Innovation and Commercialisation in Xiomi

INNOVATION AND
COMMERCIALISATION

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Background of Xiomi and the commercial potential...................................................................1
Importance of commercial funnel and the new product development process for the
innovation....................................................................................................................................1
Building the case of innovation using commercial funnel...........................................................2
Protecting the intellectual property rights of new product...........................................................3
TASK 2............................................................................................................................................4
Difference between innovation and invention ............................................................................4
Sources of innovation as core process in Xiaomi.......................................................................5
Link between innovativeness of the organisation and the leadership, organisational culture and
teamwork......................................................................................................................................7
4 Ps of innovation .......................................................................................................................8
Value of innovation funnel and frugal innovation to the organisation........................................9
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation can be defined as method of making the idea or the inventions of new
products or services. Due to the technological advancements companies are required to enhance
their processes and are required to bring new and innovative to the market. Innovation has
became the focus of most of the small, medium and large enterprises. It plays vital role in
organisation and its growth and success. Commercialisation on other hand can be defined as
extended process of the innovations (Rasmussen and Eliason, 2017). It consists of various factors
who are performing the functions for commercializing the ideas and producing substantial scale
for the financial gains. Present report is based on innovation and commercialisation process in
Xiomi. Report will be providing about the importance of commercial funnels and product
development process. It will also be covering the intellectual property rights of the new product.
The report will be providing the difference between innovation and inventions. It will also cover
the sources and process of innovation processes. It will also be explaining the 4ps in innovation
with the examples. Project report will enhance the understanding of innovation and
commercialisation and its importance in the organisational context.
TASK 1
Background of Xiomi and the commercial potential.
Xiaomi was founded in 2010, April and was listed in main board of Hong Kong Stock
Exchange in 2018. It's an internet company having the smart hardware and smart phones
connected by IoT platform as the core. It has the vision of becoming friend with the users and to
be coolest company of world in heart of its customers. Company is committed with continuous
innovations, and with unwavering focus over quality & efficiency. It manufactures good quality
products at the reasonable and honest prices, so that everyone is having the opportunity of
enjoying a better life using innovative technology. It is having the potential in commercialisation
it has made possible the idea to reach to its potential customers around the world. The
innovations and ideas of company spreading across the world and are getting high acceptance.
Importance of commercial funnel and the new product development process for the innovation.
Commercial funnel is also known as sales funnel. It is used by the business organisations
for leading generations and the sales disclosures. It is important for analysing what business
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models or the marketing tools are needed for helping the business to succeed in market.
Marketers also focus over clients that are existing already in decisions section of sales funnel.
Commercial funnel helps company in driving the customers to action portions (Stankosky and
Baldanza, 2018). The funnel consists of 4 stages that are awareness, interests, decisions and
actions for defining the customer's perspective. The stages requires different approaches for the
marketers for attracting customers.
Awareness : This refers to moment where company attracts the attention of customers for the
prospects of firm. It leads the customers to be aware about products offered by firm.
Interest : Company is is required to publish the products for enabling the customers for making
informed decisions.
Decisions : At this, consumers are ready for buying and over this time a company should give
best offers to the customers.
Action : This refers to stage where the customers make the actual purchase and become crucial
part of business ecosystem.
Commercialisation – It could be defined as a process related to specific are for launching new
products in the market.
Business Analysis – While conducting analysis for new product developments Xiaomi is
required to assume cost of products, profit margins & the ROI
New Process Development
It refers as driving force of company which is an effective tool for accomplishing the
organisational goals. Worldwide strong competition, dynamic behaviours of customers,
technology and investing in new product for its survival. This process is engaged at time of
launching new products.
 NPD helps in long term growth by assessing the competition and developing new
products.
 It also helps its consumers in getting improvements in the lifestyle (Kim and Park, 2018).
Company achieves this target by assessing the needs and demand of customers.
Building the case of innovation using commercial funnel.
''Wireless Chargers by Xiaomi''
Xiaomi is a mobile company and is serving people efficiently from last few years.
Company is planning to bring new smartphone with wireless chargers. These new smartphones
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