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Innovation And Commercialization Assignment | Incite Marketing Partnership

   

Added on  2020-06-05

14 Pages4367 Words59 Views
Leadership ManagementDesign and Creativity
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INNOVATION
Innovation And Commercialization Assignment | Incite Marketing Partnership_1

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and its importance for organisation in comparison with invention.....................1P2 Vision, leadership, culture and teamwork can shape innovation and commercialism..........2M1...............................................................................................................................................3D1................................................................................................................................................3TASK 2............................................................................................................................................3P3 Explain 4P's of innovation and use of funnel innovation......................................................3P4 Development of Frugal innovation........................................................................................5M2...............................................................................................................................................5M3...............................................................................................................................................6TASK 3............................................................................................................................................6P5 Importance of commercial funnel and application of NPD...................................................6P6 Building of innovation business case including ways to access funding...............................7M4...............................................................................................................................................7D2................................................................................................................................................8TASK 4............................................................................................................................................8P7 Different tools that an organisation can use to develop, retain and protect intellectualproperty.......................................................................................................................................8M5...............................................................................................................................................9CONCLUSIONS..............................................................................................................................9REFERENCES..............................................................................................................................10
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Innovation And Commercialization Assignment | Incite Marketing Partnership_3

INTRODUCTIONInnovation is defined as updates in existing products or its manufacturing processes inorder to maintain uniqueness of item for gaining competitive advantages. Innovation is a processof some additional factors in product or services like use of latest tools and technologies inmanufacturing process that ultimately increases quality of core item and facilities. InciteMarketing Partnership is a firm that provides solution of strategic problems and makes planeffectively for companies. There are approximately 160 employees are employed in firm. Thisfirm is headquartered in London and managing director of association is Matthew Froggatt. Thisproject is based upon use of innovation funnel in new product development as well as meeting ofall targets in limited period of time (Drucker, 2012). TASK 1P1 Innovation and its importance for organisation in comparison with invention Incite Marketing Partnership is basically a strategies formulation company that must beaware about the latest innovations which are coming in existing products and services in order tomeet demands of customers as well as maintenance of uniqueness of item for gainingcompetitive advantages. So, all innovations should necessarily be applied in business functionswhether effect might be anything, positive or negative. Innovation is a creativity that can makeexisting product more profitable and antique in industry. There are some necessities ofinnovation that represents fundamentals:By taking help of innovation, managers can guide their team members for introducingnovel and antique changes in operations conduction for hitting targets. Creativity is helpful in grabbing attention of new buyers towards Incite MarketingPartnership. Innovation aids greater returns. Creativity secures a distinct position of company in industry. Innovation is a strategy that is formulated to launch several modifications in operationaccomplishment (Edquist, 2013). There are some difference that differentiates innovation and invention. Elaboration ofthese distinctions is as follows:InnovationInvention1
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