Unit 8- Innovation and Commercialisation

Unit 8- Innovation and
Commercialisation

Table of Contents
Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
P1 Explain innovation and demonstrate its significance to business association........................1
P2 Explain how organisation vision, leadership, culture and teamwork could shape innovation
.....................................................................................................................................................3
P3 Discuss 4P’s of innovation and explain innovation funnel....................................................4
P4 Discuss development in frugal innovation.............................................................................7
P5 Discuss significance of commercial funnel............................................................................8
P6 Demonstrate an innovative business case.............................................................................10
P7 Evaluate different tools to protect several intellectual rights...............................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation is understood as the process of doing things in creative manner with the help of
new and innovative ideas as it promotes an enormous growth and provides vast opportunities to
the business (Anderson and Gallini, 2019). It also provides a cut throat competition in a
marketplace that boost the sales and productivity through advancement in innovations. On the
other hand, commercialisation involve the method of bringing the new and unique merchandise
within the market that involves production, distribution and marketing of products. This report is
based on Heinz. It is a food manufacturing firm in United Kingdom that deal with several
varieties of products such as ketchups, soups, beans and many more. The firm aims to provide
good quality of products so as to generate large access of customers from different parts of the
country. This report comprises of distinguish between innovation and invention and vision and
leadership of an organisation that could shape commercialisation and innovation. This report also
covers elements of innovation mix and frugal innovation in accordance of an organisation. this
also includes process of new product development and a business case to assess the source of
funding. At last, it includes various tools and techniques so as to provide intellectual rights in a
marketplace.
P1 Explain innovation and demonstrate its significance to business association
Innovation is understood as the process of making new and innovative things with the
help of advanced ideas that provide an enormous growth opportunity and adds value among their
customers (Festa and et.al., 2016). In a modern era, innovation is very necessary that provide
assistance to the organisation to make necessary changes in their workplace in order to sustain in
competitive era which improves the greater performance. The manager of Heinz is planning to
launch a chocolate that is completely enriched with dry fruits and contain low sugar context.
With reference to Heinz, the significance of innovation is prescribed below:
To gain rivalry edge: Innovation aids an organisation to beat the competitors so as to
contribute a significant position in a marketplace. By making something new with unique
features grab the interest of customers and persuade them to buy a new product which is possible
through creative ideas. Heinz would achieve a competitive advancement as it greatly focuses on
purity and excellent quality so as to enhance greater sales.
1

Boost the confidence of customers: It is understood that customers are always
fascination for new products in a modern era so it enables the firm to make more innovative
merchandise so as to grab the interest of younger generations. Heinz would launch such
chocolates with less sugar content as this would grab the attention of users across the globe due
to the reason that it does not contain any preservatives (Hoffman, Opačić and Reilly, 2017).
Gain large share of market: Creativity in a new product or services emphasise on
gaining huge market ration which in turn improves the overall productivity in a marketplace.
Customer always prefer new and advanced products as they are change oriented in nature as well
as they are not stick towards particular thing and this emphasise the firm to conduct new
experiment in their products so as to win the hearts of individuals. Heinz always emphasise on
improving the large market share by focussing more on new and innovative products which meet
the expectations of customers at a global level.
Innovation provide an enormous opportunity to a firm which provide several prospects of
growth as in case of invention is considered as more time consuming and least cost.
Invention: It refers to as somethings which involve the process of developing a new
merchandise or services. The main motive is to provide something new and greater ease of
convenience among the giant group of individuals across the globe. In the context of Heinz, the
significance of inventions is given beneath:
The business environment is regarded as a dynamic which assist the manager of a firm to
adopt changes through creative ideas and bring new invention in merchandise or service.
Presenting new invention among the group of customers would assist it to gain a rivalry edge
over a marketplace (Kergroach and et.al., 2018). Also, this would attract more and more
customers from different parts of the country towards the product of company. Hence, this
generate a strong brand image across the globe and would help the company to boost the sales
and profitability.
Comparison of Innovation and Invention:
Innovation Invention
It is process of making further improvements
on well established products or services
through adding more characteristics and
features towards it.
It is an art of making or developing a new
merchandise that exist in a marketplace with
fresh idea for first time.
2