Importance of Innovation and Change Within an Organization

INNOVATION AND
COMMERCIALISATION
IN MVF
ORGANISATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P.1 Innovation and its importance to employees........................................................................1
P.2 Vision, leadership, culture and teamwork.............................................................................2
TASK 2............................................................................................................................................3
P.3. 4Ps of innovation and explain the use of innovation funnel to examine and shape
innovative ideas...........................................................................................................................3
Use of innovation funnel:.................................................................................................................4
P.4. Development in frugal innovation and provide example of how it is used in MVF
organisational context.................................................................................................................5
TASK 3............................................................................................................................................6
P.5.The importance of commercial funnel and the application of new product development
processing commercialisation to employees of MVF organisation............................................6
The importance of commercial funnel:.......................................................................................7
P.6. An innovative business case for MVF organisation, including ways to access funding, as
with the two businesses...............................................................................................................8
P.7. The Different tools that MVF organisation can use to develop, retain and protect
knowledge and intellectual property.........................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation and commercialisation two important factors of each organisation which
enables business to enhancing and expanding its business criteria in industry efficiently. The
report will be discussed in context of MVF organisation, which is UK based medium size digital
communicational services provision company. The assignment will be discussed about
importance of innovation and explain how leadership and culture and teamwork can share into
innovation in business or the importance of commercial funnel and the application of new
product development to processing of commercialisation. Apart from it, the report also will be
discussed about use of development and retain protect knowledge and intellectual property of the
organisation.
TASK 1
P.1 Innovation and its importance to employees
There is an increase in attention and support for innovation in each and every
organisation. Innovation is simple a new idea or application for providing the best solution that
can meet requirements of exciting market. Most of the company today faces frequent changes in
technology and environmental changes (Tsai, 2018). In the same way, external change has push
organisation for economic growth. Innovation became even more than vital for organise towards
new time period. And driven by advance machine and fabulous labour origin, and this
commodity produced by people's advanced thought to use extraneous and interior resources and
gain advantage and possibility in the market than the challenger.
Moreover, innovation helping to increase a powerful way of protract form competitive
advantages and more secure approach to defending some strategies' position and success. As
invention can help organise to improve identify market possibility and exploit them effectively
and build a sustainable competitive reward (Şen, 2017). For illustration, most of the
organisations have R&D section for combine market trend shape with social and cultural
discover on a daily basis. It provides innovative thought and investigation to help structure hit
upon the big ideas, setting commodity and services obscure from the challenger. It is one of the
most important for internal as well as external organisation member's.
This is beneficial for employees or management and excellent performance of the
organisation can indicate the overall execution of operation is increase profitability over the
competition. In addition, innovative not only regard generating new thought and applying into
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manufacture or administrative system. It is also involved in opening new marketplace, new ware,
new methods, new administration system etc. Innovation can influence individual enterprises and
economic growth. Therefore, continues improvement of the research development by
organisation (Waller, 2016). It improves product quality and productivity through innovative
ideas about the new product. This is beneficial for employees are as follows :-
 This helps to encourage employees to be honest and open minded and new ideas with
other. In addition, explore opening without fear of retribution.
 In this context, many large establishments often give allocated time for their worker to
break from regular roles to invigorate new thoughts – this could be a worker retreat,
allocated time each day or a day out of the business office. This is part of encouraging the
employees about internal performance and other activity.
 To be focused on each and every employees' ideas and suggested quickly. It has helped to
motivate each employee inside the organisation. On the other side, the worker should be
pleased to suggest all thought (Hemphill, 2017). The rewards can be for individuals or
even unit or for the whole workforce – the essential thing is that employees see to
appreciate their endeavour to better the business enterprise.
 The organisation is provided fixed an area that will promote interaction of employees. In
the same way, informal discussion lead to improve employees relation and trust, which
embracing cooperation that can ultimately lead to the invention (Planko, 2017). Large
organizations often has open spaces where a worker can sit and chat in a restful
surrounding. This is helping to improve internal employees' relation and increase
productivity of the organisation.
P.2 Vision, leadership, culture and teamwork
Creativity and innovation are a lifeline of small sector organisation, especially today
competitive global environment factor. In this context, most of the company is focusing on
creativity and innovation in their mission of organising. There are some factors that help in
innovation and commercialisation used internal working environment and they are as follows:
 Team work :- Teamwork has become highly essential term for any organisation. It has
been laid down in the civilization at work and hence making it a leading and an important
part of the choice process for many establishments. All organisations understand the
value and happening what the unit can do (Ahn, 2015.). Organisations supporter that
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nothing is hopeless if all great minds, work jointly. It improves profitability as well as the
productivity of the organisation with the help of innovation. The level of motive within
worker is also accrued due to betterment of the organization by conversation of great
thoughts and content within the unit.
 Leadership :-A leader should utilize all the minuteness of glory with the following
whereas try to restrict the sad intelligence away from them. It is most important for a
leader to provide another with all possible tools is helping to take a new decision (Wu,
2017). In case of innovation it is focused on leader is ascertained by the following and
not the person himself, hence, in order to be a good and booming leader, the individual
should be able to convince his following about the property he can win by their assistance
and hard work. On the other hand, innovation helps to improve overall quality and
productivity of the organisation and manage the growth rate as well as profit must be
increased in future time periods. The leader is focused on two-way communicating and it
is the key for any booming organisation. Connexion forms a very basis of any unit,
mostly the non-verbal form (Ahn, 2015.). It is very essential that the leader
communicates their imaging across to all the associate and the members in return pass on
their consequence to the change and how can they impart towards it.
 Vision :- In this context of use, vision is one of the most essential parts and provides
assistance to increase market share. Innovation is most important and proper vision is
helping to introduce innovation in the market (Hemphill, 2017). MVF Organisation is to
set proper vision and objective as it is the most crucial part of structure. Vision means the
ability to think about and use plan before applying vision in the workplace. To set a
proper vision is helping for internal and external working condition in MVF organisation.
TASK 2
P.3. 4Ps of innovation and explain the use of innovation funnel to examine and shape innovative
ideas
4Ps OF INNOVATION:
4Ps is the mode that was developed by John Bessant. Tool enables business to discover
what innovation process can improve and bring to MVF business. In addition, model allows in
identification of positioning of and the way they can innovate to make improvement within
existing products, processes, positioning and paradigm. It assists the business to provide proper
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direction towards they need to go for comply with competition in industry (Apostol, 2012).
Innovation space can help the business to provide support to idea generation process and the way
its professionals can improvement within it.
Paradigm: MVF business is Communication Sector Company and it works for making
advertisement and placing the same in newspaper, radio and television as well as on other media
outlets. Innovation can assist to improve ways of doing (Azarmi, 2016). The possible changes
within its existing services can be implemented in order to leverage desired profitability.
Product: It refers to improvement within existing products and services of MVF
organisation in order to sustain in the competitive marketplace. In communication sector,
innovative changes are necessary part to be taken into account with respect to reach out to
expected customer convenience. MVF business requires applying more innovative and technical
changes within its existing products to make it better than other communicational services.
Process: It defines about to preparation of process to manufacturing products and
designing services within business environment (Balmer, Bulpin and Molyneux-Hodgson,
2016). The suggestion can include the ways to improve the products and services to considering
innovative approaches. Radical changes must need to implement by MVF professionals in order
to improving its existing communicational facilities by making use of various innovative
instrument within current media instruments.
Positioning: Product and service positioning plays a vital role in case of generating
effective response from its clients. In case of communicational company, its professionals
require to targeting of positioning of its various media facilities upon its existing client
companies who acquire them to preparation of media frameworks for different organisations.
Use of innovation funnel:
An innovation funnel is used to define the steps that take place in development within
existing products and process of an organisation. Innovation funnel can be consider as a vital
part for MVF organisation in case of make modification within its existing media and advertising
facilities to processes or products that meed market needs in manufacturing of economic form.
The company professionals can use of strategy to gathering information form competitors,
research, university connections, existing partners and institutions etc. so it can be implemented
by its professionals in order to evaluating its current marketplace within the communication
industry (Binneman and Steyn, 2014). According to this method, its professionals require taking
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first step of innovation funnel to focusing on the wide mouth of funnel to generating innovative
ideas to betterment within existing performance of firm. MVF require to screening of its
innovative ideas to desired goals and objectives to measuring its potential to getting it. After
selection of proper or innovative ideas within existing communicational services line, then new
facilities can be launched the market at this stage.
(FUNNEL INNOVATION)
P.4. Development in frugal innovation and provide example of how it is used in MVF
organisational context
Frugal innovation: Frugal innovation can be built by using its respective process, each
organisation can utilise this process in order to minimise the complexity or costing of existing
good and its production system within business environment. It enables the business
professionals for identifying the unnecessary features and section of existing goods and services
of firm in order to betterment within it effectively (De Prato, Nepelski and Piroli, 2015).
Designing a products and services can be utilised by organisational professionals to
implementing innovative changes to increment in durability of its production. In case of
communication industry, service durability is necessary part in terms of increasing customer's
satisfaction level in marketplace. Numbers of companies are working in this industry and they
applying frugal innovation approach in terms of making betterment within existing production.
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Doing more with less available resources has become one of the challenging tasks for each
company. Emerging in existing market generating significant opportunities for each business to
using of unique techniques or mechanism to improve their existing process within innovative
ways. In case of MVF organisation, the organisation is serving varied of media services in
industry. So it needs to betterment within existing advertisement preparation facilities and
placing such advertisement in newspaper and television or other forms. Often times, it has seen
that, the organisation has few resources to completion of wide range of order from client
companies to preparing attractive advertisement for them. So it generates difficult task for
company in order to media outlasting making in short time period in terms of high range of
demand of it (Greenacre,Gross and Speirs, 2012). So the business can utilise innovation technical
instruments and modern computerise software in terms of preparation of advertisement and
media services to placing them at desired places of client companies. MVF business can utilise
of this approach to utilisation of new technological platform within media facilities provision to
inventing and creating huge new opportunities for use of frugal innovation techniques in order to
sustain within competitive marketplace efficiently. In today's fastest growing markets are
developing and emerging at rapid manner and it demands for introducing wide range of frugal
products and services them at high level. So in challenging communication industry, its
professional require complying with modern media technological instruments in advertisement
preparation, so it will give monetary and competitive advantages for the business in possible
manner. Technological advancement can be utilised within existing process and service
provision method of MVF organisation in order to furnish digital marketing services in current
marketplace in respective form. They can make it attractive who can influence its clients to
boosting up ordering of media facilities of the business.
TASK 3
P.5.The importance of commercial funnel and the application of new product development
processing commercialisation to employees of MVF organisation
Commercial funnel: Commercial funnel plays an important role for each organisation in
order to increment within productivity and profitability of the business. In this context, it leads
to selection of proper marketing strategy for the organisation in terms of boost up expected
market share form its existing audiences within marketplace (Gulbrandsen and Aanstad, 2015).
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Commercial funnel also called sales funnel which is classified into some particular practices to
build up sales model which enables business to reaching out desired success in marketplace.
The importance of commercial funnel:
 It is necessary for dedication of the email marketing approaches implementation within
existing business process in order to making aware of its targeted audiences about
effective media and communicational services of organisation.
 It is also essential for proper promotion of its variety of media facilities among existing
customers in marketplace in order to getting high range of profitability and boosting up
sales revenue of the business.
 Attractive advertising and promotional practices attract its customers to bring out visitors
to its existing facilities provided by the company in marketplace in relevant form.
 To making aware its existing customers to its improved and advanced media facilities
within business environment to getting proper response and attaining desired sales of its
varied of facilities in marketplace in possible form (Hannola, Friman and Niemimuukko,
2013). With the assistance of the commercial funnel, its professionals will allow its marketing
efforts to promoting its various professionals advertising facilities to its targeted
audiences in existing marketplace.
New product development application:
New product development is an approach in which business follow up a certain process
of fresh product development within organisational product lines or implementation of
commercialisation approaches to meeting its desired business goals and objectives within
business environment. Introduction of new products in the market is a significant business
achievement and difficult to execution.
Idea analysis: It orders to identification of new product segment within existing business
environment. MVF business can analyse the communicational industry in UK and find out
suitable idea for new product development within its existing product line which create proper
differences form its new product lines. New product of the business is, Online marketing services
which has huge scope in today's world.
Concept development and testing: As online marketing has been one of the successful
sector in the nation which has wide range of scope to getting expected growth in this business
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sector. MVF professionals can develop a strategy to blueprint version of the idea to make it clear
to modelling of new service within its existing service lines (Katzy, Turgut, Holzmann and
Sailer, 2013). The new services will go further for testing phases in order to developing an aspect
to make it presentable and affordable for all its customers. Online marketing service provision
planing will be testify by its research and development department before forwarding it to
commercialisation phases within business environment.
Creating communicational materials: In order to add up online marketing services in
business, its professionals require to utilisation of strategy to gather all relevant technical and
communicational instrument within its business to further process of service provision. New
media strategy can campaign to targeting interest of clients in current marketplace. It enables the
business professionals in terms of increment in productivity of entity.
Commercialisation: Varied of efforts can be taken by MVF organisational professionals
in case of execution of its various types of commercialisation approaches in order to meeting
targeted response form its existing customers within marketplace (Kutvonen, Savitskaya and
Salmi, 2014). After proper selection and development of online marketing services, it is ready to
moving further for execution of various effective marketing strategies in order to promoting its
new services as expected level. This stage inclusion of some stages to implementation of
marketing strategies in terms of gaining proper popularity of new facilities.
P.6. An innovative business case for MVF organisation, including ways to access funding, as
with the two businesses
Innovation plays a vital role in case of implementation of several organisation changes
within firm context. From the analysis, it was identified that, numbers of issues are being faced
by enterprise in case of facing contemporary challenges within current communicational
industry. Several types of innovative changes can be acquired by its professionals upon its
functionalities and services to gaining expected response from the marketplace in sufficient
form. MVF organisation is currently serving variety of adverting facilities for various client
organisation and customers for the commercial or personal uses of it. Numbers of approaches
can be taken by them to reaching out to desirable stages of the firm efficiently (Mc Manus,
2012). Every day brings new challenges for the organisation in industry and varied of
technological advancement can be applied to bringing essential innovative changes within
existing business exercises in order to make betterment within it.
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In terms of address current issues of MVF organisation, its professionals require to
identification of new technological advancement criteria by which problems can be addressed in
effective ways. Online marketing services is one of the trending demanding things which is
expected by some e-commerce and small businesses to enhancing their business criteria at broad
level. So it being necessary for the organisation to add up online marketing facilities within its
existing services provision line to expand their business areas at wide level. Most of the customer
of entity is demanding for furnishing of online marketing services for different-different types of
organisation in marketplace. So it being necessary for the organisation to adoption of features to
provision of online commercialisation services for various business sector in terms of enhancing
business sector. It enables the business to increment within its existing product value at great
manner so company will be able to enhance their productivity and profitability within the
business sector (Monteiro, Pollock and Williams, 2014). It has opportunities to receiving orders
from its customers in case of formation of online marketing frameworks by formulating online
bouchure, engagement through social media tools, website management and development
facilities, e-mail and personal connecting services to make promotion of various business
production and services within current marketplace efficiently.
Apart from it, Media research advertising is also a popular organisation who provides
variety of online advertisement designing and media framing facilities in current marketplace. So
in order to gaining sufficient amount of success within current marketplace, its professionals also
require complying its services innovation and technological advancement to provision of variety
of digital services in industry. Both organisations are operating in the same sector and they have
desired to grow in this sector by implementing necessary technical changes within its existing
facilities or new services to keeping themselves ahead in competition level of industry. In order
to provision of creating digital solution for online marketing new services of both company. It
being necessary for company to adopting new approaches for serving advertisement, media,
online marketing, digital facilities, they have to use of new technological instrument to
betterment within existing facilities of business.
Funding also pays important role for both organisations to execution of operational
activities in business environment (Park and Jeong, 2013). Variety of funding factors can be
adopted by business to accessing desired funding for business expansion. Finding new investors
who can invest within new service provision sector of the firm and also make improvement
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within its existing criteria of entity. Taking loan from banks also provide desired volume of
funds for business to execution of online marketing services of business.
P.7. The Different tools that MVF organisation can use to develop, retain and protect knowledge
and intellectual property
MVF organisation can utilise different types of effective tools and mechanism in order to
protecting their intellectual property within business environment.
Trademark: Trademark of business can be in form of words, name, symbols, devices and
images that are applied to products or can be used as connection identity to its reliable source
company (Pollitzer and Schraudner, 2015). So trademark can assist the business to recognising
its authentic source organisation in which it has been produced. Trademark strategy can be
applied by MVF organisation upon its variety of advertising and media services to identification
of proper source company of designing of advertisement.
Copyright: Copyright is also effective approach that can be applied by MVF organisation
to protecting the expression of ideas in literary, arthritic and musical word. It enables the
business to protecting their confidential and intellectual property of the business legally. So
copyright alternative allows the business professionals to protect company's copyright services
which is registered by organisation (Swart, 2015). So with the assistance of this approach, MVF
organisation can save their intellectual property within business environment in perfect form. It
allows authority the business to producing creative designing of advertising facilities which can
be applied by company and also restrict other organisation to using same types of methods.
CONCLUSION
From the analysis. It can be concluded that, variety of innovative and commercialisation
techniques and tools can be applied by MVF organisation in terms of promoting and expanding
its online digital services criteria. The report also described about 4Ps of innovation and
importance of frugal and funnel innovation in order to enhancing business productivity and
profitability of the firm. In addition, numbers of different tool that can be used by business to
protesting the knowledge and intellectual property of corporation.
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