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Importance of Innovation and Commercialisation: Doc

   

Added on  2021-02-19

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Innovation andCommercialization

Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3Importance of innovation to an organization in comparison with invention...............................3Explain howorganizational vision,leadership, culture andteamwork can shapeinnovation and commercialization..............................................................................................4P3 Burberry's 4Ps of innovation and the use of innovation funnel with respect to innovativeideas ............................................................................................................................................6Developments in frugal innovation and how it can be used in organizational context...............9Theimportance of commercial funnel and theapplication of new productdevelopment(NPD) processing forcommercialization ofinnovation.................................................................................................................................10Innovation business case for an organization including ways to access funding......................12Tools used by an organization to develop, retain protect intellectual property rights...............13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................16

INTRODUCTIONInnovation is the most important thing for a business if it wishes to succeed and grow inthe future. It refers to the creation of more effective products, services and ideas in order tointroduce something new into the market and it also contributes heavily towards the success ofthe business. Burberry is a British fashion luxury company headquartered in London, Englandthat manufactures and sells clothes, fashion accessories. Sunglasses and cosmetics. The companywas established in the year 1856 by Thomas Burberry and has 498 stores in 51 countries. It alsoprovides employment to 9,752 people worldwide and with an annual sales of more than $3billion, the luxury fashion company is also ranked as 73rd best global brand of all time along withits competitors like Gucci, Louis Vitton and Prada. The current study will highlight theimportance of innovation to the organizations, 4 P'S of innovation and the process to develop aninnovative product.MAIN BODYImportance of innovation to an organization in comparison with invention.In this dynamic business environment, it is critical for every business to innovatecontinuously or else the company will fail to survive in this high volatile competitive market.Burberry company has always been a flag bearer of innovation and it has helped in creating abrand image of the organization. Importance of innovation is:Competitive advantage: The main importance of innovation is that it helps anorganization in achieving competitive edge over other players in the market. It isimperative for a business to identify the consumer needs and wants and accordinglyinnovate the old product or service by adding some new features to it. Burberry companyuses its skills to manufacture innovative clothes and introduce new fashion into themarket. It has further helped the company in achieving competitive advantage as thecustomers wish to adopt the latest trends every single time (Durmusoglu, Hirunyawipadaand McNally, 2017).Solving complex problems: The major motive behind innovating a product or service isto solve complex problems that consumers are facing. It basically involves the process ofidentifying consumer problems, developing an idea and then innovating the product orservice accordingly.Solving complex problems further increases the level of trust

between both consumers and producers. Also, innovation helps in improving the standardof living of people which helps in increasing the profitability of the organization.The Latest technology: Innovation helps in technological advancement which furtherreduces the cost of the company and increases the overall profitability of theorganization. Burberry uses the latest technology like artificial intelligence in order toforecast the demand and to improve the quality of products and services much faster.Also, Burberry has spread its operations online that has helped the organization inattracting large customer base and the company provides unique discounts and offers inorder to increase its sales and profitability (Weston, 2016).On the other hand, invention is concerned with the introduction of a new product line or serviceby performing research and development. Invention involves scientific experiments and a lot ofmarket research as well. It is different from innovation because: Unexpected results: Unlike innovation, inventions have an unexpected result whichmeans that the newly launched product or service can become an instant success or agradual failure as well. Inventions are more risky as compared to innovation therefore itis imperative for an organization to perform market research and identify consumer needsand wants before developing and launching the product or service. Burberry groupintroduced its new line of products like sunglasses and cosmetics by performing adequatemarket research in order to ensure the viability of the products.Building block for innovation: Invention has a wider scope as compared to innovationbecause it is the first step in the process of developing a product or service. Invention of aproduct involves identifying the problem, developing and idea then converting that ideainto an opportunity and finally manufacturing a product or service accordingly. Also,invention requires huge scientific knowledge, funds and time unlike innovation. Burberrycompany innovated the fashion and clothing lines according to the latest trends but it wasinvented a long ago.

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