Innovation and Commercialization in BAJ Shop Ltd.

This report discusses the ways in which BAJ Shop Ltd. fosters innovation, different types of innovation, and the benefits and risks involved. It also provides a detailed business case for management and innovation in BAJ, including funding sources.

Innovation and Commercialisation

INTRODUCTION...........................................................................................................................3
SECTION 1......................................................................................................................................4
1. As in the jewellery company there were provided so many changes and challenges and the
organisation is abruptly burdened by it. Provide the 2 ways in which BAJ Shop Ltd. And also
give the source of competitor and foster innovation with examples. 4
2. Differentiate in various types of innovation and also the ways in which they are processed
in BAJ Ltd. And also elaborate the ways through which it deals with BAJ and H Samuels. 5
3.Give the detailed knowledge and also produce a detailed business case for management and
innovation in BAJ. Which involves benefits and risks and also the ways in which funding is
undertaken. 8
4.For BAJ evaluate and use different tools which will helps in developing and protecting
knowledge inn regard to intellectual property. 10
SECTION 2....................................................................................................................................11
1.Describe the ways through which the different organisation source and also the foster
innovation is being undertaken. With their examples. 11
2.Elaborate and also provide the innovation funnel in context to organisation. 11
3.Elaborate the role of all the analysis and the frugal innovation in organisation. 11
4.Give the detail innovation for all the business case that involves the methods to measure all
the overall effectiveness with their reach and techniques. 11
5.Give the support and evidence for the evaluation and also for all the different tools as in for
organisation 11
SECTION 3....................................................................................................................................11
1.Critically provide the ways in which innovation will be developed successfully and also the
ways in which it will be embedded in proper manner. 11
2.Give and make the effective business case and the commercially driven areas through which
the innovation is managed also involve the action plan in development and also the methods in
order to make the successful growth and protection for business functions. 11
CONCLUSION-............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation in the company will always give success in the business, for the long term. In
general, the meaning of the innovation is to, improve or replace something. The innovation can
be done on any product or any services also. It also describe as, the building of value which,
build the value of the product, survives and the process. The companies have different different
options to enhance their competitiveness, the strategy can be frame for the differentiation, or the
company can aim to the price leadership, innovation is crucial in both the cases. It will help all
the organisation, if there is a continue innovation. There is a difference in the concentration of
the innovation strategy which ,is also differ business to business. The innovation is important key
to get the long term success in the business. In every organisation, the teamwork and the
collaboration are continuously being exploited in the several organization, to make improvement
in the digital innovation or to combat the challenges of the digital modification. It requires the
high amount of risk and the voluntarily will to get ready for the high level of risk, to implement
the new ideas in the difficult new project(Litvinenko, 2019). The other term is commercialisation
means introduce the new goods and services in the competitive market. In the term
commercialisation, there are many functions which would get done like, production, marketing,
sales, support the consumer and many other which helps to attain the commercial success of new
goods or services. Basically, the term commercialisation is to be done when, a lower scale
organisation tried to get success in the market. In this report, the chosen organisation name as
BAJ Limited, situated in the United Kingdom(Sergeev, 2019 ). The BAJ Limited deals with the
jewellery item, in the company the different different items of jewellery got prepared , with the
use of different innovations and the new techniques or technology. In this essay, it will be
discuss about the Chosen company of the United Kingdom, the BAJ Shop Limited that how it
will foster the innovations in comparison to it competitors, the reason of innovating including
risk, benefits and the sources of fund of the company will get discuss, the disruptive innovations
which used in the chosen company will get discuss and at last it will discuss that, how the chosen
company will protect the innovative ideas of an organisation.

SECTION 1
1. As in the jewellery company there were provided so many changes and challenges and the
organisation is abruptly burdened by it. Provide the 2 ways in which BAJ Shop Ltd. And
also give the source of competitor and foster innovation with examples.
The BAJ Shop Limited, uses the following ways to source and foster innovation;
 Work in front foot- the leadership is a quality through which the innovations
comes out and it will be done by the founder or the CEO of the company,
manager and the employee's also, these people have the responsibilities to run the
company passionately, which makes the positive image of the company with the
effective and efficient performance(Bataille, 2020). The chosen company for this
essay, the BAJ Limited comprises the best leaders and the solid thinkers who
understood their responsibilities in fostering the business operations, they believes
that, as much more innovations in the company will give more success to the
company in the competitive market.
 Build Innovative Environment- when the employee's have a back support in the
meaning of inspiration and motivation, it will help them to enhance their
performance level and give them the ability to think different and innovative. But,
it can only get possible when, the employee's of the company are free to think and
feel independent to apply their mind and think out of the box regarding the
operation of the company. In the case of the BAJ Limited, their employee's have a
free hand to think creative and innovative. This would be possible because of the
knowledge gain by their employee's in a seminar held by the manager to provide
some skills to get innovative and encourage for their work(Bessant, and Rush,
2019).
 Create Competent Team- the efficiency in the work can be seen when, the
company has the effective team. It will become easy for the company to achieve
the goals. The perfect work can't be done by an individual, to give the perfect
work to the company, there should be smart and faster employee's who will
understand the value of time and the resources of the company and who believes
to achieve the success in a long run. In the BAJ Limited company, they have the

creative and the hard working team, which helps the company to compete in the
market by giving the different innovative ideas(Cooke, 2018).
 Participate as an owner- In the BAJ Limited company, the owner gives the right
to their employee's to deal with the clients as an owner of the company. They
think that, the customer will get satisfy about the problem and it will be done
when someone in the company take the responsibility to deal with the customer
problem, and in the BAJ Limited the employee's are well trained to satisfied the
customer need. This type of quality cant be seen in any other company.
 Appreciation and Reward- the employee's will only show their creativity when,
they receive some appreciation and some rewards also, this will enhance the
growth of the company. The reason, behind the employees not showing interest in
the operations of the company is that, they didn't received any rewards for their
work and efforts(Daniels, 2022).
2. Differentiate in various types of innovation and also the ways in which they are processed in
BAJ Ltd. And also elaborate the ways through which it deals with BAJ and H Samuels.
There is no limit to describe the types of innovation because it depends up on the
situation and with that situation the companies or an individual also by applying their mind think
about the innovations which help them to come out in the difficult situation. The few types of
innovations are discussed below;
 Disruptive Innovation- it is the most common method to introduce the product
or the services in an established industry at lower cost. It refers the use of the
technology which helps the company to build the structure in the market. In this
of innovation their margins are low in the beginning, its aim to enter in the new
market(Gardner,and Bryson, 2021).
 Incremental Innovation- In this type of innovations, the company prefer to make
the small improvements in their products and in their services also as compare to
the existing product or services. These small improvements in the company helps

the company to differentiate their company from the competition. IN the case of
the BAJ Limited, they also made some small changes in their products and also
they changes the method to serve the customer. This type of innovation helps the
company to grab some new customer and it give something new to the existing
customers.
They are more focused on the customer demands and the changes in their preferences, for that
they upgrade their technology to manufacture something new for the potential customers, which
helps them to meet with the demands of the customers. In the market of jewellery customer's
would found many options but, the BAJ Limited attract the customers with their new innovations
and sources which holds the customer attention in the BAJ Limited only. This types of
innovation gives a great growth to the company(Huang and Li, 2019).
Innovation Process- it means to introduce the new machines which produce the new quality of
products, new methods of supplying the products in the industry. The innovation is an idea
which helps the company to convert the thoughts into the execution and bring something new in
the existing process of the company.
Steps of innovation process:
1. Idea generation and active services- The success of the company is
dependant up on the new ideas, and to get the success in the organisation it is
necessary to give freedom to all the employee's to think something new
regarding the companies operations. In the case of the BAJ Limited, the
higher authorities desire the support of the employee's in the idea generation
process(La Rocca,2018). In the company the session will be held regarding
the new innovations in the company, this activity of the company will
encourage the employee's and give them a thought that, the employee's are
also important in the company operations.
2. Advocacy and Screening- when the BAJ Limited got many ideas from many
employee's now, in the second stage those ideas will be test and and the
company special cell will evaluated the feasibility of the ideas. These ideas
will help the company to get aware about the up coming challenges. The BAJ
Limited will appraise the employee's on their ideas(Lim, and Ong, 2019).

3. Research and Development- In each and every organisation there is research
team, which tells about the sustainability of an ideas. The research will get
introduce the company with the new ideas and innovations and also help s the
company in implementation of the ideas. Like in the BAJ Limited they offer
some complimentary gifts with the jewellery like a gold plated coin or silver
plated coin.
4. Commercializations- It is a process to bring out the new products and the
new method to provide the services in the market. This process will change
the opinion of the customers about the products as through commercialisation
the company brings out the new products in the market. Through this method
the company can easily brought out the company name in the competitive
market(O'Grady, 2021).
5. Diffusion and implementation- when the company accepted the ideas and its
time to implementing the ideas. This stage of innovation will help the
company to identify the customers needs. The customer will react on the
product and it will give the feedback to the company about the ideas and also
give an idea of altering or changing the ideas and its implementation.
3.Give the detailed knowledge and also produce a detailed business case for management and
innovation in BAJ. Which involves benefits and risks and also the ways in which funding is
undertaken.
Business case is a process which evaluates the benefit, cost and risk of an alternative
options which provides the rational solution of the problems. The business case helps the
company to determine all the activities of the company like the expenses, cost of production,
benefits, profit and loss of the company. Its regulate all the functions of the company and keep
the record of it. In the case of the BAJ Limited, the business case of the company is mention
below;
 Summary Executive- The chosen company, BAJ shop Limited introduces the
new machinery in the company to improve the efficiency. The company started
producing the new and innovative products with the new machinery with the
limited use of the resources which also cost them less in the production and this

innovation gives some extra profit of the company(Prashantham, and
Bhattacharyya, 2020).
 Problems- In the business where the company is dealing with the jewellery items,
it will give a serious problem to the company because, the whole business is about
the product finishing and the purity of the products. The customer's would easily
rejected the product if they find some defect in the product. It is required to give
main focus on the quality of the product with the new designs and patterns
(Radnejad, and Vredenburg, 2019).
 Solutions- To the BAJ Limited, it will be better for the company to utilise their
new machinery effectively by the trained employee's. It will improve the quality
of the products and also it will not give any chance to the consumer to complaint
about the quality of the products.
 Innovation- The best innovation of the BAJ Limited is, introducing the best
machinery in the industry, which assist the employee's and in a result it will
reduce the cost of production it means, more profit to the company and also no
wastage of the resources(Raghuvanshi, and Agrawal, 2020).
 Market Research- Prior to launch the new product in the market, the BAJ
Limited completed the market research, the company research about the
preferences of the customers and also the trending design of jewellery which
attracts the customer apparently.
 Funding- To run the business for a long run in the competitive market, where
there are so many competitors of the same product. It will get necessary for the
company to raise fund to build up the business. Even, the largest company of the
world Chanel in UK, has source of raising fund. To expand the business every
company realises the need of raising fund. There are some institutions which
provide loan to the private business company;
Bank Loan- it is the most common way of raising the fund to do business or to expand the
business. Almost all the private entities were raising funds from the bank loan, and the bank after
investigate the financial condition of the company and the keep some valuable product of the
company as a security (Sridhar, and Mehta, 2018). After lending money the company will give

back the money in an instalments and if, the company got failed to repay the amount then, the
bank or any financial institutions will seize the property or assets of the company.
Loan from other people- apart from the financial institutions, the company will
also raise the fund from their partners or from any relatives which they have the business
connection. It will reduce the paper work and also the formalities as compare to the financial
institutions.
4.For BAJ evaluate and use different tools which will helps in developing and protecting
knowledge inn regard to intellectual property.
In each and every repudiated company, there are the personal information which they
don't share with anyone. The making process of the product, the tools and the ideas of the
company which is also called the blueprints of the company. These are some confidential
information of the company which should be keep safe from others. The BAJ Limited, uses
various tools to protect their secrets of the company such are;
 Trademarks- this tool will keep the identity safe of the product, with the
trademark only the product can be safe and it also makes the product differ from
the competitors. The trademark means the symbol of the product like, the soft
drinks brand PEPSI has its own symbol or logo, which no one can use in their
product. Similarly the BAJ Limited has its own symbol on their product, which no
one can use on their products (Sweeting, 2022).
 Patents- it’s another tool to safe the secret information of the company, the patent
is use on that product or the information which is invented or published for the
first time in a market. The main aim of this tool is to safeguard the right of an
inventor who introduces the new creation by applying their mind and talent. After
patent some good or work that, work or good will be authenticated and no one can
use it by their names(Tingey, and Webb, 2020).
 Copyrights- To protect the good, the owner will safeguard the product from
being copied and also protect the right use that product. Only the owner has a
right to sell the particular product which hot copyrighted in the name of the
owner. If someone wants to sell that product they have to ask the permission to
the owner to use it(Tojeiro-Rivero,2019).

SECTION 2
1.Describe the ways through which the different organisation source and also the foster
innovation is being undertaken. With their examples.
Sources of Innovation-
Demographic Changes- The changes in the population size, the age structure, the level
of employment and also the changes income, these changes may create the various innovative
opportunities.
Changes in perception- The innovations can arise with the result of the people changes
in perception. Its a human nature that, after sometime or using the product or the services they
change their perception over that things. The customers have the versatile nature, they never
stuck in some particular product or the services. It gives the task to the companies to
alternatively analysis the changes in the customer perception, which helps the company to bring
out new innovations in their services and in goods(Evers, and Andersson, 2021).
2.Elaborate and also provide the innovation funnel in context to organisation.
Sustaining Innovations- The company like BAJ Limited, who already captures the
whole market in their industries, such renowned and popular industries use this type of
innovation. It will occur when, the company started to produce the better products for the
purpose to sell the product in a higher profitability(Gruber and Johnson, 2019).
Radical Innovation- When the company decided to do something new and drop out the
existing process and operations in the company then, they applied the radical innovation which
totally destroys an existing business process and the procedure.
These are some types of innovations, and by analysed all the above innovations it can be
said that, the BAJ Limited utilised the Sustaining innovation in their business. The company
always focuses to provide the best product and services in the jewellery sector.
3.Elaborate the role of all the analysis and the frugal innovation in organisation.
It is describe as the process that diminish the complexity in the goods and services, which
helps to reduce the cost of production. It is frugal because, the customer wabnt sthe jewellery at
low price. There is a need of frugal innovation in the market, some are discussed below;
 The frugal innovation diminish the cost of production, which help sthe company
to avoid raising fund from the different institutions.

 Its not only helps the BAJ Limited but, also it is helpful for the nature as, the less
energy is used in manufacturing the goods.
4.Give the detail innovation for all the business case that involves the methods to measure all the
overall effectiveness with their reach and techniques.
There are many methods to measure the overall effectiveness of the business;
 Customer Preference- It is necessary to determine the needs and demands of the
customers, that in what product they shown their preferences.
 Transparency- There should be transparency in the policies and the offers of the
company.
 Profitability- The company have to measure the margin of profit from the
innovative aspects.
 Total Profit- It is necessary to calculate the actual profit and compare with the
estimate one.
 High Cost- it is necessary to determine the high cost in the production of the
product and remove that cost from the production.
5.Give the support and evidence for the evaluation and also for all the different tools as in for
organisation
The innovations tools are very beneficial for the company, it provides the opportunities to
bring growth in the company. The tools plays various role, its not only measure the growth but
also assist to face the challenges. The tools helps the company to reduce the world load and assist
to develop the ideas of facing the difficulties. The various stools are used in the BAJ Limited
such as ring sizer, protective case of the jewellery and many more which make the products
attractive with the low cost.

SECTION 3
1.Critically provide the ways in which innovation will be developed successfully and also the
ways in which it will be embedded in proper manner.
Innovations are used in different organisation which brings the success in the company;
 Different task performing- If the employee's of the company believes in
performing the different task and activities, it will give more creativity to them .
The more creative employee's in the company, the better growth can company
achieve.
 Recruit talented employee's- To improve the efficiency in the operations of the
organisation, the company has to hire the talented employee's, which helps in
fostering innovation in the company.
 Always use innovative process- The company has to change their process of
production by applying new method of innovation. It helps the company in
manufacturing and production process.
2.Give and make the effective business case and the commercially driven areas through which
the innovation is managed also involve the action plan in development and also the
methods in order to make the successful growth and protection for business functions.
Safeguarding the business environment and the scope of innovations there are
plenty of approaches, which are put into use so that the business environment can be protected,
which includes, adapting the renewable resources and ensuring constructing less wastage. The
organisation must Use the parameters which helps in decreasing the green house gas effects. In
the purview of the BAJ Limited, the organisation should safeguard their inventions and new
creations by implementing the regulations of patent and copyrights.

CONCLUSION-
It is concluded from the above report, that innovations plays an important role in the
business to develop or to expand the business. It is not a easy process , it requires the hard efforts
to meet the result. Innovations are important for every company, and most of the companies are
using the sustainable innovation which is economically friendly. The company accept the
innovation to bring something new by using the various essential factors which support the
company. In this report the participation of the employees in the session of the innovative ideas
in the company would get discuss. The various types of innovation which assist the company to
brings the quality in the product. This report also covers the various innovation process which is
followed by the chosen company for this report. The whole report is about the innovations of the
BAJ Limited which got used by the company to grow their business.

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