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Innovation and Commercialization Management Assignment

   

Added on  2020-10-23

25 Pages6011 Words155 Views
INNOVATION AND COMMERCIALIZATION MANAGEMENTAssignmentStudent name: Organization: 99p StoreStudent ID:

Table of contentsIntroduction ................................................................................................................................................................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 ...............................P2 Mention the ways using which culture, teamwork and leadership can shape commercialization and innovation in the organization.............................................................................................LO2 Explain the types of innovation ..........................................................................................................................P3: With the use of innovation funnel explain the 4ps of innovation........................................................................P4 Line out the developments in frugal innovation and draw examples with chosen organization.............................................................................................................................................................LO3 Processes required commercializing innovation................................................................................................Technological innovation is done in 99p store. Technological innovation is very important in any organisation. Return on investment suggests that the company is earning profits when the company does innovation. This business profits are calculated from return on investments. The return on investments explains that all the cost done on the investment is recovered and the profit is earned thereafter.P5 Importance of commercial funnel in the application of New Product Development (NPD) with respect to commercialization of innovation in 99p store.................................................................................P6 Build a business case include ways to access funds.......................................................................................LO4 What is the range of ways for protecting ideas and understand their benefits and disadvantages...........................................................................................................................................................P7 Evaluate the tools that can develop, retain and protect knowledge and intellectual property..............................................................................................................................................................................Recommendations....................................................................................................................................................Conclusion................................................................................................................................................................Reference list ...........................................................................................................................................................Bibliography..............................................................................................................................................................Appendices ..............................................................................................................................................................2

Introduction The importance in innovation within the sector of commercialization has gained immenseimportance. Thus, the assignment aims to understand the importance of invention with respect toinnovation in regards to 99p Stores as a chosen organization. 99p Stores is a medium sized retailorganization that operates over the UK. The organization mainly deals with delivery ofconsumer goods with low-cost delivery to all parts of UK. The organization aims to emerge outas one of the major online pound shops. However, it should also be taken into consideration thatlower price does not mean degraded service quality. The company promises to deliver thepurchased goods at a stated address within the mentioned time. Hence, the assignment works onexplaining the difference between innovation and invention with the factors that work onsupporting innovation and commercialization of business processes. Finally, the innovationfunnel with New Development of Products has been outlined in order to ensure innovation inbusiness processes. 3

LO1 Define innovation and determine the difference between innovation and inventionP1 Explain the importance of innovation to 99p Stores and its comparison with theinvention The report shed lights on the commercialisation and innovation of 99p stores and in addition tothis, organisation culture has been evaluated for next 12 months. Innovation decides aboutcompany’s culture, vision and also helps in commercialisation. This has been discussed in thisreport in details. 4Ps of the innovation has been explained in details for shaping the innovativeideas. All the frugal innovation has been explained with the help of various examples. This helpsin making the organisational culture more innovative. Innovation needs to commercialise andhence, for this, commercial funnel and NPD have been explained significantly. This is highlyimportant for the employees of 99p stores. This helps in overcoming the challenges faced in theorganisation. Different tools have been used by the company to retain develop and protectknowledge. The major tools that have been used are copyrights, trademarks, patents and designrights.Innovation may be termed as a new idea with creative thoughts. However, as opined byBashmakov et al. (2014), innovation is often viewed as an application of better solutions thatwork on meeting the needs of competitive markets, customer demands or even unarticulatedneeds. Thus, the importance of innovation is imperative in the operational management of thebusiness. Hence, as per perspective of marketing, in regards to increasing competition in online4

retail stores, it is important to stay competitive. As influenced by Fang et al. (2017), animportant part of innovation is creativity, a business that fosters and implements creativity hashigh chances of implementing creativity and thus more likely to be innovative. Moreover, asmentioned by Donate and de Pablo (2015), the benefit associated with innovation is generallytangible. 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 tochange in consumer purchase behaviour. In order to meet the demand of the customer, 99pStores needs to make changes in business operations that can help in gaining a competitiveadvantage in the market. As per Curtis and Sweeney (2017), in order to gain competitiveadvantage innovation is an integral part. Changes in Perception: Population and people change over time. The lifestyle of individualchanges, thus companies should work on implementing innovation and must pay attention inorder to be remembered in the market. For example, people these days rely on online shoppingin order to ensure timely delivery and avoid time constraints. Taking advantage of this situation99p 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 chosenorganization. As influenced by Eesley et al. (2014), the process need is not limited to theidentification of weak spots; it works on correcting them too. Thus, the task-oriented solutionacts as a source of innovation that comes from existing capabilities of 99p Stores with ways ofdoing business and not the market.The concept of innovation is made clear; however, the difference between innovation andinvention can be stated as follows:BASISFORINVENTIONINNOVATION5

COMPARISONDefinition An occurrence of an idea fora product that has never beendone previously in 99P store. While innovation refers to theimplementation of an idea forthe first time in 99P store/What is it? Creates a new product orservice in 99P storeWorks on improving oldservices and product in orderto meet customer demands in99P store.Concept A genuine idea with aworking theory is the mainconcept of the invention in99P store.The main concept in regardsto innovation relies on thepractical implementation offormed ideas in 99P store.Skills needed Usually technical andscientific skills are requiredin 99P store.Apart from a technicalknowledge that acts as anadded advantage; innovationmakes implementation ofmarketing and strategic skillsin 99P store When does it occur?It usually occurs due to theadvent of a new ideas in 99Pstore Occurs usually to meet theexisting competitiveadvantage of the organizationin 99P storeIt is concerned with what?With a single process orproduct in 99P storeIt pays attention to more thanone product or process in 99PstoreActivities Limited to Research andDevelopment department inWorks on involving theorganization as a whole in 99P6

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