PDF Innovation And Commercialisation
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Added on 2020-11-12
PDF Innovation And Commercialisation
Added on 2020-11-12
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Innovation AndCommercialisation
Table of ContentsINTRODUCTION..........................................................................................................................1TASK 1............................................................................................................................................1P1. Innovation and its Importance to Organisations in Comparison with Invention..................1P2 organisational vision, leadership, culture and teamwork can shape innovation andcommercialisation.......................................................................................................................3TASK 2............................................................................................................................................4P3. Explanation the 4Ps of Innovation and use of Innovation Funnel to examine and shapeinnovative ideas...........................................................................................................................4P4. Development in frugal innovation and its use:.....................................................................5TASK 3............................................................................................................................................7P5. Importance of Commercial Funnel and Application of New Product Development (NPD)Processing for Commercialisation of Innovation........................................................................7P6. Build an Innovation Business Case for cash and carry, including ways to access funding.8TASK 4............................................................................................................................................9P7. Different tools that organisations can use to develop, retain and protect knowledge andintellectual property....................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONInnovation is a process of generating new ideas, creativity, thoughts and attributes in anorganisation. Innovation and commercialisation is a concept of innovation in which use of linerprocess, from research to improvement to product in the marketplace (Bradley, Hayter, and Link2013.) . This types of innovation takes place from the provisions of more effective processes,technologies, products, business model and services. In this report chosen organisation is cashand carry. This company deals in retail sector with discount supermarket chain and providedifferent products and services i.e. food and beverages, household goods, sanitary articles etc.This report covers the innovation and its importance and how vision, culture and teamworkaffect the innovation (Huang and et. al., 2013). In this also include 4P's of innovation and frugalinnovation, its principles and importance of commercial funnel and application of new productdevelopment. In this company wants to launch their new mobile application for customers useand include innovation business case and different tools of the intellectual property.TASK 1P1. Innovation and its Importance to Organisations in Comparison with Invention Cash and carry is a private retail company located in UK. Company deals in Food,beverage, household goods etc. are the products of cash and carry. It provide household goods atlow prices and it is a top competitor in global retail food industry.InnovationInnovation is a process of creating and applying ideas into a product and generate valuefor which consumers will pay. It involves intentional information, initiation and imagination toderive values from various resources (Kim and Eds., 2014). cash and carry use this technique forimprovement in existing products and services and make it more valuable. Innovative ideasshould be beneficial for company which reduce cost and satisfy need of customers.Significance of InnovationInnovation is a creativity that provide thoughts for improvement in quality of overallorganisation or a particular product. It is important of every organisation to sustain long run inmarket and increase profitability. Importance of innovation in cash and carry are as follows:-Stand Out from Competitors- Innovation is important for cash and carry to stand outtheir competitors and beat competition (Kuratko and Hoskinson, 2016). When an organisation1
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