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Innovation and Commercialisation In Business -Doc

Added on - 12 Nov 2020

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INTRODUCTIONInnovation is the process of inventing or translating an idea or invention into a goods andservices that creates value or for which customers will pay. Innovation is very important foreach and every organisation exist in this world as well as it is one of the most significant concernof all companies (Union, 2014). Commercialisation is the procedure to bring all the inventions aswell as innovation together to make the new product in the market. In this present world, it hasnow become more obvious to all companies. It assists companies to increase their sales andprofit of company. This present report is context to Arcadia Group. This is private retailcompany of United kingdom. This report will focus on Innovation and its importance to ArcadiaGroup in comparison with invention. Furthermore, this report also includes organisational vision,culture, leadership and teamwork can shape innovation and commercialisation. In addition tothis, process required to commercialise innovation will also discuss in this assignment.1.Overview of Arcadia Group.Arcadia Group is the British multinational private retail company in United Kingdom. Itis formerly known as Arcadia plc and Burton Group Plc. Its headquarters are located in London,W1 United Kingdom. The main product of this company is clothing, accessories and shoes.Taveta is the owner of this company. It has 2500 outlets across UK. Arcadia Group owns thehigh street clothing retailers Burton Dorothy Perkins, Evans, Wallis, Topshop, Miss Selfridge,Topman and out-of-town chain outfit that sells lines from the other group of chains. ArcadiaGroup has 100 franchises in other countries. There are 22000 employees are employed in thecompany.2. Innovation and its importance to employees of Arcadia group in comparison with inventionand different sources of innovation.Innovation is the procedure of creating as well as implementing new ideas. Innovation isvery important for all business in order to achieve the great heights and success in thecompetitive world. Innovation is the process of acquiring useful ideas as well as converting theminto useful products or services. The ideas which are useful for making the new product orchanging the features of product is the result of creativity and ideas. It is very easy to copy but itis very complex task to create a new idea. It assists business in changing the existing proceduresas well as goods or services for customers.1
Importance of Innovation in comparison to invention in case of Arcadia GroupInnovation is the procedure of creating as well as implementing new ideas whileinvention means the creation of the products and services for first time. Innovation is veryimportant for the all companies as well as for Arcadia Group and it much more essential ascompare to invention. Arcadia Groups is the retail company in United Kingdom and retailcompany faces the toughest competition compare to other industries. There are fast changes infashion and trends which changes the behaviour of consumers. Thus, in order to achieve thesuccess and beat the competition in the market, Arcadia Group has to come up with new andinnovative concept in the market (Drucker, 2014). Both invention and innovation is very goodfor the businesses but still innovation is much better than invention because Arcadia Groups isdealing in clothing and shoes which needs new ideas and innovation frequently, so invention isnot possible for them to achieve the success in the market. Innovation proves more successful forArcadia Group. Innovation not only increases the profit and sales of company but it makes thecustomers attached towards the company for long time. Innovation also increase thedifferentiation and uniqueness in the products, it also satisfies the needs and demands ofcustomers on regular basis. It also increases the standard of living of people which also raise thesales and profit of customers.There are some main sources of innovation opportunity that can be used by ArcadiaGroup which are as follows-Unexpected- Innovation is the thing that take place unexpectedly. Market is the beautifulplace that provide ample of opportunities to the companies operating in the environment. It is theduty of the marketing manager that they should perpetually study the market. Manager shouldanalyse the demand of particular product, what is the way to achieve the unexpected success etc.Incongruity- It is fact that innovation takes birth when the requirement is incongruentwith the supply. In order to resolve the old incongruenties, people may innovate. For instance,there is high shortage of car parking with the increasing number of cars in the market, thus inorder to overcome this problem of shortage of parking, a new concept of smart car took birthwhich can able to fit in small spaces. Arcadia Groups can also use this source by overlooking anyproblem in the market and try to solve by a new and innovative idea.2
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