Innovation and Commercialisation: Importance, 4Ps, Frugal Innovation, Commercial Funnel
VerifiedAI Summary
This report discusses the importance of innovation and commercialisation in organizations, with a focus on Tesco. It explains the difference between innovation and invention, and how they are important for gaining a competitive advantage and meeting customer needs. It also explores how an organization's vision, leadership, culture, and teamwork can shape innovation and commercialisation. The report further discusses the 4Ps of innovation and the use of the innovation funnel to examine and shape innovative ideas. It also explains the developments in frugal innovation and provides an example. Lastly, it explains the importance of the commercial funnel and the application of new product development processing for the commercialisation of innovation.
![[object Object]](/_next/image/?url=%2F_next%2Fstatic%2Fmedia%2Flogo.6d15ce61.png&w=640&q=75){kind=small}
![[object Object]](/_next/static/media/star-bottom.7253800d.svg)
