Innovation and Commercialisation | Assignment Solution

INNOVATION AND COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................1
LO1..................................................................................................................................................1
P1 Innovation and its importance................................................................................................1
P2 Factors that shape innovation and commercialization............................................................2
LO2..................................................................................................................................................3
P3 Product analysis and use of innovation funnel:......................................................................3
P4 Development in Frugal Innovation.........................................................................................4
LO3..................................................................................................................................................5
P5 Importance of commercial funnel and application of NPD....................................................5
P6 Business case:.........................................................................................................................6
LO4..................................................................................................................................................7
P7 Tools to retain, protect knowledge and intellectual property.................................................7
CONCLUSION:...............................................................................................................................7
REFERENCS...................................................................................................................................9

INTRODUCTION
In the global market, the innovation of new and latest technology is important. Not only
establishing the new technology, making a possible way to reach out to the new innovation and
making it possible to happen in the market. In this fast changing technical environment, every
company needs to innovate some new ideas on the daily basis. The commercialisation is the part
of making the new innovation successful in the market. It is the process or path by which the
new innovation or idea can get implemented.
These innovations and commercialisation are also used by the company named 3 M. The
full form of the company is Minnesota Mining and Manufacturing Company. It is American
multinational company with more than 60,000 products.
LO1
P1 Innovation and its importance
Innovation can be defined as creation of new ideas and thoughts which can bring about
the change in the modern world. New innovation can be implemented with the ideas and so as to
meet the demands of the market innovation is also a way to meet the solutions of innovation and
to create a satisfied channel in the market. Innovations aims to generate new product, process,
services etc. that are modified to create more effective innovations. Innovation aims to create a
meaningful impact in the market(Al-Mubaraki and et.al., 2015).
Importance of innovation:
Innovation is important as it gives a fundamental growth to the organisations and to
create a deemed position in the market. Innovation helps us to stand out of the market which
helps in maintaining new customers which generate awareness in the market. Economic growth
helps in the increase in the market value. Market can be attained by two methods first to increase
the number of inputs which can increase productivity process. Second is to come up with new
new ideas to get more output. Innovation generates new employment opportunities which helps
in the generation of various position and to generate awareness between people. Innovation
reduces sickness, poverty and hunger which many of the people are suffering. Communication
and educational accessibility are increased with the help of innovation which gives a way to
connect to the world. Technological innovations has increased the new opportunities for the rural
areas which have helped them to overcome many barriers. Innovation has helped to connect with
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people and create a fesable working and understanding among people(Angelidou and et.al.,
2015).
Invention is a method to invent something for the benefits of people. Invention is a
product development process which helps in the development of product for the betterment of
mankind. Innovation always produces a result which can be product, process or machine.
Innovation is creating something new with the base of existing market which can help for
the betterment of the organization where as invention is the development of new ideas which can
be generated for the betterment of mankind. Innovation is important aspect in every organization
which can help in the development of new products and services which can help to cope up with
the market and create an awareness of the organization. Invention is important so as to attract
new customers and create an awareness in the customers with the new ideas.
P2 Factors that shape innovation and commercialization
Factors which shape innovation and commercialization are:
 Leadership
 Vision
 Culture
 Team-work
3M have a good leadership skills which aims to develop a better future practice by creating sense
of good working culture. 3M aims to create a better leadership skills for the workers which aims
to develop an improved skills in workers(Ghahramani, 2016). Leadership can build a sense of
improved working in the minds of the workers. A good leader can help in creating a good team
which can be done by proper guidance. Managers of 3M guides the employees in the right
manner which helps them in achieving the tasks easily and creating a good working atmosphere.
Leadership can help in inventing by the means of guiding the workers and helps them with
innovation. A good leader always motivates and supports, leaders of 3M always supports the
workers with the innovation and advancement of the industry, this leads to commercialization
which helps 3M to maintain a good image in the market.
Vision can help 3M in working in a right direction, if the visions of the organisations is
clear it will lead to better working atmosphere in the firm. Vision will always reminds in
achieving the goals and objectives of the industry. If a person is focused and his vision is clear
this will help them to achieved the targets set up by the industry. To start a task first a vision is
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defined which can help and motivate workers to move in right direction. If the visions are clear
this will lead to the better working capability of 3M(Fini and et.al., 2018).
There need to be a divers culture in any of the organization. 3M aims to develop a
diverse culture within the organization. As diverse culture always helps in the motivation of the
workers. diverse culture brings a sense of awareness between the workers. There is an method to
convey the ideas which helps the workers with the sharing of ideas and practices which help in
development and exploring the ideas. A diverse culture motivates and helps in team building
strategy which generates a fesable working environment.
Team work within 3M is promoted which helps in the evolution of personality and ideas
which helps the workers in team building strategy and helps in achieving the tasks efficiently.
Team work helps in the development of team as well as helps in achieving the ideas and tasks
easily as a team. Team work improves individuals and helps in achieving the defined goals
easily. This helps in the commercialization of the new inventions in the market and aims to
create an awareness in the market(Kirkegaard and et.al., 2017).
LO2
P3 Product analysis and use of innovation funnel:
3M is aiming with the innovation in the development of the new product named 'eureka' eureka-
air purifier is invented with the objective of providing a safe air which are a major problem in
many metro cities, with the population rise there is a rise in pollution which 3M aims to
minimise with the pollution and to provide a fresh air in offices and homes. To carry out analysis
4P's is carried out:
Product: 'Eureka' is developed with the aim to create a sustainable environment which eliminates
all the pollution within the closed atmosphere which creates a working culture within the
environment(Koirala and et.al, 2016.). This product is developed with the aim to provide a
sustainable and safe working atmosphere within the enclosed home or offices. Product is
developed with the aim to meet the needs of the offices and the health related problems
concerning with the persons health. This aims in the development of new product.
Process: The process involved in the development of the new ideas in the existing product which
helps in generation of new products which helps in the innovation of new product which helps in
the innovation of ideas to make the precious version advanced and to make people aware. This
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change in the technology helps in the development of the newer product which can be achieved
to create a market impression.
Position: this is the process of promotion which aims in targeting the market. A direct approach
is carried out in this process a market research is carried out as an interview in bulk and
evaluating the result which can help in the development of the a strategy which can help in the
promotion of the product. This aims in targeting the particular sector for the promotion and sales
of the product.
Paradigm: This is done on the basis of innovation carried out on the product which helps in the
development of the product. The product eureka is developed in order to minimise the risk of the
working sector which faces many problem within the industry and offices. It is the process of
change brought by the organization 3M which focuses on the health care development.
Innovation Funnel
Innovation Funnel is a process which focuses on the development of the product through
the ideas which are carried out by a market research. This research gathers information about the
market and the market demands about the product this aims to develop the product which a
market needs or the innovation which a market needs in order to make an product which are
more as per the needs of the market. This is the brainstorming session which generates ideas
which are developed to evaluate and make a sustainable product which are needed in the market.
Core innovation funnel is to generate new ideas which are analysed and implemented ro create a
new products which are required in the market.
P4 Development in Frugal Innovation
Frugal innovation refers to the reduction of complexity of the work and reduction in the
cost of goods and services which provides durable goods in the market. The durability is
improved and the product life cycle is increased(Laurell, 2018.). This aims to create a thin
margin of profits. Globalization and more income generation in developing countries may drive
frugal innovation. These are made to provide a durable product in the market which can be used
for the lifetime. Its value can be used which provides a satisfactory result to the customers. One
such example was Nokia 1100 which was a frugal innovation which was developed by Nokia in
order to cover market. 3M uses this strategy to conquer the market with their product 'eureka'
which aims to capture the market and to generate a market value of the organization.
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When the design is combined with the thinking it provides a realistic approach to design
with less resources and having a large impact on the market which helps in the attaining the
market and helps in generating the cost benefits to the organization. It includes two major steps:
Format:
Frugal innovation is a sensitive design which are valued and marketing strategies that
bring out the sophisticated products and services(Madsen, 2017). Which can liable to all the
class and sections of the society. The services and the products made in frugal innovation are
highly functional and robust which are made for aim to fit in the future. This aims for the frugal
design and creation of a product which is focused for all the segments of the society. As the low
resource is generated innovation is carried out with the aim of fulfilling the need of the society.
This will help in profit generation of the firm which will help to overcome the market.
Take-away:
In this process the main objective is to develop a product which will help in the capturing
the market with the frugal innovation and design with the thinking. In this a practical expertise
carries out the innovation which is used to develop the frugal innovation. This innovation helps
in generating products which will help in capturing the market. 3M uses this strategy which
helps in the development of eureka which is constructed with the aim to be robust and reliable in
all sorts of the market. Eureka is built to provide an economic air purifier in the society which
can be available for all with long and durable practices(Miller and et.al., 2016).
LO3
P5 Importance of commercial funnel and application of NPD
Commercial funnel refers to the visual pathway taken up by the customers which are
generate by the customers as they move towards purchasing the product. This helps companies
to understand the products and improve the marketing strategy which is seen by the sales process
as the product flows in the market. Commercial funnel helps in the development of the stratrgies
which helps in the development of the sales process. It is important as it helps the organisation in
analysing the size of the customers. The top of the funnel includes the promotion and sales with
the use of internet and the bottom end represents sales conversion which must be maximum.
It is dependent on commercialization the strategy you build to commercialize helps in
creating an awareness of products between the customers. The sales is dependent on
commercialization. Which can be done through advertisements, use of print media, use of social
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means like internet and social media platforms etc. more the awareness created more will be the
customers. This will generate sales for the product and earn profitability for the company.
New product development process includes idea generation which aims in generation of
idea which help in the strategic formulation of development of the product. Idea can be
evaluated with the aim to provide a sustainable approach to the ideas generated. Then the
concept prototype is made and evaluated with the idea and testing is carried out to evaluate the
pros and corns of the ideas. As the product is built a market development strategy is made with
the help of analysing the data. Business budget is analysed with the aim to develop new
ideas(Osoro and et.al., 2017). Product is developed as per the market needs then the product is
teste3d and the response is generated to meet the marketing strategy. Then the
commercialization is carried out and the product is channelised in the market(Rasmussen and
Eliason, 2017.).
P6 Business case:
Executive summary-
This study includes the study about the product which is developed by 3M which is names as
'eureka' it was build with the aim to generate awareness for the air purifier which is the emerging
problem which are faced by many of the developed countries. This product aims to create a safe
working environment which is concerned with the air pollution.
Product/service-
Product brought by 3M was an air purifier named 'Eureka' which was built with the aim to
provide a sustainable environment within the working culture at offices many of the countries
are facing problem related to the air pollution.
Situational analysis-SWOT
Strength- It was build with the aim to develop a sustainable environment. The organization has
a wider market base which helps in the marketing of the product which can help in the creating a
wide market by explaining the awareness of the product.
Weakness- It can only be targeted on the area where there is an emerging pollution problems
which are mostly cities which can be a drawback to the product is a selected segment must be
targeted which can be a major drawback(Schmitz and et.al., 2017).
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Opportunities- This product can be widely used in the area where the population is more in
amount it can be a bloom to the market which can be created in the area where a large amount of
customer base.
Threats- threats can be the rivals which are developing the similar products to cut out the
business opportunities in the market. Which can cut the market strategies and provides financial
loss to the organisation.
STP
Segmentation- It defines the segment which is targeted for the marketing and sales of the
product segmentation refers to the segment of people where the product is targeted. This refers
to the segment of the customers of the age group form 30-50 which are in need of the this
product for awareness of health(Tanev and et.al., 2015).
Targeting-it refers to the targeting the customers which can generate revenue from the products,
in this case a business class is targeted which deems to create a sustainable environment for the
workers.
Positioning- this refers to the measure of the strategy which is taken by 3M for the product. Low
price and high quality service which helps 3M to gain more customers.
Monitoring and Controlling- KPI
Monitoring is done with the aim to trace the performance of the product in the market
monitoring is done to define the stability of eureka in the market which can show the success of
the product in the market. Monitoring is done to change the strategy which is required for the
establishment of the product in the market(Walsh and et.al., 2016).
LO4
P7 Tools to retain, protect knowledge and intellectual property
Property tools:
Patent: For a new innovation there exist a strategy which help in the reserving the rights of the
customer as well as other investors which helps in the preserving the originality of the invention.
This helps in the prevention of data within the originality context. Patent is used so that no other
person can use the invention generated by the inventor. Its advantages is that your work is
recognised by inventors name not by any other names. Invention cannot be lost or theft by any
other person.
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Copy right: this refers to the legal right of the owner of his product or device which cannot be
copied by someone other than his permission and agreements. This helps in the prevention of the
services which are used to by organisation any mislead can generate voluntary actions. This can
safeguard from the legal rights from the person who takes copyright(Zahedi and et.al., 2018).
Trademark: It is the legal registration of the product or the service with the norms of
government. These are made to offer the service marks of the services provided under legal
consideration. This has biggest advantage as no one can misuse you service undertaken.
CONCLUSION:
This study concludes the innovation a bloom to the society which provides us towards a safe
working environment. What innovation is explained in this study with the example of on
organization 3M which innovates a product 'eureka' which is an air purifier. How leadership
approaches improvise vision is explained in this study. with the strategic approach towards the
product which can help in strategic marketing management of the product. With the help of
frugal innovation a systematic approach is carried out which can help in generating more
customers. Use of commercialization to make a systematic approach for the product to be
delivered in the market.
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REFERENCS
Books and Journals
Al-Mubaraki and et.al., 2015. Measuring innovation: the use of indicators in developed
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Angelidou, and et.al., 2015. Intelligent Transport Systems: Global Communities of Interest for
technology commercialization and innovation. NICT for Transport: Opportunities and
Threats, pp.226-248.
Fini, R., and et.al., 2018. Rethinking the commercialization of public science: From
entrepreneurial outcomes to societal impacts. Academy of Management
Perspectives. 32(1). pp.4-20.
Ghahramani, F., 2016. University innovation and commercialization ecosystem: Promoting
pathways for women in STEM innovators. University of Pennsylvania.
Kirkegaard Sløk-Madsen, and et.al., 2017. Commercialization in Innovation Management:
Defining the Concept and a Research Agenda. In Academy of Management
Proceedings (Vol. 2017, No. 1, p. 15880). Briarcliff Manor, NY 10510: Academy of
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Koirala, P., and et.al., 2016. Through‐the‐glass spectroscopic ellipsometry for analysis of CdTe
thin‐film solar cells in the superstrate configuration. Progress in Photovoltaics: Research
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Laurell, H., 2018. An international new venture’s commercialization of a medical technology
innovation: The role of institutional healthcare settings. International Marketing
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Madsen, L.D., 2017. September. From Discovery through to Commercialization: Federal
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Miller, and et.al., 2016. Organizing the entrepreneurial hospital: Hybridizing the logics of
healthcare and innovation. Research Policy. 45(8). pp.1534-1544.
Osoro, and et.al., 2017. Factors Affecting Engagement and Commercialization Of Innovation
Activities of Firms in Tanzania. Tanzania Economic Review. 4(1-2).
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Rasmussen, T.E. and Eliason, J.L., 2017. Military-civilian partnership in device innovation:
Development, commercialization and application of resuscitative endovascular balloon
occlusion of the aorta. Journal of Trauma and Acute Care Surgery. 83(4). pp.732-735.
Schmitz, A., and et.al., 2017. Innovation and entrepreneurship in the academic setting: a
systematic literature review. International Entrepreneurship and Management
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Tanev, and et.al., 2015. Product innovation and commercialization in lean global start-ups:
the challenges of turning uncertainties into risks. In 22nd Innovation and Product
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Walsh, and et.al., 2016. Openness and innovation in the US: Collaboration form, idea generation
and implementation. Research Policy. 45(8). pp.1660-1671.
Zahedi, and et.al., 2018. An integrated map to developing the innovation and commercialization
potential of Iranian knowledge-based companies. Cogent Business & Management. 5(1).
p.1523345.
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