Innovation and Commercialisation in Heinz Company

UNIT-8
INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION.......................................................................................................................................3
LO1.............................................................................................................................................................3
P1 Explain innovation and its importance to organisation in comparison with invention........................3
P2 Explain organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation....................................................................................................................................5
LO2.............................................................................................................................................................7
P3 Explain 4Ps of innovation and explain use of innovation funnel to examine and shape innovative
ideas........................................................................................................................................................7
P4 Explain developments in frugal innovation and provide example of how it is used in organisational
context.....................................................................................................................................................8
LO3.............................................................................................................................................................9
P5 Explain importance of commercial funnel and application of new product development processing
for commercialization of innovation........................................................................................................9
P6 Build innovation business case for organisation including ways of funding.....................................11
LO4...........................................................................................................................................................13
P7 Evaluate different tools that organisation can use to develop and protect knowledge intellectual
property.................................................................................................................................................13
CONCLUSION.........................................................................................................................................14
REFERENCES..........................................................................................................................................15

INTRODUCTION
Innovation and commercialisation refers to an important term for an organisation because
it gives the new direction and helps in gaining the competitive market of the same industry. It is
a process of aiming that shows the feasible model for a company that is based on the goods and
services that is used to satisfy the customers. This report is based on the Heinz Company that is
the most loved brands in the Britain and those sales very iconic goods like Heinz beans, cream of
tomato soup and the Tomato ketchups. But now the manager of the Heinz wants to innovates
their products to enhance their sales and profits for this it is very essential to understand the
concept of innovation and invention and importance to organisation. It also shows the vision,
culture, leadership and teamwork that can helpful in shaping the innovation and
commercialisation. it also involves 4Ps of innovation and new product development process that
helps in setting the new launching in the organisation. at last develops a business case including
ways of funding and different tools of intellectual property rights that can helpful in securing the
innovation(Chun, Chung and Bang, 2015).
LO1
P1 Explain innovation and its importance to organisation in comparison with invention
Innovation and Invention: Innovation defines as a term that showcases new and
creative ideas in the different forms such as goods, processes, activities and methods. In is very
essential because it enhance the quality of the products as per the customer’s demands. In this
Invention refers to an activity that invents the processes and products that the manager of the
company is innovating to enhance their image. In case of Heinz innovation relates to the thinking
of new products and services that can attracts the customers and in this invention refers to
execute the innovation that can help in longer sustainability of the firm. Here the manager can
innovate their sauce with more new features that is beneficial for the customer’s even children
also(Gross and et. al., 2018).
Comparison between invention and innovation

Basis Innovation Invention
Motive The major objective of the
innovation is to develop more
profits and productivity by the
use of innovation in products
and services because it helps
fulfilling the goals of
satisfying the purpose of
gaining competitive
advantage.
The main motto of invention
is to producing the goods and
services according to the
innovation that can attracts the
large base of customers.
Activities and skills Innovation needs varieties of
skills like marketing finance
etc. and it can relate to the
diverse activities.
Invention needs engineering
skills that have major
knowledge of technology to
designs the products and it is
place for a limited activities
i.e. R&D departments.
Examples For example- Heinz manager
can thinks to create their
product varieties according to
the customer satisfaction.
For example- Heinz manager
can invent that innovation in
reality for attracting the
customers so that they can buy
the new innovation(Akinwale,
Adepoju and Olomu, 2017).
Importance of innovation
 Gaining competitive advantage: The major importance of the Innovation is to gain the
advantage in the competitive marketplace. When the company faces the issue to losing
the sales at that time they can focus on innovation that helps in beating the competition in
the same industry. For example- Heinz can explore their sales in the UK market with
their Tomato sauces and soup for this they needs to innovate their sauce as per the market
demands that helps in beating the rival firms.
 Enhancing the brand image: Innovation helps in increasing the image of the brand of
the organisation because of this competitors face major challenge in the marketplace. In