Innovation and Development in Business

This assignment delves into the crucial concepts of innovation and development within a business context. It examines how these elements contribute to organizational growth and success. The assignment further explores various tools and strategies organizations can employ to cultivate, protect, and leverage their intellectual property and knowledge assets. Key topics covered include trademarks, copyrights, patents, and best practices for knowledge management.

Innovation and
Commercialization

INTRODUCTION
Innovation is determined as an appropriate way to translating an idea or creativeness or
invention into an appropriate products and offerings which creates value for an organisation as
well as customers and for this buyers are ready to (Davila, Epstein and Shelton, 2012).
Innovation also refers as the new device, method and the idea which create value for organisation
to attain more benefit and growth. In this particular report Periscopix is a chosen company as it
deals in medium and small size business. It is a reputed marketing consulting company. This
report listing the analysis in regards to the concept of innovation, the significant difference
between innovation and invention, the importance of culture, teamwork, vision and leadership
within the firm, 4P'sof innovation, development of frugal innovation, significance of commercial
funnel and application of new products development for innovation and different tools that are
used by an organisation as to develop and intellectual property will also be discussed in detailed
manner.
TASK 1
P1 Difference between innovation and invention and importance of innovation to organisation.
Creation or innovation is belongs to be the almost essential component for each
organisational concern. In this competitive scenario the major purpose of each business
organization is to attain a higher place at market place as to sustaining higher profitability for
business. Innovations is consist to be an essential element which helps in achieving different
opportunities to create and provide wide range of products and services as to significant
customers. The potential concern of an organization is to, producing more innovative and
attractive items and services as to fulfilling the desires of customers within the market area.
Plan.com is a small telecommunication company which provides variety of telecommunication
products and services to their significant buyers and clients within UK. The major purpose of
pla.com is to implement innovation as to developing more effective and attractive products and
services at market place pay (Sawyer, 2011). Innovation is important for sustaining growth and
success at commercial centre and organizations are majorly focused on establishing advancement
and commercialization in order to making their self stand out in front of market as to providing
competition to their rivals, there are assorted benefits of innovation in which several are
evaluated as below:
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 Innovation is necessary for each department within organization as to developing new
ideas and thoughts.
 Innovation helps in making appropriate changes in the existing products and services as
to developing organizational sales and profitability at market place.
 This also create value in implementing effective decision for organizations as to
enhancing their profitability and productivity.
 This is effective in sustaining an appropriate image of firm or its offered products and
services at market place.
Difference among innovation and invention is determined as below:
Basis of
Comparison
Innovation Invention
Meaning It is depicts as the foundation of
new contemplation and thoughts
for successful implementation
particle of artefact work. In this
new ideas, thought and methods
plays vast role.
It decided as a revelation of new
procedures, techniques and innovation
for powerful activity of new
belongings that has never been
connected.
Concept This determined as the practical
implementation of new ideas and
thoughts that create value for an
organisation or its growth.
This is quite different in nature as it is
significantly based on practical
knowledge and originals ideas which
are implemented on the basis of some
theories and concepts.
Occurrence This can be implemented in the
situation when the demand and
preferences of customers are
changed as per the change arises
in market trend as it helps in
making the existing product
more effective in respect to
developing the sales and revenue
of firm.
It occurs when an effective and new
idea strikes in the mind of scientist. As
this is applied by organisations as to
developing an idea for the very first
time.
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P2) Contribution of organisational vision, leadership, culture and teamwork in innovation and
commercialisation.
In today's advance and competitors market the major concern area of each small as well
as big organisational concern as to reaching at higher growth and profitability through attaining
competitive edge at market place. Each business organization has some goals, objectives, vision
and culture which plays significant role in reaching at final target in effective and efficient
manner. It is the prior obligation of an organization or its management is to create some goals
and objectives in respect to implementing all business activities into systematic direction
(Drucker, 2014). On the other side culture differences also has a huge impact on the performance
of employees so it is essential for each business firm to establish an effective culture as to
enhancing the ability of people at work place. Leadership and teamwork also plays an important
role within an organisation as it assist in encouraging employees at work place so that they can
work with more collaboration and efforts. As a popular marketing advertising company
Periscopix is concern on implementing all the elements into appropriate manner as these are
helpful in promoting the firm towards innovation and commercialisation. Proper implementation
of organisational operations helps in producing more innovative products and services as per the
needs and wants of people within the market area as it generates benefits for organisation or its
growth. The essential elements of firm are described as under:
Vision of firm: This can be described as the most essential aspect of enterprise as it also refers as
the predetermined statement that helps in implementing all concern activities in proper manner.
It is the major duty of organisational authority to design and effective vision statement which
provides a proper way to employees to reaching at higher growth and outcome (Gordon, 2012).
Each small as well as large business enterprises has their own vision statement which create
differentiation within the activities of business organisation. As a well known marketing
company Periscopix is concern on creating an effective vision statement in order to establishing
all business operations in systematic manner. The potential vision of Periscopix is to become the
most popular firm and attain higher profitability and growth. The company is concern on
reaching at potential reach by offering wide variety of goods and services to their potential
buyers as to sustain them for long run of business operations.
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Culture of firm: This is also an another essential component of firm which has a direct influence
on commercialisation and innovation of firm. It is essential for an organisation to implement an
effective culture in respect to maintaining the proper flow of data and information within work
place. An effective and good culture helps in providing various opportunities and strength to
people as to developing their efficiency of work as in an effective and friendly environment
people work with more coordination and collaboration. Periscopix is concern on implementing
effective culture as to attaining growth and success at commercial centre. As a popular small size
organisation, Periscopix is focused on providing a good and friendly culture in which equal
opportunities assigned to the employees so that growth can be attained through collective
contribution of employees. Periscopx is work within flexible organizational structure in which
employees are free to taking effective participation in the decision making process kin regards to
implementing modification within the organizational operations.
Leadership of firm: This can be evaluated as the almost essential part of a business concern, all
organizations are concern on implementing their enterprise operations and its activities into
appropriate manner (Huizingh, 2011). Leaders are helpful in encouraging people at work place
as to enhancing their working ability to perform various business operations in effective manner.
Leaders are concern on providing right task and duty to right people in order to completion of
organizational activities in effective manner. As a marketing consultancy company Periscopix is
concern on appointing leaders as to commanding their employees towards right direction. Within
the working environment of Periscopix power is assigned to the higher management and they are
applying democratic leadership style in which employees are free to provide appropriate ideas
and thoughts that are suitable for the development of firm.
Team spirit: This consist to be the most focused area of firm as each organizations are concern
on creating teams as to reducing the production force. This create welfare in completion of
organizational task with appropriate collaboration and coordination. As a well known company
Periscopix is concern on creating teams in which they assign people with similar skills in order
to attempting all business activities in potential way. As a growing company it is required for
Periscopix to hire well skilled and educated people in order to improvising the operations of the
firm through implementing their collaborative working. The management is focused on
developing teams of small members in which people are liable on each other and accomplishing
organizational goals through collaborative working.
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TASK 2
P3) Evaluating 4 P'S of innovation.
Innovation is consist to be the key element of each business organisation as it is essential
for organizations to implement innovation in order to developing their performance at market
place by offering wide range of goods and services to their significant buyers. The 4 P’s of
innovation theory helps in making effective alteration in the offerings of firm as to rewarding the
basic needs and privation of people within commercial centre (Rosenbusch, Brinckmann and
Bausch, 2011). As a marketing consultancy company Periscopic is focused on implementing
appropriate happening in the goods and services of firm which are provided by them to their
significant buyers. The proper implementation can be done through applying most suitable idea
and thoughts at work place. The elements of 4p’s of innovation are delineated as below:
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Figure 1 4P's of Innovation
(Source: 4 P’s of Innovation, 2018)
Product Perspectives: This can be evaluated as the primary element of the theory of Innovation
as it is the most necessary element of an organisation and also refers as the representative of an
organization. It is important for every medium and small organization to create awareness about
their offered products and services in order to developing the number of customers with the firm.
As a well known company Periscopix deals in variety of services and widely concern on offering
best services and products to their buyers and clients as to maintaining their brand image in the
mind set of people.
Process Perspectives: It comes after analysing the element of product. This is forward stage of
innovation theory that assist in implementing fresh and innovative ideas within an organisation
through putting an effective process. As a marketing practice company it is essential for
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Periscopix to sustain customer for long time as to maintaining the competitive image of firm.
The company introduce its products and services at market place through using an easy and
common way as they provide appropriate detail about the services and products of firm at the
time of making transaction. So that it create benefits for customers to making effective purchase
decision.
People: The people are considered as the entrepreneurs who are focused on developing the
operations of a business through implementing their innovative ideas into proper action. The
person is at the centre of any creative enterprise. The employees within the work place are
concern on putting their significant efforts in motivating employees for putting their significant
efforts in improvising the operations of the firm. As a small business concern the owner and
management of Periscopix is concern on designing an idea which is effective in improving the
business operations of the firm in appropriate manner to attain higher competitive edge.
Press: The Press evaluates as the situation and the climate in which an individual operates their
business operations and purpose as, to create most innovative and attractive Product. It refers to
the conditions conducive/prohibitive for creativity which is effective in developing the
operations of the firm in right manner. The Press includes organizational culture, resources and
best practices that are applied by the firm. As a small business concern Periscopix is concern on
implementing its business function within appropriate structure, culture and management of the
firm. It has direct influence on the daily activity of the firm.
Innovation Funnel: It can be determined as the way of accumulation of innovative ideas and
thoughts which is required to choose best in between of available components. Organizations
basically centres around recognizing new preferences and wants of clients and than deliver
merchandise according to prerequisite of market. New items are composed by all around talented
individuals, with the objective that they can make a powerful usage of resources.
P4 Development in frugal innovation and its uses
Frugal Innovation can be described as a vast concept which helps in reducing the chances of
conflicts and issues that ahs a huge impact on the productivity and growth of firm. This can be
attained through removal of unnecessary and non important features and element of products
which are not effective for attaining significant profit through developing the cost of production.
Frugal innovation is effective in providing more suitable products and services to their buyers as
to fulfilling the desires of buyers (Ries, 2011). Periscopix applying the method of frugal
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innovation in respect to attaining higher growth through reducing extra cost of production.
Therea rea various elements which are applied by Periscopix as to developing the concept of
Frugal innovation among few are evaluated as under:
Reduce Production Cost: This consist as the powerful component an organisation as the growth
of firm is influenced through the total production of firm. It is necessary for every small and big
organisation to reduce the cost of reduction so that organisation can attain high benefits.
Adding new features: Innovation is all about implementing new changes in the existing
products and services as to making them more effective as to enhancing the sales of firm. The
major objective of frugal innovation is to reduce the chances of issues among the process of
production.
Adopt new technologies: It can be evaluated as he most effective element as, in the modern
scenario each business firm is to interest on implementing advance and high tech technologies
within the working environment in order to developing the function of production at market
place. New and advance technologies are effective in producing more effective goods which are
effective in fulfilling the needs and wants of people at market place.
TASK 3
P5 Importance of commercial funnel and application of NPD for commercialization and
innovation
Commercial Funnel is also refers as the essential element of innovation this can described
in the form of a process which assist in manipulation of humans mind at the time of making
purchasing decision. This process assist in providing various benefits to the firm as to sustaining
people for long run of business activities at market place (Patton, 2011). This plays effective role
in analyzing the actual sales and profitability of firm which helps in analyzing various
opportunities as to attaining significant growth for firm. In the era of modern market competition
is so high at market place and as to maintain the image of firm in the mind set of customers it is
essential for them to adding some innovative and new features in the existing products of an
organisation as to increasing the demand of product at market place. High demand of product
cause benefits for firm. In research to reaching at higher growth and success Periscopix is
concern on producing more innovative and effective products and services for their significant
customers. The company or its management has decide to introduce a web application which can
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be used by the company or its customers on computer systems or mobile phones etc as to making
their online portal for taking the benefits of online services of the firm. As to developing a new
product at market place organization needs to follow some stages which are represented as
below:
Generate Idea: It is the primary aspect of new product development. It is essential for the higher
authority and management to analyzing the new market preference and choice as to developing
products and services as to fulfilling the desires of people. This is the initial stage of new product
development as in this Periscopix and its management are concern on generating various ideas
and thoughts to make improvement in their operations. In this multiple ideas and thoughts are
generated by the management of the firm.
Idea Screening: In this stage idea has to be screened in order to implement them into proper
action. In this Periscopix is concern on analyzing all the conflicts that are arises through
introducing the idea. This comes after generating ideas in this stage a suitable idea is selected for
the development of organizational operations. In this the higher authority of Periscopix is
concern on selecting the best idea among the alternatives as to design more innovative product
for improvising the sales of firm. The best idea of web application is chosen by the firm as to
developing its operations at global level.
Define Concept: This progression incorporates in regards to the analysation of the strategies and
methods of new thought while generation of products. This aides in ID of the reasonability of
new thought. In this stage Periscopix is focused towards determining the thought about the new
product by the selected authority of management. After evaluating the aspect of new product
development, significant data is being concentrated by the higher authority of an organisation as
to attaining high growth by proper implementation of new product within the market place.
Market Strategy: in this an effective strategy has to be prepared by firm as to implementing all
business activities into proper action. In this a suitable strategy is chosen by the organisation as
to implementing its operations according to that particular strategy. Periscopix is using effective
pricing strategy in order to attracting buyers towards the firm or its offerings.
Business Analysis: In this the appropriateness of idea has to be analyzed within environment of
business (Patti, Yanes and Siuzdak, 2012). In the step of business analysis, Periscopix is focused
on determining the dependability and practicality of the new product in order to achieving wide
range of benefits.
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Product development: In this stage product has to be introduced within the market place. This
stage incorporates after analysing the business, as in this stage the potential conflicts are
determined as to making appropriate improvements in the product.
Test Marketing: It is an essential term that is required to performed by firm as to analysing the
efficiency of market in respect to developing effective and innovative products.
Commercialization: In this product has to be launched at market place and ready to used by
people.
P6 Evaluation of Innovation Business Case
Every companies are mainly connected on accomplishing different key activities and
functions of the organization which helps to attain needs and perferences of the buyers in
stipulated time period the major objectives of the company is to consider different types of aims
and objectives of administration in effective manner. In order to attempt different types of task in
effective manner. Organisation implement different types of advance tools in order to
acknowledge the different types of operations of companies. In order to attain effectiveness in
different types of operations of organisation in effective manner (Manyika and et. al., 2011).
These innovation aids to attain the various kind of task in stipulated time period. Company needs
to manage financial resources in order to implementing all business operations in effective
manner. The appropriate stages of the business case is described as below:
Executive Summary: From the above given analysis it has been determined that Periscopix
implement time gap policy in which that possible for them to introduce and introduce assorted
kind of offerings. It also helps to attain appropriateness in performing assorted types of operation
within organization. Periscopix is a well known marketing consultancy company which deals in
providing marketing services to the different clients. It is required for firm to determine the
actual desires of people in order to fulfilling the in effective manner through producing new
goods and services.
The need: This section is effective in analyzing the issue of the firm that are having direct
impact on the functions of an organisations. thus it is essential in examine the current status of
putting the alteration or advance tool in the business environment as to execute the activities of
the firm in right manner. Rapid modification in technology like social media tools, websites,
online portals etc. has direct or indirect impact on the operations and market reach of an
organisation.
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Solutions: In the working surroundings of Periscopix solutions are made with the
communication of the higher authority or its people as in this aspect workers are also included
and supply best possible resolution in order to addressing the issue in effective manner. The idea
of new web application development is efficient in partitioning the enquiry of the customer by
rendering them significant result with the help of the communication channel of web application.
This is also effective in providing quick response on customers requests.
Why it is innovative: The web application is advanced as it is effectual in heighten the buyers
reach through rendering them proper idea and knowledge in regards to their offerings within the
market area. This provides a specific portal to each individual by which customers are easily
make their payment, chose their services and by this company is also providing different benefits
to the clients as per their criteria. This is also gives a uncomplicated and easy path to
communicate with their buyers so that best suitable and required advice can be offered to their
customers in respect to resolving their errors and conflicts.
Customers Research: This is the most required element of the firm as it is the major obligation
of the researcher is to determine the needs and wants of customers within selected market area as
to producing facilities as per the need of buyers. It can occurs through focused group, interview,
survey, questionnaire etc.
Investment Requirement: In this phase, the management of Periscopix is at risk to form
resources from different ways to put them in appropriate manner as to encourage the
implementation of progression. Such sources incorporates, financial institutional, banks,
proprietors capital and so on. Having capable standards of capital empower firms to make an
proper and inventive change in their operation of executing business susceptibility with no
interference.
TASK 4
P7 Different tools that organisations can use to develop, retain and protect knowledge and
intellectual property rights
Each people having their own arrangement of acquisition and abilities, the formation of
brain pull in right towards inventive idea and thought. Any disclosures connected with
construction, outline, images and works can be origin in balanced place. These thoughts are
useful in conquer any hindrance among est trailblazers and open fascinate (Mowery and et. al.,
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2015). Each worker has some preparation rights, so they can apply their knowledge without any
kind of doubt to learning without focusing the condition of competitors in a specific time-frame.
Some significant instruments are depicts as underneath:
Trade Mark: It is an abjuratory personality of any organizational concern, it can be analysed in
the form of brand, logo, assembly of speech that are utilized through fabricates as to gaining
attention of people. It helps in acknowledging a particular brand. The image of exchange stamp
is "TM".
Copy Right: This is acknowledged by the court of nation that gifts maker of unequalled work
blessed ideal for its channel of circulation. Duplicate right is vital in light of the fact that there
are heaps of rivalry accessible at commercial center and contenders can duplicate their image.
With the utilization of duplicate right nobody can duplicate their image other shrewd
organization can sue the opposite at court. It can be resolved as the indication of '©' which
represents that status has copyright.
Patent: it spares the advancement of organization by not being utilized by few other people or
organizations. To achieve the patent, organization needs to apply to government in regards to
privilege of patent for their development.
CONCLUSION
As per the description of the above given report it has been concluded that development
and innovation assume diverse portion in each organisational concern. These two depend on each
other however they are diverse terms. Innovation are often reviewed as the implementation of
appropriate solution that helps in attaining unarticulated requirements, existing requirement of
market, needs and wants of customers. Innovations refers as the process of implementing new
and ideas, methods and technologies into appropriate action in respect to creating a product or
services more effective and attractive in nature.
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REFERENCES
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