Business Innovation, Commercialisation, and 4Ps Report

This report provides a comprehensive analysis of innovation and commercialization within a business context, focusing on the critical role these play in achieving competitive advantage. The report explores the differences between innovation and invention, highlighting their importance for firms like Periscopix. It delves into the shape of innovation and commercialization, examining factors such as vision, leadership, culture, and teamwork. The report then examines the 4Ps of innovation (product, process, paradigm, and position) and their application, alongside the innovation funnel, and the importance of commercialization. A case study is included, and the report concludes with a discussion of tools used to protect intellectual property. The content is designed to provide a thorough understanding of how businesses can foster innovation and successfully bring new ideas to market.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and its importance in comparison with the invention....................................1
Importance of innovation and invention.................................................................................2
P2 Shape of innovation and commercialisation through various factors...............................3
TASK 2 ...........................................................................................................................................4
P3 4P's of innovation and use of its funnel............................................................................4
P4 Innovation Funnel ............................................................................................................5
P5 application of new development process and importance of the commercial funnel......6
P6 Innovation case for the enterprise.....................................................................................7
P7 Tools utilized by enterprise for protect intellectual property............................................8
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation is one a essential factor of any firm, this is important as because a company
can introduce or innovate new thing in the company which helps the firm in attracting more
customers towards them and help in providing more better services to the customers. Innovation
helps in creating of new things and introducing of new products in market. Periscopix is a Small
medium business which do work in marketing area it is in UK (Aryal and et. al., 2016). There are
some other companies which offers there services at large scale such as Apple and Virgin Group
and they mainly focus on having new innovations and inventions in there company to become
more effective, in this report the essentialness of innovation as well commercialisation is being
explained in under. And this report also contain the information about innovation funnel as well
frugal innovation. The reader can get help in knowing about innovation and inventions and why
it is important to have in firm.
TASK 1
P1 Innovation and its importance in comparison with the invention.
Innovation is a process in which something new is being created which provides strength
to the enterprise, this supply help in change over the useful goods and services in operation's so
innovation can be done. Changes and innovation are the two various terms which is
interconnected to each other and this has to be understood by everyone. For example when
anything new is created then some change occur in the activities of the business (Breznitz and
Etzkowitz, 2016). Firms like Periscopix use to do innovations at some time so that they can be
able to create value to the market and so that they can provide something new to there customers.
For example- Apple use to do innovations in with the iPhones and try to innovate something new
and advanced with the other in market, they use new techniques and add new technologies in
there products so that they can attract more customers to them.
Invention is a process in which something new is being created which is totally new to
the market and which is not made before. Invention is that which is made for the first time. So it
is different from innovation. For a company do to inventions provides strength and power to
fight in market and help in taking there standard to high level. This is known as the competitive
advantage of any firm. If any of the companies will do inventions then it will be very effective
for them and that would help in staying in the market for long time period.
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Basis for comparison Innovation Inventions
Meaning This understands the
applications of the ideas for
the goods and the process
which is for the first time.
This refers to the
developments of the idea for a
product and services which is
never being made before.
What is it This adds the value to those
products which already exists.
It is a activity of creating of
new products.
Concept This a form in which the ideas
are being practically
implemented.
It is an original idea which
works in theory.
Skills required It is a set of marketing
strategics skills (Chun and et.
al., 2015).
It is based on scientific skills.
Occurs when It is a basic requirement of a
product which is already made.
This is made when scientist
gets the idea.
Concerned with This is a combination of
different products and
services.
It is a individual products and
services.
Activities This is extended across the
firm.
This is only limited to the
research and development
department.
Importance of innovation and invention
It is very essential for the firm to think about creating something new, and to have new
changes in the firm, which would help them in securing the competitive advantage in market
area. This firms is mainly based on marketing and they offers there services in having proper
marketing.
 To secure competitive advantages
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Innovations and invention helps the firm in growing in market area properly and having great
development (Xiao and et. al., 2016). Having innovation in company it can provide many
advantages to them in many ways. There are many tools and techniques which can be innovated
which will help them in becoming more effective, even this will helps in performing better in the
market place (Datta, Mukherjee and Jessup, 2015). When company use to adopt new methods
then that helps them to serve better products in market and connect more people with them.
 Establish better methods for business
all the firm use different and new methods which will help them in providing better services to
the people in market, if the firm will do innovations then they can be able to achieve good
marketing position in market and that may increase there brand image.
P2 Shape of innovation and commercialisation through various factors
Innovation and commercialisation is the key terms of the firm which are required by all
the organisation to have good image in market. In this modern and busy world people need
change so for a company it is essential to make changes time to time so that they get brand
image. There are various factors which are innovated by the firm so that they can be able to give
better services to there customers.
Vision- It is very essential for a CEO of a company to have proper vision about there firm, they
should know about what they have to do further. If authority will also not know about there
vision then they cant be able to guide the employees. They should require to have
commercialised vision which will provide the help to the team members. Innovating new ideas to
accomplish vision of the firm is very essential (Dutta and Folta, 2016).
Leadership- they are having the responsibility to identify the employees who do not have any
technical skills but they are prepared to have or to adopt it. They are responsible to create a good
and innovative environment in organisation which will help the employees to get motivation
with it and inspire them to do new innovation. And if they want new innovations then they have
a option to recruit new candidates which are from various background. If the leader is weak then
it will be very hard for them to make innovate and invention environment in organisation.
Culture- As it is being described that Periscopix is a marketing company which provides the
various marketing techniques, so it very essential for the company to use new tools and strategic
and many other features this would help firm in operating there day to day activities in much
more effective manner. For new innovation flexible as well as comfortable culture is required in
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organisation. The culture of organisation should be compatible so that they can easily accept the
changes, or that may affect the organisation in various ways such business can get failed or it
may loss brand value.
Teamwork- Both are the very essential factors which are mainly depended upon the team work.
It is very important to have good and innovative employees to be in team so that they all can
together make efforts to achieve the common goals and be able to achieve the provided target
(Ge and et. al., 2016). If the team which is working over the firm is effective then it can be
helpful for doing better innovations.
Teamwork, leadership, vision and culture are very essential factor which is required to be
taken in care by organisation as this will aid in innovation and commercialisation state of the
firm. If a firm will do innovation then it can be helpful for them to make proper working and that
may help in creating brand image.
TASK 2
P3 4P's of innovation and use of its funnel.
Innovation help in creating of additional features in existing products of a company. For a
firm it is important to do innovation time to time so that they can be able to provide better
services to the customers then before.
There are 4P's of innovation which are described below:
Product- Idea of item development alludes to change of significant worth to an item and
presentation of new item in advertise. While developing another item most fundamental thing
that should be comprehended is that how to make it all the more engaging as correlation with
different items. Like Apple particular itself from result of other organization in a way that it
utilizes its own unique items and keeping up its top notch mark picture. Periscopix can utilize
this thought of Apple by utilizing its own particular substance for additionally investigate reason.
Process- This advancement blend alludes to contracting right hopefuls, their preparation,
providing of item and even once in a while bookkeeping (Hossain, 2015). This helps firm in
expanding its proficiency and letting works done in an all the more quicker way. A decent
procedure can spare the costing of any association. Apple procures best ability in world
regardless of the possibility that it needed to pay high, it spares a considerable measure of capital
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tat should be contributed on its preparation. Periscopix handle needs ceaseless assessment of
more current representative and their preparation.
Paradigm- This development blend alludes to the path in which association changes its radical
approach and working style. Each organization needs change its world view as per advertise
prerequisite and development procedure. Like Apple after late 90's chipped away at how they
can communicate with their clients as opposed to contemplating what different organizations are
doing. Periscopix has a substantial number of customers and they communication with many
individuals so they can assess their prerequisites on consistent premise.
Position- This alludes to picture of the organization in the psyche of clients. It covers different
perspectives as how they speak with its workers and open (Ke and et. al., 2015). Apple has great
picture of its superior items around the world. Apple utilizes advancement of its imaginative
elements that is presented in its new item. It secures solid position in showcase. This is
imperative for Periscopix to utilize such factors in their business with the goal that they can
achieve achievement.
P4 Innovation Funnel
The procedure is utilized by association so they can consult with new item advancement
(NPD) handle. There are many elements that are required to consider in such manner, that covers
the components from item thought to examination to moulded into idea and afterwards testing
lastly create last yield.
Different aspect are the essential elements of innovation funnel
Opportunity evaluation- This can be conceivable through the appraisal of market information,
client learning and valuable assets. It distinguishes the open doors that are accessible for the new
item advancement.
Insight- based ideation- It is the best approach to make interface between hierarchical technique
and opportunity accessible. This draws understanding about market and clients. Here, research of
market is made by method for review, centre gathering and crowdsourcing with the goal that
recognizable proof of each part of market can be conceivable (Khan and et. al., 2015).
Conceptualization- In this idea is composed by considering thoughts. It comprises of the diverse
viewpoint that is required in item advancement as bundling mock-ups, promoting duplicate,
distinctive elements of item.
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Evaluation and benchmarking- This means is of to test distinctive idea. Decision
demonstrating and client testing are the fundamental component of it. This gives help to
recognize the zone where change can be made.
Go/No Go- When required stages are finished then it is chosen by administrators to go or not to
go further. Here changes are considered with respect to the starting of item. There are many
elements that are canvassed in this as benchmarking, assessment, different variables like
assembling cost, item that is not according to the inclination.
Launch- it is the last stage where new item is propelled in the wake of considering important
component of progress (Koirala and et. al., 2016). At this stage , it is chosen by the
administration to dispatch such item in advertise.
P5 application of new development process and importance of the commercial funnel
Business Funnel is an idea utilized by endeavours to pitching its items to extensive
number of clients. Same idea can be utilized by the Periscopix to pitch its mechanical items to
huge number of clients. Promoting of items is likewise gone under this. It helps in distinguishing
or assessing the tastes and inclinations of clients and than make highlighted or particular items to
fulfil the same. Following strides are incorporated under the procedure of business channel:
Sales lead: Under this procedure firm initially recognize the primary leads and after that
endeavour to pulling in them to purchase the result of the firm. Under this organization make a
deal contract with clients. Components of the item are the primary purpose for affecting clients
to go into the agreement.
Qualified prospect: In this, firm investigations about the tastes and inclination of the clients.
Choice of buyer assessed under this (Kolychev and Prokhorov, 2015).
Identification of needs: In that subsequent to thinking about the particular needs of the clients,
firm tries to assess the particular needs of the customers.
Proposal: After recognizable proof of all fundamental and extraordinary needs of the clients,
organization include those elements shape affecting vast number of individuals to purchase the
same. In this clients settle on a choice about purchasing or not purchasing the item.
Closing: Under this issues of firms are tended to for disposing of the disarray from psyche of the
clients.
Transaction: Under this if client chose to purchase the item than that item is conveyed to the
buyer.
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Sale funnel can be utilized by the firm to increase the general offer of its item.
In given contextual investigation, Apple is holding an aggressive position by making or
conveying quality or creative items to its clients. I-pod is one of the refreshed item propelled by
the firm for its music sweethearts clients (Mowery and et. al., 2015). In this focused business
condition where needs and needs of clients are changing at a quick speed so it wind up
noticeably vital for survival of firms to execute the idea of development. Essential items and
components of organization can not get together with the changing needs of the clients and
development idea help them in offering something new to their clients.
For survival and for expanding number of benefits advancement is the last choice
accessible to the organizations. Periscopix can utilize this idea for making or conveying new
specialized items to its clients. This won't just expand the benefits of firm additionally make a
solid and positive picture as a top priority of its clients and open on the loose.
P6 Innovation case for the enterprise
Any firm can execute the idea of advancement for including new components in its items.
Like a similar Periscopix can likewise do this by utilizing most recent apparatuses and
innovation for diminishing the cost of generation prepare and in the meantime to maintain the
nature of its items. Before including new elements in the current item firm ought to have
significant data about what highlights association needs to include its items. Following strides
can be trailed by the for making new and refreshed items (Novikova, 2015).
Idea generation- This is the initial step include during the time spent development. Assessment
of systems, process and innovation utilized by the contenders is done in this. This assistance
venture in getting another thought regarding what ought to be finished by the firm to catch a
more prominent piece of the overall industry than its opponents. Different this thought can be get
from different source instigating daily papers and different sources.
Screening of ideas: Idea which was created in the primary stage is produced under this
progression. In this firm take counsel firm number of experts and test the dependability of the
thought.
Development of concept: Under this composed thought change into the genuine activities.
Strategy development: Under this firm choose the arrangement of ventures to be taken after
amid the procedure of development. Required assets or required assets are additionally chosen
under this.
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Evaluation of factors affecting business activities: Under this circumstance of the firm is
broke down keeping in mind the end goal to realize that whether it is opportune time to execute
the idea of advancement or not. On the off chance that firm executed in wrong planning than this
won't give powerful outcome to the undertaking.
Development of product: In this stage organization build up the essential item and include
highlights in it with a specific end goal to fulfil the requirements and needs of the clients
(Sharifian, 2015).
Test marketing: Before propelling the last item before the expansive open firm dispatch the
products in a little zones just to test its worthiness.
Commercialisation: If the propelled item get progressions and agreeableness than it is an ideal
opportunity to acquaint the company's item with expansive number of clients. Under this firm
begins offering its item by publicizing it.
Every one of these means can be trailed by the Periscopix for viably executing the idea of
advancement and to catch a substantial piece of the overall industry. Appropriate consideration
ought to be given by the firm amid the execution of these means for accomplishing compelling
outcomes. As from the examination one can comprehended that advancement ids critical for
progression of firm and same should be possible by the Periscopix.
Functioning and the ways by which they can be able to access it, Brainstorm with a
purpose, it helps the people which is in the firm to come with the new and good ideas. This helps
the firm getting better ideas which will help them to create ideas this could aid in achieving
objectives. Hire an innovation consultant, this helps the organisation in getting proper consultant
for the product development. As it is necessary to collect informations so their will be chances to
have proper ideas and opinions can be get by consultant. This can even help in knowing about
customers choices, market requirements and many things which are related to the product
development.
P7 Tools utilized by enterprise for protect intellectual property
Protected innovation are the consequence of somebody's imagination or develop thought.
This can be as trademarks, copyrights, patent and so forth. Assurance of protected innovation is
extremely basic for the maker with the goal that abuse should not be possible by anybody. This
can be as words, signs, logo plan and some more (Song and et. al., 2016). Following are the ways
which can be utilized by the shielding or protecting the licensed innovation from any abuse.
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Helps of professionals: One of the successful and most mainstream method for sparing
protected innovation. Under this expert bodies give secret key security to the maker so than just
he or she can get to that strategy or data for taking the necessary steps.
Rights about intellectual property- Creator or engineer of the data ought to have data about his
fundamental rights and obligations with the goal that he can utilize every one of his rights for
securing his protected innovation. One of the primary obligation of maker is to get assurance for
his inventive thought or process.
Keep the data secret before it get protection: It is the obligation of maker to keep all the data
mystery before it get assurance. Once the thought will be distributed it will lose its capacity to
get security.
Be realistic: Creator or engineer of the thought ought to have learning that all informations can
not be secured.
Following are the fundamental apparatuses which can be utilized by the maker to get assurance
for his inventive thought or strategy.
Actualizing the idea of advancement is redundant but rather gather all information related
with the thought is likewise should to upgrade the yields of the development procedure.
Following are the fundamental assets through which a firm can gather data:
realistic: Research and improvement is one of the principle branch of each venture (Sotarauta
and Mustikkamäki, 2015). Different kind of research exercises are finished by this relating with
the flow tends going in the market, about necessities and needs of the clients and some more.
Significant and particular information can be gathered by the firm through this.
Detail about internal department of enterprise: It incorporates learning about process and
technique utilized by the firm finishing the undertaking. Other than this present abilities and
capacities of labourers what not. Infrequently every one of these information help venture in
executing the idea of development.
Third party data: Sometimes firm contract an outsider office for gathering the pertinent
information about the firm. This is a standout amongst the most mainstream technique utilized
by ventures to pick up an information about exercises of its rivals (Vishnevskiy, Karasev and
Meissner, 2015).
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Information about customers: Customers are the end clients of company's item. Knowing
about necessities, needs and changing requests of its clients help undertaking in arranging its
future exercises. Some of the time this data likewise give a thought of development.
Knowledge of professional associations: Under this firm gather pertinent data through
mainstream books and diaries.
Every one of these strategies can be utilized by Periscopix for getting the inventive
thought for advancement. Accumulation of this data helps association in making quality items
and convey it to huge number of clients. Offering new or imaginative items is one of the
fundamental component help survival of business and its exercises.
CONCLUSION
From the above report it being analysed that in organisation innovation is required so that
they can add value to the existing products which will help the customers to get satisfaction and
that may also help increasing of brand image. Invention is also very essential part as that may
lead the organisation in creating new ideas or products which is not made yet and which will be
new in market.
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