Innovation and Commercialization Strategy

This assignment delves into the critical concepts of innovation and commercialization within organizations. Students will explore the importance of innovation, contrasting it with invention, and how organizational vision, culture, leadership, and teamwork influence innovation and its successful implementation. The assignment also examines the 4Ps of innovation, utilizing the innovation funnel to develop innovative ideas and analyzing developments in frugal innovation. Furthermore, students will investigate the significance of the commercial funnel and NPD (New Product Development) for commercialization, delve into innovation business cases, and explore various tools used by organizations to manage knowledge, retain intellectual property rights, and protect their innovations.

INNOVATION
AND
COMMERCIALISATION

Table of Contents
INTRODUCTION INTRODUCTION ...........................................................................................1
TASK 1............................................................................................................................................1
P1: Innovation and its importance, difference between invention and innovation...............1
P2: The way organisational vision, culture, leadership and team work can shape innovation
and commercialisation............................................................................................................3
TASK 2............................................................................................................................................4
P3: 4P's of innovation and use of innovation funnel to develop innovative ideas.................4
P4: Developments in frugal innovation .................................................................................6
TASK 3............................................................................................................................................7
P5: Importance of commercial funnel and application of NPD for commercialisation and
innovation company ..............................................................................................................7
P6: Innovation business case..................................................................................................8
TASK 4............................................................................................................................................9
P7: Different tools that organisations can use to develop, retain and protect knowledge and
intellectual property rights......................................................................................................9
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION INTRODUCTION
Innovation is important factor for every organisation to sustain strong position in
marketplace (Lindič, and et. al., 2011). This factor aids to perform various types of operation in
organisation in proper manner. Due to implementation of new and advanced technology in order
to perform different function of the organisation in fix time period. Organisation implement
these technology to accomplish different demand and desire made by customer. Management put
its effort to fulfil demand and desire made by customer which helps to retain strong relationship
with different types of customer. These innovative technology aids to create interest to
employee to perform different types activities in effective manner. Unicorn grocery is company
which provide different types of different types of grocery items to the customers. The main aims
of this company is to provide qualitative products to its customer in order to generate large
number 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 difference
between invention and innovations which are adopted by the organisation.
TASK 1
P1: Innovation and its importance, difference between invention and innovation
Innovation is the concept of adaptation of new and innovative technology to manufacture
qualitative products (Marion and Friar, 2012). These methods helps to enhance productivity of
company. Management of Unicorn grocery adopt these technology and methods to gain huge
profit. It also aids to perform different types of activities which are performed in small scale
industries in effective manner.
Importance of innovation for the company
New and innovative technology aids to perform various types of function in proper
manner. These technologies create interest to different employee who are working in the
organisation. Management needs to adopt these technology to replace the existing one . It helps
to perform different types of functions in effective manner. Adaptation of new and innovative
technology helps to accomplish various types of operation of organisation in stipulated time
period. These technology plays a significant role to maintain effectiveness in performing
different types of operations in a systematic manner.

Competitive advantages : Any organisation adopt new and innovative technology to maintain
level of competitiveness to different rivals present in the marketplace (Ettlie and Rosenthal,
2012). The Unicorn grocery conduct different types of market research to determine demand
and desire of customer. There are various strategies which are adopted to maintain the
effectiveness in execution of various activities of organisation in effective manner. These
efforts made by organisation in order to manage various operations of company.
Establishment of best methods in company
Due to implementation of new and innovative technology it help to increase the
productivity the different products of organisation. It also aids to capture large number of
customer in the marketplace and retain long term relationship between organisation and customer
. These technologies aids to reduce the wastage of different operation which are perform in
company. Changes made in existing technology aids to increase the quality of work in order to
sells those products at affordable price. Commercialisation is the process of introducing new
products in the market place . Small scale business faces various types of issues and challenges
in order to launch new products in the marketplace (Engel and del-Palacio, 2011).
Difference between innovation and invention
Innovation Invention
It is concerned with utilization of new
technology and methods in organisation. It
helps to enhance performance of different
activities in effective manner.
It is related with use of d types of new and
advance technology to perform various
function of company in effective manner.
The management of company put its effort in
order to adopt new and innovative idea to
increase the performance of company.
Management needs to conduct different types
of training methods to enhance skills and
knowledge of employee working in the
organisation
Example: Unicorn grocery is related to provide
different types of grocery products to the
customer.
Example: Introduction of new and innovative
products in order to attract large number of
customer.

P2: The way organisational vision, culture, leadership and team work can shape innovation and
commercialisation
The management of organisation should put all its effort while defining its vision,
culture and leaderships and team work which aids to perform different types of objectives of
organisation (Micheli and et. al., 2012). Company should explain its vision, and goals to the
employees working in organisation in systematic manner. Employee working in organisation
comes from different background and different culture . So organisation needs to clear his vision
and goals to their employee in order to perform their work as per the vision and goals of
company. Cultural difference hinders the performance of employee working in the organisation
which leads to create lot of conflicts in between employees working in organisation.
Organisation needs to create effective environment in order to perform different types of
activities of organisation. Management needs to implement define strategies in order to
accomplish various functions of organisation in stipulated time period. It aids to accomplish
different types of task which is assigned by organisation. Therefore it is essential for the manager
of Unicorn grocery to determine various issues which arise during performing different types of
activities in the organisation. New and innovative technology plays a significant role to improve
the performance of different types of activities which are performed in the organisation. It helps
to take effective decision which are related to innovation and commercialisation. These
initiatives aids to produce different types of qualitative products in order to complete desire of
the different types of customer (Anokhin, Wincent and Frishammar, 2011).
Vision: it is concerned with aims and objectives which is made by company which helps
to used to enhance the performance of the organisation,. Unicorn grocery have the a vision to
increase rate of sales of different products in order to generate large number of revenue.
Organisation its effort to prepare an effective strategic plan to implement new ideas and
innovation regarding implementation of different design, colour, and various pattern and many
others.
Culture: Employees comes from different culture and they have different way to perform
various work activities in organisation . Due to these different culture employee working in the
organisation leads to arise of different types of issues and conflicts. So management needs to
concentrate over these issues and implement a definite culture by which employee have to

perform their activities as per the culture of the company. Management needs to organises
various programme in order to defined the rules and regulation of organisation needs to
determine by the management and implement some corrective measures in order to explain the
culture of and environment of organisation (Qian and Haynes, 2014).
Leadership: leadership plays a significant role in order to implement different types of
innovation in the organisation. Leader of organisation have capability to motivate their employee
for implementation of new and innovative technology to accomplish different types of task in
proper manner. The management of organisation initiate some freedom to employee who
perform their activities in the organisation. Management should not pressurized their employee
to accomplish different types of task. Manager should motivate their employee in order to
accomplish different types of task in stipulated time period.
Team work: Company should implement the strategy to accomplish their work in a team
. an effective of organisation can accomplish different types of task in effective manner (Wong,
2011). The members of team knows the strength and weaknesses of the team it aids to perform
different types of task in proper manner. It helps to produce different types of qualitative
products.
TASK 2
P3: 4P's of innovation and use of innovation funnel to develop innovative ideas
The element of 4p's are product, process, position, and paradigm. There are element
which aids to provide different type of products in systematic order. It help employee working in
the organisation to improve the quantity and quality of products. These element aids to attain
goals and objectives of company. These 4p's also helps to implement different types new and
innovative technology in order to produce new range of products. These 4p's of innovation are
explain below:
Process innovation: it is related with implementation of new and innovative process of
producing new range of products in the marketplace. This technology aids to perform different
type activities which are related to process of marketing. These processes give impact on the
buying behaviour of the customer present in the marketplace. It helps to determine the demand
and desire made by the customer in order to maximise their level of satisfaction. Company

should concentrate over to produce good quality of products for their customer by help of these
technology.
Products innovation: It is related with improvement made in the quality of different
products in proper manner. This initiative helps to attract large number of customer in the
marketplace Unicorn grocery give new range of products which are very attractive and different
task in proper manner. It also provide various types of fresh fruits and vegetable to consumer .
This steps helps to generate large number of market share (Gray, 2011). It helps to increase rate
of sale of new and innovative products.
Position products: This step is concerned on to modify the perception of different
products and it will position in the marketplace. It is related to modify the logo, symbol and
design of different products. It aids to attract large number of customer and also produce better
quality of products in effective manner.
Paradigm innovation: it is related to implement modification in the structure of the
business in order to create effective environment and also create interest in performing different
types of activities by employee of Unicorn grocery. Unicorn grocery is the small scale
organisation in order to accomplish limited number of consumers so it is very essential to
implement different types of modification in the company with helps to execute different process
of project in smooth manner (Cooper, Seiford and Zhu, 2011).
Innovation Funnel: it is the method by which organisation implement different types of
existing product into new products by new and innovative technique. It is accomplish in three
steps which are explain below:
Wide of mouth: There are various products and services which are developed by
implementing different types of new and innovative idea which are taken from various type
resources. Obtaining more ideas leads to implement more modification in the various types of
products. Therefore management of unicorn grocery needs to perform various research in order
to know the want and desire made by the customer and also help to stand before the different
rivals present in the marketplace.
Selection of idea: The management select an appropriate idea among different idea in
order to attain success. Before introduction of different products the management haver to

determine the effectiveness of various modification made in the products. It helps to generate
large number of revenue.
Implementation of ideas: in this steps organisation take decision it execute the selected ideas or
the thought to produce different products this leads to increase large number of profit. It helps to
attract large number of customer (Xiao, and et. al., 2017).
P4: Developments in frugal innovation
Frugal innovation: it is the procedure to recedes the various of products which are
responsible to reduce the rate of sales of different products. This occurs due to colour of products
, pattern of products and quality of products. Due to this customer do not want to purchase
different products of Unicorn groceries. These factor reduce the sales of different products and
also its profitability. Therefore Unicorn grocery needs to implement frugal innovation in order to
remove the cost which are related to implementation of unwanted design and pattern of different
products. This will aids to reduce the production and provide better quality of product at low
price. There are some benefits gained by the organisation after implementation of frugal
innovation which are mentioned below:
Minimise production cost: The management of Unicorn grocery needs analyses the non
essential feature which oppose the consumer in order to purchase different products of Unicorn
groceries so management needs too implement different types of plans in order to remove those
feature which are responsible to strict the customer to purchase products. This aids to reduce the
production cost of different products and company able to sell those products at lower price.
Development of new feature: In order to attract large number of customer organisation
needs to remove unwanted features of products so leads to attract large number off customer.
The management of company needs to add different types of features which are concerned with
design quality of customer which are according to demand and desire of customer. Modi faction
made in the process of production led to maximise the satisfaction level of customer.
Using of new technologies: This steps is related with implementation of new and
innovative techniques which are used in production process by which organisation can provide
better quality of grocery products in proper manner. These innovative techniques helps to create
interest in performing various activities of organisation by employee. The modification made to
existing techniques aids to attain huge amount of profit of organisation.

TASK 3
P5: Importance of commercial funnel and application of NPD for commercialisation and
innovation company
Commercial funnel: It define as a process of manipulation of customer's mind and purchasing
behaviour of firm product and services. Through this, firm are able to increase sales and
profitability. Thus, management of an organisation has conducting research in order to know
clients needs and wants and accordingly develop product and services. Company has done
modification accordingly to market demand to achieve competitive advantage. Unicorn grocery
has develop rule and policies at work place to enhance employees productivity and performance
that increase firm overall profitability in long period of time (Paradkar, Knight and Hansen,
2015).
Significance of commercial funnel:
Improve quality: Company use latest and innovative technology at work place in order to
improve quality of product and services. Management of unicorn grocery has make differentiate
product as compare to their competitors which provide competitive advantage at market.
Proper utilisation of resources: It is very important for management to properly utilise
available all resource like infrastructure, finance etc. to reduce wast at work place. Implementing
change in technology that are use in production process are reduce mistakes that save money.
Through this, company are able to reach economic of scale and produce low price high quality
goods in order to enhance customer's satisfaction.
Increase goodwill: Strong positive brand image of the company at market increase their
goodwill. That shows their market value. Offering clothing product to both school and corporate
help in grab attention of professional person in industry. Which shows customer's interest related
to purchasing behaviour.
New Product development:
Management of an organisation develop new and innovative product according to
customer's needs and wants. Through this, they are able to achieve competitive advantage at
market place which increase customer's satisfaction as well as profits in long period of time.
After this, they capable to attract large number of clients that boost market share. But

introduction of new product in not easy for an organisation, they follow some step for success of
new product at market are describe as:
Generate idea: In this step, management has develop ideas of new product after
analysing future needs and benefits.
Idea screening: In this step, company need to select one best appropriate ideas form
available all alternatives.
Define concept: In this step, the management an organisation need to define these new
ideas front of all workers as well as customers to take feedback.
Marketing strategy: Management of unicorn grocery develop marketing strategies and
plan in order to achieve goals and objective in an effective manner in given time frame.
Business analysis: Company need to acknowledge and analysis powerfulness of new
ideas into market place.
Product development: Firm has latest technology and method that increase productivity
and quality of product and services.
Commercialisation: It is a process of selling product and services at new market.
Management of the company take appropriate action to bring new product in order to achieve
success in future. Through this, company able to gain profits and revenue in given time frame.
P6: Innovation business case
As Unicorn grocery is the small organisation which determine more problems and
challenges in performing different function of business operation. So management needs to apply
various strategies in order to implementation of innovative methods. There are different kind of
strategies which are given below:
Executive summary: Unicorn grocery implement different strategies in order to produce
different types of products for different level of customer. Management needs to concentrate
over the needs and desire of customer. Implementation of unique design of products leads to
enhance the sales of different products (Schroll and Mild, 2011).
Need: In order to develop new products in market after determining demand and desire of
the targeted customer.
Solution: It is essential for the management in order to conduct effective market research
to implement different types plan and strategies.

Research on customer: Management conduct research and gain views which are related
to quality, price of products.
Investment requirement: the manager put its effort in order to concentrate over the
allocation of funds from different resources.
TASK 4
P7: Different tools that organisations can use to develop, retain and protect knowledge and
intellectual property rights
It is responsibility of the manager in order to implement innovative modification within
the different grocery products. These innovation should be secure from their rivals present in the
market. It is important for the manager to give security of innovative plan so that competitor
could not copy that innovation. There are various techniques used by Unicorn grocer in order to
give security (Huang, and et. al., 2013).
Trademark: Organisation needs to register the symbol, work tag line. So that it can be
not used by different organisation.
Patent: this aids organisation to secure information related to innovation which is not
used by the other organisation. This can be gain by the government.
Copyright: Company put is name in order to sells of different products, management
needs to grab this right by giving some kid of money. If any organisation found guilty then that
company will penalised (Li, Hartmann, Döblinger and Schuster, 2013 ).
CONCLUSION
As per above mention report it has been assumed that innovation plays a significant role
in order to attain effectiveness in performing different types of activities which are performed
inside the organisation. Innovative ideas and methods helps to generate large number of
revenues of organisation. It also helps to eliminate different types of cost which are related to
production.

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