Innovations and Commercialisation

INNOVATIONS AND
COMMERCIALISATION

Learner's Declaration: It is certified that the work submitted by me is my own and the
research source are fully acknowledge.

Table of Contents
INTRODUCTION................................................................................................................................4
LO1.......................................................................................................................................................4
P1) Innovation and its importance for organisation compare with invention..................................4
P2) Organizational aspects of the Company....................................................................................6
LO 2......................................................................................................................................................7
P 3- Explain the 4 P's of innovations and explain the use of innovations funnel to examine and
shape innovative ideas.....................................................................................................................7
P4 Developments in frugal innovation and how it is used in an organisation.................................8
LO3.....................................................................................................................................................10
P 5 – Determine the effectiveness of funnel of commercial and development of new product's
application used for innovations and commercialisation...............................................................10
P 6 - Build an innovation business case for an organisation, including ways to access funding...11
LO 4....................................................................................................................................................13
P 7 - Evaluate the variety of factors which is used by the organisation to protect, develop the
understanding and intellectual property of the business................................................................13
CONCLUSION..................................................................................................................................13
REFERENCES...................................................................................................................................14

INTRODUCTION
The innovation and commercialization means the introduction of new product in the market.
The product which is introduced in the market can be completely a new product or the product can
be an existing product which is renovated according to the needs and preferences of the customers.
Every company wants their products and services to rule the market, but the customer preferences
and the market strategies changes very frequently which cab make the product old and useless for
its customers. To overcome from these problems, the companies changes their strategies time to
time. These strategies includes the innovations of new products. In this the companies do a market
survey in which the current situations of the market in context of customers needs are a evaluated.
Then the new product is innovated according the current market scenario and needs of the
customers. Other is making changes in already existing product of the company in the market.
Many times the company renovates or makes changes in the already existing product of their
company. This is done by adding some new features in the already existing product. For example,
The company maruti has renovated its product “maruti 800” to “maruti 800 alto”.
The Tesco is an multinational grocery store having its outlets in the seven different countries across
Europe and Asia. The company is third largest retailing store in the terms of highest generated gross
revenue. The company have its headquarter at Welwyn Gardiner City, Hertfordshire, England, U.K.
The company was founded in the year 1919 by Jack Cohen. The company was listed third in
London stock exchange and it considered to be third highest revenue generating company in terms
of retailing company. The company has diversified in the areas such as telecoms and internet
services, furnitures, toys, clothings, electronics, financial services, software's, retailing of books and
petrol.
LO1
P1) Innovation and its importance for organisation compare with invention
Innovation Invention
Innovation is a value addition of a device,
product line or ideology through altering the
basic of delivering the higher value to
consumer & services in persistently for
innovating environment. It requires extensive
research and study and complex process.
Invention is an introduction of device, new
product line or ideology which is based on
experimentation and study. Where the
organisation can get inventions registered by
its own name through virtue of a patent (Rasli
and Kowang, 2017).