Innovation and Commercialisation Report: Hotel Business Case Study

This report provides an in-depth analysis of innovation and commercialization strategies, focusing on the JW Marriott Grosvenor House London. It begins by outlining the importance of the commercial funnel, detailing its stages from idea generation to commercialization, and then applies this framework to the hotel's operations. A business case study is presented, highlighting executive summaries, mission statements, resource management, market analysis, cost-benefit analyses, and financial projections. The report explores various funding methods, including bank loans and benchmarking, and then delves into intellectual property tools such as copyrights, trade secrets, and patents, essential for protecting the hotel's innovations. The conclusion emphasizes the importance of a strong business plan and protecting intellectual property to achieve competitive advantages. This report is designed to provide insights into the commercialization process within the hospitality industry, providing a practical application of business principles to a real-world scenario.

Innovation
and
Commercialisation

TABLE OF CONTENT
 Introduction
 Importance of commercial funnel
 Innovation business case study
 Estimation of intellect property tools
 Conclusion
 References

INTRODUCTION
Commercialization refers to process of framing of financial viable values
for an organization. By making use of information and transforming
them into final products and accomplish the desires of customers. This
presentation is based on JW Marriott Grosvenor House London which
renders luxury services to their customers. This comprises of importance
of commercial funnel and their formative applications. Along with this
various methods of funds are analyzed and diverse tools are identified
which can be used for development and retention of information.

IMPORTANCE OF COMMERCIAL FUNNEL
Commercial funnel refers to sales as well as revenue funnel. Generally, it is pictorial
representation of sales process which customers undergo while they opt for services or
products.
Idea generation: It is crucial stage within development of product where management will
be responsible for bringing innovative idea through which sales margin can be enhanced.
Idea Screening: In this aspect management o Grosvenor Hotel
will analyze feasibility of their services which also comprises of
response of customer in market with respect to services which are
given to them.

CONT…
 Testing Concepts: Research and development department can thoroughly
identify requirements customers so that they can render services accordingly
and gain their loyalty as well as retain them
 Analyse needs of product development: It is essential action; strategies are
formulated for launch of new services within market. Furthermore, by this
Grosvenor Hotel will gain recognition with respect to unique services which
they are giving to their customers.
 Commercialization: It is final step in which Grosvenor Hotel can bring their
innovation within market with an attempt to acquire huge market share and
improvise profitability.

INNOVATION BUSINESS CASE STUDY
Business case refers to an organization which accumulates significant and
obligatory things that are crucial for achieving business goals and objectives.
 Executive summary: The business case of Grosvenor Hotel is to transmit their
customized services within market of United Kingdom. In these customers can
make changes in their room with their own preferences like curtains, bed sheets,
style of room and many other.
 Mission statement: Grosvenor Hotel aims at providing their customers with luxury
lifestyle where they can make changes according to their own taste and needs.

CONT…
 Resources: The performance can be administered in flouring manner by
taking into consideration different possessions which are required by
management of Grosvenor Hotel.
 Market analysis: This is mandatory for Grosvenor Hotel to analyse entire
market in appropriate manner to differentiate with their competitors and take
into account the views of customers with respect to their innovation.
 Cost and benefit analysis: This can be analysed by carrying out analysis
associated with taste of customers and will be the reasonable price at which
they can be acquired by management of hotel.

CONT…
 Financial projection: To bring customized services within market of United
Kingdom, around £1, 00,000 to £2, 50,000 amounts is required.
Funding ways: It acts as a backbone of business and without these
operations of organization can be carried out in desired manner. For
bringing customized services for their customers, Grosvenor
hotel can have funds from various resources. They are
illustrated below:
 Bank and Financial institute: Grosvenor Hotel can attain credits from
banks for raising their funds.

CONT…
 Benchmarking: This is a strategic tool which can be utilised by
Grosvenor Hotel for comparing their processes and their services with
best options which are given by other organisations.
 From Family and friends: Grosvenor Hotel can take money from
people they know, it will assist them to maintain their money which they
have to invest within payments of interest.

ESTIMATION OF INTELLECT PROPERTY TOOLS
 Intellect property refers to group of elusive creations which includes human
intellect. They comprises of copyrights and industrial property rights. In context of
Grosvenor Hotel for securing their properties and rights, they need to acquire
different kinds of legal property rights they are explicated below:
 Copyrights: This is a legal term which depicts privileges which must be given to
owner for defending their services and other form of literary works which are
crucial.
 Trade secrets: It is proprietary or undisclosed information and data which is
anxious with trade norms & values.

CONT…
 Patent: It protects intellectual property rights of products and services.
By this no one can make illegitimate use of services which are being
furnished by others. With respect to Grosvenor Hotel, they can make
their services accessible at intellectual property if they are interested in
selling them to someone else.

CONCLUSION
From above it can be concluded that, business case will help
organisation to assess entire business plan which is required for
execution of innovation. It is obligatory for an organisation to defend
their knowledge, intellectual property rights and maintain their
innovative ideas and innovation to attain competitive assets within
market. By this organisation can bring out their operations efficiently
and effortlessly.

REFERENCES
 Pellikka, J., 2014. The commercialization process of innovation in small high-
technology firms–theoretical review. Handbook of Research on Techno-
Entrepreneurship: How Technology and Entrepreneurship Are Shaping the Development
of Industries and Companies. pp.91-109.
 Sengoku, S., 2015. Innovation and commercialisation of induced pluripotent stem cells.
Stem cells in regenerative medicine: Science, regulation and business strategies. pp.423-
446.
 Sterckx, S. and Cockbain, J., 2014. The UK national health service's ‘innovation
agenda’: Lessons on commercialisation and trust. Medical law review. 22(2). pp.221-
237.