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, culture, leadership and teamwork that shape innovation and
commercialisation...................................................................................................................................5
LO2..............................................................................................................................................................7
P3 Explain 4 Ps of innovation and use of innovation funnel to examine and shape innovative ideas ....7
P4 Explain developments in frugal innovation with examples in organisational context .....................11
LO3............................................................................................................................................................12
P5 Importance of commercial funnel and application of new product development processing for
commercialization of innovation...........................................................................................................12
P6 Build innovation business case for organisation including ways of assess funding ..........................14
LO4............................................................................................................................................................16
P7 Evaluate different tools that protect retain and develop and intellectual property right ................16
CONCLUSION.............................................................................................................................................18
REFERENCES ..............................................................................................................................................19

INTRODUCTION
Innovation and commercialization is the core substance of the longer sustainability in the
today’s market that also helps in enhancing the revenues with good image in the market. It also
helps in providing the new direction that can implement in the business model as per the demand
of the customers related to the goods and other offerings of the organisation that were sale in the
surroundings ecosystem. This project is related to Heinz Company that is a prominent brand in
the UK. It deals in thousand of food products in their six continents. now organisation need to
expand their revenues and profits so that they can focus on innovating their sauces so that they
can attract the large number of customers. This report inculcates innovation with their
importance and how to differentiate from invention. it also showcasing the vision, leadership,
teamwork and culture that helps in encouraging innovation and commercialization. in this
innovation funnel and new product development process assist in innovation in product and their
succession in market. at last it includes the intellectual property rights that helps in retaining,
protecting and developing the organisation innovation so that they can enjoy survival in the
market(Chun, Chung and Bang, 2015).
LO1
P1 Explain innovation and its importance to organisation in comparison with invention
Innovation and invention: Innovation defines as the activity of introducing and
improving the current product by making efficient contribution in the goods and services. it can
brings the varieties of change in the existing offering that can encourage the growth and
productivity within the firm. Whereas invention is the prominent framework that can create the
new and unique ideas and thoughts in a innovative way that can helps in overall growth of the
company and their offerings. In context of Heinz, Innovation refers to modification and
improvement in the existing product i.e. in their sauces improve it for enhancing growth on the
other hand invention is related to research the market and develops the ideas to do a innovation
in their sauce with added more new flavors that can attracts the people of UK(Dincer, 2017).
Commercialsation: It refers to the products and services with an innovative touch brings
to the market in a broader way that helps the company to enhance their marketing, customer
support and sales that helps in attaining the profits and commercial success in the marketplace

for the organisation products and services. In case of Heinz commercialsation helps in gaining
the financial resources that can expand the business and make the loyal customers for the
business enterprise.
Importance of innovation
For every organisation innovation place an important role and also creates the importance
by boosting the sales and attracting the customers so that firm may survive in the market for a
long time period. In context of Heinz some importance of innovation can be shown below.
 Beating the rival firms: It is a replenish importance of innovation because it assist in
gaining the competitive market. Because in food sector there are many competitors are
present who can offer the same products to their customers. in case of Heinz to increase
their sales and profits company can innovate their goods and services this can enhance
the sales and attracting the large base of customers due to this firm may enjoy large
amount of revenues and it can beats the competition in market. In this Heinz can innovate
their sauces with more different flavors because people of UK highly attracted with
this(Adelowo, Akinwale and Olaopa, 2017).
 Boosting brand image: It is an essential motive for the business to enhance their image
of brand in the customers mind so that they can retain with the company for a longer
period of time. In case of Heinz they can enhance their market share in UK for this they
can do innovation in their sauces that helps in attracting the people and encouraging to
buy the new and unique sauces.
 Fulfills customers demands: Customers are the prominent term to the organisation
because they are the only one from which company can sustain in the market with large
capital and financial resources. in case of Heinz they always focus on fulfilling the
demands of the customers by offering the new and innovative sauces and condiments so
that they can satisfy the people and earns a high amount of profits.
 Maximization of profits- Innovation is very helpful for the organizations in targeting
maximization of profits in the future time period. In the context of Heinz, it will be good
if they innovate by bringing out new products and services because in this way they will