Innovation and Commercialisation

This presentation explores the importance of the commercial funnel in increasing sales and making strategic business decisions. It also delves into the process of new product development and the application of innovation. Additionally, it discusses the business case for innovation and funding, as well as tools to protect intellectual property. Overall, it provides insights into how businesses can thrive in a competitive environment.

Inovation and commercialisation
LO3 and LO4

Introduction
Commercial funnel is consider as procedure which is used by sellers in
order to increase the sale of business organisation. This helps to make a
clear and right business decision that increases organisational
productivity and profitability. Product development process is used to
develop a new product effectively. This presentation covers different
information about product development and importance of commercial
funnel. Apart from this it covers innovative business case and its
methods that protects ideas, knowledge, intellectual property and rights
which helps to run a business in competitive environment.

Importance of commercial funnel and
application of new product
Commercial funnel is the process
relation to buying that
organisation lead customers while
purchasing products. The
importance of commercial funnel
is defined as:
Devising strategic framework:
Enhancing business values

New product development process
In an era of creativity and innovation, if the companies have to stay
relevant in market then they have to constantly create new products
according to the needs, demands and preferences of consumers which is
known as Product Development Process.
Idea Generation
Idea Screening
Concept Development and Testing
Business Strategy Analysis & Development
Product Development
Test Marketing
Commercialisation
Review of Market Performance

Business case for innovation and funding
ways
Every organisation is adopting new innovation in their organisation that
helps to increase the organisational productivity and profitability. A
business case is produced by management of Essence drink
organisation by introducing new product that is pineapple lassi with
choco. For increasing sale and profitability management has prepared a
business case that is defined as:
Summary: Essence drink is healthy drink manufacturing company
that produces mango lassi for customers which increases values.

Continued...
Strategic objectives: The objectives of Essence drink are to increase
the customer base by 70%, profitability by 80% and provide higher
satisfaction to customers by offering innovative taste and products.
Solutions: For achieving the goals of business organisation
management of chosen organisation is require to formulate effective
marketing strategies that covers new product, high satisfaction to
customers and solid marketing planning that will helps to attain
business goals.

Continued...
Innovation in product: Essence drink is bringing innovation in its
product by making pineapple lassi with choco according to customers
demand that will help to attract customers and increase business
performance.
Research: The management of Essence drink has identified that,
customers are getting bored from single taste which is also providing
by other organisation. Therefore, by using R&D and customer
relations, corporation has found this solution that helps to provide new
taste to customers.

Continued...
Benefits: This new product will be beneficial for customers and
organisation as customers will get high satisfaction by using the new
lassi and sale of organisation will increase that will benefits more.
Funding : This is consider as essential resources for any organisation
which is required for developing new products. Without funding, it
become difficult for organisation to develop and deliver the products to
others.

Evaluation of tools that protects
intellectual property
In business environment, there are many
tools which can be used by Essence drink to
protect the intellectual property rights such
as:
Copyright: This states as individual's right
which is valid for a particular period of
time.
Patents: This is another tool that gives to
individual person on intellectual property
for a fixed period of time.

Conclusion
From the above presentation it can be concluded that commercial
funnel help in formulating strategies and increasing business values.
Copyright and patent is the tool which is used to protect the rights of
individuals and their knowledge. Commercial funnel is important for
organisation as it suggest ideas to develop the product and sale of
business in effective manner.

References
Razak, A. A. and Murray, P. A., 2017. Innovation strategies for
successful commercialisation in public universities. International
Journal of Innovation Science.
Rietsch, C., Beaudry, C. and Héroux-Vaillancourt, M., 2016, June.
Validation of a web mining technique to measure innovation in the
Canadian nanotechnology-related community. In CARMA 2016-
1st International Conference on Advanced Research Methods and
Analytics.

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