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(PDF)Innovation Commercialisation - Assignment

   

Added on  2020-10-22

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INNOVATION &COMMERCIALISATION
(PDF)Innovation Commercialisation - Assignment_1

(PDF)Innovation Commercialisation - Assignment_2

INTRODUCTIONInnovation & commercialisation are termed as the new ideas and opinions which helps inbuilding a new and improved product into the market for increasing the productivity and revenueof the company. In this extensive competitive landscape, organisations need to continuously useinnovation in developing new product and services for ensuring their sustainability in the market.Also choosing a more commercially approach is necessary in maximising the Return onInvestment. Company chosen for this assignment report is 4Com plc. 4Com plc is a UK basedcompany in the telecommunications industry. This report will discuss the 4p's of marketing mixare product, promotion, place and price along with their explanation. Innovation funnel as wellas frugal innovation in the context of 4Com plc along with the commercial funnel and NPD forcommercialising the innovation process has also been discussed. A innovation business case withestimated budget has been developed for the company. In last, the various tools which are usedby organisations for retaining and protecting knowledge and intellectual rights of property hasalso been analysed.TASK1 P1: importance of innovation with comparison to invention.4Com plc is a small and medium sized company situated in United kingdom. Thecompany was founded by Daron Hutt in the year of 1999 with an aim to provide improvedCommunication services to the consumers of United Kingdom. Company was awarded byvarious awards for their innovative services. The company is providing internet services such assoftware & applications, Business phone systems and broadband to its clients (Balmer, Bulpinand Molyneux-Hodgson, 2016) .Innovation is an necessary process which involves generating new ideas and suggestionswhich are needed for meeting the needs and demands of customers in the market. It is importantfor 4Com plc for enhancing the performance and profit of the firm in the market. It can also berefers as the thinking which is necessary for proper and innovative solutions of the issues that arefaced by customers. The meaning of innovation is to make new and improved products andservices of firm for meeting the demands of potential customers. 4Com plc is concentrating onadopting new tools and technologies for implementing the new ideas into reality. Importance of innovation to organisation
(PDF)Innovation Commercialisation - Assignment_3

4Com plc uses latest innovative technique for improving the quality and other features ofexisting their services. These techniques assists in determining the various issues which arisesduring various activities of workplace. In order to increase the profit, 4Com plc decided todevelop a new mobile application in market. importance of innovation are given as under:To develop innovation in business process – The main purpose of 4Com plc is to attractcustomers through offering new services by the organisation. For this, company shouldneed to develop some innovative product and provide it in market for enhancing thenumber of sales (Berggren, 2011).Competitive advantage – It helps in modifying the old features of a products into newone. These innovative techniques helps to reduces the costs of operation of theorganisation which helps company to achieve the goals.Difference between Innovation and InventionBasisInnovationInventionDefinitionInnovation refers to theimplementing new ideas andthoughts in the company forincreasing the performanceand productivity of the 4Complc. It refers to the development ofnew techniques, tools, methodsand technologies that areeffective for carrying out theoperations and function ofproduct development processin 4Com plc. ConceptConcept behind innovation isto build better and improvedversion of the existingproducts.Concept behind invention is tobuild new products in themarket for meeting the demandand need of customers.FocusIt focus on various operationsand activities are performed onthe existing products formodifying them into improvedproducts.It is focused on recruitingtalented individuals incompany for designing newproducts and services.
(PDF)Innovation Commercialisation - Assignment_4

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