Innovations and Commercialization

This report discusses the importance of innovation and compares it with invention. It analyzes how company vision, culture, and teamwork shape innovation and commercialization. The report also explores the 4Ps of innovation and the use of the innovation funnel to shape innovative ideas. It discusses the development in frugal innovation and provides an example of its application in Mark & Spencer company. Additionally, it highlights the importance of the commercial funnel and ways to access funding for innovation. The report concludes by evaluating different tools to develop and protect knowledge and intellectual property.

Innovations and
Commercialization

Table of Contents
INTRODUCTION...........................................................................................................................3
P1.....................................................................................................................................................3
Impotence of Innovation and comparison between innovation and invention.......................3
P2.....................................................................................................................................................5
Company vision ,Culture and teamwork can shape the innovation and commercialization ....5
P3....................................................................................................................................................6
4Ps of innovation and use of innovation funnel to examine and shape innovative ideas .........6
P4.....................................................................................................................................................8
Development in Frugal innovation and example to use this in Mark & Spencer company.....8
Frugal Innovation .......................................................................................................................8
P5 ...................................................................................................................................................8
Importance of the commercial Funnel and the application of new product development.........8
P6...................................................................................................................................................10
Build an innovation business case for M&S and include ways to access funding .................10
P7 ..................................................................................................................................................11
Difference tools which can help M&S to develop product .....................................................11
CONCLUSION..............................................................................................................................12
REFERENCE ..............................................................................................................................13

INTRODUCTION
Innovation is an path of developing, visualizing and implementing ideas into the
manufacturing of goods or providing services which makes value for an business and
commercialization is an wide process of the the innovation. This report will provide a
recommendation to the innovation mangers of Marks and Spencer company for developing
new product. It will briefly explain the impotence of invocation in the company and difference
between innovation and invention. This report will analyze the M&S vision on leadership ,
teamwork and culture can shape innovation and commercialization. This report will also
analyze peaces of the innovation and use of funnel to shape innovation ideas. Report will cover
development in frugal innovation with example. This report will conclude impotence of the
commercial funnel and the application to the new product development, processing for
commercialization of innovation. It will build an innovation business case for an organizations ,
including difference ways of funding. In the end this report will evaluate the different tool
which M&S can use to develop , retain and protect knowledge and intellectual property.
P1
Impotence of Innovation and comparison between innovation and invention
Innovation
In a today's market there is to much competition of the M&S. It is important for
company to understand the importance of innovation in their business. Trend and demand of the
customers are changing day by day (Ahmad And et.al., 2019). Mark and Spenser can come Up
with the new product which give satisfaction to the customers , this product should be unique
and features of the product should satisfy customers demand.
Competitive advantage In the market – It is important for company to come up with the new
product because many organization giving competition to the M&S. New product will help them
to in crease their growth in the market and they can provide quality product to satisfy their
customer , In a result they will gain Customers loyalty (Ahmad And et.al., 2019).
Loyal Customer – One one the difficult task for the Mark & Spencer company marketer to gain
customers loyalty and keep adding them in the list. That can be possible if this company is able
to solve the problem related to their product and services offering . If they are introducing new
product and innovative services then they can able to gain customers loyalty.

Unique selling proposition – It is important for any organization to have uniquer selling
proposition because this is an their intellectual property and work as an inspiration for their
competitors (Al-Mubaraki, Muhammad and Busler, 2015). This can be possible through the
innovation so Mark and Spenser should bring innovation in their business.
Enhance Brand Value - Brand value play important role in the organization this helps to create
a reputation in the market (Al-Mubaraki, Muhammad and Busler., 2015). Mark and Spenser
also make brand name in the market but now a days many other company are showing their
presence in the market, any time those competitors can overtake this company. Involution can
help Mark and Spenser Spencer to keep their brand value in the market for that they have to
introduce new technologies and product with the unique design or test.
Difference Between innovation and invention
Innovation Invention
 Innovatio9n can be defined as
implementation of any new method to
create (Bashmakov And et.al., 2015)
the business practices , workplace or
external relation
 innovation means to create something
new which does not exist
 Innovation required needs marketing
and technical skills in person
 innovation is born from a constant
needs to make things better and to gain
a market advantages
 innovation manger of the company is
responsible for the innovation in the
company (Bashmakov And et.al., 2015)
 Innovation helps to take advantages in
the competitive market
 thi8s helps to create a reputation in the
 Invention is process of making any
new technological device to increase
the production in the organization.
 Invention mans add something in the
product which is already exits
 invention needs a technical skills to
bring any new ideas in life
 invention take born with a inventor
gets
 anyone in the organization can pitch n
but it usually designers and technicians
who will responsible of make new
product for organization.
 Invention helps increase the
productivity of the company.
 Invention helps to decrease the work
load in the organization.

market and gain customers loyalty
P2
Company vision ,Culture and teamwork can shape the innovation and commercialization
Company Vision
According to the (THE IMPORTANCE OF ORGANIZATIONAL CULTURE FOR
INNOVATION IN THE COMPANY. 2014) Chief executive of the Mark and Spenser said that
Whir partnership with True will give them widely access to the new innovation . Company have
that much potential to transform the different ways they are operating their business (Brenner,
W. and et.al., 2015). As if the Mark and Spenser will became Digital first retailer , they will
give them to new enterprise and ready technologies which can be beneficial for their customers
and this will also make them Fit for the business in the future . This companies true Chief
commercial officer said that the explicit focus of their partnership activities to deliver positive
commercial profit with clear and tangible ROI for their business partners. Vision of company
shape the innovation because as per the vision of firm strategy is think and implemented by the
firm. M& S always ensure to have clear vision so that it can implement innovative idea in the
right direction (Brenner and Adamovic, 2018).
Innovative culture
Innovative culture of the Mark and Spenser company often measure a employees based
on a value creation for both customers and shareholders. Insisted of the traditional such as on
time delivery and revenue gen ration. Mark and Spenser is looking for the customer satisfaction
and they are creating innovative culture to make their product better. Culture plays significant
role in shaping innovation, if culture is not good then people will not accept new ideas which
may create problem in implementing innovation. Great culture aids in getting new ideas for the
growth of business hence it encourage innovative culture (Chun and et.al., 2015).
leadership
Leaders of the M&S responsible to assemble teams and lead them to achieve goals and
increase performance effective leaders know that importance of embracing deference in people
and knows how to connect the dots almost those differences to get the best performance from
the team. Leadership styles like democratic leadership style can help Mark and Spenser' s
leaders to bring innovation in the team. In Democratic leadership style leaders treat employees
like there family members (Datta, Mukherjee and Jessup., 2015). Employees of the company

also take part in the decision making. Leaders get many innovative ideas from their employees
which helps them to achieve objectives of the organization. It increase participation of the
employees in task and they give their best toward the organization. This leadership style helps
leaders to bring innovative ideas and suggestion from their employees. Great leaders
encourage workers and they develop relationship with employees so that people share their ideas.
This encourage innovation and help business in getting commercial benefit from this innovative
idea (Datta, Mukherjee and Jessup, 2015).
Teamwork
Teamwork is important activity which is held by management of the company. If
employees of the organization work in team then they can do their task in more less time.
Teamwork helps employees to understand each other and understand culture of the other
employees. This can remove the conflicts in the organization and all the employees will work
with each other (Ahmad And et.al., 2019). Teamwork will involve employees and different
group across the Mark and Spenser company , they all will work to maximize the efficiency of
the employees and they can achieve common goals of the company. Teamwork allow workers to
take high responsibility for the decision making also allow them to control their work process.
This can improve the morel in employees and they gain more authority for the task they are
working. If there is lack of team work then people will not share their feelings which will restrict
innovation and entity will not be able to shape that innovation effectively (Ahmad And et.al.,
2019).
P3
4Ps of innovation and use of innovation funnel to examine and shape innovative ideas
Technology and market , which give company types of innovation
 Process: Process of that new innovation must be smooth, this must increase profitability
of the firm (Bashmakov And et.al., 2015).
 Position: Company needs to maintain its position by promoting new product in
significant manner. If entity is maintaining its position then it would help in long term
sustainability.
 Product: M&S needs to first think about what new product it wants to introduce in the
market. It has to ensure effective packaging of that product and speedy delivery so that

consumers take interest and enterprise can get benefit out of it (Innovation management,
2019).
 Paradigm: radical changes must be done time to time improve the quality of that
innovation (Brenner and Adamovic, 2018).
Incremental Innovation -Increment innovation is most common innovation, this helps to utilize
the technology which is already present in the organization and increase the value to the
customers of the company(Febriani and Djatna., 2016) . Like features of the product,design etc./
within the potential market. If the Mark and Spenser add the more value in their services and
product which will help them in growth. Even the little change can also bring the value in the
product or services.
Disruptive innovation - Disruptive innovation is also know as Stealth innovation, this involve
applying the new technologies and process in the existing market. New technology can be more
expensive for Mark and Spenser company , this will have a new features and this will be harder
to use for employees. This will only after a few irritations that newer tech surpasses the old
disputes in all existing companies.
Architectural innovation - In the architectural innovation companies superiors simply take a
lessons technology and skills then t5hey apply this within a different markets. This can be
helpful for company to create their in age in market and they can also make new customers
(Friedrichsen and et.al., 2017). There is very low risk in a Architectural innovation because of
reintroduction of the proven technology. Most of the time this innovation need tweaking.
Radical innovation- this innovation give birth to the new industry and also create revolutionary
technology . It is important for company that how they are delivering their goods to the
customers. This innovation can help Mark and Spenser to boost up their transportation services
to their customers (Chun and et.al., 2015)
Innovation Funnel
Innovation funnel is an mechanism which provide a ideas that can be screened for a
validity. Thais process also involves management process. this process is widely popular among
many organizations because it is helpful to create a action plan and innovation for their business.
Idea of the innovation originate from the world of sales. This Idea can prove lots of potential
customers for M&S company this innovation creat5e a now ideas for the product and company
can increase profitability (Henttonen and Lehtimäki., 2017). The core of the funnel is to make

ideas which can be possible and the large portion of which will be refined and which can be
converted into a development plan of the product. This will give a shape to the funnel from r
the ideas
Development of innovation Funnel
there are some steps of the Innovation funnel which can help M&S to to develop new
product so they can take competitive advantages. This company can meet needs of the market
and they can produce in an economically profit creation ways (Datta, Mukherjee and Jessup,
2015).
The mouth of this Funnel
the first step of the Funnel is to gather a ideas , so M&S can expand their knowledge
and arability of informational more ideas will help company for better quality solution of their
product.
Narrowing the funnel
In the next step they have to screened those ideas. The screening process will match the
ideas with goals of the company to check weather they have add value.
Narrowed part of the funnel
I this step company ensure that the selected ideas turned to objectives of the company.
Which was drowned up when marks & Spencer started.
P4
Development in Frugal innovation and example to use this in Mark & Spencer company
Frugal Innovation
Frugal innovation is an effective process in which company remove the and reduce
complicity and the cost of of a goods or production (Kim and Park., 2018). This helps to reduce
unnecessary thing which is not creating any sense for customers.
Usually this refers to the removal of the nonessential features from any good or
services. Such as clothes goods , services etc. many Firms adopt this innovation to sell their
product in market with low price. This remove waste from the product and save manufacturing
cost of the product. It is important for the organization the give best quality product to the
customer so they can be loyal customers of the company. They should purchase quality row
material for customer satisfaction (Brenner and Adamovic, 2018)

Example- Marks and spacer is bribing new Baby clothes in the market so they can achieve
growth in the market. Company should use quality row material for the cloth manufacturing so
customers can be satisfy (Mollick and Robb., 2016). Lean manufacturing helps to decrease the
waste from the product. they can use this technology to save third resources and it will also help
company produce quality products. Funnel invasion will help them to reduce unnecessary
things from the product , in result they will get new design . Size plays important role they
should make sure about size of the clothes. It should be conferrable for baby it will be better
they are using cotton to make their products.
P5
Importance of the commercial Funnel and the application of new product development
This is an marketing segment which bis manged by the marketing ream of the
organization. This team focus on a coveting potentiality in the target market of the company.
This is also k now as sales funnel Marketer must nature those leads for the development of a
high interest to warrant moving them into the sales funnel (Lim, Darley and Marion., 201).
There are 4 steps of the commercial funnel (Ahmad And et.al., 2019).
This step helps to attract the new clients and investors for the M&S company t5hgis process
include a attracting of customers company can take review for their baby product online and
they have to pay attention feedback which is given by the clients for their baby clothes.
Company can develop their product by analyzing this all things . This will attract new customers
for the company In the future.
Converts
this process refers to the making unknown visitors to the known visitor of the company.
If Mark and Spencer will give more discount to the customers then their product will be more
attractive this will create more customers for them while launching new baby produce's.
Close
After the identification of the lead company should measure customers. This will
include the information of the clients to continue the relation with the company or not.
Delight
this process broadcast the satisfaction level of the customers. By providing bed services
to customers of the company can hold hold the level of satisfaction high. M&S should aware

about the product quality and they should provide new product which can satisfy customers (Al-
Mubaraki, Muhammad and Busler, 2015).
New product Development Process
the process of the new product development refers to find methods which can helps
company to develop product (Tijssen., 2018.). This process helps to increase the sale during
market outgrowth. There are some stage for product development which are-
Idea generation
Mark and Spencer is launching the baby cloths and tit is important for them to focus on
the mother. They should understand the demands of the mothers for their baby and according to
that they have to make product (Ahmad And et.al., 2019).
Concept Definition
In this step company try to show the specification of the products to the customers.
Mark & Spencer should show the product specification to the customers because this will helps
them to that why they should Buy their baby clothes and why it is different from the other
companies product.
Market analyzing
Before launching the product in the market company should analyze the target market
and demand off the product among the customers (Szulczewska-Remi and Foltynowicz., 2016).
It will help them to know that baby clothes have demand in the market or not.
Product development
After the analyze and study of the target market, company heave to prepare design for
the baby clothes and they have to develop design which can attract customers.
Commercialization
this helps to include the exhibition of the product in the market. After the testing of
product, it should be launched in market.
P6
Build an innovation business case for M&S and include ways to access funding
To work property in an organization they could enlist some of their requirements and
needs which can help company in the innovative case. Through this Mark and spacer measure
their performance in the market and ideas also measure the their future task. Which can help
them to see how they are performing in the target market. They can so know that their

production is giving satisfaction to the customer or not. Mars & Spencer are selling clothes and
quality food in the market in all over the world (Shengrong, Zhu and Jingzhong., 2016.). if this
company wants to make innovative business case then they should include the product
development process pricing strategies and customer loyalty program so they make innovate
business case. The first work M&S have to do is that they need to develop their product using
the product development plan. By using this plan they can modify their product and increase
features of the product. This will helps them to make new customers in a market. To earn more
revenue ,Mark & spacer should company should set the price which can help their customers to
satisfy from the baby products . Company can increase growth in the target market and they also
an increase their value (Chun and et.al., 2015).
The organization will set affordable price to earn high revenues and this price will set to
attract customers. Similarly M&S have to set pricing skills so it can deliver the goods with a
reasonable price. So many company are depends on the promotional activity. Not only the
involvement of national customer but the awareness should be taken by global customers also.
With the help of this path the organization will able to make their own image of their brand and
also helps to lead the current generation who will work with this organization. To attract new
customers M&S should provide some promotional activities which are effective for the
organization. For expansion of the business it is very easy to seek a new investor. The main aim
of the M&S is to develop their offering for their product. They can make their product more
effective by add some more functions to it. The new effective product with new innovation will
attract customers and it will also help to promote their product ti make it more popular among
the city (Mollick and Robb., 2016.). The best thing of this new innovation that the price will not
high so customers will easy to afford and utilize their product in the affordable price. No
increasing in the price of the new product will help them to grow their market and lead to high
profits. The advantage of new product is that customers will buy the product of organization at
the available rate so if we increase price after some sale then people will also buy that product
because the new thing will attract the customers new modifications will like by customers so it
will work effectively.

P7
Difference tools which can help M&S to develop product
According to the author(Rasmussen and Eliason., 2017) It is important for M&S to protect their
techniques and ideas. There are some services which is charge for the protection for the
compactness's privacy like trademark, copy rights and patents. This all helps company to protect
from n the other company and they get legal rights from the government. They can case on the
other company if they try to copy their product or give their firm name same like M&S (Brenner
and Adamovic, 2018).
Patents
Patent helps to protect a product design invention of the company and other important
things of the company. There are many organization in the market who try to copy design and
their invention. This can reduce the brand value in the market. This give owner to legal right
exclude other to make same product , design and importing an invention for a limited time
period most of the other countries .
Trademarks
trademark is kind of intellectual property of the company which consist the
recolonization expression , design and sign. Which is helpful to identify the services given by nth
company. The owner of the trademark can be individual, business entity or business
organization (Mollick and Robb., 2016). This helps to know the product identification and
company identification. Companies cannot copy other company trademark if they want to do
business then they have to get their own trademark. The procedure for granting patents.
Copyright
copyrights are the exclusive rights which is given by the government to the the company
for an limited time. In the copyright Act other companies cannot copy name of the Mark and
Spencer company. No one can put same name like Mark & Spencer company without their
permission because owner of the M&S only have legal rights and according to the legal right no
other firm can copy M&S (Datta, Mukherjee and Jessup, 2015). If company give those rights to
the other then they have to give share s in their profitability and they have to use same process
which leading company is using to make their product.

CONCLUSION
As per the above report has been concluded innovation and their importance in business
and discussed comparison between innovation and invention. It has been concluded vision of
organization which gives form innovation and culture. This report also has been explained
leadership, culture and teamwork also can shape innovation and commercialism where explained
democratic leaderships utilizes to achieve objectives of company and has been explained that
leadership style assists leaders to bring innovative ideas and suggestion from their employees.
This style also supports employees to provide friendly atmosphere, so employees can direct
communicate if they trap any problem. This report has been explained 4P's of innovation which
utilizes to shape innovate ideas and also examine result. It has been discussed improvement of
frugal innovation with examples which is used in business. Above report also has been explained
about importance of commercial funnel and the utilization of new product development
processing for commercialization of innovation. It also has been explained about different tools
which can use for development, retain and protect knowledge and intellectual property. In this
above report has been complete protecting tools like patent, trademark and copyright which
assist to protect ideas and product from stealing. This report has been explained about patent
application that it offers right to individual to prevent competitors from copying, retailing or
importing invention without owner approval.

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