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Innovation and Commercialisation In Business (Pdf)

   

Added on  2020-10-23

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INNOVATION ANDCOMMERCIALIZATION
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Table of ContentsINNOVATION AND COMMERCIALIZATION...............................................................................1INTRODUCTION...............................................................................................................................21. Difference between innovation and invention............................................................................22. value and importance of innovation to organisation and how it can be embedded with in the organisational leadership culture at the company...........................................................................43. 4p's of innovation and their support the capability and engagement of innovation.................54. what are the approaches which company can take to process innovative ideas including the innovational funnel and , frugal innovation...................................................................................6CONCLUSION...................................................................................................................................8REFERENCES....................................................................................................................................8
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INTRODUCTIONMeaning is innovation is performing and thinking about any task more creatively and withuniqueness. 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 , homeproducts and luxury food products. This report is based on the put ideas, and creativity to achievedesire goals of company. This file further discusses about the focuses and important of innovationand invention. And the comparison between them, value and importance of innovation toorganisations and relationship with organisational leadership and culture of the company, 4p's ofinnovation and their support the capability and management of innovation and the approaches thatthe company can take to process innovative ideas, including the innovation funnel and frugalinnovation(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 productwhich can be more beneficial for the company. In another words it is an embodiment andaccomplishment to the generation of an ideas. The meaning of invention can also be defined as theinnovative new idea and process and ways which was never ever existed already in the business orin 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 avery costly process.Innovation- is a process to an initiative to develop something new. It is all about createsomething new and unique from others whether it is product or any service or any machineries itcan be anything. Innovative idea has a symptoms of uniqueness which makes it differ from existingthing. Innovation is also a procedure to perform any task very uniquely by generate new ideas orways to accomplish any task. Innovation process using existed ideas which helps to generateinnovative ideas. It is also a process to use use mind in a specific direction to create different waysto accomplish any task(Liao,and et.al., 2016.).
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