Innovation and Commercialisation

Innovation and
Commercialisation
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Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1) Innovation and its importance for the organisation in comparison to invention...................3
P2) Organisational vision, leadership, culture and teamwork that shape innovation..................5
TASK 2............................................................................................................................................6
P3) 4Ps of innovation and explain the use of the innovation funnel...........................................6
P4) Developments in frugal innovation.......................................................................................8
TASK 3............................................................................................................................................9
P5) Importance of the commercial funnel and the application of New Product Development...9
P6) Innovation Business Case for an organization....................................................................10
TASK 4..........................................................................................................................................11
P7) Different tools that organizations can use to develop, retain and protect knowledge and
intellectual property...................................................................................................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12
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INTRODUCTION
Innovation is the process which includes various activities that can help in uncovering
new ways of doing same thing differently. In the rapidly changing business environment it
becomes important for the organisation to innovate their products and services. With this they
can meet up with the changing trends of the new generation. Commercialisation is the process
with which the customers can be attracted as with this the ideas and knowledge can be
transformed into value for the customers and the organisation. For developing an understanding
of various concepts of innovation and commercialisation the organisation that is taken into
consideration is Samsung, which is an electronics company offering smartphones, wearable
devices, digital appliances etc. In this report importance of innovation, 4P's of innovation, role of
organisational visions, leadership and team work is considered in shaping the innovation. Apart
form this process of development of new product is discussed.
TASK 1
P1) Innovation and its importance for the organisation in comparison to invention
Invention : Invention is the process with the help of which new product can be launched
in the market for the first time i.e., something that does not existed before, which will enable the
organisation in satisfying the customers (Aloini and et. al., 2015). For example: The team of
Samsung has invented television that blends into the wall.
Importance of invention: With invention entirely new product or service can be
developed and introduced which has unique features that are useful and convenient to the
customers.
Innovation: Innovation is the process in which new features are added or changes are
made in the existing products so that the experience of the customers can be improved. Such
changes are made on the basis of the preferences of the customers and it enables the company to
take the competitive advantage (Innovation .2019). For example: Samsung has developed a
process of New concept development which enables them to innovate products and services such
as introduction of 5G mobiles with unique specification and features.
Importance of the innovation for Samsung is given below:
 Increased productivity: By making the process innovative the productivity can be
improved as with improved way of doing things and streamlining the activities efficiency
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can be increased. This will make Samsung capable of meeting specific demand of the
customers. For this they need to keep on update their software, processes etc. as it with
they adopt the latest technology so required.
 Competitive edge: With innovation in the products the company can take competitive
advantage as this will enable them to offer better products and services. By introducing
creativity and putting new designs in the existing products the customers can be
connected. For this appropriate marketing techniques need to be used and all this will
help Samsung in taking competitive edge over others (Bain and Kleinknecht, 2016).
Difference between Invention and Innovation
Basis Innovation Invention
Meaning Innovation is related with the
process in which any processor
product is implemented or
introduced for the first time.
While invention is related with the
occurrence of any idea for the
product or service that does not
exist.
Skills required Various skills such as technical
skills, marketing skills, strategic
skills are required for innovation.
For invention scientific skills are
required as for this the significant
research and experiments need to be
undertaken.
Concerned with Innovation is concerned with entire
process or range of products/
services that are offered by the
organisation.
Invention is concerned with single
process or product.
Sources of innovation: The requirement of the innovation can arise due to various
factors such as:
 Unexpected occurrences: Occurrence of any event which is not expected can lead to
innovation as for meeting up with the implications of such events innovation need to be
introduced.
 Need of the processes: Due to requirement of changes in processes of manufacturing the
company such as Samsung need to bring innovation.
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