Frugal Innovation Strategies for Business Survival

This assignment discusses various frugal innovation techniques that can aid business survival and growth. It highlights the importance of community engagement through event participation and social activities to gain customer feedback and improve product quality. The study emphasizes the significance of customer trust and faith in a company's products, making it essential for businesses to provide good product quality and services.

INNOVATION AND
COMMERCIALIZATION

Table of Contents
INNOVATION AND COMMERCIALIZATION...............................................................................1
INTRODUCTION...............................................................................................................................2
1. Difference between innovation and invention............................................................................2
2. value and importance of innovation to organisation and how it can be embedded with in the
organisational leadership culture at the company...........................................................................4
3. 4p's of innovation and their support the capability and engagement of innovation.................5
4. what are the approaches which company can take to process innovative ideas including the
innovational funnel and , frugal innovation...................................................................................6
CONCLUSION...................................................................................................................................8
REFERENCES....................................................................................................................................8

INTRODUCTION
Meaning is innovation is performing and thinking about any task more creatively and with
uniqueness. Innovation refers to collect every resources to doing any work with an innovative idea.
Marks and Spencer company is a multinational company which is providing clothing , home
products and luxury food products. This report is based on the put ideas, and creativity to achieve
desire goals of company. This file further discusses about the focuses and important of innovation
and invention. And the comparison between them, value and importance of innovation to
organisations and relationship with organisational leadership and culture of the company, 4p's of
innovation and their support the capability and management of innovation and the approaches that
the company can take to process innovative ideas, including the innovation funnel and frugal
innovation(Ke, and et.al., 2016).
1. Difference between innovation and invention.
Invention- It is some how as similar to the innovation. It is all about inventing new product
which can be more beneficial for the company. In another words it is an embodiment and
accomplishment to the generation of an ideas. The meaning of invention can also be defined as the
innovative new idea and process and ways which was never ever existed already in the business or
in any market. In other ways it can be said that it is an idea which can be patented for the security.
Many countries have their personal rules about patent, copyrights and trademarks and it is also a
very costly process.
Innovation- is a process to an initiative to develop something new. It is all about create
something new and unique from others whether it is product or any service or any machineries it
can be anything. Innovative idea has a symptoms of uniqueness which makes it differ from existing
thing. Innovation is also a procedure to perform any task very uniquely by generate new ideas or
ways to accomplish any task. Innovation process using existed ideas which helps to generate
innovative ideas. It is also a process to use use mind in a specific direction to create different ways
to accomplish any task(Liao,and et.al., 2016.).

Invention Innovation Basis of difference
It is all about tom create a new
product. So it is completely a
new creation.
It is a theoretical part based
thing which based on the
theories.
It is a mindset situation where
new ideas comes to produce
new product. it is not based on
existing thing.
It is an idea of already existed
new product or anything.
The concept of innovation is
full based the new ideas and
their implementation.
Occurrence of innovation
comes when the need of
innovation felt about already
existed product.
1. What is it?
2. concept
3.Occurrence
In invention scientific skills
are required to develop
completely new product.
It is about to create only a
product only.
It is a new idea for new product
which was never based on the
existed product.
Needs of skills are required
and these skills are Technical,
marketing and, strategic skill.
Innovation includes different
different products , services and
strategy to develop new
product by already existed
product.
It is implementation of an idea
about existing product. Which
can be differ from others
4. Skill required
5. Relationship
6. Meaning
2. value and importance of innovation to organisation and how it can be embedded with in the
organisational leadership culture at the company.

Importance of innovation- from the above differences it is clear that there is a difference
between innovation and invention. Innovation is based on the existing product and services which
gives an idea to re produces another product by adding some new factors which play a big role in
marketing of the product. So innovation is an important thing to create product which should have
new and unique quality. Occurrence of useful ideas can be a creativity of mind which was
expecting the requirement of innovation. Creativity is an art to combine every ideas and possible
sources to creating new ideas to re modify any product. It is very important for them who have
creative mind for dynamic changes. It is very important for those companies which are surviving
from losses just because of their existing products. So innovations are necessary for the profit
maximization of the Marks and Spencer because company is providing many products and services
across the world like clothing services and home product services so it should be an important
thing for the Mark and Spencer to innovate new products(Yu,and et.al ., 2016).
Multi differentiation of ideas mostly proved wrong but there are some cases where multi
ideas can be proved beneficial for the company . It is about the team work and leadership there are
something inter relation among them because there are many members comes in a teams. Who has
their different different ideas they can put their ideas tom the company about innovation. It can be
beneficial for the company because firstly ideas comes without thinking anything, these types of
ideas has filtered by the previous ideas so at last there comes very unique unique ideas which can
be proved applied for the company. An effective team can generate an effective ideas of
innovation and this idea will produce a new product. Leaders provides their team members to
express their ideas on a platform. So innovation , teamwork and leadership all there inter related to
each other.
In other case if leaders are thinking something unique and creative and working with team
members for the purpose of profit of the company , but the superiors of team leaders have already
a mindset from starting to invent a new product without listen to any one. Instead of go with
different options , managers choose their own ways for innovation. So it also can be a possible
thing. The reason behind profit maximization is because leaders have an engagement with team
members leader provide them opportunities to solve any problem and , identification of any factors
and also for to provide their innovative ideas to leader for the purpose of the company.
In this type of company Marks and Spencer it is very important for the leaders to stay
embedded with team members so employee would like to take an initiatives in every matter of
company. Marks and Spencer is a world wide company which is selling its products to the
customers so company should have different different leaders from every nation so they would able
to provide their feedback of the people of their nations . And company should try to develop new

products from the feedbacks of the leaders and the team members so. Marks and Spencer company
believe in democratic leadership so company would give the chance to their leaders of different
different nation and team members to take an participation in the process of decision making
process.
3. 4p's of innovation and their support the capability and engagement of innovation.
4p's of innovation are written below which helps to any company for their product selling and
marketing. It should be necessary for every organisation to follow some strategy for the marketing
of the product .Marks and Spencer is following the 4p's for innovation and to increase the sales and
profit of the product.
1. Product innovation- product innovation is to create different thing about product. it is all
about to launch anew product and using the different different style for the marketing of the
product to increase the sales and profit to achieve future aspect. Product innovation is the
reflection of the expectation of the consumers. It can include various thing of innovation
like the size of the product, ait packaging and cost of the product. It is about to relaunched
product with addition of something new things. So it would be a new version of the
already existing product(Osoro, Kirama, and Vermeulen, 2017).
2. Process innovation- process innovation is something new thing about process of the
innovation that means process should be something different compare by previous based
production unit. it is a very different or unique thing for the production unit. By adding
something new production strategy. Which can help to provide more productivity. It is a
different thing to approach new things for the company. Process should be easy and more
effective and valued by the expertise. So they can get more production in effective manner.
3. Paradigm innovation- it is the most important business techniques which gives a shape
that means how a business should work in which direction and what should be the
strategies to the business because paradigm innovation provide complete formate of the
product and the process. And it is related the mental model. This innovation define all the
process of an organisation or product for the completeness(Thakur, and et.al., 2018).
4. Position innovation- it is most new thing because it is step where existing product replaced
by the new product. Positioning is the thing which always valuable thing to customers.
Many times it happens that company redesign their products because to increase in the sell
and marketing of the product. So it is also called by re-positioning of the existing product
with a purpose to attract the customers and their attention towards products . It is an
important thing to promote any product by replacing existing products.

Marks and Spencer is a multinational company which is providing its services to the
customers across the world. So according to above innovative style Marks and Spencer should
innovate some new products to launch which should have unique quality which differ its products
from other companies. All this strategies can be beneficial and useful for the company. To promote
new product. Company should engage with all other companies which are working in same
direction because both similar companies can batter understand each other and it will help to
promote the products of each other. As similar to other companies Marks and Spencer should
engage with other international companies so that they can expand their business on the
international level.
4. what are the approaches which company can take to process innovative ideas including the
innovational funnel and , frugal innovation.
Innovation process- There are five steps of innovation process and these are written below
which can be recommended to the company Mark and Spencer-
1. Identification of the goals and the problems to be solved.- this is the first step of of
innovation process ,identification of the goals is very necessary to identify the goals so that
new innovative ideas can generate in the mind.
2. Analysis the opportunity and the resources- analysis the resources for the implement the
idea in the production process.
3. Design and development- this is the third process of innovation where all the new things of
the product has decided.
4. Conversion- it is phase where product takes its new face. Tht mens product is redesigned
from its actual face.
5. Commercialization- it is a phase where product takes the palace in the market for the
purpose of profit maximization.
Innovational funnel- this funnel model which is used by many organisation to evaluate
their ideas that which idea can be beneficial for the company so the Mark and spencer should use
this funnel to identify the the best ideas for the growth of the company. This funnel is about to
provide something unique and filtered ideas to the organisation. This business can generate many
new thing which can beneficial for the company's future purpose. It is most important to react new
ideas there are some benefits of innovation funnel there are written below-
by providing Trade secrete protection- this type of protection is all about provide
projection to the idea of innovation. Without the patent there can be threat to steal of an idea of

some one . So it should be necessary for the company to provide trade secret protection to protect
their ideas. So the company Mark and Spencer is providing then trade secret protection to it is
employees to protect their rights of their ideas security. So within the help of thesis protection
funnel is providing them help to secure their m innovative idea.
Improvement in patent quality- there is a another facility which is providing by the Govt.
and that is patent facility to the company. Mark and Spencer is producing verity of consumer
friendly products like clothing and ,luxurious products also. So the company can patent any
product or any innovative ideas.
Frugal innovation- as we knows financial activities are the key of any kinds of
organisation because every company is based on the financial activities company can not survive in
the market without strong base of finance. That means the flow of cash it should be cash inflow
and outflow.
So here are some ideas of frugal innovation so company can survive in the market(Chun, and
et.al., 2015).
By supporting different community event this is one of the best ways for Marks and
Spencer to promote its business and product. Company can expand its business to take an
participation in different different events and it can join any of the company which is ready to
collaborate with Marks and Spencer , company can create many opportunity in the market for the
product.
Take a participation in social activities company can expand its business by being social.
That means company should be engaged with social activities to know the feedback about their
product and services so that company can improve the quality and services. So it is necessary for
the company to be social and to engage with the society.
It should be a very good point for every company that their customers are keeps trust and
faith on the company products. And they expect much thing from the company in terms of good
product quality and services. This company is providing its product which is used by the all types
of customers so because clothing and home products are the valuable thing for the customers.

CONCLUSION
From the above study it has been summarised that the definitions of innovation and the difference
between them, what was the value and importance of innovation of any organisation and the affect
of the innovation on the leadership and the culture of the company also discussed about the 4p's of
the innovation and their support to the marketing of any product, and the strategies to engage with
new company and expand the business, and the process of innovation and its origin place , and the
roles of innovation funnel and frugal innovation.

REFERENCES
Books and journals
Ke, and et.al., 2016. Employing lead thiocyanate additive to reduce the hysteresis and boost the fill
factor of planar perovskite solar cells. Advanced materials.28(26). pp.5214-5221.
Liao,and et.al., 2016. Lead‐Free Inverted Planar Formamidinium Tin Triiodide Perovskite Solar
Cells Achieving Power Conversion Efficiencies up to 6.22%.Advanced Materials.28(42).
pp.9333-9340.
Yu,and et.al ., 2016. Improving the performance of formamidinium and cesium lead triiodide
perovskite solar cells using lead thiocyanate additives. ChemSusChem.9(23). pp.3288-
3297.
Osoro, O., Kirama, S. and Vermeulen, P., 2017. Factors Affecting Engagement and
Commercialization Of Innovation Activities of Firms in Tanzania. Tanzania Economic
Review.4(1-2).
Kim,and et.al., 2014.Gamma Titanium Aluminide Alloys 2014: A Collection of Research on
Innovation and Commercialization of Gamma Alloy Technology. John Wiley & Sons.
Chun, and et.al., 2015. Labor union effects on innovation and commercialization productivity: An
integrated propensity score matching and two-stage data envelopment
analysis.Sustainability.7(5). pp.5120-5138.
Thakur, and et.al., 2018. Innovation and Commercialization Strategies for Three-Dimensional-
Bioprinting Technology: a Lean Business Model Perspective.Journal of Commercial
Biotechnology.24(1).
Online
Innovation and commercialization.,2018[online] available through
<www.edx.org/course/innovation-commercialization-mitx-3-086x-0>