Innovation and Commervialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Explain the innovation and discuss its importance in comparison of invention....................3
P2 Discuss how organisational vision, leadership, teamwork and culture can shape innovation
and commercialisation................................................................................................................4
M1 Examine the different sources of innovation........................................................................6
TASK 2............................................................................................................................................6
P3 Examine the 4P's of innovation and the use of innovation funnel.........................................6
M2 Analysis and application of innovation funnel.....................................................................7
P4 Discuss frugal innovation development.................................................................................8
M3 Examine the role of frugal innovation..................................................................................9
D1 Critically analyse that how innovation is developed and measured....................................10
TASK 3..........................................................................................................................................10
P5 Examine the importance of commercial funnel and application of new product
development..............................................................................................................................10
P6 Develop an innovation business case for an organisation...................................................11
M4 Evaluate to test, iterate and improve..................................................................................11
D2 Critically evaluate the nature of innovation........................................................................11
TASK 4..........................................................................................................................................12
P7 Analyse the different tools that can used by an organisation to develop, retain and protect
knowledge as well as intellectual property...............................................................................12
M5 Present evidence based evaluation of tools........................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Innovation is defined as a process in which introducing a new and innovative goods as
well as services in the market that will helps in developing customers convenience as well as the
living standard of people. This is required to taking a competitive advantages in dynamic and
competitive marketplace by facilitating better products to end users in comparison of their
competitors. That gives value to them. Whereas, commercialisation is consider as another aspect
that assists in taking customer attention that involves production, promotion as well as
distributional strategy of goods and services that enhance the company's sales as well as profits.
This report is based on Hennes & Mauritz that is a Swedish multinational clothing retail
company that is known for a fast fashion clothing for men, women, teenagers and children. It
was founded in 1947 which headquarters in Sweden. So, a company thinks to bring innovation
by adding wireless hair dryers for women. Under this report discussed about the innovation
which is different from invention, importance and use of innovation funnel, frugal innovation
development, 4P's of innovation, commercial funnel and application of new product
development as well as techniques for protecting intellectual property rights.
TASK 1
P1 Explain the innovation and discuss its importance in comparison of invention.
Innovation refers to the association of alteration within their existing products and
services in order to increase the value of firm's products as well as brand in the persons mindsets
(Bashmakov, 2015).For example: Hennes & Mauritz aims to innovate something new in their
accessories which is done by introducing wireless hair dryer.
Whereas, invention is related to the process that directly leads towards the development
of new products and services that was not in existence before (Chun, 2015). Invention is also
defined as a process that are used to generate new market demand or all old demands are fulfilled
by a company in order to satisfy the customers.
Importance of innovation:
 As innovation facilitates an assistance to business organisation in order to take
competitive advantages over their competitors that are presented in the market by
increasing the present capability of products and services for the purpose of fulfilling the
needs and wants of customers.

 Innovation is also facilitating a wide scope for increasing the return on investment of
Hennes & Mauritz company as it happens as a effect of initiatives that has to be taken by
a business to the disruptive environment of an organisation (Oskam, 2016).
 Innovation can assist in making those products which are based on the customers
dynamic trends and preferences that helps in making a company more customer oriented.
Importance of invention:
 Invention are useful for a company while they want to launch a new products and
services by introducing new features that are not present in the market. This will helps in
improving the convenience as well as better experience of customers.
There is requirement to insights the difference between innovation and invention:
Basis Innovation Invention
Scope It has a narrow scope as it is just
emphasised on the development or
modification of existing products and
services
The scope of invention is broad or wide
scope as it comprehended the entire
initiation or new products and services.
Applicability It is mainly applied in all departments
of a business in order to drive a positive
results of an organisation.
This is executed by the research &
development department.
Occurrence It is subjected to the integration of
alteration in existing commodities.
It only take place when the demand is
generated in the market towards the
products and services.
P2 Discuss how organisational vision, leadership, teamwork and culture can shape innovation
and commercialisation.
Commercialisation refers to the process that aims at the stipulations of company
offerings within a competitive marketplace. As innovation as well as commercialisation are
interrelated in which market trends to be incorporated for improvements in their existing
products and services and later on they look for communicating towards them to general public
(Datta, 2015). In order to that there are several factors that tends to form a innovation as well as