Innovation and Commercialisation Assignment - Tesco
Added on 2020-10-22
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INNOVATION ANDCOMMERCIALISATION
Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................1P1. Importance of Innovation and comparison with inventions.................................................1Importance of innovation in comparison to invention in case of Tesco:....................................2P2 Role of Organizational vision, leadership, culture and teamwork to shape innovation andcommercialism............................................................................................................................3TASK 2............................................................................................................................................4P3. 4P's of innovation and use of innovation funnel to examine and shape innovation ideas . .4P4. Developments in frugal innovation and how it is used in the organisation..........................5TASK 3............................................................................................................................................6P5 importance of commercial funnel and application regarding NDP.......................................6P6 Make an Innovation Business Case.......................................................................................7TASK4.............................................................................................................................................8P7 Tools to develop, retain and protect knowledge and intellectual property............................8CONCLUSION................................................................................................................................9
INTRODUCTION In business environment, each company needs to satisfy wants and requirements of theirclients for achieving desired success. Innovation is defined as a tactics to convert an invention oridea into a required product and service for which customer is wiling to pay. Innovative ideasneed to be economically viable only than they will impact the growth margins of a firm. Thispresent assignment is based on Tesco which is a Britain based multinational retailer, situated inEngland, UK (Abdul Razak, Murray and Roberts, 2014). This report will analyses processes likeinnovation and invention of the items with respect to Tesco. Tasks also includes teamwork,leadership, culture related with firm. 4P's of innovation, frugal and funnel innovation is alsomentioned. It also involves the incorporation of innovation in context to Tesco by developingmobile Application facility to increase their customer base. Also, the knowledge related withinnovator and holding innovation is discussed. At last, effect on innovation, commercializationand invention processes on success of firm.TASK 1P1. Importance of Innovation and comparison with inventionsInnovation: It is a way of incorporating new ideas regarding a good or service in the company,which will help the firm in achieving desired success. There are several aspects that carryforward innovative process. Factors like thinking, differentiating and intellectualism are some ofthe driving forces that can push innovation in context to Tesco ahead. Importance of innovation in reference with Tesco: Enhance creative development: Merits offered by innovative ideas are vital for building anew business. Desired growth can be achieved by incorporating new and creative ideaswithin business. Creative development means introducing concepts which are new forconcerned firm. High creativity will leads to more productivity which will helps theTesco in earning high revenues.Continuous improvement: Innovation leads towards sustainability when an organizationimproves at a constant rate by re-branding and repacking their services and products.Managers of Tesco needs to introduce new schemes and offers that will help the companyin improving their business strategies (Bain and Kleinknecht, 2016).1
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