Innovation and Commercialization

Innovation and
Commercialization

Table of Contents
INTRODUCTION...........................................................................................................................1
P1 Difference between innovation and invention and importance of innovation to
organisation.................................................................................................................................1
P2) Contribution of organisational vision, leadership, culture and teamwork in innovation and
commercialisation.......................................................................................................................3
TASK 2 ...........................................................................................................................................5
P3) Evaluating 4 P'S of innovation. ..........................................................................................5
P4 Development in frugal innovation and its uses......................................................................8
TASK 3............................................................................................................................................9
P5 Importance of commercial funnel and application of NPD for commercialization and
innovation ...................................................................................................................................9
P6 Evaluation of Innovation Business Case..............................................................................10
TASK 4..........................................................................................................................................12
P7 Different tools that organisations can use to develop, retain and protect knowledge and
intellectual property rights........................................................................................................12
CONCLUSION .............................................................................................................................13
REFERENCES..............................................................................................................................14

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.
Periscopix is refers as a leading technology enabled, information driven performance
marketing agency and the nation's largest privately held agency. The company mainly operating
in search, programmatic media or web analytics, delivering measurable outcome for top tier
global and European brands. The major purpose of Periscopix is to implement innovation as to
developing more effective and attractive products and services at market place pay (Sawyer,
2011). As a leading technological company innovation and invention is the key organisational
success, thus business is concern over adopting innovative ideas and tools in respect to
enhancing organisational practices. Innovation is important for sustaining growth and success at
commercial centre and organizations are majorly focused on establishing advancement and
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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:
 Innovation is necessary for each department within organization as to developing new
ideas and thoughts. Periscopix is widely concern over implementing new or innovative
ideas and technologies that are significant for the organisational departments to smooth
execution of organisational operations.
 Innovation helps in making appropriate changes in the existing products and services as
to developing organizational sales and profitability at market place. Periscopix is
concern over implementing change within organisational department especially in
marketing practices, as the company is using advance way to promote their products and
facilities within market and enhance organisational sales and opportunities.
 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 It occurs when an effective and new
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