Innovation and Commercialisation: Ways of Sourcing and Processing Innovation in Walmart and Iceland Foods Ltd

Innovation and
Commercialisation

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
PART 1. EXPLORE EXISTING CASES OF INNOVATION.......................................................1
TASK 1............................................................................................................................................1
P1. Ways in which different organisations source and foster innovation have been discussed
with the help of examples............................................................................................................1
M1. Analysing the ways in which innovation is sourced and supported within different
organizational environment and cultures.....................................................................................3
TASK 2............................................................................................................................................4
P2. Differentiation between various types of innovation and how they are processed within an
organisations:...............................................................................................................................4
M2: Evaluating how innovations are processed within differential organisational setting.........6
PART 2- INNOVATION BUSINESS CASE.................................................................................6
TASK 3............................................................................................................................................6
P3 Producing a detailed business case for innovation in respect to organisation, including
risks, benefits and was for arranging funds.................................................................................6
M3. Producing an analysis of a business case for innovation which emphasizes value of
business for potential investment.................................................................................................9
TASK 4............................................................................................................................................9
P4: Evaluation of varied tools that an organisation can use to develop, retain and protect their
intellectual rights.........................................................................................................................9
D2 Producing a commercial business case for innovation with an action plan which aids in
developing the methods for its protection in a wider business environment.............................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation and commercialisation are both important factor for any organisation to
prevail in the market. Constant and updated change is required in these two fields to survive in
this competitive market. Innovation refers to the application of different theories or ideas that
would result in either introduction of new products or services or improvement in the old
produce. Likewise, commercialisation can be understood as the process of introduction of new
products or services in the market for trade or commerce related activities (Mohammadi, Rezaei
Asiabar and Babaei, 2021). For the report, selected grocery retailers are Walmart and Iceland
Foods Ltd. Walmart is a multinational retail corporation which performs business operations
with purpose of increasing its global influences and significance of its community. On the other
hand, Iceland Foods Ltd. is a supermarket chain in retail industry that works to adapt and
overcome the challenges that occurs due to changes in the market environment.
This report contains the information on the way in which innovation is sourced and
supported within different types of organisations. This tells the process of innovation prevailing
in different firms. Application of processes that are required to commercialise innovation within
an organisation. The range of methods evaluated to protect the several aspects of innovation
within the firm.
PART 1. EXPLORE EXISTING CASES OF INNOVATION
TASK 1
P1. Ways in which different organisations source and foster innovation have been discussed with
the help of examples
Sources of innovation can be understood as the impulse leading to undertake innovative
activities to achieve greater success in the market. In companies, such as Walmart and Iceland
Foods Ltd, innovation is required to come up with new ideas and technologies so as to increase
productivity. This concept can be well explained with the help of Peter Drucker's seven sources
of innovation. These sources of innovation prove to be beneficial for several firms like Iceland
Foods Ltd and Walmart Inc. in many ways, they are as follows:
 The Unexpected: Innovation can be drive through several unexpected ways such as good
side effects or failures of an event or experiment in terms of goods or services that turn
into company's favour. In Iceland Foods Ltd, innovation is sourced from various
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unexpected situations that are shooting the animated video of an animal, that created a
huge fuss for the company. Then they used that video for advertisement purpose in which
innovation was found about advertisement of the product. While in Walmart, failure in
the introduction of new segment of clothing helped this company to maintain its niche in
the retail industyry.
 Incongruities: Incongruities emerge through the feeling of disruption that is a fight
between what is right and what ain't right. Innovation can be sourced out through these
feelings, which can further remove the difference between expectations and reality. This
helps the firms like Walmart to turn their expectation of achieving firm's goals into
reality. For Iceland Foods, at the beginning of their growing stage they faced fall in their
margins. Their innovations in reducing other costs helped the company to pass out of the
situation.
 Process needs: Weak link in any critical process can anytime turn into a substantial
improvement, which thereby leads to innovation in the process (Min, Kim and Sawng,
2020). Companies such as Iceland Foods uses several opportunistic approach in this
regard to develop a competitive edge in the market. Firms such as Walmart, has used this
source to process its operations online while they lack in any physical existence. Its
business is wholly operated on online channels and deals with the customers online, there
is no need of any physical appearance of this business.
 Industry and market structure: Industry and market structures involves continuous
change in the market in terms of innovation and commercialisation. In Walmart there is
continuous dealing with the changes that prevail in the market. Their latest innovations
are directly related with the upcoming trends. Whereas, Iceland Foods constantly look for
the opportunities to expand its market share by introducing new segments in its store to
serve more diverse economy.
 Demographics: Changing demographics in terms of age, education, disposable income
can contribute towards innovation of new ideas regarding products and services or their
processes. In Iceland Foods, there are separate counters to cater the needs of different
segments of society. On the other hand, Walmart focuses on the traditional methods for
introducing their culture and beliefs to the newer generations with advanced outlook.
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