Importance of Innovation for Organisations

Innovation and
Commercialisation

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK 1 ...........................................................................................................................................3
P1 Importance of innovation for the organisation in comparison with invention. .....................3
P2 Define how organisational leadership, vision, culture and teamwork can manage
innovation and commercialisation..............................................................................................5
P3 Analysis of 4P's of innovation and Define the use of innovation Funnel in shaping the
innovative ideas...........................................................................................................................6
P4 Frugal Innovation Development across the company............................................................8
TASK 3............................................................................................................................................9
P5 New Product development processing for commercialisation of innovation........................9
P6 Innovative business case......................................................................................................11
TASK 4..........................................................................................................................................12
P7 Evaluation of various tools for protecting intellectual property..........................................12
CONCLUSION .............................................................................................................................13
REFERENCES..............................................................................................................................14
Books and Journals...................................................................................................................14

INTRODUCTION
Innovation is described as the the process of introducing news ideas to implement in the
development of the products for the company. Innovation is a driving force that involves
multiple activities which are performed in a new way. The innovation can be realised through the
development of new thoughts. Innovation introduces the new opportunities and the marketer
analyses these opportunities in order to develop the latest trends for the industry. Besides this,
commercialisation is considered as the launching of new effective products in the industry. the
company should maintain the innovation and commercialisation to sustain a position in the
industry (Arthur, 2017). This report is in context with Marks and Spencer which is British
multinational retailer headquartered in London. The company specialises in clothing, home
products and many more. the company has diversified its operation in different sectors to
maintain their efficiency. This report deals with the implementation of innovation and
commercialisation across the company. Also, the report explains the use of innovation in the
product development of the company. Lastly, this report covers the commercialisation concepts
of the company in order to maintain a leading market position.
MAIN BODY
TASK 1
P1 Importance of innovation for the organisation in comparison with invention.
Innovation: Innovation is a process which deals with the elements to be applied to make
improvements in the current products of the company. The innovative ideas plays a significant
role in the development of the products and services. It is the duty of the marketer to introduce
the innovative ideas for maintaining the effectiveness of the company. In relation with Marks
and Spencer, the company mainly focuses on latest trends in the industry with the customers
preferences prevailing in the current scenario.
Invention: Invention is process which help in converting the innovative ideas into action. The
invention is a though process of an individual which reflects the perception of the individual
regarding the development. The products offers to the customers are invented by the individual
who have different level of thinking process and it is the result of the research of the individual.
marks and Spencer company has the aim to conduct the food research and drive technical
innovation to maintain their competitive edge in the industry. Also, the company focuses on the

latest trends and analyse them effectively in order to use that information for the research and
development process.
Comparison Between Innovation ans Invention.
Basis Innovation Invention
Purpose The main purpose of this is to
generate more revenue and
enhance the profitability of the
company.
The main motive is to launch
new innovative products
which will attract the potential
customers and enhance their
customer base.
Occurrence The innovation occurs when
there is absence of competitors
in the market which ultimately
minimises the competition
level in the industry.
This occurs when the ideas
comes in the minds of the
effective workforce which
implements in the product
development process which
ultimately attracts the potential
customers.
Innovation plays a significant role in developing the standards of the products offering of
the company (Fernandes, Ferreira and Peris-Ortiz, 2019). The main aim of the company is to
align their core values with the innovation which will maintain their integrity in the industry. In
order to maintain the innovation, the marketer of the company has to face a lots of challenges
which can be explained as follows:
 Unique Selling Point: The company is working in an competitive industry. therefore its
is important to maintain unique selling point which will make the company different from
other organisations. In context with Marks and Spencer, the company has a USP of
understanding the customers preferences and applying it in their products offerings. this
will also help in reduction of wastage and utilising the resources of the company
effectively.
 Continuous Improvement: The products and services of the company requires
continuous improvement which ensures the smooth working operations. Also, this will be