BTEC HND Business Marketing: Innovation and Commercialisation Report

This report provides an in-depth analysis of innovation and commercialisation, using Amazon Go as a primary case study. It begins with an introduction to the importance of these concepts, followed by an examination of the commercial funnel and its significance in marketing and customer engagement. The report details the business case of Amazon Go, highlighting its innovative approach to the retail industry, including the use of computer vision and sensor fusion to automate the shopping experience. It also covers consumer analysis and the acquisition of funds. Furthermore, the report explores the tools and methods used for retaining and protecting intellectual property rights, essential for maintaining a competitive edge in the market. The conclusion summarizes the key findings, emphasizing the need for innovation, effective leadership, and a strong commercial strategy for organizational success. The report draws upon various sources, including academic papers and industry reports, to support its arguments and analysis. This report is designed to provide a comprehensive understanding of innovation and commercialization strategies within a business context.

Innovation and Commercialisation

Table of Cover Content
• Introduction
• Importance of Commercial Funnel
• Business Case
• Tools used for retaining and protecting Intellectual Property
Rights
• Conclusion
• References

Introduction
Innovation and commercialisation is very important for every organisation. As
it helps in providing innovative and new products in market. Innovation is a
process or action to identify new solution of problems. Commercialisation is
introduction of new goods and services or new process for production in
market and making it available to the target consumers. Present report is
based on Amazon Go, it is grocery store which is a subsidiary company of
Amazon and founded in 2016. It provide services by using computer vision,
deep learning algorithms and sensor fusion for making the purchase and
payment automatic

Importance of the commercial funnel
Commercial funnel refers to the marketing focused on consumers. It explains
the journey of customer from identification and research about brand and
final purchasing of products and services. It helps in promoting products and
services through marketing which attracts customers, encourage them to buy
their products. This is essential for Amazon Go, whether they operate their
business online or offline. It brings potential or target customers to their
stores by promotion activities which is very important for company. It is
very beneficial for companies in the following ways:

Cont.….
It helps company to identify the needs and demand of their potential
customers. So that they can develop new strategies for attracting new
customers.
With the help of commercial funnel company can increases profitability by
increasing sales.
Company can project their long term and short term goals and objective of
sales department.
This will assist company to focus on right customer and to nurture their leads.

New product development
Every company wants to be ahead in competitive market for this they need to
have successful and innovative products
• Idea generation
• Idea screening
• Concept developing and testing
• Marketing strategy and development

Con….
• Business analysis
• Product development
• Test marketing
• Commercialisation

Innovation Business Case
A business plan is a formal written document that defines a new business idea,
its products and services, the ways by which it will earn money,
recruitment of staff, ascertainment of leadership, procurement and
management of funds. It also includes the model for operations of business
organisation, processes, methods and techniques adopted by entity for
accomplishment of organisational goals

Executive Summary Amazon Go is a chain of grocery stores operated by online
retailer Amazon, currently having stores in three locations
in Seattle, Washington, two in Chicago, Illinois and one in San
Francisco, California. This enterprise aims at changing retail industry
by bringing innovation through eliminating check-out lines during
shopping.
Need Innovation is imperative in retail industry as it emphasizes upon faster
response to customer's needs and demands. The development and
innovation introduced by company helped in achieving exceptional
results for the entity.

Solution To eliminate the problem faced by customers of waiting in long queues, the
company introduced several technologies in the stores like computer
vision and sensor fusion to automate the process of purchase, payment and
checkout.
Consumer Analysis It can be said that customers of this enterprise were highly satisfied with the
innovation brought in by company as the development in shopping experience
helped them in saving time of waiting in queues for check out and payment.
Creation and
Improvement
The idea that has been brought in by the company can be viewed as a
revolution in retail industry which is dependant on smartphones
and geofencing technology to ease the experience of customers and supply
chain and inventory management.

Acquisition of funds Being a well known enterprise with high brand position in market,
enterprise can consider borrowing funds from banks or any other financial
institution. Another source that can kept in consideration by entity is
potential investors who possess interest and trust in business entity and its
operations.
Benefits availed This innovation and development brought in by the enterprise resulted in
gaining attention of wide base of customers who disliked waiting in
queues for checkout and thus, it resulted in generation of high revenue
and profits for the company.

Knowledge and Intellectual property.
Now a days organisations are focusing towards innovation in products and
services offered by them. This provides them competitive advantage over
other companies. Companies should use different ways for protecting their
innovative ideas to be competitive in market. It helps company in
achieving high profitability and success. It avoids situation of theft related
to the innovative product concept, designs and ideas. It reduces unfair
competition as it protect the use and of knowledge and ideas developed by
others