Innovation and Commercialization

Task 1 - PowerPoint Slides 10-15 (1000 words including the slides) Task 2 - 2000 words

INNOVATIONS AND
COMMERCIALIZATION

Table of Contents
MAIN BODY...................................................................................................................................4
P 1 - DIFFERENCE BETWEEN INNOVATION AND INVENTIONS..............................4
(b) ORGANIZATION VISION, CULTURE, LEADERSHIP AND TEAMWORK THAT
SHAPE COMMERCIALIZATION & INNOVATION.........................................................5
P 3- EXPLAIN THE 4 P'S OF INNOVATIONS AND EXPLAIN THE USE OF
INNOVATIONS FUNNEL TO EXAMINE AND SHAPE INNOVATIVE IDEAS............6
P 4 – EXPLAIN DEVELOPMENTS IN FRUGAL INNOVATION AND PROVIDE
EXAMPLES OF HOW IT IS USED IN TESCO...................................................................7
LO 3: DISCUSS THE PROCESS REQUIRED TO COMMERCIALISE INNOVATION.......7
P 5 - EXPLAIN THE IMPORTANCE OF THE COMMERCIAL FUNNEL AND THE
APPLICATION OF NEW PRODUCT DEVELOPMENT (NPD) PROCESSING FOR
COMMERCIALISATION OF INNOVATION.....................................................................7
P 6 - BUILD AN INNOVATION BUSINESS CASE FOR AN ORGANISATION,
INCLUDING WAYS TO ACCESS FUNDING....................................................................9
P 7 - EVALUATE THE DIFFERENT TOOLS THAT ORGANISATIONS CAN USE TO
DEVELOP, RETAIN AND PROTECT KNOWLEDGE AND INTELLECTUAL
PROPERTY..........................................................................................................................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
The innovation and commercialisation means the innovating a new product which will be
completely different from the existing products of the market. The companies innovate the new
product so that the they can offer new features and benefits to their customers. Most of the time
innovations gets success in the market but there are times when the new innovation done by an
producer or company fails in the market. The innovation and commercialization is very
important for the development of the organizations. Reason behind this is that the companies
can't survive the market, if they are not coming up with new innovative ideas and products.
Tesco is an multinational grocery store established in Britain. The company deals in the
products like clothing, food, books, credit cards, banking and other financial services. Tesco is
the third largest retail store in the world which offers many differentiated products to their
customers.

MAIN BODY
LO1 EXPLAIN THE CONTEXT FOR INNOVATION AND DETERMINE THE
DIFFERENCE BETWEEN INVENTION AND INNOVATION.
P 1 - DIFFERENCE BETWEEN INNOVATION AND INVENTIONS
INNOVATION INVENTIONS
The innovation includes the idea or a thought
which came into the mind of the customers for
producing new product or service in the
market.
Invention means inventing the new product or
service practically for the customers of the
organization.
The innovations can be done in the existing
products. For example- A non AC car can be
innovated by adding the AC facility in it.
The invention means the inventing a
completely new product which does not have
any similarity with the other existing products
in the market.
The innovation always attracts the talent. The
innovation is Purley based on the talents and
extraordinary thinking capabilities of the
employees.
The Invention are called as unexpected results.
The inventions done are not always pre
planned. Sometimes the employees or the
students trying to do something new turn out in
to an innovations.
The innovation needs the technical strategies
and use of latest technologies which will be
digitalized in the environment.
The invention needs the skills and experience
of the person which will produce the new
product by keeping all the market knowledge
and their skills.

The innovation can be done time to time in the
organization. It does not need any kind of large
finance or budget to innovate something new
in the product.
The invention needs a big investment or
sponsorship from the government bodies or the
Non Governmental organisations (NGO's)
The Organizations needs to focus more on the
innovations rather than the inventions. The
reason behind this is that the innovation can be
done anytime and by anyone in the company.
The organization needs a lot planning,
strategies and market survey before inventing
any new product or service in the market.
The innovation can be done without the
interference of the government and other
members if the organization. The reason
behind this is that innovation does not requires
special permission from the organization
owners and governmental bodies.
The invention needs the permission of the
government and other governmental bodies.
The opinions and special permission of the
owner of the organization is also required
while inventing some new product or service.
(b) ORGANIZATION VISION, CULTURE, LEADERSHIP AND TEAMWORK THAT
SHAPE COMMERCIALIZATION & INNOVATION.
(A) VISION
The vision of the tesco was to provide the good services at the minimum prices to their
customers. The customers of tesco are loyal to the brand name and image of the organization and
the organization wants to continue it for the future also. The major vision of the organization is
to produce more and more innovative products so that the customers don't shift to any other
brand or retail store.
(B) ORGANIZATIONAL CULTURE
The organizational culture of the Tesco is very innovative. The employees are free to
give their suggestions and ideas to make better future of the organization. The organization
always brings the new concept and latest technologies which are trending in the market. The
employees a get chance to learn a lot from these latest technologies. The employees are also

provided with free training and development session by which they can work in efficient manner
in the organization(Masschaele, J., 2016).
(C) LEADERSHIP
The organization have a transformational leadership which is helpful in making the teams and
groups work in more efficient and effective way. The organization have made a team leader for
every team or group who guides the team to make the maximum profit from the resources
provided to them. It is the duty of the team leader to listen the problems and complaints of the
team members which are facing in the problems in the organisation.
(D) TEAMWORK
The employees of the Tesco are working in the small teams of 5-7 people. The working in the
team makes the targets completed on time and brings the best outcome from the
employees(Kudryavtseva, and et.al., 2017). The team work done in the teso helps the employees
to develop their skills and knowledge which will help them in improving their own personalities
and skills.
LO 2 : EXPLAIN DIFFERENT TYPES OF INNOVATIONS
P 3- EXPLAIN THE 4 P'S OF INNOVATIONS AND EXPLAIN THE USE OF
INNOVATIONS FUNNEL TO EXAMINE AND SHAPE INNOVATIVE IDEAS.
The 4 p's of the innovations includes the following:
 Paradigm
This innovation was done in the teso to improve the marketing strategies, technical strategies and
non technical strategies. This paradigm helped the organization to improve the online services
provided to their customers.
 Position
Before the recession the Tesco was having a strong brand image and was holding the 3 position
in the top retailing industries of the world. The organization offered many benefits and products
at very low prices which kept the position of the organization high in the market.
 Process
The process of the organization was improved by improving the supply chain management of the
products and services offered by Tesco. The organisation made good relations with the suppliers

and retailer who were supplying the products of the other companies and organisation to the
Tesco(Clayton, and et.al., 2018).
 Product
The products offered by the Tesco were completely different from the other retailing outlets
products. The Tesco was offering credit cards, financial services, loans and bank account
openings at very low rates. This strategies have increased the sale of the Tesco.
P 4 – EXPLAIN DEVELOPMENTS IN FRUGAL INNOVATION AND PROVIDE
EXAMPLES OF HOW IT IS USED IN TESCO.
 Making Innovative Friends
The Tesco made their friendship with those supplier and retailers who were highly skilled and
having a good experience about the supply chain management system in the market. Tesco's this
strategy of making good relations with the suppliers helped a lot in increasing the fast delivery of
the products and services ordered by the customers. The made good relations with other financial
advisors and the government of the UK(Mukhtarova, and et.al., 2015.). This helped them a lot in
taking financial decision which will benefit the organization and the permission of doing imports
an exports will also become easy.
 Shaping the Customers Behaviours
The shaping of customers behaviours was done by making the customers aware about the safety
of environment and nature. The Tesco used carry bags made up from cloths and papers which
helped in reduction of plastic in the environment(Zahra, and et.al., 2018). There were many
slogans and quotes written on the carry bags and billing counters of the outlets which increased
the awareness of saving the environment from the harmful resources
 Create Sustainable Solution
The Tesco took many initiatives in saving of the environment from the harmful resources. The
organization also participated in many CSR activities by which they did marketing of the eco
friendly products.

LO 3: DISCUSS THE PROCESS REQUIRED TO COMMERCIALISE INNOVATION
P 5 - EXPLAIN THE IMPORTANCE OF THE COMMERCIAL FUNNEL AND THE
APPLICATION OF NEW PRODUCT DEVELOPMENT (NPD) PROCESSING
FOR COMMERCIALISATION OF INNOVATION.
The importance of commercial funnel in the Tesco are as follows:
 Action Section
The action section of the Tesco consists of the features and innovation which the customers of
the organization has demanded from the company. In this the action s are taken on the basis of
feedbacks and reviews received from the customers about the product and services provided by
the organization. The Tesco wants to give complete satisfaction to their suto9mers from the
products and services offered by them.
 Decision Section
In this the market is fully depended on the customers decision of purchasing the products. The
Tesco was trying their best to keep their customers loyalty alive in the market, but with the
change in the technologies and taste and preferences of the customers, the organization faced
issues in earning the profit in the market. The loyal customers of Tesco remained Sicked to the
organization and they preferred to purchase the products offered by the Tesco till the end, but
attracting the new customers towards the offers by Tesco became a bit difficult(Escoffier, L.,
2015).
 New Values for Customer
The products the Tesco bought many customers attracting towards them. The Tesco made many
innovation s in the products and services offered by them. The innovations made in the product
of Tesco were related to the prices and discounts made on the products ans services. This created
a value of the products in the eyes of the customers.
 Improved Society
The products which were considered as harmful for the environment were renovated by the
Tesco keeping the environmental issues in mind. As the customers are also favouring to save the

environmental issues, the Tesco started selling the organic and hygienic products which made a
huge demand in the market.
P 6 - BUILD AN INNOVATION BUSINESS CASE FOR AN ORGANISATION,
INCLUDING WAYS TO ACCESS FUNDING.
 The innovative business for the Tesco can be made by creating a clear vision
about what the company wants to achieve in their future. The vision of the Tesco
is to have the highest value business in terms of revenues and profits(Nagy,
Schuessler and Dubinsky, 2016).
 The main objective of the Tesco is to achieve maximum satisfaction from their
customers. The company always wanted serve their best to the customers and for
doing this they need to offer many innovative products which are different from
their competitors.
 As the organization was always wanted to make the long term profit for the
continuous growth and development of the business, they were producing the
products according to the customer preferences and their demands(Jordan, and
et.al., 201).
 The made various marketing strategies which were changing time to time with
the change in technologies and innovations made in the environment. The
Organisation wants top give best services and offerings to the customers and for
doing this they were changing their marketing strategies continuously.
 By changing the market strategies continuously, the company made a stability in
the market and they never failed to meet the expectation of their
customers(Shatkovskaya, and et.al., 2017).
 As the Tesco was innovating their products and services very rapidly, the image
of the organization was build up positive in the eyes of their csutomers.
 The organization is having five most important elements which describes the sort
of company it aspires to be. Those five elements are needed and wanted around
the world, a business which is full of opportunities and growing at very high rate,
a business full of ideas, innovations and modern.

 The winners locally whistle applying to our skills globally and earning trust,
inspiration and aspiring our customers, colleagues and communities. The
businesses of Tesco was running buy the giving the targets to all the department
of the company.
 These targets were setted as the goals which has to be achieved by the employees
working in Tesco. The customers, shareholders, stakeholder and the employees of
tesco were provided with fulfilment of all the commitments and promises made to
them.
 The company never failed to satisfy their customer needs, shareholders and
stakeholder's profit and employees benefits which were promised to them(Deans
and et.al., 2016).
P 7 - EVALUATE THE DIFFERENT TOOLS THAT ORGANISATIONS CAN USE TO
DEVELOP, RETAIN AND PROTECT KNOWLEDGE AND INTELLECTUAL
PROPERTY.
The tools used by the Tesco in the development of their organisation are as follows:
 The organisation had a proper copyright of all the ideas, innovation, technologies and
strategies applied by them in doing the business in the market. These copyrights and
reserve were authorised by the government and no other organization was allowed to
copy them.
 The Tesco made many different policies and procedures which were followed by the
employees of the organization. These policies and procedures were very different from
other organisations policies.
 The marketing strategies of the organization were so unique that at the time of depression
also the organisation was making profit because of their marketing strategies.
 The employees of the organization were working in the team which created work place
collaboration in the organization. This workplace collaboration helped in completing the
targets fast making more profit in the organization(Lin, and et.al., 2015).

 The company was having its own designed trademark on all the products they were
selling. Tesco trademark is different from the other companies trademark and no other
company is allowed to copy that trademark(Walsh, Lee and Nagaoka, 2016).
 The purpose, vision and mission of the organisation were clearly described to the
employees of Tesco so that they work in the way which will help them in making the
profit for the company and develop their own skills and knowledge..
 The company is providing many training and development sessions in the organisation
which will help the employees to adjust themselves in the workplace easily. The
company made many training and development programmes in which the employees who
were working the organization from a long time becomes the mentor new joined
employee(Gbadegeshin, S.A., 2017).
 This helps to both the mentors and employees in improving their skills, knowledge and
confidence.

CONCLUSION
The report can be concluded by describing about the innovations and commercializations
made in the Tesco for their customers and employees working in the organisation. The measures
taken by the organizations in improving the employees working conditions and customers
attraction towards their products and offerings. The were many innovations made in selling of
the goods and services of the organisation which attracts the customers towards the purchase of
those products. The innovations made by the organisation was to make the products which were
environmental friendly. The use of plastic bags and other harmful products which can cause
serious damage in the nature were avoided. The customers were also motivated to use only paper
and cloth bags. The customers were motivated by the organisation to use the products which can
be recycled in the nature. There were many innovations made in the different sectors of the
organisation such as improving the supply chain management, building good relations with
financial advisors, improving frugal innovations and commercialization in the market. The Tesco
got many funds and financial help from the government and other non governmental parties for
the expansion of their businesses.

REFERENCES
Jordan, and et.al., 2016. Sustainable commercialization of new crops for the agricultural
bioeconomy. Elem Sci Anth, 4.
Kudryavtseva, and et.al., 2017. Pricing and assessment of competitiveness of innovative medical
devices in the context of commercialization strategy. Academy of Strategic Management
Journal.
Masschaele, J., 2016. Ecclesiastical Lordship, Seigneurial Power and the Commercialization of
Milling in Medieval England (by Adam Lucas).
Mukhtarova, and et.al., 2015. Development of green economy via commercialization of green
technologies: Experience of Kazakhstan. Journal of Asian Finance, Economy and Business, 2(4),
pp.21-29.
Clayton, and et.al., 2018. Behind the scenes: Intermediary organizations that facilitate science
commercialization through entrepreneurship. Academy of Management Perspectives, 32(1),
pp.104-124.
Zahra, and et.al., 2018. Why corporate science commercialization fails: Integrating diverse
perspectives. Academy of Management Perspectives, 32(1), pp.156-176.
Escoffier, L., 2015. Commercialization, Valuation, and Evaluation of Nanotech
Innovationsa. Commercializing Nanomedicine: Industrial Applications, Patents, and Ethics,
p.169.
Shatkovskaya, and et.al., 2017. Leading governments’ legal initiatives of innovational
development in the sphere of commercialization of intellectual products.

Lin, and et.al., 2015. Influences of cross-functional collaboration and knowledge creation on
technology commercialization: Evidence from high-tech industries. Industrial Marketing
Management, 49, pp.128-138.
Gbadegeshin, S.A., 2017. Stating best commercialization method: An unanswered question from
scholars and practitioners. International Journal of Social, Behavioural, Educational, Economic,
Business and Industrial Engineering, 11(5), pp.1088-1094.