Innovation and Commercialisation in Oskia: Importance, Leadership, and Frugal Innovation

UNIT 8
Innovation and
commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK1.............................................................................................................................................1
P1 Describe innovation and determine its importance to company by compare it with
invention......................................................................................................................................1
P2 Describe how as how organisational leadership, vision, teamwork and culture which
shapes commercialisation and innovation. ................................................................................3
TASK2.............................................................................................................................................4
P3 Elaborate 4P's of innovation and use of innovation funnel for shape and examine the
innovative thoughts or idea. .......................................................................................................4
P4 Describe developments in frugal innovation in context organisation. .................................5
TASK3............................................................................................................................................6
P5 Describe importance of commercial funnel and application of new product development. .6
P6 Make innovation case for organisation. ................................................................................7
TASK4.............................................................................................................................................9
P7 Evaluate different tools & techniques that company use to develop, retain and protect
knowledge and intellectual property. .........................................................................................9
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation is define as development, creation and implementation of new process,
services and product with main motive of improving effectiveness, efficiency and also
competitive advantage. Commercialisation is a process for introducing a new production or
product in commerce which helps in making product available in marketplace. Innovation and
commercialisation is a procedure of working which is applied by organisation which offers better
products and service to customers which helps company for retaining at long time period
(Özilgen, 2019). In current scenario there are huge competition in market because of lot of type
of business organisation that are deal in distributing same kind of products and services and all
have main aim of gaining profit which helps in enhancement of profit. As when any type of
company wants to be in market place for long time so they have to create or innovate which
helps in increase the capability and ability of company.
In this report it is based on Oskia, this is British beauty brand which mainly deals in
nutrient-cosmeceutical brand which have special features such as bio cellular skin nutrition. The
formula of this company as their products feed skin of individual with minerals, omegas,
vitamins and proteins with combination of high tech bio activities like peptide complexes,
probiotics, plant stem cell technology and antioxidants.
This report consist of innovation and its significance as by comparing with invention,
organisational vision, teamwork, culture, mission and leadership which helps in shaping up
commercialisation and innovation. This report also covers 4Ps of innovation, importance of
commercial funnel, frugal innovation and innovation in business case.
TASK1
P1 Describe innovation and determine its importance to company by compare it with invention.
Innovation is define as generate of creative and new ideas which is implemented in
business as by considering brief inspection of market segment as by requirement and demand of
customers in appropriate way. On other base, invention is mainly related to development of
completely new services and products that is not presents in past times in market segment.
Commercialisation is consider as subset of innovation as it involves transformation of invention,
knowledge and idea which is used to generate high wealth (Naughton and Foss, 2019). There are
many points for compare innovation and invention which is explained below:
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Basis Invention Innovation
Definition It mainly refers to
development and creation of
new goods and services.
It refers to adding of new
values in present or current
services and products.
Skills In invention, there is need for
inducing scientific skills in
such manner for invent fully
different product (Gabriel,
2019).
In innovation there is need of
research and development
skills which helps in
examining products and
services which is already
presented for requirement of
buyers.
Focusing elements The main element when there
is invention it is important for
organisation to maintain focus
by adding something new in
appropriate manner.
In context of innovation, it is
being done by manage or
maintaining by focuses on
distinct evolutions which is
cover by company for main
aim to attract more and
potential customers.
In terms of Oskia there are many challenges which is faced by company which leads to
rapid slowdown of their revenues or profit and sales. It has been analyse as organisation mainly
maintain focus on producing only skin care products which have many type of proteins,
vitamins and so on. But now with situation of Covid 19 company is faces as many of individual
consider if skin products leads to harm their skin. So this leads to biggest challenge for
organisation as there are many skin care products companies which offers same products at low
cost. In this Oskia should have to show their concern about innovation rather than on invention.
As by considering innovation such as lotions that have high hydrated quality that individual don't
want to apply lotion in regular manner. This helps company to attract and retain customers at
long period of time (Dezi and et. al., 2018).
Innovations plays important role as compared to invention as Oskia have worked on for
produce their products in such manner as which helps in germs free and long term hydration
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