Innovation and Commercialization Strategy
Added on 2020-06-03
14 Pages4087 Words477 Views
|
|
|
INNOVATION ANDCOMMERCIALISATION
Table of ContentsINTRODUCTION INTRODUCTION ...........................................................................................1TASK 1............................................................................................................................................1P1: Innovation and its importance, difference between invention and innovation...............1P2: The way organisational vision, culture, leadership and team work can shape innovationand commercialisation............................................................................................................3TASK 2............................................................................................................................................4P3: 4P's of innovation and use of innovation funnel to develop innovative ideas.................4P4: Developments in frugal innovation .................................................................................6TASK 3............................................................................................................................................7P5: Importance of commercial funnel and application of NPD for commercialisation andinnovation company ..............................................................................................................7P6: Innovation business case..................................................................................................8TASK 4............................................................................................................................................9P7: Different tools that organisations can use to develop, retain and protect knowledge andintellectual property rights......................................................................................................9CONCLUSION ...............................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTION INTRODUCTION Innovation is important factor for every organisation to sustain strong position inmarketplace (Lindič, and et. al., 2011). This factor aids to perform various types of operation inorganisation in proper manner. Due to implementation of new and advanced technology in orderto perform different function of the organisation in fix time period. Organisation implementthese technology to accomplish different demand and desire made by customer. Management putits effort to fulfil demand and desire made by customer which helps to retain strong relationshipwith different types of customer. These innovative technology aids to create interest toemployee to perform different types activities in effective manner. Unicorn grocery is companywhich provide different types of different types of grocery items to the customers. The main aimsof this company is to provide qualitative products to its customer in order to generate largenumber off revenue. This venture also explains the meaning of intervention and innovation.These aids to attain goals and objectives of company. It also define the meaning and differencebetween invention and innovations which are adopted by the organisation.TASK 1P1: Innovation and its importance, difference between invention and innovationInnovation is the concept of adaptation of new and innovative technology to manufacturequalitative products (Marion and Friar, 2012). These methods helps to enhance productivity ofcompany. Management of Unicorn grocery adopt these technology and methods to gain hugeprofit. It also aids to perform different types of activities which are performed in small scaleindustries in effective manner. Importance of innovation for the company New and innovative technology aids to perform various types of function in propermanner. These technologies create interest to different employee who are working in theorganisation. Management needs to adopt these technology to replace the existing one . It helpsto perform different types of functions in effective manner. Adaptation of new and innovativetechnology helps to accomplish various types of operation of organisation in stipulated timeperiod. These technology plays a significant role to maintain effectiveness in performingdifferent types of operations in a systematic manner.
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents