Innovation and Commercialisation: Significance, Vision, Leadership, Culture, Teamwork

Innovation and
Commercialisation

INTRODUCTION
Innovation refers to the process of transforming a new idea and excogitation into goods
and services which able to create value among the customers so that they can pay easily for it. It
also involves those procedures which is applied by the business organisation in order to uncover
new ways to accomplish all the activities with the purpose of gratifying the wants of consumers
and attain the higher profitability. Commercialisation is related to carry the new products and
services in the marketplace or managing it by following various principles for earning higher
profit in the business. It comprises several activities within includes manufacturing, sales,
distribution, customers support and many more. The Silicon bottle is an innovative product which
is launched by Chilly's company which was formed in 2010 by Butterfield and Tim Bouscarle.
The main mission of this company is to reduce the usage of plastic bottles by manufacturing
Silicon bottles. So that their vision that is to attain the higher position in the marketplace can be
attained. This file will cover about the innovation and its significance, 4Ps of excogitation and the
study of innovation funnel to shape up the advanced thoughts. Along with this, the value of
commercial funnel and the application of new product development also will discuss in this file.
TASK 1
P1. Innovation and its significance to organisations in comparison with invention:
Innovation
Innovation depicts as a procedure that is used by the association in order to bring some
effectual changes in their commodities and services according to the needs and expectations of
the customers so that the higher customers attention can be attained and profitability of the
business can be raised.
Innovation refers to a process which is related to make a product better or new. It is not
only snatch the attention of a business to do something differently but also inspire them to bring
some new innovation or to make something new(Innovation, 2019). In other words business
innovation is a process of bring some new ideas, workflows, methodologies, services and
products. For example, Chilly's seeks to make some innovation in their manufacturing products
like they are focussing on manufacturing the Silicon bottles which purifies water automatically.
The targeted customers are health conscious people. It is different from other competitors
because the feature and uniqueness of this bottle as this bottle automatically purifies water and
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make it healthy for people to drink. The business will have higher opportunity of succession as
the main focus on them on making the world healthy (Chun, Chung and Bang, 2015).
Importance of innovation
The consideration of innovation within the organisation is essential as it will help the
business to maintain their position as per the competitiveness of the market. The term innovation
is also beneficial for the organisation of Chilly's as it will help them in generating innovative
ideas and processes for operating all their business functions with higher capacity. Along with by
bringing innovation in their working procedures Chilly's can get various benefits like improved
productivity, less cost, better quality, more added value, improved staff retention and many
others. Also, it will allow them to attain the higher success and growth in the marketplace without
copying any other company ideas and concepts. The detailed explanation about significance of
innovation for Chilly's can be interpreted by following points:
Gaining competitive advantage- The major advantage of being an innovative provide
huge contribution in gaining the competitiveness from the marketplace by differentiating the
company's products and services from rivals. As the business organisation of Chilly's is operating
their activities with the motive of promoting the use of silicon bottles so it is essential for them to
make innovative plans related to create awareness among people that how much it is healthy for
them (uertes-Callen and Cuellar-Fernandez, 2014).
Satisfying customers needs- By adopting the innovation in the strategies and process of
the business the Chilly's organisation will be able to produce the products as per the current
market segments and customers choice which will enables the organisation to get higher
customers satisfaction and higher brand value of the business.
Invention
Invention is related to development of a new idea or method which has never been made
before. While organisation made some innovation then they need to make invention for a
particular area(Invention, 2019). By inventing new ideas for the business manager of Chilly's can
develop new products effectively which will enables them to attain higher growth in the
marketplace.
Comparing between innovation and invention
Basis for comparison Invention Innovation
Meaning Excogitation refers to the Innovation is related to
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