Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Explain innovation and determine its importance to organisations in comparison with
invention......................................................................................................................................3
How organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation.......................................................................................................................5
TASK 2............................................................................................................................................6
4Ps of innovation and explain the use of the innovation funnel.................................................6
Explanation of developments in frugal innovation.....................................................................8
TASK 3............................................................................................................................................9
Importance of commercial funnel and they application of new product development
processing....................................................................................................................................9
Build an innovation business case for an organisation.............................................................11
TASK 4..........................................................................................................................................12
Different tools that organizations can use to develop, retain and protect knowledge and
intellectual property..................................................................................................................12
CONCLUSION .............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Innovation mentions to the process and activity of converting and translating the ideas
and thought which make creativity in the extant commodities and services of the organization
and that have some value or able to fulfilling customers needs (Al Hinai, 2018). It can be a
procedure of making some creation in the products and services of the company as per
consumers needs and demands so that they can provide satisfaction to their wants by taking the
advantages of innovative products. Development refers to the activity of conveying new
merchandise or services at marketplace. The broader activities of commercialisation entails
manufacturing, distribution, marketing, sales, support of customers and others. This assignment
is based on ASDA Stores Ltd. which a British supermarket retailer and operate its business in
different nations of the world. This organisation was established in 1949 by Peter and Fred
Asquith and Sir Noel Stockdale. This report will discuss about creation and various between
excogitation & innovation. Further, will explain about 4Ps of excogitation and improvement in
frugal innovation. Grandness of the commercial funnel, application of new product development
and an innovation business case will also describe. Various tools that companies can use to
ameliorate, hold and defend cognition of intellectual property will defined briefly.
TASK 1
Explain innovation and determine its importance to organisations in comparison with invention
Innovation refers to the activity of making change in the procedure or creating more
efficacious procedure, merchandise and thoughts. In an business an innovation can be an action
or act of changing the procedure of manufacturing goods and making creativity in the present
goods and services of the company. The major objective of innovation is create the thought to
amentiferous position whether the merchandise is profitable and easy. In ASDA, it is a critical
procedure that consists transferring thoughts of the form of products and services that focus on
developing value.
Importance of innovation
It is important for a business because it assist the company in offering a boundary in
discriminating market quicker and provides an effective relation to improve markets which can
track to bigger growth options (Ardito, 2018). In ASDA, it is essential because it help in creating
a new business and offering cardinal source of growth and improvement in the business of the

company. In also beneficial to the company because it help in enhancing productivity and
profitability by getting attention of its new consumers by devising creation the goods and
services of the company. The importance of innovation is defined as:
Able to attract number of customers- If the management of the company adopt
innovation and make creation then it help in getting attention of number of target audiences
(Bilandzic, Foth and Hearn, 2018). In ASDA, if the administration make creativeness in its
commodities and services which is able to fulfil the needs and request of the target audiences
then it attract number of consumers.
Assists in competing in the market- The innovation is also able to furnish competition to
market. In ASDA, by devising creation in the extant commodities and services of the
organization the firm can generate competition to the other firms which are dealing in same
sectors. This positively affect the company in term of increasing maximizing profitability and
productivity.
Helps in maximizing sales- Innovation is also assist in increasing the gross sales of the
organization. In ASDA, if the company accept it or make creation in the business with the help
of its goods and services and the innovation which is form by it, have some value the it attract
consumers and increase the sales of the company in different manners.
Difference between innovation and invention
Particulars Innovation Invention
Meaning It the process of implementing
new ideas and thoughts in the
goods and services of the
company first time.
It indicates to the generation
and creation of new idea and
thought which has never been
made before.
Concept It based on practical
implementation of new
thought.
It is an original idea which
work according to the concept.
Occurs During the time of the
company is required to make
improvement in its existing
products.
When new thought strikes a
scientist (Davis, Tzanidis and
Saltzman, 2018).