Innovation and Commercialization of 299 Lighting Ltd : Report
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Added on 2020-07-22
Innovation and Commercialization of 299 Lighting Ltd : Report
Added on 2020-07-22
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INNOVATION ANDCOMMERCIALIZATION
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Innovation and its importance with comparison to invention too..........................................3P2 Organizational leadership, vision, mission and teamwork help in innovation......................5TASK 2............................................................................................................................................6P3 4P's of innovation and innovation funnel...............................................................................6P4 Development in innovation frugal.........................................................................................7TASK 3............................................................................................................................................9P5 Importance of commercial funnel and application of NPD...................................................9P6 Innovation business case using access of funding...............................................................11TASK 4..........................................................................................................................................12P7 Different tool use to develop, retain, protect knowledge and intellectual property.............12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONIn this competitive world, the small companies are bringing innovation in their productand services so that they can earn competitive advantage in market which can convert them toearn higher profitability too. Moreover, making innovation is dependent on customer desires andearning high profit with growth and development in great manner (Aarikka-Stenroos andSandberg, 2012). Organization is such who play with the mindset power of people and changetheir preferences just by attracting with their commodities in proper way. Although, firm alsobring many other working criteria which help entity to retain their customers for long. The reportis based on 299 Lighting Ltd which work with B2B and B2C and provide commercial lightingand design light to many offices and ultimate consumers. The company was found in around1998 and working in great way. Assignment is that which will include like innovation in 299lighting although role of 4P's to achieve goals and objective by bringing innovation in productand services. Apart from all such, various roles of ideas and try to make goodwill of company invarious ways in right context too. TASK 1P1 Innovation and its importance with comparison to invention too.Innovation:- Innovation is that which help to improve the product and services in bettermanner and thus it is such which convert company to attain its goals and objectives in great way.“ A innovation is defined as having new idea, device or method and even providing new ideasand viewed as relieving solutions that help to meet up the requirement of different criteria too”.Innovation is such that help in improving working criteria and does help organization to bringvarious product and services according to customer desires and demand. Even though innovation does make company to have an development and growth of firmwhich ultimately lead to success of enterprise and to earn higher profitability. Therefore, throughcreativity and innovation it is be like which satisfy customer needs and wants by attractingmillions of people (Bogers and West, 2010). Moreover, innovation is such concept which needsto be there in business environment and modernised universe as well. Every kind of firm bringinnovation and various thing which help them to attain its target and make them to get stable inmarket too. There are some importance of innovation in organisation and they are as:
Innovation is that which help in getting maximum revenues in market.Innovation do help in improving the product and services of company in with comparisontoo competitors. Entity is such which use strategy and decision in great manner, and they are also like thatattract the maximum number of customers towards them only. Innovation and creativity is such which do help 299 lighting Ltd in attaining its goals andobjectives. Innovation is quite different from the invention. Invention is like having technical idea whichmeans to have an shape with accomplishment (Ettlie and Rosenthal, 2012). Although inventionis such which is proven with the workable in higher manner. A better comparison in between invention and innovation are as follows:INNOVATION INVENTION This is such which do look for modificationwith alteration of product and it is beingalready exist in market and thus they have tofulfil the demand in better manner. Invention is that which does have anpresentation part with product withoutcommercial centre and also bring a freshproduct in market as well. Modification is such which help in attainingthe alteration with customers in huge way andit convert them to earn higher profit too. Normally, producing any design with productand it does lead to emergence of product inmarket, it is such which is being done whenwhole world is making aware of various thinand it also lead to invention in proper way.Moreover, it is be like that 299 lighting Ltd is that which look forward to which does helpin developing the ideas and it also help in improving the existing product and services ineffective way and thus they do help in satisfying customer needs and wants as well. Although both the scenario is considered as the most important aspect for theorganisation and this thing help in earning higher income as well which help in satisfyingdemand in better manner with preferences too (Bogers and West, 2012). This is being consideredas having a proper goodwill of company to have a great running of their business and it is for thelonger period as well.
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