Analysis of Innovation and Commercialization
Added on 2020-07-22
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INNOVATION ANDCOMMERCIALIZATION
ContentsINTRODUCTION...........................................................................................................................................3TASK 1..........................................................................................................................................................3P1 Innovation and its importance in comparison with invention............................................................3P2. The way vision, culture, teamwork and leadership of enterprise shape innovation..........................5TASK 2..........................................................................................................................................................6P3 4Ps of innovation and use of innovation funnel..................................................................................6P4 Development of frugal innovation and its use in an organization......................................................7TASK 3..........................................................................................................................................................8P5 Significance of commercial funnel and application of new products development for innovation....8P6 Innovation business case for an enterprise........................................................................................9TASK 4........................................................................................................................................................10P7 Tools used to develop, retain and protect knowledge and intellectual property.............................10CONCLUSION.............................................................................................................................................11REFERENCES..............................................................................................................................................12
INTRODUCTIONThe process of developing a new or fresh idea that can add value to the existing or latestproducts is not an easy task. Therefore, commodities that are manufactured be reliable, costeffective and must satisfy the needs and demands of customers (Anderson, Potočnik. and Zhou,2014). Thus, innovation is a deliberate effort of an individual in context with imagination,collecting information so that quality products can be delivered to consumers. Mr. John Watchesis a small company that runs its business in United Kingdom and it is growing rapidly andsustaining a better position in market area. The report throws light on some of the points that arementioned in this assignment like innovation and its importance to organization in comparisonwith invention. Use of organizational vision, leadership, culture and teamwork for shapinginnovation and commercialization has been mentioned. Apart from this, 4Ps of innovation withthe use of innovation funnel has been explained in this report. Development of frugal innovationwith the help of example is included in this assignment and lastly, various tools and technologiesfor developing and retain the intellectual property are involved. TASK 1P1 Innovation and its importance in comparison with inventionInnovation is a process that is used in order to add value into their products so that they canfulfill all the needs and demands of customers in an effective manner. Innovation helps anorganization in obtaining a better position in the market area by applying different strategies andplans that can satisfy consumers. Therefore, Mr. John Watches has added numerous features intheir products and for this the concepts that have been applied are given below:Raise efficiency level of company: This is an essential part of the innovation as it shows thestate of company. It enables an organization in providing excellent services and facilities at areasonable price. This makes the product more reliable and cost effective, other than this it savestime as well. Therefore, it enhances overall productivity and enhances the brand image of theproduct Boons, Lüdeke-Freund, 2013). Sustain effective communication process: While implementing any innovative concept it isimportant that a proper communication is maintained amongst employees and superiors. Thiswill help seniors to guide their workers in an effective manner. Through a proper communication
company can reduces the chances of misunderstandings which can act as a barrier in the wholeprocess of innovation. Helps in effective utilization of resources: For having a best quality product it is essentialthat company make an optimum use of all the resources that are available to them. It will helpcompany in making the product more reliable for customers. Thus, for making their productunique Mr. John Watches are using various assets that can assist them in giving better outcomes(Brynjolfsson and McAfee, 2012). Give profit to business organization: Innovative and new products always help theorganisation in attracting maximum number of customers towards their organisation. Therefore,by launching new products or re-launching the existing products by making some alterationsalways aid the organisation in having competitive advancement (Cross, 2011). By providingappropriate services and facilities to customers Mr. John Watches is earning maximum benefitsand as a result an increase in its growth rate can be seen. Therefore, innovation and invention both differ from each other in some context and theseare mentioned below so that it can be understood in an effective manner:BasisInnovationInvention MeaningInnovation is a thought that isused to make the product morereliable and are used foradding value in their existingproducts. Thus, for thiscompany make certain changesare required for an effectivegrowth. Invention happens abruptlyand it occurs for the first time.All the activities performedunder this are not beenattempted. ConceptConcept of implementing thisapproach is to add more valueto the commodity so that it canincrease the sales andprofitability. Inventions are done for a bettercause so that citizens can enjoythe services and facilities.Therefore, in this a newproduct is manufactured.Required skillsFor developing a newinnovative product it is not thata person must be properlyskilled, just need some of theFor invention it is necessarythat an individual must haveproper knowledge about thebackground. Other than this, a
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