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Innovation & Commercialisation Analysis

   

Added on  2021-02-18

20 Pages6285 Words21 Views
INNOVATION ANDCOMMERCIALISATION

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1: Comparison between invention and innovation and its importance to organisation.......1P2 The way in which organisational vision, leadership, culture and teamwork can shapeinnovation and commercialisation..........................................................................................2M1 Different sources of innovation used by Sainsbury.........................................................4D1 Analysis of the way in which innovation is developed, embedded and measured in theorganisation............................................................................................................................4TASK 2............................................................................................................................................5P3 4Ps of innovation and the use of innovation funnel to examine and shape ideas.............5P4 Developments in frugal innovation and examples of its uses...........................................7M2 Analysis and application of innovation funnel in an organisational context...................8M3 Evaluation of the role of frugal innovation in an organisational context........................8TASK 3............................................................................................................................................9P5. Importance of the commercial funnel and the application of new product development(NPD) processing for commercialisation of innovation.........................................................9P6. An innovation business case for Sainsburys..................................................................10M4 A detailed Innovation Business Case which includes how to measure its overalleffectiveness using appropriate techniques available to test, iterate and improve...............12TASK 4..........................................................................................................................................12P7 The different tools that organisations can use to develop, retain and protect knowledge andintellectual property..............................................................................................................12M5.Evaluation of different tools in the context of the wider business environment...........13D2 The nature of innovation and the context in which it is developed...............................13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15

INTRODUCTIONCommercialisation is the process in which a new product is introduced in the market byusing marketing and promotions. Innovation is the process of creating a unique featured productor services which can fulfil the needs of market and people. Innovation and commercialisation isvery essential for the organisation in increasing the productivity and performance in the market.The chosen firm in this report is Sainsbury which is a groceries store based in the UK. Thisreport will explain the difference between invention and innovation along with the value andimportance of innovation to organisations (Ahn and. et. al., 2015). Further, this report willdiscuss the different forms of innovation and the four directions of change an organisation cantake and explanation of 4Ps of innovation. This report will also discuss the approaches that theInnovation Manager can take to process innovative ideas along with the steps the InnovationManager should go through to derive a new and innovative product.TASK 1P1: Comparison between invention and innovation and its importance to organisationOverview of the organisation: Sainsbury's is the second largest chain of supermarkets inthe United Kingdom, with 16.9% share of the supermarket sector. It is founded by John JamesSainsbury with a shop in the year 1869 and based in London. This organisation operates with1415 shops and employee approx 190,000 employees in different branches of the company. Innovation: It is a process of transforming idea into products and services so thatpotential customer can satisfy their needs and demands by using it. Main aim of using innovationis to modify the existing products so that it would become easier for customers to use it and livetheir life smoothly (Ahn and. et. al., 2017). But on the other hand, invention refers to creation ofnew products and services in the market. Both factors are essential for an organisation as theyassist companies to gain competitive advantage over others. For instance, if Sainsbury's haslaunched their new product which is not produced by any of the other competitors then it wouldprovide temporary competitive advantage because then the company will be able to compete inthe business world which is a positive sign of company's growth. In terms of process innovation, it assist organisation to reduce their cost. For instance, ifSainsbury's is able to improve their process of manufacturing products then it wouldautomatically reduce cost of product which ends up at enhancing profitability of company to a1

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