innovation and uses of innovation funnel to examine the shape of
innovative idea.............................................................................................................................6
P4.Explanation of development in frugal innovation in organizational context.........................7
M2Innovation funnel of Samsung...............................................................................................7
M3Role of frugal innovation in Samsung...................................................................................7
TASK 3............................................................................................................................................7
P5. Importance of commercialization funnel and importance of new product development in
processing of commercialization innovation...............................................................................7
P6. Business case study...............................................................................................................9
TASK 4..........................................................................................................................................10
P7. Evaluation of different tools which organizations uses to develop, retain and protect
knowledge related to intellectual property................................................................................10
M4Build a detailed innovation business case which includes how to measure its overall
effectiveness..............................................................................................................................11
D2 Evaluation of the nature of innovation and its uses for overcome challenges to develop
successful innovation.................................................................................................................11
CONCLUSION..............................................................................................................................12
REFRENCES.................................................................................................................................13

INTRODUCTION
Innovation is a term which is defines process of developing new products, features, services
in front of customer. Companies may create innovating products but they can only gain profit
from innovations when they get success in satisfying and influencing customers to purchase their
product, commercialization strategies used but organization for this prise. To understand the
concept of innovation and commercialization in better way Samsung has been taken. Target
market area of Samsung is covered entire world. It is famous for providing high quality of cell
phone, television, software, tablets smart watch to their customers. Samsung galaxy is one of the
most famous brand product of this company. In this report importance of innovation and
requirement of commercialization for inventing product have been classified and essential steps
taken to introduce new product in market area also identify. It also covers essential tools which
help in protecting ethical right related to security of company have been identify.
TASK 1
P1Explanation of the meaning of innovation, its important and differences between innovation
and invention.
Innovation: It is a systematic process of converting an idea and thought into attractive
goods and service which create value and benefit to customers. The term innovation

comes from Latin word innovetioneum. Innovation simply means developing new
ideas. It is the art of producing new products and services which help in providing
sustainable competitive advantages to organizations and create value as per customers
prescriptive. Innovation is necessary for every organization. Following are the
importance of innovation( Ahmadi, and O'Cass, 2016).
 Samsung is innovative organization. With the uses of new products and services they
maintain sustainable competitive advantage in market area.
 Innovation help in reducing cost of manufacture new products.
 Business organizations invent new products and services to attract their customers.
 It will help in maintaining goodwill of organization within the market place
Many organizations considered innovation and invention as similar term but both words are
different from each other. Following are the difference between innovation and inventions
Particular Innovation Invention
Definition It is a process of
implementation of new
products, benefits ,
technologies in running or
newly established organization
The term innovation define as
an idea or thought of
implementing goods and
services which never been
used and introduced before in
market area.
Aim Main purpose is to produced
new technologies
within market area
(Çengel, 2017).
Addition into the value of
already established product.
Related with It is concerned with single
product.
It is related with combination
of various products.
Skills Scientific and technical skills
are required for invention
Managerial skills are required
for innovation process.
Scope Invention has narrow scope as
compare to innovation as it is
Innovation has wider scope as
innovation can be used in any