Innovation and Commercialisation - Importance, Sources, and Funnel

This report discusses the importance of innovation and commercialisation for a company, sources of innovation, and the innovation funnel. It also covers Hyundai's innovation and commercialisation strategies, including the 4P's of innovation and the usage of the innovation funnel. The report also explains the company's culture, vision, teamwork, and leadership that shape innovation and commercialisation.

Innovation and
Commercialisation
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Table of Contents
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
Explaining the innovation and identifying its importance for a company in comparison with
the concept of invention.........................................................................................................4
Explaining the company's culture, vision, teamwork and leadership that can shape the
innovation & commercialisation............................................................................................6
M1 Sources of innovation and how organisations could foster and develop an environment
and culture of innovation........................................................................................................7
D1 Analyse how innovation is developed, embedded and measure.....................................8
TASK 2............................................................................................................................................8
Explaining the 4P's of innovation and explaining the usage of innovation funnel to determine
as well as shaping the ideas for innovation............................................................................8
M2 Application of commercial funnel.................................................................................10
Explaining the developments in frugal innovation & providing example of how this is used in
the organisational context.....................................................................................................11
M3 Role of frugal innovation...............................................................................................12
TASK 3..........................................................................................................................................12
Explaining the importance of commercial funnel & the application of New product
development (NPD) processing for commercialisation of innovation.................................12
Building an Innovation business case for a company, comprising the ways of accessing the
fund.......................................................................................................................................14
TASK 4..........................................................................................................................................16
Evaluating the various tools which a firm uses to create, retain as well as protect knowledge &
intellectual property..............................................................................................................16
D2 Evaluate nature of innovation.........................................................................................17
M5 Evidence based evaluation.............................................................................................17
CONCLUSION..............................................................................................................................18
REFERENCES..............................................................................................................................19
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INTRODUCTION
The term innovation is denoted as an important role within the organisation for its growth
and success across the globe. In order to be a market leader or to stay in tough competition it is
important for the firms to initiate innovation within their offerings. The commercialisation is
denoted as the method of introducing a new organisational products or services in the eyes of
customers by implementing various marketing tools that can be effective (ALBANITO, 2020).
The present report comprises of an innovation in the company Hyundai, a south Korean
organization which deals in automobile industry. It was established in the year 1967. The
concept of innovation as well as the invention is being differentiated along with an importance of
innovation. The 4P's of innovation as well as the usage of innovation funnel and development of
frugal innovation is also considered into the discussion. In continuation to this, a process of NPD
is being discussed and a case for healthy chocolate mint lassi is developed along with different
financial options. Lastly, the report covers various tools that assists in retaining & protecting the
various intellectual properties of Hyundai.
TASK 1
Explaining the innovation and identifying its importance for a company in comparison with the
concept of invention
The concept of innovation is categorized as the adoption or presentation of some new
product or service that is not available in the market. This also includes some new features that
can gives innovative look to the product or service. This is considered in order to offer high
quality or better products to the customers so to satisfy their needs and retain them for longer
time. The companies brings innovation generally in their existing items that attracts more
customer's and enhances their sales in market. The company Hyundai is bringing an innovation
within offering by introducing self-driver mode in its car i20. The importance of Innovation
which respect to Hyundai is mentioned below: Attaining competitive advantage: In the tough competitive world, the innovation is the
key to sustainability as well as a strong way of retaining customers for long term. On the
other hand, this assists companies in having a first mover advantage and become a
market leader. The creativity which the businesses brings in their products or services
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helps organisation in attracting huge market share within the industry. With the initiation
of innovation by Hyundai, the company will offer self driver mode to its customers that
is not offered by similar firms and through this they can be able to attain a higher
competitive advantage.(Chen, 2021). High satisfaction among consumers: The company can increase its consumer's base
through offering high quality of product via innovation. Through offering an innovative
product, Hyundai can attract large customer's as when the customer's are satisfied they
will be attracted more towards the product. Through this Hyundai can have large share
of loyal customer's who in future will prefer services of company in against of other
similar firms. Enhanced market share: The success of innovative product within the market will
enhance the existing market share of Hyundai. Company through this has a potential of
attracting large customer's ratio via their new Self driver mode. High market share can
also be attained by the company through offering products which are highly preferred by
the customers, this preferences can be analysed through a proper conduct of market
research (Fartash, Mohseni Kiasari and Sadabadi, 2021).
Invention
The notion for invention referred to as a development of a new concept or an idea which
does not have any existence before this in market or is not identified by others. The main aim of
having invention is to make the things more easier and comfortable (Kumari and Mor, 2021). In
relation to Hyundai, the importance of Invention is that it is very much helpful in the period of
globalisation. This heads towards having high competitive advantage in comparison to
competitors. Hyundai through this can bring some new concept within its car and can help the
society from offering a new advancement in the automobile industry.
Comparison of innovation and invention
Basis of comparison Invention Innovation
Meaning This denotes to the creation of
new concept or phenomenon
for the first time which can be
This denotes to some
modifications within the
existing item or offering with
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presented for the customer's or
for serves some purpose.
the addition of a new feature
which can be represented as an
innovative product.
Skills needed In order to have an invention
the most essential skill that is
needed to be present is
technical skill.
In the case of innovation, the
most required skills are
marketing, strategy as well as
technical.
Essentials The concept of invention
includes the presence of
specific procedure, people,
service, product, etc.
The innovation needs a
collaborative efforts of
procedure, people, product and
service.
Explaining the company's culture, vision, teamwork and leadership that can shape the innovation
& commercialisation
The innovation as well as commercialisation acts as an important element in the
organisational growth especially for international market. Constant research and development
activities are needed by the company to have successful innovation in Hyundai. On the other
hand, commercialisation with respect to company's products or services can be done with the
execution of sound marketing strategies. There are various notions that helps companies in
having healthy competition as well as meeting tough challenges within the industry (Lima,
2021). The major contribution of company's culture, vision, teamwork and leadership in shaping
the innovation & commercialisation with respect to Hyundai are mentioned below:
Vision
The vision statement of company is to become the lifetime partner in the automobile and
also beyond in order to come closer to the customers and also become the brand which is
beloved by everyone.
Culture
The culture at Hyundai includes certain assumptions, beliefs, preferences or several other
aspects that justifies the organisational behaviour as well as directs in the achievement of their
goal. The innovation culture within the Hyundai guides the organisation in having a culture of
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bringing innovation on regular basis through considering effective communication, leadership,
ownership, etc.
Leadership
The democratic style of leadership is being applied in Hyundai that allows its employees
to share their views or opinions so can have numerous ideas that gives rise to innovation.
Hyundai asks for the suggestions from their staff and aims at providing best quality offering to
its customers.
Teamwork
The company operates with high skilled and effective workforce that assists business in
having better ideas for bringing the innovation as well as provides clear communication related
to the necessary information. The team at Hyundai is focused towards having successful and
quality results in its offering that allows to satisfy their customer's need and achieve efficient
outcomes for their offerings.
M1 Sources of innovation and how organisations could foster and develop an environment and
culture of innovation
Peter Drucker has given seven sources of innovation which facilitate company to find the
several possibilities and assists in managing the risks which are relevant with innovation
(Amechi, 2018). These sources supports Hyundai for brining innovation in the product and
service as well as maintaining its unique positioning of the company. Some sources of
innovation is mentioned below:
The unexpected: The selected company analyse the market trends, patterns and
requirements for gaining market opportunities. In order to avoid the uncertainty, the company
bring innovative products and services. There are various unexpected event occur in market
which provide opportunity to business to adopt innovation. For instance, with increasing price
of fuel, concept of electronic vehicle came into existence.
Process need: The firm has various organisational strategies in order to run the business
and bring innovation into the product or service category and sustainable competition. Process
changes also provide opportunity to firm to innovate their business. This changes can be for
new technology, support Chain or engineering.
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Demographics: There are various factors such as population, income of the individual
and so on in demographic. The company take innovative decisions as per the demands of the
consumers.
New knowledge: New knowledge is one of source of innovation that provide a way to
person to think differently. It is one of way that provide opportunity to business to adopt
innovation. It is a think on basis of which people make research and other things and
finding out new ways of doing a work.
D1 Analyse how innovation is developed, embedded and measure
Innovation is required in the third year of operation of the organisation in order to elevate
their sales as their sales is declining because of powerful competitors. Firstly, invention was
executed to its products and it has been analysed in the commercialization phase where the
organisation could make a good revenue. Also, with without assessing, the organisation could
make profit from it by deploying many technologies such as the customers are influenced by the
organisation's creativity and also become associate with the new product. Innovation can be
developed with identification of new ideas, concept ways of doing things or making changes
in existing products and service. It can be measure by ensuring, it is not existed before. It is
important for business as it provide them opportunity to get competitive advantage. It
provide them success in market and provide opportunity to increase profit.
TASK 2
Explaining the 4P's of innovation and explaining the usage of innovation funnel to determine as
well as shaping the ideas for innovation
In relation to have innovation within the business, the 4P's of innovation is necessarily
needed to be considered which is mentioned below: Product: This is considered as an item which is provided for the sale and is manufactured
by a specific process with an aim of generating revenues form it. In relation to Hyundai,
the procedures in innovation assist the company in having a good quality automobiles
with the latest innovation in their existing car within the target market (Lindgren, 2021). Position: This is concerned with the perception of company itself. This is characterized
with a psychological thinking which has an effect upon the innovation aspect. The
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position entails the target market or customer's to whom the company is going to cater. In
relation to Hyundai, the company position's its product in general market where people
who are technological savvy can make purchase of this new innovative car. Process: This is related with some manner which is being adopted by the firm with an
aim of offering high quality automobiles to market. This aspect is extremely helpful for
the business in enhancing the manufacturing procedure. In relation to Hyundai the
company enhances its internal process so to attain their objectives in time which
eventually will increase their sales as well as generates greater revenues (Liu and Wang,
2021). Paradigm: This includes all those ways which are executed by the business to have easy
innovation process. Paradigm is directly related with some specific thing in the category
of innovation which brings some change within which the actions for innovation could be
taken. For Hyundai, the paradigm is concerned with the making use of right technology
or could be anything that makes the manufacturing or selling process more innovative.
Innovation Funnel:
The innovation funnel is a composition of such method or steps which are considered by
the businesses to initiate their new offerings or procedure in a better and sequential way. The
funnel is being adopted by companies to retain advantage for longer period for such innovative
item along with an implementation of properly structured plan into the operations. The main
component which is needed to be present in innovation funnel is research & development. In the
process of innovation funnel there is an involvement of market analysis in order to determine the
product's feasibility. The stages which are included in the procedure of innovation funnel is
mentioned below: Idea Generation: This includes to the generation of an idea through proper research that
needs to be considered in the process of innovation for the new product. This is done with
an objective of advancing the company's service through a best idea which is best
suitable for the business according to its potential. At this stage, Hyundai aims at
determining the particular problem that is associated with the product (Nwaka, 2021). Investigation of Concept: This is a step where the different aspects of product and the
innovation is investigated that needs to be considered in future while working upon the
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item. At this stage, the phenomenon is tested through identifying the availability of
resources as well as scope of target audience that needs to accomplish objectives in a
particular period of time.
 Studying the feasibility: This stage comprises of identifying the product's feasibility
based upon economical, rational & technological elements which would be present in the
product or in its process. The motive behind this study is to determine the idea which is
highly accepted by the market and brings success to Hyundai. Also, there is a need of
determining different issues which can take place during the manufacturing or process of
such innovative product (Pintonello, 2020).
 Developing stage: At this stage, the company develops the overall structure of its product
within a considerable manner so to have efficient results and higher sales in market.
 Post release phase: This involves the last stage within the process of innovation funnel
where Hyundai collects feedbacks from its customer's which can help them in offering
best quality product depending upon the preferences of such customer's. This can be used
by Hyundai through conducting survey, filling of feedback forms or via other method of
collecting feedbacks.
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Innovation Funnel

M2 Application of commercial funnel. Awareness: In this stage of sales funnel, Hyundai organisation make efforts to raise
awareness related to their products with the assistance of marketing plans and strategies.
At this stage, the customers came to know about the existence of the organisation but
does not develop any interest. Managers of Hyundai in this stage needs to conduct
various advertisement that allow consumer to know about products and service of
company. Interest: The budding customer would develop its interest and wishes to know more
about the commodity, pricing, packaging, the company and the values that they offer.
Hyundai creates interest among the consumers by showcasing the USP of their
commodities and ensure the target market to believe that the their problem could
solve only the Hyundai offerings. In order to develop USP, company needs to
making efforts to develop a strong position in minds of consumer. They also needs to
focus on customer service that will helps them for creating interest of consumer into
their products. They should adopt innovation and differentiation in their products. Decision: The prospect would compare all the substitute products based on the price,
packaging, quality and so on and then made their buying decision. The selected
organisation makes use of various promotional methods for highlighting its cost effective
cars and convince consumers to make selection of the product over the rivals
(Gengenbach, 2020). Hyundai is providing good quality products in affordable
prices. It is not only offering premium cars but also budget friendly cards which are
affordable by customers.
 Action: This is final stage where the consumers makes its actual purchasing decision
which would be based on marketing plan and strategies. The selected organisation also
wanted to reach this stage and convert prospect to loyal customers. In this stage, focus of
managers of Hyundai is to make this process more easier and convenience for
consumer. For this, they are offering cars in EMI and on their options. They are
accepting payment of different methods which make it convenient for consumer to
buy products of this company.
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Explaining the developments in frugal innovation & providing example of how this is used in the
organisational context
The concept of frugal innovation is considered as the process which is executed in order
to minimise the manufacturing complexities within company's offerings. The main objective
behind this is to initiate such products which are cost-effective and assists in reducing the
manufacturing wastes. Frugal innovation is very much helpful in ignoring such wastes that are
not providing any value to the business. The process of frugal innovation is being mentioned
below: Identifying the opportunity: This process carries an objective of determining the various
opportunities within the issues that are presently existing in the business. In relation to
Hyundai which is offering a self-driver mode to the market is having a new composition
in it. This will result in the development of overall business performance which will
enhance the scope of long term sustainability in market (Russell, 2020). Using less and performing more: This step identifies utilisation of such resources which
involves less quantity or are highly efficient that helps in producing more units. This
assists Hyundai in determining the various needs of customers with greater efficiency.
The company generally utilises this feature with an aim of enhancing their productivity as
well as overall performance. Thinking & acting flexibility: The step lists those strategies that are not flexible or are
strict in order to initiate the product modification. This also includes a look up on the
business resources that satisfies the needs & demand of customer's. Adopting simple methods: The stage in innovation talks for the organisational operations
which should not be complex or hard to adopt and is required to be effective. This is so to
enhance the understanding from customers as well as the company's perspective. With
the adoption of regular development, the Hyundai is able to attain a competitive
advantage in the market (Saksupapchon and Willoughby, 2021). Including the margin: This talks about the overall profit margin that is associated in the
product which acts as a profit for the firm. Higher cost will leads to low profit margin for
organisation and vice versa.
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 Following the heart: This last stage is considered for the management of company which
demands for the passion & emotions related to the all actions of a company. This is
highly helpful for Hyundai in respect to modify their present item or enhancing their
target market along with satisfying the needs of customer's.
M3 Role of frugal innovation
The frugal innovation is vital process because of the reasons which are mentioned below: Environment constraints: Environmental constraints are interconnected with the water,
energy and climate resources where the resources are in very much demand in the frugal
models which protects the consumption and also the production phase. Frugal
innovation assist managers of Hyundai to overcome of these environmental
constrained and adopt innovation that is important for company in order to get success
in market. New technology: This make sure about the changes to decline the cost which includes
value, innovation and opportunity for an optimal innovators. Frugal innovation allow
managers of Hyundai to adopt new technology in business that provide them long
term benefit and cost advantage. It assist company to saves cost of company and also
allow managers to saves efforts of members of company.
 Fast growing market: This comprises of creating emerging economies that uplift the
demands towards the involvement in terms of product and services. Adoption of frugal
innovation allow managers of Hyundai to get growth in market by taking advantage
of differentiation.
TASK 3
Explaining the importance of commercial funnel & the application of New product development
(NPD) processing for commercialisation of innovation
The concept of commercial funnel is denoted as the most essential tool for Hyundai that
assists in having more clear decision for innovation. This is a significant process that supports
targeting consumers for company's products so that the buyers would purchase the innovative car
more frequently and enhance their sales.
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Process of New Product Development:
This is the main component upon which the company focuses more because this process
leads to the development of a new product in order to face tough market competition. In relation
to Hyundai the main steps of new product development are as under: Generation of Idea: This is the initial stage in the development of a product in which
huge number of ideas form the staff members are gathered so to come up with the best
innovation. In relation to Hyundai the innovative idea is generated with the proper
analysis and having suggestions from all the major stakeholders (Sareen and Pandey,
2021). The idea which the company has generated is of manufacturing a self-driver mode
car i20. Evaluation of Idea: Here, the lot of ideas which are identified above are now evaluated
and is filtered so to determine the best out of all. The best idea which is evaluated by
them is of manufacturing a self-driver mode car i20. Definition of Concept: The various factors are determined with the innovation such as
market & technical feasibility, product design, etc. Strategic Analysis: After analysing and defining the concept of new innovative idea, now
the same is being evaluated with the company's strategies whether it is suitable or not. In
context of Hyundai, the company would evaluate the market demand of automatic self
driver car and its considerations such as its cost, the profit margin and others. This would
lead to determine the innovation's truthfulness. Product Development & testing: Here, at this stage the prototype is being created & the
testing for the same in being tested within the business context. Hyundai in this develops
the innovative car and tests the same from the perspective of their customer's (Schovsbo
and et al., 2020). Market Testing: Here, the company Hyundai tests the product which is self-driver car
into market and gathers customer's feedbacks so that can modify before the launch. Commercialisation: After all the above process, the company determines the price of its
innovative car and develops marketing plan for the same.
 Launching the product: Finally, Hyundai at this position launches its new innovative i20
in market for its sales and attracts large customer's.
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Building an Innovation business case for a company, comprising the ways of accessing the fund
Executive Summary
Innovation, as well as commercialisation, refers to the two major elements which help the
business to be in market competition. Such form of marketing tactics is adopted by Hyundai to
promote their new innovative item that is self-driver car i20. Simultaneously, the target market
and customers are also identified in order to accomplish the targets in a limited period. Along
with this, investor analysis is also conducted who will fund the innovation project to Hyundai.
Vision
The vision of company is to become the lifetime partner in the automobile industry and
also beyond. It is aimed to come closer to the customers and also become the brand which is
beloved by everyone.
Market opportunities
The company is offering an innovative car which is manufactured by keeping customer's
perspective in mind. This provides an opportunity of high sales in market by purchasing from
people who are technological savvy. Management of Hyundai will maintains their terms with the
incremental innovation that can enhanced their present sections in terms of the product, process
or service in an effective and efficient course of manner. It provide various opportunity to
business of Hyundai as it is offering self driven car that is a new concept in market. It allow
company to get ad advantage of differentiation market and allow to attract more
consumer. It also assist business to use of technology in business that provide convenience
to consumer.
Competitive advantage:
The new innovative product by Hyundai that is an innovative car with self-driver mode
has a potential to attain high competitive advantage because such type of offering is not widely
available in the market in this variety by any of the competitor firm. Offering such type of car to
the customer's will allow Hyundai to attract more customers as well as more market share which
will eventually lead to have a competitive advantage.
Size & growth possibilities
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The size and growth of new innovative i20 is analysed to be huge in UK market as this is
concerned with a sound innovation. This provides a huge growth opportunity to Hyundai and has
a lot of scope for its sales as well as high market share (Tafotie, 2020).
Target Market:
The target market for Hyundai is to cater general public who are technological savvy in
the market whenever they make its purchase. Customer's from every age group is being targeted
by the company for their innovative offering.
STP analysis:
Managers of Hyundai can identify their target market for business case through
conducting STP analysis. It identify segmentation, targeting and positioning of products
and service.
Segmentation Demographic, geographic
Targeting On basis of size and market attractiveness
Positioning Symbolic positioning
Marketing Mix
Marketing mix is one of model that includes different component including product, price,
place and promotion. Explanation of these factors in context of Hyundai is mentioned
below:
Product: Hyundai is operating in automotive industry and offering self driven car to their
consumer.
Price: It is offering their cars in premium prices as they are adopting unique features
which attract attention of their consumer.
Place: Managers of Hyundai is also offering their products and service in their showrooms.
A person can also book their car from online store.
Promotion: In order to advertise their products and service, managers of Hyundai can
adopt advertisement and digital marketing.
Strategy:
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Hyundai follows a strategy of pricing premium where it will charge high price for its
innovation. The main aim of this is to enhance the company's sales and attract more customer's
(Tomei, 2020).
Promotional Strategy:
Hyundai promotes its offering via digital marketing where the customers who uses smart
phones or computers will be targeted more. On the other hand road side hoardings are also being
applied by Hyundai.
Funding:
This includes various sources of funds from which the company can have investments for
their innovative projects or can raise money for their business. The common funding options that
are available for Hyundai are mentioned below:
Angel Investors: These are those financing companies which provides large amount of
funds to the start-ups or to those who brings innovation in their firm. These are generally private
organisations.
Advantage Disadvantage
 Hyundai would be able to acquire the
desired amount of money with an
constant support and guidance through
expertise from investors.
 The main disadvantage for Hyundai
from this is that the company is
required to share its board ratio as well
as the decision making power with the
investors.
Bank loan: This involves raising of funds from a banking institution in against of some
collateral security equal to the amount of loan taken for a specific time period. Banks are the
financial institutions who deals in lending & borrowing of money from customer's and lending to
the businesses (Tseng, 2021).
Advantage Disadvantage
 Hyundai can get funds from bank with
a full security for a longer period. This
also involves less processing charges.
 The major disadvantage of bank loan is
that the interest rate which is charged is
very high. Also, this demands for huge
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paper work.
TASK 4
Evaluating the various tools which a firm uses to create, retain as well as protect knowledge &
intellectual property
The notion for intellectual property denotes to the security for company's intangible
assets which creates for the business as well as safeguards the company's product & services.
There is an existence of numerous tools which could be applied by Hyundai in order to safeguard
the rights of their property, which are mentioned below:
 Trademarks: This denotes to the company's logo or any unique identification through
which customers can be able to identify the product or service or no other similar firm
can offer fully identical services to the market. Hyundai through this can safeguard the
identity of their offering from its competitors (Urnau and Canciglieri Junior, 2021).
Advantages Disadvantages
A federal trademark registration is a valuable
asset in the business
The main disadvantage of trademark
registration is that they have to pay the fees in
each 10 years in respect to manage it.
 Patent rights: This right is being provided to the companies or organisations who invents
new thing or any phenomenon which is an entirely new to the society. The general
duration for having a patent for a particular item is for 20 years and after which the
experiment is open for the public. The main objective of this is to safeguard the owner's
interest as well as honouring the original work and keeping away the same from any
fraud or theft.
Advantages Disadvantages
A patent gives management the right to restrict
to stop others from copying producing, selling
or importing their creation without their
Their patent application means developing
particular technical data about their creations
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permission. as publicly available.
 Copyright: This provides those rights to the owners who creates something new or
invents some original work like symbols, inventions, artistic work, designs, and others.
This provides a legal safety to the original owner for their creation or inventions (Yang
and Liu, 2021).
Advantages Disadvantages
Copyrights are basically reasonably priced and
simple to enrol.
The major disadvantage for copyrights is that
copyrights safe the statement of their thought.
The company Hyundai can have safeguard its innovation through having a patent for the
same so that cannot be sold by rival firm under its name.
D2 Evaluate nature of innovation
Various hindrances have been handle by the Hyundai in the approach of innovation process. This
will impact overall productivity and profitability of company because innovating brings
competitive advantage. Challenges such as customer’s preferences, competitiveness, improvised
offerings, inappropriate cash inflows influenced innovative process of innovation. The nature of
innovation is attached with technology changes, improvised business process as well as customer
experience.
M5 Evidence based evaluation
For long term growth and business expansion needs skilled and talented employees
which develop base of innovation concept. Hyundai utilise some basic technique which
contribute innovation in the production process.
Divergent: It is the effective tool which introduce alternative perspective to solve
alternative problem in the company. The innovator of the organization ensures coordination to
develop positive approach of business.
Convergence: It is called as idea convergence technique which linked with discovering
range of separation tool to resolve conflicts in the company. It aids in solving problems of
company and established unique position in the eyes of customers.
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Managers of Hyundai can adopt different tool for purpose of protection of their
innovation. Patent is a right and adoption of it in Hyundai restrict others from copying
producing, selling or importing their creation without their permission. But is also create
disadvantage for business as developing particular technical data about their creations as
publicly available. Copy right is another right which will also helps business for protecting
their innovation and creative work like logo or quotes of marketing from others
Trademark is also a right that is also assisting managers to prorext their innovaitonb from
others.
CONCLUSION
From the above report, it can be said that the innovation is the need of the hour and play a
very important role in organisational growth. In order to bring effective or successful innovation
is it essential to follow 4P's of innovation so that can have smooth workings. Also, the presence
of innovation funnel is denoted as the set procedure of developing the product through adoption
of various steps in sequential manner. It can also be said that the frugal innovation acts as a
major contributor to the execution of innovative idea in a well-structured way. The process of
new product development lists all the necessary steps which are used while developing the
innovative product by the company. The innovation demands for the money in order to meet its
necessary expenses which can be funded by various investors such as angel investors, bank loans
or via others. Since innovation is an advantageous concept and brings huge growth to the
business so it is very necessary to safeguard such work and keep it safe from different theft or
fraud. This can be done by having various intellectual property rights such as copyright,
trademark or patents.
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REFERENCES
Books and Journals
ALBANITO, L., 2020. Innovation call for ideas projects in Amadori Group: management of new
ideas selection and development process.
Chen, D., 2021. Study on the Relationship between Intellectual Property Rights Protection, R&D
Investment and Firm Scientific and Technological Innovation Performance. Frontiers in
Science and Engineering. 1(3). pp.70-73.
Fartash, K., Mohseni Kiasari, M. and Sadabadi, A., 2021. The Role of Technology Management
Capability in Defense New Product Development Process (The Empirical Findings).
Innovation Management Journal. 5(2). pp.135-162.
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