Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Explain the innovation and its importance for the organisation as compare to invention.....3
P2 How organisational vision, leadership, culture and team work can shape innovation and
commercialisation.......................................................................................................................5
TASK 2............................................................................................................................................7
P3 Describe 4Ps of innovation....................................................................................................7
P4. Developments in frugal innovation.....................................................................................11
TASK 3..........................................................................................................................................12
P5. Importance of commercial funnel and application of New Product Development (NPD).12
P6 Build a business case...........................................................................................................13
TASK 4..........................................................................................................................................15
P7 Evaluate the several tool of protecting the intellectual property.........................................15
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
Innovation refers to the ways or activities of an organisation in order to launch a new
product in the market. It is essential for the organisation to adopt some innovation in their
processes so that all the operations or activities can be operated as per the current market
situation. Whereas, commercialisation depicts as a process which is helpful in converting
something into a product and service. It includes various activities like production, distribution,
marketing, sales, customers support and many others. The chosen organisation for this file is
Samsung which is a South Korean multinational conglomerate. The company has current decided
to expand its business by launching new product that is a new mobile phone which has both
features like QWERTY keyboard along with the touch system. This assignment will cover about
the innovation and its importance, 4Ps of innovation and innovation funnel in term to shape the
innovative ideas. In addition, the detailed explanation of commercial funnel, application of new
product development and business case which will help the business to achieve their objectives.
TASK 1
P1 Explain the innovation and its importance for the organisation as compare to invention
Innovation: It is considered as a most effective approach of the business which lead the
organisation towards success and growth (Definition of innovation, 2019). As it refers to the
converting an idea into productive goods and services which will be able to create value for the
customers so that they can easily pay for it. In other words, innovation is not only related to bring
some changes in their processes and methods but it also concerned for innovate something new in
the marketplace in order to attain higher profitability and recognition in the marketplace. For
example, earlier Samsung has its phone with the facility of back camera only but later on the
company has launched innovative feature of front camera also.
Importance of innovation:
It is beneficial for the Samsung as it enhance the creativity within the organisation which
will help them in attract a range of customers in their products (Abdul Razak and Murray, 2017).
This also helps them in getting the competitive advantage from the marketplace. Moreover,
Innovation render sustainability to the organisation while implementing constant improvement
and re-branding.
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Invention: It is the act of developing or inventing new ideas and methods which has
never utilised before any of the business organisation (Invention, 2019). Other, it is the process of
developing an effective product or service in the marketplace which has never been introduced
before. For example, Samsung is a highly recognised and luxurious brand due to which the main
focus of them on inventing some new in the marketplace which have never been seen in the
marketplace. Due to this they are always able to stay ahead from their competitors and able to
attain higher profitability in the marketplace (Ahn, Minshall and Mortara, 2015).
Importance of invention:
Inventions helps Samsung in staying advance as compare to their competitors like lenovo,
Sony, ASUS etc. and also it enables them to teach their future generations. It also helps in
expanding the edge of human experience, abilities and knowledge. This also contributing in
professional development which creates a unique and separate device (Ameka, 2013).
Difference between invention and innovation
Basis Innovation Invention
Meaning This refers to implement some
modification in existing products and
services.
It is related to the occurrence of a new
idea which is introduced for very first
time.
Activities It considered as the combination of
several products and services.
The main focus of the invention is on
inventing a single product and service.
Skills required The marketing, technical and
strategic skills are necessary for
innovation.
In this aspect, a person must posses
scientific skills.
Occurs It occurs only when some changes is
required in the existing products and
services.
It happen only when a new idea comes
in the scientist mind.
Example Samsung give their focus on
innovating a new feature in their
mobile phones i.e. QWERTY
keyboard which enables the
customers to use the facility of both
Invention keyboard in phones by
Samsung enables in reducing the
inconvenience of using the touch
system in mobile phones who does not
have knowledge that how they can use
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