Unit 8–Innovation and Commercialisation

Unit 8- Innovation and
Commercialisation
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Table of Content
Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................3
Main Body.......................................................................................................................................3
P1 Explain innovation and determine its comparison with invention.........................................3
P2 Discuss culture and vision of innovation plus commercialisation.........................................5
P3 Describe 4P’s of innovation and innovation funnel...............................................................6
P4 Explain Frugal innovation......................................................................................................7
P5 Significance of commercial funnel and new product development process..........................8
P6 Innovation for business case.................................................................................................10
P7 Discuss several tools to protect intellectual rights...............................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................12
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INTRODUCTION
Innovation is described as the production of goods or services in a different manner and to
provide them among their customers in a creative way (Anderson and Gallini, 2019). This
involve the process of generating new and emerging ideas which provide an excellent growth
and develop a greater success. Commercialisation involve the process of bringing merchandise
or services among the buyers with the help of marketing strategies and tool which create an
awareness of brand. This report is based on Heinz which is food producing company in UK as
provide several varieties of merchandise such as soups, creams, beans etc. This report comprises
of comparison of innovation and invention and also it consists of vision, mission and culture of
an organisation. This report also includes several types of innovation and process of new product
development. It also includes overall business case and various intellectual tools which protect
and retain business in a concise manner.
Main Body
P1 Explain innovation and determine its comparison with invention
Innovation is something in which an organisation come with new and creative
merchandise by thing something different which makes it unique from others (Anning-Dorson,
2018). This provide a competitive edge as innovation greatly adds value among their customers.
This allows to gain maximum revenue and productivity over a marketplace. As changes are
taken place at a fast rate which assist the company to make modification and also it follows a
current trends and new emerging pattern in their workplace which boost the overall productivity.
For example, Heinz is planning to launch cookies which is sugar free and is completely enriched
with dry fruits. The significance of innovation is elucidated below:
To gain competitive advancement: Innovation provide assistance to company to come up
with advanced ideas and offer a unique solution among their clients. They prepare an appropriate
strategy to beat the competitors by making modifications in product or services as it grabs the
interest of customers across the globe. Example: Heinz is coming up with new product which is
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unique such as cookies which consist of less sugar content and are specially benefitted for
diabetic patient.
Maximise the market share: Making a product which has not existed earlier by looking
towards the awareness the market scenario would prove to be advantageous and help in
achieving maximum share of market. There is always in demand of new and advanced
merchandise as customers always prefer that type of product which provide them with
satisfaction and also it is likely to provide benefit in future (Correa, 2020). The top manager of
Heinz uses advanced technology in their workplace which help in conducting fast operations of a
business and thus generate a maximum exposure at a global level.
Boost customer satisfaction: This factor is utmost priority of every firm so the firm
conduct proper research in a market so as to identify the nature of competitors and determine the
taste and wants of buyers and emphasise on meeting their requirements in a marketplace. By
making product in accordance to customers would assist Heinz to create a prominent position
and also it aids in accomplishment of targets within set time frame.
Invention: It is an art of developing new product or services which has not existed earlier
bring new plus creative merchandise in a marketplace. With reference to Heinz, the importance
of invention is underlined below:
Invention has placed more importance nowadays as it assists a firm to contribute towards
the growth as this is possible due to the reason of globalisation (Festa and et.al., 2016). This new
concept of globalisation facilitates several changes in a workplace as it helps in achieving a
rivalry edge and provide a maximum exposure within a marketplace. Heinz introduces cookies
by looking towards the awareness of consumers towards their health as it generates productivity
and exposure in different parts of country.
Contrast of innovation and invention:
Innovation Invention
It means that modification or improvement has
taken plan in respect of merchandise or
services which is already available in a market.
It refers of creating and developing advanced
merchandise which appear in market for the
first time.
It is necessary to have to have essential skills
such as competency, financial and strategic
marketing skills in case of innovation.
It is important to have technical skills in case
of innovation.
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