Innovation & Commercialization Strategies

This assignment delves into the crucial role of innovation and commercialization in business success. It examines how organizations leverage innovation to develop new products and services, and how effective commercialization strategies drive market penetration and customer acquisition. The analysis focuses on the 4P's framework for product development – Product, Price, Place, and Promotion – highlighting their significance in bringing innovative ideas to market.

Innovation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and its importance................................................................................................1
P2 Role of organisational leadership, culture, vision and teamwork in shaping innovation......2
TASK 2............................................................................................................................................4
P3 4ps of innovation and innovation funnel...............................................................................4
P4 Development in frugal innovation.........................................................................................5
TASK 3............................................................................................................................................6
P5 Commercial funnel's importance and new product development's application.....................6
P6 Innovation case of business for 4Com...................................................................................7
TASK 4 ...........................................................................................................................................8
P7 Tools used for retaining, developing and protecting intellectual property............................8
CONCLUSION................................................................................................................................9
REFERENCES .............................................................................................................................10

INTRODUCTION
Innovation can be termed as the new thought or new idea which is accepted in market for
achieving success. It is a new kind of method used for invention for developing valuable
thoughts in a business in order to be successful. So as to achieve growth and success, different
techniques in daily life must be used by every person. Innovation assist in analysing the
organisational structure as well as aspects of economy, and it also serves as efficient way to
produce process and products (Balachandra, Nathan and Reddy, 2010). This report is based on
the topic of innovation, on the case study of 4com company, a small scale telecommunication
company in UK. The company's major aim is to produce innovative products to their customers.
Understanding of the topic innovation and their importance will be discussed in this report,
frugal innovation, different tools and 4ps of innovation that are being used in organisation to
retain and protect intellectual property.
TASK 1
P1 Innovation and its importance
Innovation is termed as the process with the help of which change is being implemented
in an organisation for a specific product in order to make it useful for customers. As per the case
of 4com company, innovation is a way through which modifications are made by company so as
to meet organisation's target in order to survive in environment full of competition. 4Com
company maintains their organisation culture regarding innovation, so that they can produce
advanced technical devices by producing new ideas to execute it in services and products.
Innovation's importance in enterprise can be defined as follows: Enhance productivity: If several new innovative ideas will get implemented in process of
production of products and services, then it will support in maximising employee's
productivity as there will be a use of advanced tools and techniques (Johnstone, Haščič
and Popp, 2010). Optimum resource utilisation: Innovation will be supportive in minimising reduction of
waste which are in regards with wealth of an organisation such as finance, human and
technology. It also support in proper utilisation of resource and engagement of
employees.
1

 Helps in the improvement of communication: Innovation assist in making information
flow in an enterprise which also supports in making working properly. With this,
employee's morale will be increased, coordination as well as team work will be
developed. Effective communication in 4com will assist in understanding needs and
desires of company.
 Increase health and safety: Innovation in services as well as goods will assist in
reducing accident's possibility at the place of work. It assist 4com company in using
robots so that they can move heavy products in order to give safety and security to the
employees from serious hazards (Samila and Sorenson, 2010). New ideas will assist
giving necessary conditions of working to employees with the help of which safety and
health problems will get minimised.
According to the case of Apple Inc., innovation assist organisation in their growth when
they have launched iPod, same as per this case, 4com will gain success if innovative business
mobile will be produced by them with advanced functions. There is a difference between
innovation and invention, which can be defined as follows:
Innovation Invention
 Innovation can be defined as the
process which is implied first time in
product.
 Practical execution of new idea is there.
 Marketing, strategic and technical skills
are used (Difference Between Invention
and Innovation. 2016).
 Combination of various products and
process.
 Invention is done to alter existing
services and products.
 Original ideas in theory is used.
 Use of scientific skills
 Takes into consideration single product
and process.
Drucker 's 7 source of innovation
The Unexpected : Business world is full of uncertainty no one can whether they achieve
success or failure due to which innovation get encouraged. 4com can bring innovation in their
organisation as the unexpected situation is the most powerful tool for the success.
2

Incongruity : There are many who got got failed in their innovation because they bring it
without doing proper research on the needs and wants of the customer. The clients feedback ,
reviews and complaints are the best source through which 4com can make their strong existence.
Process need : Innovation should be done by focusing on the task more rather than on
the situation. 4Com should do innovation in their working by understanding their business
process and the weak point which need improvement.
Industry and market change : There are many changes which are taken place in the
organisation due to modifications ion industry and market structure. 4Com leader should see
these changes as the opportunity not the threat for their development.
Demographics : Business got affected by the changes in the demographics such as
age,education and employment. 4Com should know who is buying their product and in what
quantity so that they can make effective product.
Change in perception : People way of thinking got changed due to presence of new
technology and the social network. Changes in the perception of the people create a road for the
business to innovate, grow and develop their product which attract large number of customer.
New knowledge : Technological and scientific change is the biggest method through
which innovation can be done in the business. 4Com use this knowledge in understanding their
customer and improving their supply which support business to bring something different to the
society.
P2 Role of organisational leadership, culture, vision and teamwork in shaping innovation
Commercialisation and innovation is not at possible if there will be no support of
company's leadership, vision, culture and teamwork.
Role of vision in commercialisation and innovation
The 4com company's vision is is to increase the communication service in UK. The
company's vision is to assist them in executing commercialisation as well as innovation in their
services and products, as they support in improving services of communication, so various
innovations are being made like they make business phones which is supported by UK based
installation and support of 4com. This kind of things assist in raising business phones' demand
among customers and corporate clients.
Leadership's role in innovation and commercialisation
3

Leadership can be termed as the process which make influence on personal as well as
professional characteristic of employee in a company and also assist them in motivating so that
there will be proper achievement of targets in a company. Leadership also supports in
commercialisation as well as innovation of services and products which are produced by 4com
by developing skills of workers who are working in team, by motivating employees, by properly
implementing communication system and also by applying appropriate models for solving
problems (Mu and Di Benedetto, 2011). In this role of guider and director is necessary in order
to make coordination between workers and also supports in development of ideas so that there
will be effective working.
Role of organisation's culture in commercialisation and innovation
4com company's organisational culture is responsible for the implementation of
commercialisation and innovation. Company is proud of its culture, employees of organisation
work very hard in business and make achievement of excellence in every work which is being
done by them and also make good contribution in the development of society. Such kind of
supportive organisation and hard working supports in implementation of commercialisation and
innovation.
Team work's role in innovation and commercialisation
Team work can be termed as cooperation and coordination of members in achieving
objectives and goals of organisation. Positive team work is there in 4com company with the
support of which successful implementation of commercialisation and innovation is there at the
place of work so as to make products and service effective with many features which will assist
in giving good satisfaction to the customers (Balachandra, Nathan and Reddy, 2010). In the
process of commercialisation, company gives their services and products so as to gain profit.
Apple is considered as forefront company in the area of technology and with the help of
innovation in old music players, provides small music player to gain profit.
TASK 2
P3 4ps of innovation and innovation funnel
It is very important for every enterprise to produce innovative services and products so
that customer's requirements can get satisfied in market. For the proper innovation in product,
4com company make use of 4ps, so that they can produce more innovative products. As Apple
4

Inc. and Virgin achieved success in a market by making innovative product with the support of
4ps. These 4p's can be defined as follows: Product: They are defined as the physical goods which are being offered by enterprise to
their customers so as to meet objectives and goals in order to improve customer
relationship. As the demand was there of business phones in market , so 4com assist in
meeting customer's demand by giving innovative products (Samila and Sorenson, 2010). Process: It is termed as the whole process which is there in product development. In the
context of the mentioned company, appropriate resources are gathered by organisation
like advanced technologies, human resources and funds. Company make production of
business phones for customers with the support of innovative tools, techniques as well as
skilled workers who will assist in activities of production. Position: This type of process have similarity with promotion. As necessary tools are
used by virgin company for the promotion of various services and products. 4Com also
make use of different tools like digital and print media for doing promotion of business
phones.
 Paradigm: It is considered as the process which assist in developing fruitful products for
customers. Paradigm also deals with the involvement of new things and ideas so as to
make improvement in goods and services which are provided to customers. It is also
being used by 4com company in order to involve various new features in phones (Lam,
2011).
Innovation funnel assist organisation to have focus on needs and desires of the customer,
trends of the market as well as on competitors of the company. 4Com is able to fulfil the needs
and demands of customer by giving innovative phones, which will assist in achieving good
market position. It is very necessary for an enterprise to have a check on tools and techniques
which will support in meeting customer's desires. With the help of it, products can be delivered
at low price to various buyers.
P4 Development in frugal innovation
Frugal innovation assist in the development of various new models, make reconfiguration
of value chain and redesign products so as to serve customers who are facing constraints related
to affordability in scalable as well as sustainable manner. It involves either overcoming or
tapping constraints of resource and voids so as to create inclusive market. Frugal innovation
5

supports in giving various functional solutions with the support of resources. Frugal innovation is
also used by 4Com company, which assist them in several ways and can be defined as follows: Assist in innovating additional characteristic: It is most significant innovation which
have been used by 4com company, to improve and upgrade services and products so as
to give customer satisfaction and also helps in increasing market share and profit
(Johnstone, Haščič and Popp, 2010). Innovation in 4com product will assist in giving
excellent experience of customer's gadget. For instance: user friendly software can be
provided to customer by company, which will help them to maintain good market
position. 4Com organisation can implement these practices while making
telecommunication practices in their business practices. Reduce the cost of production: Frugal innovation if used properly will assist in
minimising production cost, as it helps in making use of new techniques and tools, which
will increase the sale generated by selling products. Cost of production will also get
minimised if an organisation will be able to gather raw material at low cost (Leiponen
and Helfat, 2010). On the basis of these procedure 4Com can easily make reduce cost of
their new innovation in order to render quality services to customers.
 Expansion of product line: Products are the main asset of the company with the support
of which revenues and profits are being generated. Latest technology has been
introduced by 4Com company and is also having entire view of the specific product so as
to reach its target market and customers. Frugal innovation supports company so that
they can expand product lines so that there will be growth in market. If there will be
expansion in the line of the product, company will be having more success and
development.
TASK 3
P5 Commercial funnel's importance and new product development's application
Selling of product is completely related with commercial funnel. 4Com company deals
with various technical gadgets such as business lines and calls line, application and software,
business phone system, broadband and business internet. All such products have been produced
by company in order to satisfy requirements of customers (Melville, 2010). It also makes
inclusion of marketing. Commercial funnel innovation can be termed as the way through which
6

4Com company makes various investigation regarding the requirements and needs of customers,
starts product development and make product shipping in order to make them usable for
consumers. The major aim of product development or any process is to gain idea from an
concept in order to develop a product with the support of which needs can be fulfilled in market
in economical as well as manufacturable from. The case study of Apple Inc. assist in making that
top position is achieved by Apple in making product with the help of latest technology. I-pod is
considered as the latest innovation in music players of old days which is made by Apple. In a
same way business phones are being produced by 4Com company, which plays significant role
in modern business and offers variety of features apart from calling (Lee and et.al., 2010).
Introduction of HiHi is also been done in this. It is such kind of business phone in UK which
supports giving video calling experience. Different stages of commercial funnel are there which
are like need identification, generation of different prospects, leading sales etc. assist company in
generating more effective products.
Commercialisation is defined as the process through which introduction of new service
and product is being done in market. Application in regards with new product development is
made for developing commercialisation of innovation. New product development makes
inclusion of different steps like: Idea generation: Development of new idea is being done before there is product
development which involves entire research of market. Idea screening: Idea which have been developed will be considered in screening process
in order to know about market potential and affordability (Crossan and Apaydin, 2010). Development and testing: Development of idea which is done will be tested first to know
whether consumers need will get satisfied or not. Business analysis: After the testing of the product, business case is analysed in order to
know what amount of profit can be generated from new product. Product development: Actual product processing will be done, form which it can be
understood that company can make investigation of design, specification and method
used for manufacturing. Commercialisation: Pricing of product and marketing plans must be finalised in this
stage so that product can be transferred to final stage (Gassmann, Enkel and Chesbrough,
2010).
7

 Launch: After passing all development stage, product can get launched in market for
customers.
P6 Innovation case of business for 4Com
4Com organisation got established in the year 1999, with the aim to make improvement
in SME market communication service in UK. Business case is produced so as to make
justification of risk for making investment in innovation, to ensure that business make logical
thinking with everything, to convince management in order to endorse idea which is produced.
Innovation case of business of 4Com contains few steps which are like: Executive summary: 4Com company's aim is to give innovative services of
telecommunication to customers in whole UK, in order to attract many customers which
will assist in increasing market reputation and share. The need: Major need of an organisation is to gather all types of corporate clients who
will be making effective use of phone system of business, internet, business phones and
broadband. Solution: Solution must be of such nature which can be easily understandable, which will
assist in giving solutions regarding basic requirements and needs of customer so that
product can be used effectively being produced by company (Tebbe, 2011). Why product is of innovative nature: Next step which is involved in the innovation
business plan process, is to know about the reason of innovative product produced by
company. 4Com is giving business phone system where there is a use of a technology
which is innovative and called HiHi with the help of which video calls can be made from
business phone systems. Analysis of customer: This level will support 4Com in making proper analysis of
research regarding target market, which involves different customers on which there is a
focus. Mainly the focus of company is on corporate clients who make use of different
business phones. Development and designing plan: After the research of market, development and
designing of product is done to make availability of product in market (Edquist, 2010). Requirement regarding investment: Funds and finance are the major part which is
required by 4Com in making product development. Need of funds are also required for
gathering resources.
8

 Expected benefits: It includes different benefits which company will be receiving from
innovative products is analysed in this level.
TASK 4
P7 Tools used for retaining, developing and protecting intellectual property
Obtaining of information and administration is essential for an association. For the
improvement of the new item Apple Inc. make utilization of the new innovation in making iPod.
Virgin organization likewise make utilization of the different techniques all together secure
licensed innovation. 4Com has additionally utilized distinctive devices keeping in mind the end
goal to do as such. Organization must look at all the sources keeping in mind the end goal to get
information of business which will help in the development and furthermore in the maintenance
of workers. These techniques will likewise help in the picking up the upper hand. Client learning: Basic data in regards to taste of the client and their desires will help in
breaking down the clients needs and prerequisites. With this information in regards to
improvement of the new item will be assembled by organization (Manyika and et.al.,
2011). Providers and representatives: By dissecting the authoritative culture and taking
criticisms, data with respect to the providers and workers will be assembled by the
organization in order to increment and screen the execution. Learning in regards to showcase patterns: It is exceptionally important to comprehend
the market patterns, as it will help the 4com to have data with respect to new innovations,
and contenders. Information of the market helps in understanding procedures with respect
to item, value, place and advancement. Learning of the full scale condition: These are the outer variables, which influences the
business in a way or other. It incorporates the political, financial, social, mechanical,
legitimate and natural components. Learning from exchange establishment and expert affiliation: Knowledge can likewise
be accumulated by 4com organization with the assistance yearly reports, books and
diaries and magazines (Teece, 2010).
 Innovative work: With the assistance of the correct innovative work, organization will
have the capacity to accumulate vital data which will help in the making of new thoughts
9

and plans. Procedure of innovative work have been utilized by the Apple Inc. which
causes it to make innovative music player.
These all things will help in the insurance of the protected innovation and learning. To
hold workers 4com can make utilization of the hazard learning, appraisal of execution should be
possible, different maintenance ways can be utilized like arrangement of money related and non-
financial advantages (Drucker, 2014).
Intellectual property defined as the development of intellect for which there is assignment
of monopoly to the owners by law. Intellectual property rights are the type of rights which are
given to the developers of intellectual property and involves industrial design rights, trade
secrets, patents, copyright and trademarks. All these things can be defined as follows: Trademarks: Distinct logo, words, symbols, graphics, design as well as combination of
all such things helps in unique identification of organisation as well as its services and
goods. A trademark should be different instead of descriptive, must be registered so as to
gain protection rights and legal ownership and must be fixed to sold item. Such kind of
rights are generally protected by treaties of international intellectual property. Brand is
also used as a trademark which is used as a wider concept for the tangible and intangible
things. Now a days various organisations uses trademark in order to secure right of their
products, logo and designs. For example 4COM can secure their property, products and
logo through Trademark securities. Designs: Realization of idea and concept in specification, model, drawing, pattern,
mould, which will also assist in achieving designated objectives of item is called as
design. Copyright: It is defined as the legal means which is being used to protect work of any
author. It is a kind of intellectual property which gives exclusive usage rights, distribution
and publication for author.
 Confidential information: It is the most important asset for a trade. In marketplace,
competitive edge will rely on business which will have particular information other than
his competitor.
CONCLUSION
From the above mentioned report it can be analysed that commercialisation and
innovation is very important for any company as it assist in making various plans and ideas
10

which is required in product development process. Innovation and commercialisation is of much
support for 4Com company as they can cater many customers in existing as well as new market.
It can be concluded from report that 4p's of innovation will assist in making step by step product
development analysis. This report will assist in making understanding of innovation and
commercialisation concepts and theories effectively which are used in organisation.
11

12