Innovation and Commercialization Strategies for Plan.com: A Report

This report examines innovation and its significance for business organizations, using Plan.com, a mobile communication provider, as a case study. It explores the importance of innovation versus invention, and how organizational vision, leadership, culture, and teamwork shape innovation and commercialization. The report delves into the 4Ps of innovation, the use of the innovation funnel, and the concept of frugal innovation, providing examples of its application. It also emphasizes the commercial funnel, new product development (NPD) processes, and the creation of an innovation business case, including funding strategies. Furthermore, the report discusses tools for developing, retaining, and protecting knowledge and intellectual property within an organization. The analysis highlights how Plan.com can enhance its performance and gain a competitive advantage through effective innovation strategies.

Innovation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and it importance to organization in comparison with invention...................1
P2 How organizational vision, leadership, culture and teamwork can shape innovation and
commercialisation...................................................................................................................2
TASK 2............................................................................................................................................4
P3 4P's of innovation and use of innovation funnel to examine and shape innovative ideas.4
P4 Development in frugal innovation and provide example of how it is used in an
organizational context............................................................................................................5
TASK 3............................................................................................................................................6
P5 Importance of the commercial funnel and the application of new product development
(NPD) processing for commercialisation of innovation.........................................................6
P6 Build an innovation business case for an organization including ways to access funding8
TASK 4............................................................................................................................................9
P7 Different tools that organizations can use to develop, retain and protect knowledge and
intellectual property................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation is one of the important process for every business organization to enhance
their performance level at market place in order to attain competitive advantage. Basically, it is
an term to introduce as well as launch something new in business activities to improve their
overall performance in front of customers (What is innovation?, 2011). Mainly, it define as a
new and unique ideas to meet customers requirements. With the help of this company easily
expand their operations in another locations to attain competitive advantages. Current report is
based on plan.com, which is a mobile communication provider. They operate their business at
small level and provide services to business customers with their needs. This report discussed
about innovation and inventions which helps in attaining company goals and objectives in
appropriate time frame. Along with this, 4P's of innovations are also mentioned in this report. At
the last, various tools and techniques also mentioned which used by company to develop as well
as protect knowledge and intellectual property.
TASK 1
P1 Innovation and it importance to organization in comparison with invention
Every organization needs creativity within their process in order to improve overall
performance. By this company easily attain positive results by implementing new and innovative
ways. As plan.com deal in mobile communication in which they needs more innovation to
enhance their services. For this, they create something new and different to attain competitive
advantage for it rivals at market place. In this context there are some importance of innovation
are as follows:
 Innovation helps in defining improvement in existing services of the plan.com which
leads in inviting more and more customers towards its products and services.
 Innovation also contribute in achieving organization growth at market place.
 It helps in maximize overall profitability of the company.
 Innovation helps in differentiate the specific products from its rivals (Anderson,
Potočnikand Zhou, 2014).
 It also contribute in effectively change in current goods and services to improve overall
performance.
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Apart form this, it is also important for employees at workplace which can be understood by
some points are as follows:
 Improve skills: It is important for workers to define new and innovative ideas which
leads them in improving their skills and knowledge. By this employees easily perform
their work within appropriate time frame (Boons and Lüdeke-Freund, 2013).
 Improve efficiency: It is also important for Plan.com to use new and latest methods
within their items which leads in increasing the effectiveness. With the help of this
company attain log term benefits and capture larger market share form it rivals.
 Enhance productivity: By providing training to workers help in enhancing their
performance level which directly contribute in increasing their productivity level.
 Creative mindset: It is also important for manager to define as well as implement new
ways into their activities to invite number of customers in order to enhance market share.
Along with this, innovation and invention both are totally different and play important
role in every business organization to improve productivity at market place.
Innovation Invention
It is an appropriate process which define
creative ideas within existing products and
services to get better results.
It is an effective process to define new ideas
and methods to improve performance level.
Innovation define as an improvement which
help in enhancing performance level.
Invention is totally new which never come
before.
Furthermore, plan.com use better innovation and invention within their business activities
to enhance their profitability level in effective manner. Thus, it can be said that both are more
important in which company easily increase their performance level by delivering quality
services.
P2 How organizational vision, leadership, culture and teamwork can shape innovation and
commercialisation
For attaining the better success it is important for plan.com to set their specific vision
towards the goals. By this company easily enhance their performance level at market place.
Along with this, selected company also allot all the resources in appropriate way which leads in
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determining something new and innovation (Breznitz and Murphree, 2011). In addition of this,
vision, culture, teamwork and leadership also help in defining innovation and commercialism in
appropriate way. This is a reason which play vital role in contributing company success at
marketplace. Vision: It is an effective and written document which show future aspects in which
company see itself. It define clear objectives of the firm in which manager implement
new and innovative ideas to improve their effectiveness and at the same time also
generate more revenue. Basically vision of Plan.com define its scope and purpose which
aid in evaluating their actual performance (Brown and Osborne, 2012). Along with this, it
also define all the appropriate elements as well as factors to define future plans by which
plan.com easily maximize their profitability level at market place. Leadership: Leaders play important role in implementing new and innovative ideas
within their business organization to offer unique and features products and services in
front of customers. It directly contribute in improving overall performance of the
Plan.com at market place by eliminating any kind of issues and obstacles. Effective
leadership helps in maintaining positive environment within the organization. Culture: It is an important aspect in which plan.com show their culture in effective way
because it is depend on employees work and way to interacting with others. It determine
action and behave of workers at workplace. For attaining better results manager of the
company implement various norm and beliefs which helps them in enhancing their
productivity level at market.
 Teamwork: It defines team working in which all the workers work together for attaining
a common goals and objectives. Basically it defines cooperative nature in which workers
implement new ways to evaluate the better results. With he help of better team work
workers easily reduce the chances of increasing any kind of risk factors (Brynjolfsson
and McAfee, 2012).
All these terms play important for plan.com to create innovative services to their business
customers and generate large number of profits.
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TASK 2
P3 4P's of innovation and use of innovation funnel to examine and shape innovative ideas
Innovation is an important and effective process for organization to develop their
efficiency within their operational activities. For attaining positive results changes are necessary
for company in timely basis to improve their performance level at market place (De la Mothe and
Paquet, 2012). In this 4P's is also a important method as well as strategy by which company
promote their services in market place. With the help of this, company capture larger market
share by establishing their strong image. In context of plan.com also use this strategy to enhance
their productivity level by introducing something new within their business. In this context, 4P's
of innovation in plan.com are as follows: Product perspective: As per this elements of innovation, it is important for business
organization to attain better results. Under this, firm manufacture and well as introduce
something new within their product line to invite number of customers. In context of
plan.com, they introduce creative ideas within their mobile communication like they
manufacture wire less phones for business customers as per their requirements which
helps in attaining higher satisfaction in appropriate way. Furthermore, under this
Plan.com convert raw material into finished goods to offer their customers in order to
attain better results at market place. Process perspective: Under this, company focus on effective process to create better
services to deliver their services to the customers. Along with this, it defines correct
production process to introduce new products and services by eliminating any kind of
issues and mistake. By this process plan.com easily supply their services to one place to
another in order to attain better satisfaction of the customers. Position perspective: It define the current position of the product at market place. It show
modification in demand as per customers taste (Gawer, 2011). For attaining better results,
plan.com use effective promotional tools to improve their product position. As a results,
they will easily enhance their performance level at market place as compare to its rivals.
 Paradigm perspective: It is totally different element of innovation which define a new
way to reach their customers and generate money (Gennaioli, Shleifer and Vishny,
2012). By this plan.com easily improve their customers base and attain positive results.
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Apart form this, innovation funnel is also more effective by which Plan.com develop
their existing products because it define define various important steps to improve product
performance. Basically the main motive of funnel is to enhance the product positive at market.
This ca be understood by some following points:
 First step is important because it focus on funnel board mouth by gathering entire
relevant information which leads in improving the company products at market place.
 Second step include narrowing segment of a funnel which define difference among
current and future goals. Along with this, it also assess about the relevancy of collected
data to improve overall efficiency of the company products.
 In the last step include narrow part of funnel which define gathered ideas which aid in
attaining goals and objectives of Plan.com.
P4 Development in frugal innovation and provide example of how it is used in an organizational
context
Frugal innovation is a important concept which focus on reducing as well as eliminating
any kind of problems and issues. By this firm easily enhance their overall profitability level by
selling their quality products and services. In context of plan.com, they tries to introduce as well
as manufacture their services to their loyal customers so that they retain for long time period.
Along with this, lower society people ask for less quality products because of less money in their
pocket. Firm manufactures products with minimum cost in order to satisfy their needs and these
goods can be known as inferior goods. But in case of increasing in income level of the people
then they buy their products at high rate which leads in improving their living standard. On the
other side, frugal innovation define as well as implement number of strategies to design their
products and services in order to serve their customers at affordable cost (Gunday and et. al.,
2011). In this context, there are some effective development in frugal innovation are as follows:
 Additional characteristics of existing products: Under this, plan.com use effective
strategies within their product line to improve their services quality in-front of customers.
By this company easily satisfy customers needs and wants in effective manner.
 Reduction in production cost: This technique define as an effective method in which
plan.com manufacture quality products at minimum cost which help them in enhancing
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their profitability level. For attain the same, selected firm buy raw material at minimum
cost so that they easily offer their services to its customers at cheapest rates.
 Emergence of advanced devices: Under this technology, company enhance their product
quality in order to serve best goods in front of customers to attain their better satisfaction.
Apart from this, innovation funnel is used by the company to create new and innovative ideas to
improve employees skills and knowledge (Jiménez-Jiménez and Sanz-Valle, 2011). With the
help of this, company easily attain better success by taking strong place at market place.
TASK 3
P5 Importance of the commercial funnel and the application of new product development (NPD)
processing for commercialisation of innovation
Funnel is an effective term which defines appropriate way to to create some modification
within their existing products and services to invite number of customers towards its services.
Basically it define a purchasing process in which company serve their services to its customers in
order to get their satisfaction. Along with this, it play important role in plan.com to attain better
success.
 Conduct research programs: Under this, funnel helps in collecting all the relevant data to
design quality goods and services by implementing appropriate techniques in effective
manner.
 Enhancement of quality: It also helps in enhancing demand of the services of the
company to invite number of customers.
 Image: Funnel helps in building as well as creating positive image of the company at
market place.
 Techniques of capturing customers: Funnel implement appropriate and attractive themes
to improve performance of the firm.
 Launching of advanced items: It is important to determine and introduce advance
appliance with more effective facilities which leads in attaining better results
(Kleinknecht, 2016).
 Attain: Effective funnel helps in maximizing profitability level of the company in
minimum time frame.
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 Reduce cost: Funnel helps in reducing the overall cost of the company in appropriate way
which leads in inviting number of customers towards company products and services.
 Pricing policy: it helps in fulfilling the customers demands by providing them quality
services at affordable price (Lundvall And et. al., 2011).
Apart from this, new product development process define an effective way to enhance the
product quality by understanding the customers taste and preferences. It directly contribute in
building plan.com goodwill at market place. The main motive of NPD is to design a new
products by modified existing products and services as per customers demand. In this context
there are some steps of product enhancement to implement the overall development plan. All are
as follows: Emergence of new ideas: It is important step before product processing. In this,
plan.com define new ad innovative ideas to conduct the research for gathering relevant
information. Screening of new ideas: This step comes after emerging of new ideas in which plan.com
screen their ideas to effectively understand their potential in market place. Testing and development: Under this, firm taste their new tools and techniques to reduce
any kind of risk and obstacles. By this firm easily develop their process in effective
manner. Business analysis: It is also important step which comes after determining the usefulness
of strategy. After this company analyse their case to aware about their performance level.
For improving their performance firm implement new and specific ideas.
 Product development: Under this last step, growth of the product is high which helps in
fulfilling the overall demand of the company at marketplace.
P6 Build an innovation business case for an organization including ways to access funding
plan.com is a small business company which deal in mobile communication to provide
their services to its business customers. They wants to define new and innovative services to its
customers in order to enhance their productivity level at market place (Manso, 2011). Along with
this, business is to evaluate risk factors at the time of implementing innovative process within
their firm. It cover various effective steps in business case are as follows:
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 Executive summary: plan.com is mobile communication company which set their best
position in 2018. In this company serve mobile services to its business customers now
they tries to introduce innovative products like wireless phones to business customers
(Metcalfe and Miles, 2012). Objectives: The main objective of plan.com is to provide wireless phones to its customers
so that they easily communicate with other effectively. Solution: The best solution is to offer wireless phones to business customers in which
they easily enhance their professional life. Why products is innovative: Under this, products and services are new because it define
new services like wireless phones to number of customers. Customers research: Under this, firm collect relevant information of the customers who
are interest in using company services for their purpose. Design and development plans: This plan helps company to deliver quality products as
per customers needs and wants which leads in enhancing the performance level. Requirement of investment: In this proper funds are provided from investor to company
who are invest in overall growth of the company at market.
 Expected benefits: Under this important benefit is customers buy wireless phones at
affordable cost. It also helps in developing economic growth in effective way.
Apart from this business case is an effective procedures of plan.com which define new
products and services in order to increase their efficiency at market place. For attaining better
results, company needs to evaluate adopted techniques to improve overall performance of the
company at market place. In this context, plan.com use various tools to assess the innovation of
business case to determine that it is beneficial for company or not. In this some examples are:
idea screening, Testing, strategic development (Rosenbusch, Brinckmann and Bausch, 2011). All
these are helps in improving the performance level of the company in effective manner. Along
with this, innovation business case define overview of the process to determining new for
attaining better results at market place.
In addition of this, there are some sources of funding as it help company to enhance their
profitability level at market place. All these can be understood by following points:
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 Venture capital: It is also an important sources of funding through which company invest
fund in exchanging for equity with the purpose of gathering funds for operating business
activities. It is kind of private equity as it includes higher risk and return profits in
specific time frame.
 Crowd funding: It is an effective way to gathering finance within their business activities.
As new business gain sources from various methods such as pre-order, investment and
many more. Along with this, they also make effective strategies with the purpose of
gaining funds for running business activities.
TASK 4
P7 Different tools that organizations can use to develop, retain and protect knowledge and
intellectual property
It is important for every business organization to protect their data and information from
any kind of mistakes. In context of plan.com, they also make their data and information at safe
side to improve their performance. For this, government bodies also set various laws and
legislations to prevent entire data and information effectively. For this there are some effective
tools which used by plan.com to protect knowledge and intellectual property are as follows: Trademarks: It define combination of symbols which aid in improving performance of
the company in effective manner. It differentiate company products and services from
another company. With the help of this, customers easily recognize brand by its symbols
and signs. Mainly it define by its packing, label and vouchers. It contribute in increasing
the productivity level of the plan.com at market place (West and Bogers, 2014). Copyrights: It is more important concept for plan.com in which company take permission
from legal authority to operate their business. Under this selected firm take best
companies 2018 by delivering their quality services to its business customers. Patents: It is legal aspects which is used by plan.com to sell their quality services to its
customers. Along with this, another company can not copy. For this, company pay some
charges to maintain it effectively. It is valid for approx twenty years. With the help of
this, company easily implement innovation procedures.
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 Trade secrets: Under this right, firm use secret tools and equipments at the time of
performing their production process. Along with this, plan.com use relevant data to
improve their performance level effectively. By this company capture larger market share
form its rivals.
By implementing all these plan.com easily protect intellectual property of the company
which may contribute in grabbing customers attention towards its services.
CONCLUSION
From the above mentioned report, it can be summarised that innovation is one of the
important process for every business organization to attain their set goals and objectives in
appropriate manner. Along with this, invention also helps in attaining customers attention
towards company and its products which contribute in overall success of the firm at market.
Furthermore, plan.com also use 4P's of innovation to develop their productivity by creating
customer base in effective way.
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