Importance of Innovation and Commercialization in 99p Stores

INNOVATION AND COMMERCIALIZATION MANAGEMENT
Assignment
Student name:
Organization: 99p Store
Student ID:

Table of contents
Introduction......................................................................................................................................3
LO1 Define innovation and determine the difference between innovation and invention..............3
P1 Explain the importance of innovation to 99p Stores and its comparison with the invention.....3
P2 Mention the ways using which culture, teamwork and leadership can shape
commercialization and innovation in the organization....................................................................5
LO2 Explain the types of innovation...............................................................................................6
P3: With the use of innovation funnel explain the 4ps of innovation.............................................6
P4 Line out the developments in frugal innovation and draw examples with chosen organization7
LO3 Processes required commercializing innovation.....................................................................8
P5 Importance of commercial funnel in the application of New Product Development (NPD)
with respect to commercialization of innovation.............................................................................8
P6 Build a business case include ways to access funds.................................................................10
LO4 What is the range of ways for protecting ideas and understand their benefits and
disadvantages.................................................................................................................................11
P7 Evaluate the tools that can develop, retain and protect knowledge and intellectual property..11
Recommendations..........................................................................................................................12
Conclusion.....................................................................................................................................13
Reference list.................................................................................................................................14
Bibliography..................................................................................................................................16
Appendices....................................................................................................................................17
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Introduction
The importance in innovation within the sector of commercialization has gained immense
importance. Thus, the assignment aims to understand the importance of invention with respect to
innovation in regards to 99p Stores as a chosen organization. 99p Stores is a medium sized retail
organization that operates over the UK. The organization mainly deals with delivery of consumer
goods with low-cost delivery to all parts of UK. The organization aims to emerge out as one of
the major online pound shops. However, it should also be taken into consideration that lower
price does not mean degraded service quality. The company promises to deliver the purchased
goods at a stated address within the mentioned time. Hence, the assignment works on explaining
the difference between innovation and invention with the factors that work on supporting
innovation and commercialization of business processes. Finally, the innovation funnel with
New Development of Products has been outlined in order to ensure innovation in business
processes.
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LO1 Define innovation and determine the difference between innovation and invention
P1 Explain the importance of innovation to 99p Stores and its comparison with the
invention
The report shed lights on the commercialisation and innovation of 99p stores and in addition to
this, organisation culture has been evaluated for next 12 months. Innovation decides about
company’s culture, vision and also helps in commercialisation. This has been discussed in this
report in details. 4Ps of the innovation has been explained in details for shaping the innovative
ideas. All the frugal innovation has been explained with the help of various examples. This helps
in making the organisational culture more innovative. Innovation needs to commercialise and
hence, for this, commercial funnel and NPD have been explained significantly. This is highly
important for the employees of 99p stores. This helps in overcoming the challenges faced in the
organisation. Different tools have been used by the company to retain develop and protect
knowledge. The major tools that have been used are copyrights, trademarks, patents and design
rights.
Innovation may be termed as a new idea with creative thoughts. However, as opined by
Bashmakov et al. (2014), innovation is often viewed as an application of better solutions that
work on meeting the needs of competitive markets, customer demands or even unarticulated
needs. Thus, the importance of innovation is imperative in the operational management of the
business. Hence, as per perspective of marketing, in regards to increasing competition in online
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retail stores, it is important to stay competitive. As influenced by Fang et al. (2017), an important
part of innovation is creativity, a business that fosters and implements creativity has high
chances of implementing creativity and thus more likely to be innovative. Moreover, as
mentioned by Donate and de Pablo (2015), the benefit associated with innovation is generally
tangible. Thus, the following are the sources of innovation in the chosen retail organization:
The unexpected market trend: The retail sector is basically customer-centric that is subjected to
change in consumer purchase behaviour. In order to meet the demand of the customer, 99p
Stores needs to make changes in business operations that can help in gaining a competitive
advantage in the market. As per Curtis and Sweeney (2017), in order to gain competitive
advantage innovation is an integral part.
Changes in Perception: Population and people change over time. The lifestyle of individual
changes, thus companies should work on implementing innovation and must pay attention in
order to be remembered in the market. For example, people these days rely on online shopping in
order to ensure timely delivery and avoid time constraints. Taking advantage of this situation 99p
Stores can work on making use of innovative techniques to strengthen their online presence.
Process need: The need for processing works on identifying weak spots of the chosen
organization. As influenced by Eesley et al. (2014), the process need is not limited to the
identification of weak spots; it works on correcting them too. Thus, the task-oriented solution
acts as a source of innovation that comes from existing capabilities of 99p Stores with ways of
doing business and not the market.
The concept of innovation is made clear; however, the difference between innovation and
invention can be stated as follows:
BASIS FOR INVENTION INNOVATION
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