Table of Content •Introduction •Main Body •Conclusion •References
INTRODUCTION •In the global market, the innovation of new and latest technology is important. Not only establishing the new technology, making a possible way to reach out to the new innovation and making it possible to happen in the market. In this fast changing technical environment, every company needs to innovate some new ideas on the daily basis. The commercialisation is the part of making the new innovation successful in the market. It is the process or path by which the new innovation or idea can get implemented.
Innovation and its importance •Innovation can be defined as creation of new ideas and thoughts which can bring about the change in the modern world. New innovation can be implemented with the ideas and so as to meet the demands of the market innovation is also a way to meet the solutions of innovation and to create a satisfied channel in the market. Innovations aims to generate new product, process, services etc. that are modified to create more effective innovations. Innovation aims to create a meaningful impact in the market
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Factors that shape innovation and commercialization ••Leadership ••Vision ••Culture ••Team-work
4 P’S OF INNOVATION •Product: 'Eureka' is developed with the aim to create a sustainable environment which eliminates all the pollution within the closed atmosphere which creates a working culture within the environment(Koirala and et.al, 2016.). This product is developed with the aim to provide a sustainable and safe working atmosphere within the enclosed home or offices. Product is developed with the aim to meet theneeds of the offices and the health related problems concerning with the persons health. This aims in the development of new product.
Development in Frugal Innovation •Frugal innovation refers to the reduction of complexity of the work and reduction in the cost of goods and services which provides durable goods in the market. The durability is improved and the product life cycle is increased(Laurell, 2018.). This aims to create a thin margin of profits. Globalization andmore income generation in developing countries may drive frugal innovation. These are made to provide a durable product in the market which can be used for the lifetime.
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Analyze and apply the innovation funnel in an organizational context •Frugal innovation is a sensitive design which are valued and marketing strategies that bring out the sophisticated products and services(Madsen, 2017). Which can liable to all the class and sections of the society. The services and the products made in frugal innovation are highly functional and robust which are made for aim to fit in the future. This aims for the frugal design and creation of a product which is focused for all the segments of the society. As the low resource is generated innovation is carried out with the aim of fulfilling the need of the society. This will help in profit generation of the firm which will help to overcome the market.
CONCLUSION •This study concludes the innovation a bloom to the society which provides us towards a safe working environment. What innovation is explained in this study with the example of on organization 3M which innovates a product 'eureka' which is an air purifier. How leadership approaches improvise vision is explained in this study. with the strategic approach towards the product which can help in strategic marketing management of the product.
REFERENCES •Laurell, H., 2018. An international new venture’s commercialization of a medical technology innovation: The role of institutional healthcare settings. International Marketing Review. 35(1). pp.136-163. •Madsen, L.D., 2017. September. From Discovery through to Commercialization: Federal Support. In Meeting Abstracts(No. 39, pp. 1684-1684). The Electrochemical Society.
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