Innovation and Commercialization Strategies

This assignment requires you to explore various sources (books and journals) that provide insights into innovation and commercialization strategies. The sources include articles from reputable publications such as Journal of Business Research, European Planning Studies, and Technovation. Additionally, online resources like 4ps of innovation are also included in the references. You need to extract relevant information and provide it in a JSON object format.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Importance of innovation and its comparison with invention...............................................1
P2 How organisational vision, culture and teamwork can shape innovation and
commercialisation .....................................................................................................................2
TASK 2............................................................................................................................................4
P3 Four Ps of innovation and use of invention funnel................................................................4
P4 Developments in frugal innovation........................................................................................5
TASK 3............................................................................................................................................6
P5 Importance of the commercial funnel....................................................................................6
P6 Form an Innovation Business Case........................................................................................7
TASK4.............................................................................................................................................8
P7 Tools to develop, retain and protect knowledge and intellectual property............................8
CONCLUSION................................................................................................................................9
REFERENCES .............................................................................................................................10

INTRODUCTION
Innovation is a process of invention of new product and services which helps to gain
competitive advantage at market place. It can be defined as new ideas and methods of
completing all task in given time frames. In this report, HAKIM group has been selected that
runs their business activities into an optical industry (Bagchi-Sen, 2010). They believe in
independences and work with diversification of commodities thus gaining competitive benefits
to firm in long period of time. HAKIM was established in 2001 and have achieved nationwide
reputation for their innovation by using hybrid approach which ensures best opportunities has
been provided with practical benefits at market place. In this report, importance of innovation
and its comparison with invention is covered. It’s also includes firms culture, teamwork,
commercialisation, vision, mission and four P’s of innovation. Assignment includes development
as well as importance of frugal innovation and makes innovation business case etc.
TASK 1
P1 Importance of innovation and its comparison with invention
Innovation can be defined as turning ideas into reality which helps to increase some
additional value in their existing products and services form perspective of consumers .
Management of firm is participating with all staff members into changes which help to
completing task in new ways to get target in limited period of time (Aarikka-Stenroos and
Sandberg, 2012). When organisation has used creativity in their commodities then they are able
to increase brand value in industry.
Importance of innovation has been explained as follows:
 Various kinds of issues arise during completion of whole enterprises activities so that
innovation helps management of the company to operate business which helps to sustain
in future.
 Through creativity, organisation has capability to take benefits of global entrepreneurship
movement that provide higher profits and market share.
 Latest technology provides a competitive advantage by offering diversified goods as
compare to their competitors. Through this, HAKIM group had increased their brand
value and market position.
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 Through innovation, enterprises have been able to enhance international connectivity to
gain global presence.
Invention: It is a process which is beneficial in producing completely new goods that
cannot sell before or introduced by any other organisation in same industry. It is creative
capabilities of the company (Bogers and West, 2010). Invention is a unique and novel process of
completing task to produce goods. Comparison between invention and innovation has detail
below:
Basis of difference Innovation Invention
Meaning It is an activity of modification of
product and services by adding
values in present goods.
Firms have developed completely
new commodities in order to full fill
consumer's needs and wants
effectively.
Objective To add some component that
enhances value in the original
commodity.
A firm has offer some something new
to their clients that make their life
easy.
Skills All staff members of the enterprises
have skilled and technical thus help
to contribute into add feature by
new thinking process (Bogers and
West, 2012).
It needed higher professional
knowledge and skills as well as
creativity to identify opportunities at
market and find out effective solution
in given resources.
Concept Its initiate new thought at work
place which has come into mind of
employees.
Firstly, management of firms has to
find out buyer's needs, wants and
accordingly produce commodities.
Creators An entire team must work together
to do modifications in existing
goods.
Department as R&D section of an
organisation has to develop
innovative ideas to manufacture
products and services with new
features.
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P2 How organisational vision, culture,leadership and teamwork can shape innovation and
commercialisation
With in an organisation, management of the set vision, mission in order to run whole
business activities in right path. For this, manager of the HAKIM group had developed strategies
to achieve their visions effectively for longer period. It is an administrative responsibility to
build a healthy working environment that helps to build a positive working culture thus
motivates employees to participate into innovative activities (Ettlie and Rosenthal, 2012). Its
show change in consumers behaviour and attitude that is arise due to implementation of creative
idea in firm thus help to boost employees self confidence and moral. Some time, organisation set
unfeasible objectives which cannot achievable so that it is very important to make their vision
should be SMART. Impact of culture, teamwork, vision, leadership on creativity at work place is
explained as follows:
Vision: Owner of the company has established vision and management has developed
strategies which help top achieve this vision effectively. Thus help to run business on right
direction and they are made some short-term objectives to competing task in an appropriate
manner. Human resources manager of HAKIM group has conducted training program for their
employees who help to enhance their skills and professional knowledge. Through this, all staff
members have able to give contribution in innovating work process in an effective ways.
Leadership: Leaders of company has been able to influence their team members’
behaviours and motivate them to competing task in new ways in order to achieve objectives.
They play a vital role in planning, managing, organising and directing employees within work
place. A leader has an ability to build a positive attitude in order to execute creativity among
members which helps in producing goods with some additional value (Gambardella and
McGahan, 2010). For an organisation, it is very important to provide training to their leaders to
build innovative skills that manage all inventions effectively at work place.
Teamwork: It is most important factor for an organisation, they are focus on their team
because all work are done into group and no one single person not able to achieve entire task in
an effective ways. When whole team has work together then they are capable to achieve goals by
developing new innovative ideas that increase profitability of firms.
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Culture: It is internal environment of an organisation that affect performance as well as
productivity in long period of time. Management of build healthy relationship among all staff
members that help to reduce conflicts and enhance satisfaction of work. Through this, firm are
able to achieve objectives in limited period of time (Godin, 2012). Manager of HAKIM group
has appreciate their employees to take participation in creative work process for achieve higher
customer's satisfaction in long period.
TASK 2
P3 Four Ps of innovation and use of invention funnel
Innovation mix is a tool which help to increase quality of goods and services thus provide
higher brand value and employee’s productivity. Innovation mix has covers four p's position,
product, paradigm and process that execute plan at work place. Through this, management of the
company has know several market needs and approaches in order to gain higher position in the
industry. HAKIM group has make diversify product by using four p's of innovation that provide
high profitability and strong brand image in buyer's mind.
Product: Management of the HAKIM group has focus on diversification of goods and
services as compare to their competitors at market. Through this, they are able to gain
competitive benefits which help to achieve goals and objectives in given time frame in an
effective ways (Huizingh, 2011). Product is a most important for the company so that is why
organisation has develop modification strategies on time to time basis in order to add some
additional feature in existing goods to gain higher customer's satisfaction. It is management
responsibility to implementing change and build strong brand image as well as value.
Process: By using new innovative work process help organisation to produce high quality
goods with additional feature. Procedure is act of competing work effectively in order to achieve
set target. Management of the firm has make new process in various business activities like
branding, marketing, production, selling, promotions, advertisement, operations, human
resources practices and many more. Through this, firm are able to enhance efficiencies of
working procedure that provide higher employees satisfaction and reduce their turnover in long
period of time (Kim and et.al., 2011).
Position: It mean occupying certain place in target customer's conscious mind. Manager
has make effective promotional strategies and implementing that at market place to build
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positive brand value and image. Through this, enterprises has able to achieve higher customer's
satisfaction as well as market position in long period of time. By this, manager has manage their
selling action to retain market position and profitability in an effective manner. Integrated
communication is a effective strategies to make healthy relationship between company and
clients.
Paradigm: Paradigm is define as change in innovation in underlying mental model that
have modify the process of what company does. It based on hoe, management of firms has
analyse buyers needs and accordingly produce new ideas to develop goods and services. They
are executing change at work place by implementing their own thinking that add some additional
value in commodities which has improve market belief (Lindič and et.al., 2011). If manager has
ask question with their clients what kind of modification they want then organisation has able to
full fill demand of customers in an effective manner. But all type of needs can not be fulfil by
firms because that is unfeasible in nature. So that, it shows buyers needs has unlimited that
impossible to full fill all wants. Manager of HAKIM group has make innovative commodities
and according to their ideas and achieve high market share and customer's satisfaction.
Innovation Funnel: It is process of cater new ideas of the firms that help to achieve objectives
and goals in future. In this, they are gather all data by external sources and interpretative or
evaluating to know proper knowledge about invention with in work place. After reach in the last
step, management of the company has take appropriate decision in an specific manner in order to
achieve aim in given time frame (Snow and et. al., 2011). Innovation funnel has includes three
stages which has detail as follows: First step: Administration of enterprises has collecting all relevant information to
implementing change at work place according to needs of customers at market. Second step: It cover small market segment in which organisation sort them and develop
strategies to execute change with in firm.
 Third step: It is a last stage, within small segment they provide concluding outcomes to
gain higher customer's satisfaction in long period of time.
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P4 Developments in frugal innovation
Frugal innovation is procedure of reducing production and complexity cost with in work
place. By implementing this, firm are able to decrease manufacturing cost of product and
produce innovative goods with high quality to gain customer's satisfaction. In this, firm has
removed unnecessary feature in their goods that automagically reduce cost of commodities. It
focus of cut down complexity of entire work to implemented innovation with in an organisation.
Management of the company has used pricing strategies to gain higher market position as
compare to their competitors in same industry, thus provide competitive benefits in an effective
ways in specific period (Teece, 2010). Manager of HAKIM group has use prices plan of action
in order to receive economic scale in manufacturing. For example, Apple has offer innovative
goods and services to their buyers. They remove unnecessary feature to reduce price of
commodities. For develop frugal innovation with in work place administration has follow few
step which has detail below: Identify improvement area: It is a first step, enterprise has find out improvement area at
work place. Management of HAKIM group analyse all point where modification should
needed. Make alternative solution: Manager has make list of all available alternatives of given
problem. They have take workers opinion to solve issues in an effective manner. Choose most appropriate solution: From alteration solution list, manager has select most
appropriate one accordingly to their resources and needs. Sustainable solution: Identify most sustainable solution and find out it should be
appropriate in long period of time or not, if not then select another option. Shape clients behaviours: By offer high quality product and services they have able to
influenced customer's behaviours positively (Thore, 2012).
 Engage and iterate: Some time, clients can not want more additional feature in product
because prices should also rise. So that, firm has produce commodities according to
buyers demand with economical prices.
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TASK 3
P5 Importance of the commercial funnel
Commercial fennel: It is a idea that start with focus on large number of customers and
end with small numbers that has actually make purchase of firm goods and services. It is a kind
of promotional activities in which management has spread information about product at market
place and pitch potential clients to buy offer effectively. It includes several stages like
evaluation, awareness, repurchases and purchase decision, interest, re evaluation (Walsh , 2012).
Important commercial funnel has detail as below:
 Marketing manager has evaluating all available information to draw valid outcomes. Its
very importance to enhance customer's satisfaction in long period of time.
 Through this, organisation has capable to produce high quality of commodities and
services to offer that at market to large number of consumers, thus help to achieve their
goals in limited period of time as well as gain sustainability.
 Commercial funnel has build positive brand value and high goodwill in the industry that
provide high profitability.
Application of new product development: An organisation has make blue print to
develop new goods and services, for this management has follow several step that has detail
below: New product strategy: Manage of HAKIM group has make strategies in order to produce
diversify goods as compare to their competitors. For this, they are analyse needs of
clients and make plan accordingly (Wonglimpiyarat, 2010). Idea generation and screening: For produce new product, they are observe market and
find out opportunities in which firm produce commodities. Implementing feasibility test
and screening all ideas effectively. Business analysis: Enterprise has create or find growth opportunities that has improve
market position in future. They are analyse opportunities and develop plan accordingly. Commercialisation: It is very important because profits is a main objectives of most of
organisation. Commercialisation mean sell product at market place for gain revenue and
full fill needs of consumers in an effective ways. In this step, fix prices, feature, colour
etc.
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 New product: In the last, development of goods has competed. It is a process of
manufacturing of new product according to plan.
P6 Form an Innovation Business Case
Innovation is not a easy task and its necessary for management to manufacture goods
accordingly to their new ideas to improve market position and profitability. These type of
modification has make product different as compare to their competitors and it more effective
when representing their brand at market with differentiation strategies. Business case help to find
out issues and objectives (Aarikka-Stenroos and Sandberg, 2012). For HAKIM group, manager
manage entire work effectively to deal with competition. There are explain few innovation case
in detail below:
Organisation's Vision- An organisation make vision which help management to
completing task for gain future objectives. For this, they are develop strategies to implementing
objectives and build strong communication with their employees. Share information related to
vision of the company.
Target- Management has find out target customers and accordingly make promotional
plan to increase their product awareness. Through this, they have analyse improvement area and
modify in goods feature. That help to make short term objectives clearly.
Customers research- Enterprise has organising market research to know buyers attitude,
perception, learning style, preferences, behaviours and many more about goods and accordingly
develop commodities to full fill their demand (Bagchi-Sen, 2010).
Funding: HAKIM group has various option of gain loans like banks, financial,
government etc. for operate entire business work effectively. All they provide funds by their own
terms and conditions. Equity is a most famous sources of finance at market place.
TASK4
P7 Tools to develop, retain and protect knowledge and intellectual property
Creativity is relevant to nature through these enterprises has used viable model of the
business. It is very important for the company to develop strategies in order to implement
innovation at work place that provides high quality of goods and services. Thus customer's
satisfaction in an effective manner which helps to achieve sustainability in long period of time.
aAdministration of the company has implemented some tool in order to retain intellectual
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property rights in an effective ways. Thus protect form copy of innovative product which has
came by various efforts, time, money and many more. Some of the important techniques to
protect knowledge and intellectual property has explain in detail below:
Copyrights- This used by large organisation to take protection form copy by other
competitive firms. It is a punishable offense at UK. Through this, firm has protect only tangible
commodities like photographs, books, biopic, software, nobles, painting and many more.
Patents- It save time, money and effort of inventors to invent new goods and services.
But it should be done for limited period of time. When government provide permission for copy
then each and every or selected organisation any do the same by using innovative tools and
techniques.
Trademark- Logo, name, brand pic etc. has trademark that provide goodwill and build
strong market image. It also covers goods picture, name, tag line, business name, phrases and
many more. These all came under companies act of UK and no one organisation can copy the
same.
CONCLUSION
From the above report it is concluded that innovation is a process of developing new
produce by implementing strategies that help to full fill demand of consumers effectively in
limited period of time. HAKIM group believe in independences and work with diversification of
commodities thus gain competitive benefits to firm in long period of time. However, innovation
is viewed as an application of improved solution of issues that existed into society. Management
of the company has organised research to know needs and wants of clients at market thus
accordingly they will produce goods and services that help to full fill their demand in an
effective manner.
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REFERENCES
Books and Journals
Aarikka-Stenroos, L. and Sandberg, B., 2012. From new-product development to
commercialization through networks. Journal of Business Research. 65(2). pp.198-206.
Bagchi-Sen, S., 2010. Strategic considerations for innovation and commercialization in the US
biotechnology sector. European Planning Studies. 15(6). pp.753-766.
Bogers, M. and West, J., 2010. Contrasting innovation creation and commercialization within
open, user and cumulative innovation.
Bogers, M. and West, J., 2012. Managing distributed innovation: Strategic utilization of open
and user innovation. Creativity and innovation management. 21(1). pp.61-75.
Ettlie, J.E. and Rosenthal, S. R., 2012. Service innovation in manufacturing. Journal of Service
Management. 23(3). pp.440-454.
Gambardella, A. and McGahan, A. M., 2010. Business-model innovation: General purpose
technologies and their implications for industry structure. Long range planning. 43(2).
pp.262-271.
Godin, B., 2012. “Innovation Studies”: The Invention of a Specialty. Minerva, 50(4). pp.397-421.
Huizingh, E.K., 2011. Open innovation: State of the art and future perspectives. Technovation.
31(1). pp.2-9.
Kim, S. K. And et.al., 2011. The effect of R&D, technology commercialization capabilities and
innovation performance. Technological and Economic Development of Economy. (4).
pp.563-578.
Lindič, J., and et.al., 2011. Deploying information technologies for organizational innovation:
Lessons from case studies. International Journal of Information Management. 31(2).
pp.183-188.
Snow, C.C. And et. al., 2011. Organizing continuous product development and
commercialization: the collaborative community of firms model. Journal of Product
Innovation Management. 28(1). pp.3-16.
Teece, D.J., 2010. Business models, business strategy and innovation. Long range planning.
43(2). pp.172-194.
Thore, S.A. ed., 2012. Technology commercialization: DEA and related analytical methods for
evaluating the use and implementation of technical innovation. Springer Science &
Business Media.
Walsh, P.R., 2012. Innovation nirvana or innovation wasteland? Identifying commercialization
strategies for small and medium renewable energy enterprises. Technovation. 32(1).
pp.32-42.
Wonglimpiyarat, J., 2010. Commercialization strategies of technology: lessons from Silicon
Valley. The Journal of Technology Transfer. 35(2). pp.225-236.
ONLINE
4ps of innovation 2017. [Online] Available through
<https://www.slideshare.net/lbaraliu1/chapter4-35297521>
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