Innovation and Commercialisation

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