Innovation and Commercialisation Assignment : Tesco

Innovation and Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
P1 Describing innovation and determine the importance as well................................................1
P2 describing how organization vision, leadership and culture and teamwork shape innovation
and commercialisation.................................................................................................................2
P3 Explaining 4P's of innovation and use of innovation funnel..................................................4
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context..................................................................................................................6
P 5. Importance of commercial funnel and application of NPD processing................................7
P 6. Building an innovative business case for organisation.........................................................8
P 7 describing different tools that a firm may use to protect and retain knowledge ...................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation is the process of generating new ideas, creative thoughts and some new
imagination in order to meet the demand of the customers. Therefore, in simple terms, in
business innovation is the process of translating the idea and invention into a good services so
that it will creates value for their customers. In the same way, the report helps to understand the
meaning of innovation and commercialisation. The chosen firm for this report is Tesco, which is
the top retail firm in UK and it deals with clothes, groceries and different furnitures. As per
analysing the market demand, the company 's manger start introducing new energy drink name
as 'Fruit Punch' which helps to deal out the problem of obesity.
Therefore, the report will describe the term innovation and also show the importance for
Tesco by making comparison with invention. Further the report will explain how organization
vision, leadership, culture and teamwork shape up innovation and further, it describe 4P's of
innovation and how manager of Tesco use innovation funnel to shape innovative ideas. Further,
it describe the importance of commercial funnel and build business case that includes way to
access funding. Lastly, it describe intellectual property tool that may be use by Tesco.
P1 Describing innovation and determine the importance as well
In this modern era, every company wants to be competitive and for that they always try to
innovate new things and in the same way, after analysing the market current situation, it is
analysed that people are becoming more conscious with their health. That is why, Tesco
introduce 'energy drink name 'fruit Punch' in market.
Innovation: It is the term in which the company put new idea and thoughts in order to
meet the requirement of the company. Therefore, it is refer to something which is new or to
change made to an existing products (Stankosky and Baldanza, 2018). Innovation is the process
of creating and implementing completely new idea and also these new idea are the result of
creativity which leads a business towards success.
Importance of innovation: through innovation, Tesco change its business model and
also make changes in their existing environment by delivering the better products ans services. In
the same way, innovation leads to solve problem easily and find out different solution for the
company (Madsen, 2017). Moreover, it also leads to increase the productivity, such that, when
Tesco introduce new idea and make amendments in their existing product, it motivate their staff
which directly helps to raise their performance level too. Overall, this raise the productivity level
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of the company. In addition to this, by think innovatively, Tesco also beat their competitor and
can easily sustain it brand image in the company. Along with this, creativity also help to figure
out right marketing techniques which will help to grow the business at global level.
In addition to this, as the customers needs are continuously changes and the customer
only need what they want. That is why, it is quite necessary for the manager of regularly meet
the need and provide the same products and services as well. Therefore, it is necessary for the
manager to come up with new ideas and thoughts in order to meet the demand and also raise the
financial performance of the company too.
Comparison of innovation with invention:
Basis Innovation Invention
Concept It is the idea which is based upon the
practical implementation of an existing
information
It is a new concept in which
the manager generated new
information for the company
after analysing the market.
Concerned The manager concerned with multiple
or variety of data.
It is only focus on single
products.
Relation with
department
It is related to entire company because
it is not about to introduce new
product.
It is particularly related with
research and development
department.
Skilled needed As it deals to add new features in the
existing product, therefore, manager
needed only marketing, research,
technical and strategic skills.
In order to invent new product,
the researcher needs good
creativity skills as well as
scientific skills too.
Therefore, by analysing the difference between innovation and invention, it is realized
that innovation is better than invention because it is all about to make changes in the existing
products. While invention is to introduce completely new product. That is why, Tesco also
innovate or make changes in its existing products.
P2 describing how organization vision, leadership and culture and teamwork shape innovation
and commercialisation
In order to lead a business towards success, company should use its new innovative ideas
in their products and services. Therefore, there are many factors which also shape up the
innovation and commercialisation. These are as mention below:
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