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UNIT 8 Innovation and Commercialisation Assignment - Jaguar Land Rover Company

   

Added on  2020-10-23

14 Pages5375 Words309 Views
UNIT 8 INNOVATION AND COMMERCIALISATION21/11/2018

Table of ContentsIntroduction ....................................................................................................................................................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 .............................................P2. Role of leadership, culture, teamwork, and vision of organization in incorporation of commercialism and innovation ...............................................................................................................LO2. Explain the different types of innovation................................................................................................P3. 4Ps and use of innovation funnel for examining and shaping innovative ideas ..................................P4. Discussion on development and use of frugal innovation ..................................................................LO3. Discuss the process required to commercialize innovation...................................................................P5. Significance of commercial funnel and use of new product development processing ..................................................................................................................................................P6. Development of innovation business case ..........................................................................................LO4. Evaluate the range of methods for protecting ideas and understand their advantages and disadvantages......................................................................................................................P7. Tools for developing, retaining and protecting intellectual property and knowledge.....................................................................................................................................................................Conclusion ...................................................................................................................................................Reference list:...............................................................................................................................................2

Introduction Incorporation of innovation provides opportunity to organizations meet expectation ofcustomers and this aspect leads to maximization of financial profit. This study focuseson importance of innovation in Jaguar Land Rover Company that can help this companyto get more financial benefit from their business. Rivals of this firm are developing newproducts to attract customers towards their business. This firm needs to maintainconsistency in incorporation of innovation in their business. Appropriate leadershipstyle, visions, and organizational culture must be developed within Jaguar Land Roverto support successful implementation of innovation within business. This study focuseson importance of innovation in Jaguar Land Rover Company that can help this companyto get more financial benefit from their business. Rivals of this firm are developing newproducts to attract customers towards their business. This report has mentioned thatthis firm needs to maintain consistency in incorporation of innovation in their business.This company considers frugal innovation and new product development process toensure success even in difficult situations. Innovation funnel of this organization ishelping them to assess effectiveness of their innovative approach. Commercial funnelhas been developed by this company to commercialize their innovative products. Abusiness case has been developed and tools that support knowledge, as well asintellectual property, are discussed to shed lights on innovative approach of thisorganization. Conclusion part has been developed based on discussion of entire study.LO1. Explain the context for innovation and determine the difference betweeninvention and innovation.P1. Concept of innovation and its importance in comparison with invention Innovation is considered as a process implement new ideas for development ofproducts and organizations implement innovation in their business in order to meetexpectation of their customers. On another hand, Burnett (2017) has mentioned thatinvention refers to having an idea for development of a unique product. Innovation helpsto modify existing models of products and invention supports creation of new productsto obtain customer satisfaction. It can be noticed that invention is considered as aworking theory. Practical incorporation of new ideas in business is termed asinnovation. Organization like Jaguar Land Rover invests their time and cost in marketresearch to understand market demand for innovative products. According to Hashmiand Biesebroeck (2016), the concept of innovation is concerned with obtainingknowledge from combinations of different processes and products. However, inventionis considered as a scientific approach and it can lead to development of a singleproduct by implementing a single unique idea. Jaguar Land Rover has many rivals andthey are implementing innovative ideas in their business. This aspect can preventJaguar from achieving maximum competitive advantages from their business. Due tothis reason, this organization is bound to focus on incorporation of innovation in theirbusiness. 3

Innovation is an important part of business as supports organizations to attractmaximum number of customers towards their business. Jaguar Land Rover isrenowned for their innovativeness and they need to maintain this trend to meetexpectation of customers (Jaguarlandrover.com, 2018). Incorporation of innovationprovides opportunity to firms like Jaguar Land Rover to include features within theirexisting car models to provide good experience to their customers. As opined byKushwaha and Sharma (2016), invention is limited to research and developmentdepartment of a company and innovation can be taken into account for all departmentsof organization. Due to this reason, it can be stated that innovation is more important foran automobile company like Jaguar Land Rover than invention. As mentioned byRawlinson and Wells (2016), successful implementation of innovation can help to makechanges in the organizational culture to improve business performance. Organizationslike Jaguar Land Rover required thinking out of the box to modify existing models ofcars and this approach has the capability to attract more customers towards theirbusiness. Employees must be motivated to think out of the box to contribute to growthof firm. Jaguar Land Rover has realized this fact and they have planned differentinnovative products like Jaguar I-pace and Iconic Land Rover Defender to attract morecustomers towards their business and this approach is capable to help this firm to earnmore competitive advantages from business. P2. Role of leadership, culture, teamwork, and vision of organization inincorporation of commercialism and innovation Leadership styles, teamwork, culture, and vision of companies support implementationof innovation in business. Leaders of Jaguar are concerned with market demand andthey have the capability to maintain innovation within their business. As opined byZacher and Rosing (2015), leaders are liable to trust their own abilities as it helps totrust others. They need to trust the capabilities of employees within this business. Rivalsof this firm are launching innovative products in the automobile market of UK andleaders of Jaguar Land Rover are aware of this fact. It is the responsibility of leaders toencourage employees to work in teams. As suggested by Kazmi (2017), combination ofthought process of different employees can help leaders to ensure implementation ofinnovation in product development as per market demand. Leaders of this firmcommunicate with employees and provide opportunities for them to share their ownopinions. This aspect helps to generate innovative ideas for improvement of businessprocess. Organizations like Jaguar Land are ensuring commercialization with the helpof their innovative approach. Vision of organizations supports them to incorporate innovation into business. Vision ofJaguar Land Rover explains that this firm is dedicated to innovation(Jaguarlandrover.com, 2018). They want to foster an appropriate working environmentfor their employees to motivate them to develop a good relationship in order to ensuregeneration of innovative idea. This firm has been aimed to maintain transparency withintheir business to make employees understand the importance of implementation ofinnovation. However, Castillod (2016) has suggested that this firm need to make theiremployees understand their vision to incorporate innovation in business. Employeesneed to understand vision of organization to explore their innovativeness and thisapproach of employees can lead to commercialization of business as more financial4

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