Assignment on Innovation & Commercialization

UNIT 8
INNOVATION
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Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P.1 Innovation and its importance....................................................................................................1
P.2 Vision, leadership, culture and team work can shape innovation and commercialisation.........2
TASK 2............................................................................................................................................3
P.3 4ps of innovation........................................................................................................................3
P.4 Frugal innovation used in organisation......................................................................................4
TASK 3............................................................................................................................................5
P.5 New product development and commercial funnel...................................................................5
P.6 Innovation business case and ways of funding..........................................................................6
TASK 4............................................................................................................................................7
P.7 Organisation can use to develop, retain and protect knowledge................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................1
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INTRODUCTION
Invention is one of the most important part and focus on improve the working
environment and increase number of client in market. Commercialisation is help to introduce
new product and product method. On the other hand, innovation and exploitation is help top
introduce new product with the help of new idea. It is help to increase market share and number
of customer in market place (Vargo and et.al., 2015). This report is based on MVF structure and
provide different kind of services in marketing and basically located in United Kingdom. Further,
it covered vision, leadership and team work is most important at the time of invention in market.
TASK 1
P.1 Innovation and its importance
Innovation can be determined as a process in which new device, idea or method are
developed. In other words, modifications or changes are made that make the product or service
different. Innovations are done so that companies are able to satisfy the need and requirements
and in attaining there goals. In the case of small and instrumentality work it assistance to
indefinite quantity the activity share and improve company carrying into action in market. In this
way, conception is one of the most important part and conception is help to initiate new
engineering in market place. New technology is most essential and make whatever changes as
per the view of consumer and help to indefinite quantity new client in market. With the help of
invention is help to improve effectively and increase fruitfulness in internal working
environment. On the other hand, add new value to exiting product and increase value of
customer (Graen and et.al 2015). It is helpful to expand the range of working quality of product
in market and change as per the need of customer. MVF organisation is small sector and it is
marketing firm. There are different type of inventions make by MVF and these are done so that
they are able to raise the satisfaction level of customers. Below given are some of the inventions
done by cited firm: Improve productivity: - Cited firm make use of new or updated technology. These are
helpful enough to provide high quality services to customers. There are high cost
involved in this process but management understand the requirements and take initiatives
to use new or updated technology. This way, employees are able to support effectively
towards growth and it also improves productivity.
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 Diminish cost: - There are different type of perception carried out customers. Some will
prefer to get services that are delivered to them at low cost. Further, there will be some
who will prefer to focus on getting high quality (Guttentag and et.al 2015). Cited firm
understand the requirements and so they have make innovations in which all customers
get as per their preferences. Manufacture the estimation of brand: - along these lines, development is help to construct
the estimation of brand roll out a few improvements in outer workplace. Then again,
increment the quantity of client and roll out a few improvements according to the need of
the client in showcase. Advancement is help to build the brand esteem. Further, it secured
outer market esteem and pull in more new client in commercial center.
 Include esteem: - Innovation is center to include an incentive in item advancement. This
is help to build the market esteem and make some change in client activity (Guttentag,
and et.al 2015). Then again, increment the market esteem is help to enhance altruism and
increment more number of client in advertise.
P.2 Vision, leadership, culture and team work can shape innovation and commercialisation
Advancement is most critical factor, which is help to expand the market esteem. Thusly,
development is help to build piece of the pie and roll out a few improvements according to the
need of the client in showcase. MVF little area association is to be center around some most
critical factor and roll out a few improvements according to the need of inside and outside factor.
Then again, advancement is to be utilize some imperative factor are as per the following:-
 Vision: - Innovation is center around vision of the association and roll out a few
improvements according to the need of inner workplace. Then again, vision help to
change the future esteem and make some change in internecine and unessential working
environment for MVF (Bernstein and et.al 2015). To set a legitimate vision before utilize
advancement in work place, and help to enhance future result. Vision is need of labour,
arranging. This is help to expand the market execution and development rate.
 Initiative: - In this setting administration is most vital factor and roll out a few
improvements according to the need of interior workplace. In workplace is to be center
around work is to be done in a group and group pioneer is help to control about the work.
Pioneer is a man who manage every single movement about the work and doing work
with new techniques (Manzini, and Coad, 2015). Pioneer who direct about the
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