Innovation and Commercialisation: Role of Organisations Culture, Mission, Vision and Team in Innovation and Commercialisation

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1: Importance of innovation and its comparison with invention..............................................1
P2: Role of organisations culture, mission, vision and team in innovation and
commercialisation.......................................................................................................................2
TASK 2............................................................................................................................................4
P3: 4P's of innovation and contribution of innovation funnel in generation of innovative ideas
.....................................................................................................................................................4
P4: Developments in Frugal Innovation.....................................................................................5
TASK 3............................................................................................................................................6
P5: Importance of commercial funnel and role of NPD in innovation and commercialisation. .6
P6 Innovative business case for an organisation with options for funding ...............................7
TASK 4............................................................................................................................................8
P7 Different tools which used to develop, retain and protect intellectual property rights..........8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Innovation may be defined as the process of enhancing the value of product through
implementing new and innovative changes according to the needs and preferences of customers.
The main objective of doing such innovative activities is to grab an attention of customers across
worldwide due to which the chances of increasing market share will be more. At present times,
the taste and preferences of customers changes frequently which directs an organisation to
updates their products so as to maximise their satisfaction level. OAK Cash and Carry, small-
sized company of United Kingdom which deals in offering wide variety of grocery products is
chosen for the purpose of preparing this assignment report. Importance of innovation and its
comparison with invention are discussed under this report. The project also includes the role of
mission, vision and team in implementation of innovation along with the 4P's of innovation. All
remaining aspects are also summarised under this report with the context of OAK Cash and
Carry (Biemans, 2018).
TASK 1
P1: Importance of innovation and its comparison with invention
Innovation: It is such a practice which is performed to add value to the something
existing in an organisation with an objective of fulfilling the needs and requirements of targeted
customers. It requires to get help from the experts and experienced professionals in order to bring
beneficial changes in the business structure so as to achieve productivity and profitability.
Therefore, same can be followed by OAK Cash and Carry in order to expand its business
operations to a large scale which results in increasing revenues and profits. Therefore, it is
essentially required to motivate employees to bring new and innovative ideas in execution of
business operations in more effective and efficient manner. For example, adoption of innovative
technologies in manufacturing process help in minimising the wastage of resources and produce
optimum quality products. In addition with this, there are lots of benefits which can be received
by OAK Cash and Carry through adopting innovation some of which are as follows:
Competitive advantage: Every organisation irrespective of the size whether small,
medium or large wants to expand its business across worldwide. Therefore, it can be possible
through making changes in pre-planned changes and decisions (Chiesa and Frattini, 2011). It is
more important to small-sized business such as OAK Cash and Carry which are operated at small
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scale due to which sometimes due to high competitions their existence may comes in danger thus
bringing innovation in existing products for example adding demanded features in existing
products will help ion differentiating products than their rivals and achieving competitive
advantage as well.
Application of best methods: Adoption of innovation in business structure is not easy
task due to which skilled and knowledgable employees are required for successfully
implementation. Therefore, if an organisation has already attained efficient employees who are
more capable to implement ideas into actions will increases the chances of getting profitable
outcomes to company in near future.
Difference between invention and innovation
Innovation and invention are two different aspects which are required to be considered by
every organisation if want to achieve competitive advantage to sustain in market for longer
period of time (Datta, Reed and Jessup, 2013). Innovation means modification of existing into an
effective one so as to satisfy the interest and buying behaviour of customers whereas invention
means introducing something new into market which are not earlier introduced. Such both
concept brings positive outcomes to company. But there are some differences among two which
are given as below:
Innovation Invention
It is a process of enhancing the value of
existing products into effective and innovative
with the purpose of retaining loyal customers.
It means introducing or launching something
new which cannot be launched earlier. Such
invention should be taken to meet current
trends.
Its main aim is to retain loyal customers as
compared to before.
Its main objective is to attract new customers
to make them loyal.
For an illustration, update technologies used in
manufacturing process of grocery items.
For example, introducing new grocery item in
market to compete with rivals.
P2: Role of organisations culture, mission, vision and team in innovation and commercialisation
Every organisation has its own mission, vision, culture etc. which requires the
implementation of innovation in business structure so as to achieve them within pre-determined
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