Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1.................................................................................................................................................3
P2.................................................................................................................................................4
TASK 2............................................................................................................................................6
P3.................................................................................................................................................6
P2.................................................................................................................................................8
TASK 3............................................................................................................................................9
P5.................................................................................................................................................9
P6...............................................................................................................................................10
TASK 4..........................................................................................................................................12
P7...............................................................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Innovation is process through which new and innovative goods and services can be
introduced in the market which will help in increasing the convenience of customers and also
enhance their standards of living. Innovation help the companies in taking competitive advantage
in the market by providing customers with better products than their competitors which creates
value for them. Commercialisation is another important process which helps in seeking attention
of customers and includes production, distribution and promotion of goods so that sales can be
increased thereby increasing the company profits (Aloini and et. al., 2015). For studying in detail
various aspects related to innovation and commercialisation Chilly's which is a company founded
in 2010 by James Butterfield and Tim Bouscarle is taken. The company manufactures bottles
which is an alternative to single-use plastic bottles which helps people to carry cold water on-
the-go. Chilly's products are designed and styled by using high-performance technology and
these bottles environment-friendly which provides the company a competitive advantage over
plastic bottle manufacturers. The report will cover details about innovation, 4Ps of innovation,
innovation and frugal funnels along with new product development stages.
TASK 1
P1
Invention : It is a process through which new and innovative goods and services are
introduced in the market. It is related to creating something which has never existed in the
market before. For example : Chilly's bottles which are designed and styles using highly
advanced technology and is an alternative to single-use plastic bottles which causes environment
pollution. Chilly's bottles keeps the temperature of water cold whenever people need
(Invention .2019).
Importance of invention : Invention helps the company to introduce completely new and
innovative products in market with features that help in increasing customer convenience and
experience. With the increase in awareness of pollution caused by plastic bottles Chilly's
manufactured bottles that was an alternative to plastic bottles and also kept water cold.
Innovation : It is a process by which already existing products and services can be made
better so that customers changing needs and preferences can be efficiently met. It helps the
company in attracting customers by providing better products than the competitors

(Innovation .2019). For example : Chilly's aims at innovating its bottles by installing a system in
it which automatically cleans and filters water and also the temperature of the water can be
changed depending on the needs of customers. Following will be the benefits to the company
after innovating its products :
 Gaining competitive advantage : Innovation can help the company in gaining a
competitive edge in the market as better products and services can be provided to
customers which helps in shifting the interest of customers from the competitor products.
For this Chilly's has introduced a feature in its bottles which can clean and adjust water
temperature.
 Quick response to customer's expectations : Innovation can help in creating products
according to the dynamic needs and preference of customers which makes the company
customer-centric. For this Chilly's has innovated its products so that safe water can be
provided to its customers along with a feature which helps in adjusting water
temperatures according to the weather conditions.
Comparison between invention and innovation
Invention is related to development of completely new product or service which has
never existed before in the market which can help in fulfilling the new demands of customers.
Technological skills, scientific skills and research and development are required so that invention
can be brought. For example invention of cameras in phones was first time done by Samsung
Sharp.
Innovation is rather related to making improvements in the already existing products and
services so that economic value can be added to them which helps in enhancing customer
experience. Technological, strategic management and marketing skills are required to bring
innovation in products. For example innovation by Chilly's in its bottles by insatlling new
technology which can clean, filter and adjust water temperature.
P2
Commercialisation : It is the process through which new products and services are
successfully introduced in the market. It helps in attracting attention of customers by the use of
marketing strategy so that the sales of the company and its profitability can be increased
(Commercialization .2019).