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Innovation and Commercialisation in Virgin Group : Case Study

   

Added on  2020-06-05

14 Pages4017 Words89 Views
INNOVATION ANDCOMMERCIALIZATION

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovations and its importance comparison with invention:.................................................1P2 Vision, leadership, culture and teamwork help in innovation and commercialisation..........2TASK 2............................................................................................................................................3P3 4Ps of Innovation..................................................................................................................3P4 Developments in frugal innovation .......................................................................................4TASK 3............................................................................................................................................5P5 Importance of the commercial funnel....................................................................................5P6 Innovation business on the basis of case study......................................................................6TASK 4............................................................................................................................................7P7 Different tools to develop, retain and protect knowledge.....................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9

INTRODUCTIONInnovation means translating any idea or invention into goods and services for whichcustomer pay money (Lee and et. al., 2010). It help in satisfying customers needs and societyneeds and attract more customers to buy their services. In every organisation or companyinnovation is key element of success. Primark is a company which is known as Penneys in theIreland and its headquarter is in Dublin,Ireland.The company opened its first store in UKwhich is founded by Arthur Ryan in June 1969 on 47 Mary street,Dublin. The company getsuccess in all countries because of its innovative ideas (Crossan and Apaydin 2010). Aftersuccess led in Ireland the company opened its large store in Belfast City centre in1971 andsecond one in Derby, England,in1973. It have 385 stores over all worldwide. It is an clothing,housewares and cosmetic accessories company they have subsidiary of AB Food. It sells itstrendy and fashionable clothes at cheap rate below than the market price to the public. Thecompany make changes in their products after certain time gap according to the trend running inthe market. There is a case study of apple and virgin group and relate them with primarkcompany .TASK 1P1 Innovations and its importance comparison with invention:Innovation and invention word are overlapping but different from each other. Innovationmeans introduce something new or change in exiting products by using technology, methods orany idea where Invention means process of changing or introducing something new for the firsttime. Innovation and invention provide huge benefits to society and organisation so manycompany focus on both to develop their organisation 'PRIMARK' is one of those companies(Cosh and Hughes 2012). Primark start its business by launching eight stores in UK,they openedits first store in Boston with innovation purpose where they provide free Wi-Fi,showcasing theirnew products and services , high discount, provide a store within the store,as well chargingfacility, 1,000sqft trend room, seating space across the floor to their customers. Innovation ismore helpful to organisation and there is less risk as it is used in other company so organisationget idea how to apply in there company. It make change in exiting products and services to aidmore people. Invention is more risk taking process there is completely new idea which is notapplied anywhere else (Suvinen,Konttinen and Nieminen 2010). To aid customer's shopping1

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