How Innovation and Commercialisation Shape Innovation and Commercialisation
Added on 2020-10-22
14 Pages4547 Words361 Views
INNOVATION ANDCOMMERCIALISATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1: Innovation and its importance to organisation in comparison with invention.................1P2. How organisational vision, leadership, culture and teamwork can shape innovation andcommercialisation...................................................................................................................2TASK 2............................................................................................................................................3P3:The 4Ps of innovation and use of the innovation funnel...................................................3P4: Frugal innovation and its use in organisation..................................................................4TASK 3............................................................................................................................................5P5: Commercial funnel with application of New Product Developments.............................5P6: Develop innovation Business Case..................................................................................7TASK 4............................................................................................................................................9P7.The different tools that organisations can use to develop, retain and protect knowledge andintellectual property................................................................................................................9CONCLUSION................................................................................................................................9REFRENCES.................................................................................................................................10
INTRODUCTIONInnovation refer to transforming the creative idea into production of goods and serviceswhich further leads to satisfaction of needs and wants of customer (Chun, Chung and Bang,2015). For the better understanding, discussion is made on Essence Drink that basically sellmango lassi in the markets of UK. In the initial years, the sales of company was high. After thatwhen it reached to third year, company experienced decline due to the competitive pressure. Thisreport cover following topics such as explanation on innovation and its importance fororganisation. How the vision, culture, leadership as well as teamwork helps to shape innovationand commercialisation. Along with that emphasise is made on 4Ps of innovation. Moreover,development in frugal innovation in respect to organisation context as well as importance of newproduct development. Further, build innovation business case, tools used by organisation to retailas well as protect knowledge (Sonne, 2012). TASK 1P1: Innovation and its importance to organisation in comparison with inventionInnovation refers to the creative thought or new imagination of people to do thingsdifferently. It leads to positive change in the society as the innovator find new methods to caterthe demand of people. It either leads to development of new product or bringing additionalchange in the existing product. In context to Essence drink which sell mango flavour lassi. aspeople have different taste and preferences due to which they can cater each need successfully.Therefore, significance of for organisation are defined below (Aarikka-Stenroos and Lehtimäki,2013):Innovation helps to gain competitive advantage over competitors by increase the demandor sales of product.Innovator either identify the problem or opportunity and accordingly take measure tosatisfy the need of customer.(Mazzarol and Reboud, 2017).It catches the attention of customer due to which it comparatively become easier for themto build a brand loyal customers.Comparison between Innovation as well as InventionThis is clearly stated that invention is the process of creation of the new product which isnever made before and on the other hand, Innovation is the process of making changes in the1
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