Innovation and Commercialization: A Case Study of Dyson

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INNOVATION AND
COMMERCIALISATION
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Table of Contents
INTRODUCTION............................................................................................................................. 3
OVERVIEW OF THE COMPANY.......................................................................................................4
LO1.................................................................................................................................................5
P1 .............................................................................................................................................. 5
IMPORTANCE OF INNOVATION..............................................................................................5
P2............................................................................................................................................... 7
M1............................................................................................................................................. 8
LO2............................................................................................................................................... 10
P3............................................................................................................................................. 10
M2............................................................................................................................................13
M3............................................................................................................................................15
LO3............................................................................................................................................... 16
P5............................................................................................................................................. 16
P6............................................................................................................................................. 17
M4............................................................................................................................................18
P7............................................................................................................................................. 19
M5............................................................................................................................................20
CONCLUSION............................................................................................................................... 21
REFERENCES.................................................................................................................................22
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INTRODUCTION
Innovation means adding or doing improvisation in the existing product, service or a process
and adds value to the product. In the era of high technology and ease, the customer wants
every product which makes their task easy and quick for which innovation is required. The
invention is the creation of any new product, service or any process which adds value to the
customer's life. In this modern era invention and innovation has become essential for every
business to survive in the market.
In this report, the concept of invention and innovation is studied in detain following with the
difference between them how they are helpful in the commercialization of the business. The
importance and concept of innovation and invention are discussed in this report with the help
of the leadership, vision and culture of the organization. This report also includes 4ps of the
innovation and the development in the frugal innovation with the example is also studied in this
report with the help of commercial funnel and the evaluation of the method followed with the
pros and cons.
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OVERVIEW OF THE COMPANY
Dyson Ltd is a British Technology company which is headquarters in Wiltshire, the UK founded
In 1991 by James Dyson. The company manufactures the household appliances such as air
purifiers, hand dryers, vacuum cleaners, hair dryers, bladeless fans and heaters. There are more
than 12000 employees working in Dyson (Dyson, 2019). Dyson has implemented innovation and
invention in the production of the appliances which has made the products more valuable.
Dyson made innovation in the fans by making it bladeless, vacuum cleaners by making it bag-
less etc.
Dyson is becoming a big shot in this technological era and is now planning to make an electric
vehicle for which soon the headquarter will be moved to Singapore targeting the Asian
countries for its maximum sales and understanding the new market there.
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LO1
P1 .
Innovation: Innovation plays an important role in the development and coordination of the
organization in alliance to the market. Innovation is applicable in every area be it any service,
product, process, methods etc. Innovation keeps you updated and competitive in the market.
All over innovation is the change in the existing process, product, service or any method,
actually, innovation is a kind of process which begins with the introduction of a plan that will
become a new function and that is why it is different from invention. This is how Dyson has
used innovation in his product to add value to the product(Dyson, 2019).
Invention: Invention is the process of creating or inventing something very much new that is
never ever being created o invented before. This can be defined as born of a new idea that is to
be executed in orde4r to create something new is called innovation.
IMPORTANCE OF INNOVATION
Innovation helps in improving the value of the business and the product in order to survive in
this competitive market it is very important to be innovative (Berry,2018). Innovation always
attracts the customer to buy the product because every customer wants to buy better products
to make their life easy. One of the best examples of innovation is Apple, there is constant
innovation in its products and production. Innovation brings advancement in the product and
adds value to it, to generate high revenues and to survive in the market it is necessary to
execute innovation with creativity and understanding the needed of the customer. Another
example of innovation is Philips, it has made continuous improvement and innovation in its
technology and lightings according to the need of the customer and understanding the target
market.
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DIFFERENCE BETWEEN INNOVATION AND INVENTION
INNOVATION INVENTION
It is the change in the existing product or
procedure.
It is the creation of any new product for the
very first time.
Innovation requires, ideas, marketing and
strategy in order to identify the customer need
It requires a particular set of skill depending
on the invention
It can be applied to the whole of the
organization
It is limited to research and development only
It is associated with a combination of product
and process.
It is associated with the invention of only a
single product.
Innovation is done when there is a need for
improvisation or an alteration in the product
or procedure (Berry,2018).
The invention is done when a new idea hits in
the mind which is very different and new.
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P2
The employee of the organization should work in alliance to the vision a, mission and goals of
the organization. If there is no parity and transparency between the employees and the
objectives of the organization then it becomes difficult to fulfil the goals.
Vision: Vision of Dyson is to make the life of people easy and advancement in technology for
which it has to integrate with the working of the employees. The ideas and creativity of the
employees and the vision of the company help in shaping the level of innovation, new ideas and
value which are added to the product make the company commercial and popular.
LEADERSHIP: Leadership is the process which is carried by the managers or the superior to lead
the workforce or the team. The leadership style plays an important role in the work culture and
satisfaction of the employees. If the employees are satisfied and productive then it becomes
easy for them to achieve the organizational goal which helps in the successful implementation
of the innovatory ideas and commercialization of the company.
CULTURE: Dyson is purely into the innovation and invention of the product and helping the
people to live a life full of the ease with its products. Dyson has set its work culture in such a
way that employees strive to work to execute the innovatory ideas and the employees are also
welcomed with their ideas which can be used for the innovation of the company.
TEAMWORK: Dyson works in a team to successfully implement the ideas and procedure into
the right place to shape the innovation. Teamwork can be developed by mutual understanding
which results in high productivity of the employee ultimately satisfying the customer needs and
commercialization.
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M1
There are various sources through which Dyson can develop the innovative culture in the
organization which are as follows:
The unexpected: A market is a huge place of new opportunities where a good manager or a
leader can identify the best opportunity and grab it by working on it with prior studies and
research (Pitcher, and Drucker,2018).
Demographics: In a developed country like UK drastic demographic changes are witnessed
which includes income level, population and age factors. The company like Dyson constantly
understands this change and with the help of the target marketing and segmentation, the
innovation can be done.
Changes in Perception: Over a period of time, the taste and preference of the changes along
with that the needs this study of the requirement of the customer help in the identification of
the innovation.
New Knowledge: This is the major source of innovation from a good leader or manager keeps
themselves updated with the emerging trend and technology (Pitcher, and Drucker,2018).
Process: Innovation is not limited to product only but it can be done in the process also which
also ultimately adds value to the product by improving its quality, appearance etc.
Market and Industry: There is a constant change in the market and the industry some changes
are visible and some are not which creates a space for the next level of requirement to the
customer. This is also giving a chance of innovation for the company to do something creative
in the existing one.
Incongruities: When the company reaches up to a level where it feels that company has
become incompatible and incompetent then it gives birth to research and development and the
innovation takes place (Pitcher, and Drucker,2018).
Ways through which the organization can develop and foster innovation
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Employees should be treated equally and they should be motivated to do their work and be
productive. The leader should be conscious of new opportunities through which innovation can
be done. Innovation is possible only through creativity, new ideas and focus on the
opportunities. Employees must be encouraged to work enthusiastically and adopt the changes
rapidly for innovation (Pitcher, and Drucker,2018).
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LO2
P3
There are four parameters of innovation which are considered to initiate the innovation process
and it is kept in mind the factors which can affect the innovatio0n process, they are known as
4Ps of innovation which is as follows:
Product: Products are the finished goods which are used by the customer, product plays an
important role in innovation because the changes, services, quality, price etc. is changed in the
product which is ultimately consumed by the customer that adds value to it and innovation
takes place (Berry,2018).
Process: Process refers to the method or the mechanism through which a product is made.
Innovation is done in the process and the procedure also take4s place which ultimately results
in the changes in the product. There is an alteration or change is made in the creation of the
product by considering the customer needs and market trend.
People: It refers to the hurdles and problems which are faced by the employee of the
organization in the process of the implementation of the innovation. An employee search for
four qualities in a leader which help the entire employee to solve the problem that are ideator,
clarifier, implementer and developer.
Press: It refers to the change, culture, climate and environment which are considered for the
process of the innovation. The study of all these factors is very important as it directly affects
the change and preference of the customer. The research and survey of the cultural climate
help in the process of innovation.
INNOVATION FUNNEL:
Innovation funnel is used to describe the steps which are taken in the process of the innovation
in any organization (Bhatti, and Basu, 2018). Every innovation is done in the manufacturing unit
to meet the market the and customer needs the process of the innovation goes through a
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refinery system which helps in the proper execution of the innovation. After the refining
process ends up the left one ideas are used for the innovation this is done with the help of the
innovation funnel which is as follows:
1. The wide mouth of Funnel: This is the very first step where the information is gathered
and the base is increased by collecting the information from universities, competitors,
customers, research etc. The organization collects as many as ideas which are applicable
to the objective of the company (Bhatti, and Basu, 2018).
2. Narrow segment second step: This is the second step in refining process where the
information is selected and analysed whether they are in alliance to the organization
goals, what are the return and risk factors with them is done in this step. The resources
which will be used in the implementation of the idea is used is studied how much
effective they will be in terms of the return and scarcity when it can give the best
results. This is taken into consideration in this step.
3. Narrow segment third step: In this step, the ideas which are selected for the innovation
is studied that it is an alliance to the company or not but the creativity level decreases
as the ideas are being refined in the initial stage only. This step helps in identifying when
the innovation should be executed in accordance with the company's goal.
This is how the innovation is done in the company with the use of 4Ps and the
innovation funnel to increase the innovative horizon of the company (Bhatti, and Basu,
2018).
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EXPLAIN DEVELOPMENTS IN FRUGAL INNOVATION AND PROVIDE EXAMPLES OF HOW IT IS
USED IN AN ORGANIZATIONAL CONTEXT
Frugal innovation is the process of redesigning and reprocessing the manufacturing process of
the product by cutting cost and removing the nonessential steps of the procedure. It is a
process that develops the new designing or business model which helps to survive in the
market.
Frugal Innovation in Dyson:
Dyson has earned a good name in the world of house gold electric appliances and this has made
Dyson a very famous big shot in just a few years. Dyson has used the latest technology in its
products and redesigned the hair dryers and hand dryers which have become more user-
friendly and cost-effective now (Dyson,2019). Dyson has created a vacuum cleaner which
separates heavier dirt from the lighter dirt with a centrifugal force technology, this is an
innovation in the vacuum cleaners which were used earlier. In 2016, Dyson launched
Supersonic, hair dryer which has a more powerful fan is way too light, slim and handy with the
hair dryers that are available in the market. In 2018, Dyson has launched its revolutionary
curling iron which is based on the aerospace physics which curls the hair without damaging and
burning it, the product took almost six years to make the product. These innovative
technologies and idea has made Dyson a big shot in the world and is striving to make more
innovation in the household appliances to make the life of people easy, quick and better with
the use of its products. Frugal innovation has helped Dyson in its innovation process and
launching all the new products with all its innovative technology that has made customer loyal,
satisfied and happy, which has helped them to flourish the market (Bhatti, and Basu, 2018).
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