Innovation and Commercialisation Assignment - Hakim

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INNOVATION AND COMMERCIALIZATION
Table of ContentsINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1P 1- Innovation and importance in the organizations in comparison with invention.............1M1. Various sources of innovation and how an organisation can foster and develop anenvironment and culture of innovation...................................................................................3P2 Significance of Hakim vision, leadership, culture and teamwork in shapingcommercialization and Innovation.........................................................................................3LO2..................................................................................................................................................4P3: The 4 P's of Innovation that useful for Innovation process examining and shaping theinnovative ideas of the employees of the Hakim....................................................................4P 4: Developing Frugal Innovation with suitable examples.................................................6LO3..................................................................................................................................................7P5 Significance of Commercial funnel and Utilization of the New Product Developmentprocess for the Innovation and Commercialisation................................................................7P6 Building an innovation case for Hakim............................................................................8LO4.................................................................................................................................................9P7: Various tools uses Hakim to develop, protect and retain knowledge as well as intellectualproperty with suitable examples.............................................................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONCommercialization and Innovation is a process to launch new product in marketplace.These are the important elements that are beneficial for the business activities. This isthe besttechnique to identify requirements of customers and then plan new business strategies forgrowth and development. The innovation and ideas create efficient quality of products launchedin marketplace. Hakim is a small organization in UK. This organization is using innovative ideafor increasing the growth and development,.This is the best way to achieve their goals and targets effectively and efficiently. Theinnovative ideas are helpful for increasing the cost of economy and satisfaction of customerwhat they want. This report will determine innovative ideas that are involved and deliveredefficient information towards clients. The useful resources are applicable to generate goods andservices in market.This report will determine the actual needs of innovation and commercialization inbusiness process that creates effective strategy to help the company to launch a new product inmarket.LO1P 1- Innovation and importance in the organizations in comparison with inventionInnovation is a method to generate a new plan regarding business and their operations.It is basically used for increasing the business operations in all around the world. This methodis applicable for competition level because it will increase their market value and shares.Innovation is a process to create new ideas anddevelop thinking in different ways so thatcustomers are attracted towards new products (Dincer, 2017). With the help of innovation, itincreases quality of products and services in markplace. This process will enhance the qualityand efficiency of products Hakim and Virgin. Invention is developing a new product andlaunch in market.There are some significance of innovation in organization given below:Competitive advantages-Innovation is important process of hakim to gain profitabilityand productivity in marketplace. Hakim is a fast growing company all around the world(Johan nessen,2017). They always launch a new product in market for growth anddevelopment. This will help to increase their profitability and enhance the services inmarket in which they provide effective product by Hakim . The competition level is1
very high in global market so that it is necessary to grow and develop in market.Competitive advantage is necessary part of company to manage their businessoperations and function in proper manner.Involution of stakeholders-Innovation is the best process for hakin to involve with thestakeholders in business activities. Stakeholder is a necessary part of company toimplement innovation in the product development. Stakeholder plays important role foridentifying the need and requirement if business. (Adelowoand Olaopa, 2017).Stakeholder collaborate with the company to increase their productivity. Innovationwould provide resistance in stakeholders because they giving security. Innovative ideahelpful for firm to increase their brand image and popularity in marketplace.Customer satisfaction-Customer satisfaction is necessary part of organization toprovide the best quality of servicesto their customers. This is an essential componentfor managing the business activities in proper manner. Hakim is a leading company toprovide an efficient product so that lots of customers are attracted towards. In this way,it will generate high revenue.(Davisand Saltzman, 2018). Hakim will provide goodsand servicesand satisfy all their customers by innovation. On the other hand, inventionis the best part to business a new product in marketplace.Increasing productivity-Innovation and commercialization are two component whichhelp for performing different task.Hakim always uses a new technology to increasingtheir productivity. it is very helpful for company to change their working style. This isvery essential part of firm to change their products from time to time because the trendhas change. Hakim organization mainly focus on their quality of service and productwhich is required for managing the business activities.The importance of innovation is to determine the need of business that it is very essential forenterpriseProcess to creating a new product and makes some changes in existing product thatalready available in marketplace. Innovation can be change the whole market process and itinvolves minimum risk in the implementation. Innovation provides quick outcomes but theinvention takes so much time to generated outcomes.2
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