Innovation and commercialization - Superdrug
Added on 2021-02-21
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Innovation andcommercialization
Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3P1 Concept of innovation and its comparison with invention....................................................3P2 Organisational vision, leadership, culture and teamwork that shape innovation andcommercialisation.......................................................................................................................5M1...............................................................................................................................................7D1................................................................................................................................................7LO 2.................................................................................................................................................7P3 Explaining the 4 P's of innovation and uses of innovation funnel.........................................7P4 Explaining development in the frugal innovation..................................................................9M2.............................................................................................................................................10M3.............................................................................................................................................11LO 3...............................................................................................................................................11P5 The importance of commercial funnel and application of NPD..........................................11P6 Build innovation business case............................................................................................14M4.............................................................................................................................................15LO 4...............................................................................................................................................16P7 Evaluating different tools that organisation by retaining product knowledge andintellectual property..................................................................................................................16M5.............................................................................................................................................18D2..............................................................................................................................................18CONCLUSION..............................................................................................................................18RECOMMENDATIONS...............................................................................................................19REFERENCES..............................................................................................................................20
INTRODUCTIONInnovation refers to process of innovating any new ideas, thoughts and expressionthrough which it represent the identify of the company. In perspective of business, innovation ismainly conducted with the helps of employees by bringing new ideas in their work premise andalso they give new identity to the products and services (Innovation, 2019). Innovation iscommitted on any bases of satisfying the needs and wants of the customer through providing thenew identity in the products and services. Commercialisation refers to bringing the products inmarket and also attract customer through their innovative ideas and concepts in the newproducts. Present report is based upon the Superdrug which is founded by Ronald Goldstein andPeter Goldstein in 1964. Superdrug deal in health and beauty care products and also engages inits own pharmacies business. They are considered to be the second largest retailer store afterBoots company and engaged with around 14,000 employee which are carrying the business atlarge scale.Superdrug is located at around 796 places and also they traded their business at around900 shops across UK and many more countries. Through their innovative products and conceptbehind promoting their products, they are considered to be one of the fastest growing companiesin UK. By dealing in Health and beauty care products, they also deal in pharmacies business andthrough their aspects, they opened 19 clinic through which they are considered to be the fourthlargest chemist shop in UK. This report will includes the background of the concept innovationand also its difference between the invention and innovation. It further elaborate with theidentifying different types of innovation. It also includes the process which is required incommercialising innovation. Lastly the report ends up with various methods which is consideredin respect of protecting the ideas and also examining its advantages and disadvantage regardingthe appropriate innovation. MAIN BODYLO1P1 Concept of innovation and its comparison with inventionInnovation means new ideas and thoughts which differentiate from existing products orother company products and also through such innovation, it results in occurring huge demand inmarket. Innovation can be done on the base of employees capability and skills to innovate newideas and this can be undertaken in respective of getting adequate technology and facilitate, so
that they can bring original ideas in organisation (Bertoni and Tykvová, 2015). Innovationmainly focused on original ideas and concepts but it can also be done on existing products and itsavailability depends upon bringing new thoughts. In such perspective, they can attract theinterest of customer towards such products and services for longer time period. The importancesof innovation refer to the following aspects such as:They provides opportunities to the companies to build the strong connectivity in thedeveloping market.Through the innovation, they directly linked up with community and also supportingthrough financial and various cost benefits to the country.By choosing the concept of innovation, it results in enhancing the productivity in thecompany at low cost aspects (Muls and et.al., 2015).Innovation results in getting more retention of employees in organisation and also theyare motivated to bring new ideas in work premises and implement them to present betterproductivity.Invention refers to the act of bringing new ideas or thoughts which does not exit before ornot undertaken by any other person regarding preferring the existing products. Invention mainlycovers under the complete unique project and also some invention are patent as they are uniquefrom others (Antony, Setijono and Dahlgaard, 2016). Inventions carry certain rights and alsolaws are implemented in case of infringement of any inventions. The importance of inventionare resulting as:It extends the capability of person to think beyond their imagination and also provideschances to improve their life. To implement the visualisation into reality by choosing more opportunists to bring newideas and interpret them to get better results (Arora, Athreye and Huang, 2016).Invention play the role of magic as it automatically motivated or advances man life tothink for future perspective. Difference between Invention and InnovationFactors Invention Innovation Creation of ideas It is mainly covered under thecreation of new ideas andthoughts which is original andInnovation can also be done onthe bases of existing productsby designing and giving
not discovered before(Difference betweenInnovation and Invention,2016). integrity to attract largecustomer base. Skills required Invention mainly covers underthe scientific skills throughwhich they can bring novelproducts and services. It carries marketing skillswhich distract the customertowards the products, technicalskills so that they can enjoyeconomic benefits (Hall andSena, 2017). LimitationInvention are limited orinvented with single products. They are innovated incombination with variousproducts and services. PatentFew invention are patent(Archibald and Archibald,2016)Innovation in existing productsare not patent. Examples Telephone, electricity are oneof the major invention. iPhone is one of the majorinnovation.In case of Superdrug company, the innovation they bring is in perspective of organic skintone cream which is specially designed under the ingredient of herbal coffee items. This is onethe major innovation which is done by company so that they can fulfil the needs of all ageground people and also available for all types of skin. The main concept of choosing this productis that usually companies focus on marketing the products to all age group, they not focus onparticular person needs (Bertoni and Tykvová, 2015). In such perspective to innovate thisproduct in market, helps Superdrug to satisfy the needs and wants of the customer and buildpersonal relationship with them. P2 Organisational vision, leadership, culture and teamwork that shape innovation andcommercialisationIn respect of innovating new ideas and products in market, there are major aspects whichdetermines the stability of the products in market and also it stands company reputation throughinterpreting its vision regarding promoting the new products in market (Naqshbandi and
Jasimuddin, 2018). Organisation vision regarding the introducing the organic skin tone cream isrelated to targeting every colour of people and also motivating them to use their cream for 1week to get excellent results. The vision of the company is to increase its sales by 20% and alsoreach to large customer base.In the concept of introducing this product, leaders role are important and also they playvital role in respect of motivating employees to continue maintaining the productivity incompany (Mierke, 2016). In fulfilling their innovation, they implied participative leadershiptheory to involve every team members in their innovation and discussion regarding producingthe products. Through this theory, they can take the decision and judgement of every teammember and also implement them to bring any changes in the products. The matter relating toculture is identified in respecting of producing the organic skin tone cream fro every culturepeople. As this cream is specially innovated for all types of skin and also it can be easilyaffordable. The innovation is accomplished by the group of team and through their support andinnovative ideas they came up with the new concept regarding the organic team (Mierke, 2016).Team work is accomplished on the bases of motivation which can be done through properguidance and also their ideas are appreciated and provide adequate facilities which results ingetting better productive results. SWOT analysis of organic skin tone cream of Superdrug company is resulting in :StrengthThrough their products it helps tounderstand the customer in bettermanner (Dodge and et.al., 2017).Superdrug carry the renowned brandimage in market and also deal inpharmacies thus they are more familiarwith the use of products. WeaknessCannot beat the competitors advertisingstrategy to reach to large customerbase.Lack of communication between theemployees regarding carrying theirideas which they initiate into theproducts. OpportunitiesIncreasing customer demand regardinginnovating the new products which ismade with coffee (Mohd Adnan andValliappan, 2019).ThreatsBy putting the low prices in product resultingin facing threats of not getting quality products.
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