Innovation and Commercialisation in Jaguar Land Rover

UNIT 8 INNOVATION AND COMMERCIALISATION
21/11/2018

Table of Contents
Introduction........................................................................................................................4
LO1. Explain the context for innovation and determine the difference between invention
and innovation...................................................................................................................4
P1. Concept of innovation and its importance in comparison with invention.................4
P2. Role of leadership, culture, teamwork, and vision of organization in incorporation
of commercialism and innovation...................................................................................5
LO2. Explain the different types of innovation...................................................................6
P3. 4Ps and use of innovation funnel for examining and shaping innovative ideas......6
P4. Discussion on development and use of frugal innovation.......................................7
LO3. Discuss the process required to commercialize innovation.....................................8
P5. Significance of commercial funnel and use of new product development
processing......................................................................................................................8
P6. Development of innovation business case..............................................................9
LO4. Evaluate the range of methods for protecting ideas and understand their
advantages and disadvantages.......................................................................................10
P7. Tools for developing, retaining and protecting intellectual property and knowledge
......................................................................................................................................10
Conclusion.......................................................................................................................10
Reference list:..................................................................................................................12
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Introduction
Incorporation of innovation provides opportunity to organizations meet expectation of
customers and this aspect leads to maximization of financial profit. This study focuses
on importance of innovation in Jaguar Land Rover Company that can help this company
to get more financial benefit from their business. Rivals of this firm are developing new
products to attract customers towards their business. This firm needs to maintain
consistency in incorporation of innovation in their business. Appropriate leadership
style, visions, and organizational culture must be developed within Jaguar Land Rover
to support successful implementation of innovation within business. This study focuses
on importance of innovation in Jaguar Land Rover Company that can help this company
to get more financial benefit from their business. Rivals of this firm are developing new
products to attract customers towards their business. This report has mentioned that
this firm needs to maintain consistency in incorporation of innovation in their business.
This company considers frugal innovation and new product development process to
ensure success even in difficult situations. Innovation funnel of this organization is
helping them to assess effectiveness of their innovative approach. Commercial funnel
has been developed by this company to commercialize their innovative products. A
business case has been developed and tools that support knowledge, as well as
intellectual property, are discussed to shed lights on innovative approach of this
organization. Conclusion part has been developed based on discussion of entire study.
LO1. Explain the context for innovation and determine the difference between
invention and innovation.
P1. Concept of innovation and its importance in comparison with invention
Innovation is considered as a process implement new ideas for development of
products and organizations implement innovation in their business in order to meet
expectation of their customers. On another hand, Burnett (2017) has mentioned that
invention refers to having an idea for development of a unique product. Innovation helps
to modify existing models of products and invention supports creation of new products
to obtain customer satisfaction. It can be noticed that invention is considered as a
working theory. Practical incorporation of new ideas in business is termed as innovation.
Organization like Jaguar Land Rover invests their time and cost in market research to
understand market demand for innovative products. According to Hashmi and
Biesebroeck (2016), the concept of innovation is concerned with obtaining knowledge
from combinations of different processes and products. However, invention is
considered as a scientific approach and it can lead to development of a single product
by implementing a single unique idea. Jaguar Land Rover has many rivals and they are
implementing innovative ideas in their business. This aspect can prevent Jaguar from
achieving maximum competitive advantages from their business. Due to this reason,
this organization is bound to focus on incorporation of innovation in their business.
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Innovation is an important part of business as supports organizations to attract
maximum number of customers towards their business. Jaguar Land Rover is renowned
for their innovativeness and they need to maintain this trend to meet expectation of
customers (Jaguarlandrover.com, 2018). Incorporation of innovation provides
opportunity to firms like Jaguar Land Rover to include features within their existing car
models to provide good experience to their customers. As opined by Kushwaha and
Sharma (2016), invention is limited to research and development department of a
company and innovation can be taken into account for all departments of organization.
Due to this reason, it can be stated that innovation is more important for an automobile
company like Jaguar Land Rover than invention. As mentioned by Rawlinson and Wells
(2016), successful implementation of innovation can help to make changes in the
organizational culture to improve business performance. Organizations like Jaguar Land
Rover required thinking out of the box to modify existing models of cars and this
approach has the capability to attract more customers towards their business.
Employees must be motivated to think out of the box to contribute to growth of firm.
Jaguar Land Rover has realized this fact and they have planned different innovative
products like Jaguar I-pace and Iconic Land Rover Defender to attract more customers
towards their business and this approach is capable to help this firm to earn more
competitive advantages from business.
P2. Role of leadership, culture, teamwork, and vision of organization in
incorporation of commercialism and innovation
Leadership styles, teamwork, culture, and vision of companies support implementation
of innovation in business. Leaders of Jaguar are concerned with market demand and
they have the capability to maintain innovation within their business. As opined by
Zacher and Rosing (2015), leaders are liable to trust their own abilities as it helps to
trust others. They need to trust the capabilities of employees within this business. Rivals
of this firm are launching innovative products in the automobile market of UK and
leaders of Jaguar Land Rover are aware of this fact. It is the responsibility of leaders to
encourage employees to work in teams. As suggested by Kazmi (2017), combination of
thought process of different employees can help leaders to ensure implementation of
innovation in product development as per market demand. Leaders of this firm
communicate with employees and provide opportunities for them to share their own
opinions. This aspect helps to generate innovative ideas for improvement of business
process. Organizations like Jaguar Land are ensuring commercialization with the help of
their innovative approach.
Vision of organizations supports them to incorporate innovation into business. Vision of
Jaguar Land Rover explains that this firm is dedicated to innovation
(Jaguarlandrover.com, 2018). They want to foster an appropriate working environment
for their employees to motivate them to develop a good relationship in order to ensure
generation of innovative idea. This firm has been aimed to maintain transparency within
their business to make employees understand the importance of implementation of
innovation. However, Castillod (2016) has suggested that this firm need to make their
employees understand their vision to incorporate innovation in business. Employees
need to understand vision of organization to explore their innovativeness and this
approach of employees can lead to commercialization of business as more financial
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