Unit 8: Innovation and Commercialisation

Unit 8: Innovation and
Commercialisation

Table of Contents
Contents
Table of Contents.............................................................................................................................2
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK 1............................................................................................................................................3
Section 1...........................................................................................................................................3
Background to the company and its commercial potential....................................................3
Examine the difference between invention and innovation, analyse sources of innovation as a
core process in a specific company........................................................................................4
Critically discuss link between innovativeness of a specific organisation and its leadership,
organisational culture and teamwork......................................................................................5
Evaluate 4 Ps of innovation, appraise the value of the innovation funnel and frugal innovation
with reference to your case study...........................................................................................6
Section 2...........................................................................................................................................8
Explain the importance of the commercial funnel and New Product Development process for
successful innovation..............................................................................................................8
Build an Innovation case utilising the commercial funnel...................................................10
-Evaluate resource and funding considerations....................................................................10
-Identify key risks that can impact the successful implementation of the innovation..........11
-Establish Specific Key Performance Indicators that will allow to control/monitor and assess
the success of the new product’s implementation................................................................11
-Evaluate how the company can protect the intellectual property rights of the new product.12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Innovation and commercialisation is a process that is used to transform various set of ideas,
invention, and knowledge in order to progress higher wealth. It brings positive change within
society as it is a broader prospect under which something new and better is offered to
marketplace. In this new or modified range of goods and services is processed within market and
entail distribution, marketing, sales, customer support, production and many other functions as
well by which ability to make more success bring commercial success and development (Ales,
Cho and Körpeoğlu, 2017). The report below is based on Amazon that is an American
multinational business and maintains focus towards cloud computing, digital streaming, e-
commerce and artificial intelligence. The report consists of difference between invention and
innovation, link between innovativeness, 4Ps of innovation, importance of commercial funnel
and innovation case.
MAIN BODY
TASK 1
Section 1
Background to the company and its commercial potential
Amazon is a multinational technological company and consider as US biggest companies
as it is also being referred as “one of the most influential cultural and economic force in world”.
It was founded in 1994 by Jeff Bezos in Bellevue, Washington. As in the initial stage of business
they had started with online marketing of books and then after that expanded its range and covers
electronic, video game, software, apparel, games, furniture, toys, jewellery and food. Amazon
also acquire Whole food market in the year 2017 for US$13.4 billion that increases its market
footprint as physical retailer and also surpassed as the most valuable retailer in terms of market
capitalisation (Arora, Cohen and Walsh, 2016). Furthermore, in 2018 the CEO also announces
they have delivered the service as by surpassing 100 million subscribers all across the world. The
business is also known as for its disruptions through technological innovation as well as mass
scale. It is the largest internet service company in terms of revenue and second largest private
employer that makes it even more valuable.
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The commercial potential of business reflects commercialisation opportunities in terms of
technological advancement. In this market reach as well as market need both get thrive as in
prosper of continuous change as according to unpredictable environment of business and
marketplace. Amazon has higher potential of commercialisation as they have provided wider
range of services to its customers and with this ability to reflect higher sales is increases and
continuous success and development is addressed with moderateness.
Examine the difference between invention and innovation, analyse sources of innovation as a
core process in a specific company.
Innovation is a concept through which additional components and features are added on
the corresponding products and services (Bagley and et. al., 2018). On the other hand, invention
is a process in which completely new is offered to the marketplace. It is induced within the
business for the concern or about to fulfil the need and demand of potential customers or to gain
higher sales and more revenue.
BASIS INNOVATION INVENTION
Concept In this business worked to make
appropriate level of modification within
existing products and services in terms of
development.
It is a process in which organisation
worked to produce completely new
product as in order to gain higher
revenue and profit.
Skills In this strategic skills are used by
management through which completely
new working standards is implemented
as per requirement of certain condition.
In this management of business and its
employee make adequate usage of
scientific and technological skills as
with this completely new is developed
and designed with perfection.
Limitations It is only get depends on the participation
level and through this rate of working
and possibility to advanced overall
working productivity is advanced on
regular basis.
In requires perfect implication of
different sources in timely manner that
sometime creates more complex
situation which also limits rate of
research.
There is different source of innovation as a core process within Amazon and it is as
explained below as:
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