Innovation and Commercialization

Innovation and
Commercialization

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Explanation of Innovation and determination of its importance in comparison with
invention.................................................................................................................................1
P2. Explanation of how organisational vision, leadership, culture and teamwork can shape
innovation and commercialisation..........................................................................................3
TASK 2............................................................................................................................................5
P3. 4Ps of innovation and use of innovation funnel...............................................................5
P4. Explanation of developments in frugal innovation and its use in Fat Duck....................7
TASK 3............................................................................................................................................8
P5. Importance of Commercial Funnel and Application of New Product Development (NPD)
................................................................................................................................................8
P6. Innovation Business Case.................................................................................................9
TASK 4..........................................................................................................................................11
P7. Evaluation of different tools are used to develop, retain and protect knowledge and
intellectual property..............................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation is the process of launching a new product with innovative features and the use of
technology by the business organisation so that they can attract the large group of customers. It is
important for every form to adopt the innovation regardless to their size, innovation helps the
organisation to meet the changing needs and wants of their potential customers so that they can
sustain in the market for a longer period of time. It helps organisation to measure competitive
advantage in the large market as we are coming with the unique features or new technology in
their product by which we can increase their sales and profitability. The fat duck is a chosen
organisation for this report it is the UK based restaurant which is offering various type of distress
in order to attract their potential customers now they are planning launch the new beverage
which will called healthy strawberry lassi in which organisation is planning to innovate that is
zinc would be added into flavoured lassi and the company will use various packaging methods.
This report with cover explanation of innovation and invention and also their types. It also
explain the process that is required in commercial innovation along with the different method
used in order to get effective ideas with their advantage and disadvantages.
TASK 1
P1. Explanation of Innovation and determination of its importance in comparison with invention
Innovation refers to the concept in which the unique features is being added into product on
a services that helps the organisation to enhance their offering and the product will get more sale
the fulfillment of other utility. It is the initiatives which is taken by the organisation in order to
apply their imagination into reality and institution new product in the existing market so that they
can attract the large group of customers and also enhance the effectiveness of their organisation.
Is the approach which is being used by the organisation in order to to expand their market
understanding the various change in the needs and wants of their potential customers. In relation
to this effective innovation and to help the company in meeting the sustainable competitive
advantage.
Invention is aspects in which the organisation launch completely new product by doing the
factor market research and the use of new technology. In relation to this, the company is offering
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a unique product that will be served to the different type of customers in order to fulfill their
demands so that the company can attain higher profitability and growth.
Innovation is important for an organisation like the fat duck so that we can establish our good
friend and substance in the competitive market for a longer period of time. It is the main
consideration of the individuals to have the better results so that they can attend higher
profitability and growth. In context to the fat duck, there are various point which explain the
importance of innovation in an appropriate manner which are explained as follows:
Profit maximisation: when the relation is getting some innovation and satisfying the
needs and wants of their potential customers. This will helps in establishment the good brand
image and so that the comapny can able to generate the higher productivity and profitability in
the large market.
Brand image: when the organisation is getting some innovation or operating a unique
product by which they can attract the large group of customers and also leads to a better brand
image in the large market. It is important for the form to do the effective market research so that
they can meet the various needs and wants of their potential customers ensure better brand of
their organisation. In context to the fat duck, they can generate higher profitability and growth.
there are various aspects which help in doing the comparison to invention and also enhance
the importance of comparison between innovation and invention that is explained as follows:
Basis Innovation Invention
Concept It is the process of
implementing the unique
product in the market and it
helps in enhancing the value
of the company.
It is the aspect in which
completely new product is
been launched in the new
market and they are focusing
on the implementation of the
product that have not been
developed before.
Skills It is important for the each
employee to have a indicated
set of skills so that the can
implement the effective
innovation within the
The employee must ensure
that they can use their
appropriate skills and
knowledge so that they can
get the innovative idea and
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