Periscopix: Innovation, Invention, and Commercialisation Analysis

This report delves into the concepts of innovation and invention, exploring their value to organizations and differentiating between them. It examines various types of innovations, including product, process, position, and paradigm innovation, using the 4 Ps framework. The report also discusses the process of commercialization, emphasizing the importance of leadership, teamwork, and organizational culture. Furthermore, it analyzes the concept of frugal innovation, highlighting its role in solving problems during the manufacturing process. The report uses Periscopix, a marketing consultancy, as a case study, illustrating how these concepts are applied in a real-world business context. The analysis covers strategies for protecting innovative ideas and the benefits and drawbacks associated with them.

INNOVATATION

INTRODUCTION
Innovation is defined as the development of new ideas and plans which are helpful in
determining future of industry. Innovation contains various aspects like marketing, sales,
prototyping, identification, etc. These unique ideas are used in the development of products and
services which are offered to potential clients. Innovation is an essential term which is required
by every organisation in order to get new products. It is helpful in achieving the goals and
objectives of business. Periscopix is marketing consultancy operating in the UK. They are aimed
at providing effective services and innovative products to their customers in order to earn huge
profits. This report is based on difference between innovation and invention, various types of
innovations and process of commercial innovations along with various methods which are used
for protecting innovative ideas as well as their benefits and drawbacks.
TASK 1
P1) Innovation and its value to organisations in comparison to invention
Innovation is defined as the process which is helpful in generation and implementation of
new ideas in order to satisfy different needs and wants of their customers. They are described as
the solutions which are applied when customers face any issue or problem. Modification is
linked with changes made in products according to the demand of customers. Thus, they can
become successful in satisfying various customers’ needs according to their requirements.
Innovation can be made in existing products by adding new features in order to expand the
product line or development of new products as per demand of customers. Cited firm can use
various methods, techniques and tools for development of innovative ideas into appropriate
action plans. The tastes and preferences of customers are changing according to societal and
cultural aspects. The products are modified according to demands in the marketplace.
Differential plans and policies are helpful in the generation of new ideas to successfully
implement them in manufacturing of goods.
Importance of innovation is evaluated as:
 Innovation is an essential factor for every business organisation in order to execute new
thoughts and ideas in their business process.

 It is helpful in making a positive brand image of selected organisation so that they can
easily achieve all their goals and targets in the market place.
 The best and suitable methods are developed which are useful in supporting production
and operational function of business.
 It is helpful in attending success for long term as they are using innovative ideas in order
to develop the new products.
 The firms can easily attain competitive advantages by adding new features in products in
order to attract a large group of customers.
 Innovation is linked with evaluation of new ideas for the first time which has not been
implemented by any other business for achievement of goals and business objectives.
 Main focus of companies is on manufacturing the products according to demands of
customers so that they can easily satisfy their differential needs and wants.
Difference between invention and innovation is classified as:
Innovation Invention
It is described as the development of
innovative ideas which is helpful for the
production process.
It is related with using different tools and
techniques for the development of innovative
ideas which have never been applied before by
any firm.
It is linked with practical evaluation of unique
and innovative plans.
These ideas are based on the concept of
different theories according to requirements
and they mostly deal with new and fresh ideas.
They are essential as they provide values for
present goods and services.
New products are offered in the marketplace
according to differential needs of customers.
Activities are assigned which are related with
goods and services.
The organisation is hiring those people who are
having talent to make innovative products.
Transformations are made in the existing
products.
New ideas are evaluated with the help of
scientific methods.
So it can be evaluated that organisation needs innovation and invention in order to
achieve success and achieve goals and business objectives. Apple is mainly focusing on adding
2

new features in their products in order to expand the product line and also, for satisfying various
needs of their customers.
Challenges for innovations
 Innovations are important tools in order to enhance sales and profitability ratios of firms
so they can easily achieve targets of business in order to achieve growth and success for
business operations.
 Innovations has resulted in development of innovative products by which firms can easily
achieve all business gaols and objectives.
 This factor has resulted in achieving high competitive advantages from there rivalry
firms.
P2) Organisation leadership, innovation and teamwork for commercialisation
Innovation is made in products according to demands of customers and trends in the
marketplace. The process of commercialisation is related with developing new ideas for
producing new products which help in earning a large amount of profits and evaluation of large
market shares in economy. The procedures start when ideas for fresh products are generated in
the market and results in generation of new products. Different plans are policies are formulated
which result in development of innovative ideas. It also analyses the advantages of plans which
are linked with innovative process and achieve competitive position in the market.
Example: Different plans and strategies are framed by Apple in order to develop
innovative ideas which help in the development of innovative products in order to increase their
market share.
Factors which are linked with commercialisation methods are described as:
Vision: This statement is related with upcoming future of selected organisation as where
company wants to see themselves standing in the future time frame. The objectives which are
related with vision should be specific, achievable and measurable in specific times. These are the
challenging statements which have to be achieved by selected firms. The process of innovation
should be commercialised and if the objectives are not achieved easily then the amount which
was incurred on this process totally becomes a waste.
3

Leadership: This is an essential factor for commercial and innovation process. Innovative
ideas can be shaped if effective strategies are used for their development process. The main focus
of leader should be linked with attaining goals and objectives of business. Growth and
development can be achieved with attainment of all the objectives. Thus, this process will results
in achieving aims and objectives of commercial innovation plans.
Culture: The plans and policies which are made for development of new products should
be related to the culture which is followed by Periscopix. The cultures should be adopted which
are completable at business in order to achieve advantages for business so that they can achieve
success. Commercialisation process can be achieved in an effective way if the plans are executed
in a defined way in development process.
Team works: This is an important task which is liked with innovation process. If persons
are willing to work effectively in teams than it helps in building cooperation and achievement of
business goals and objective in planned ways. Teams mainly comprises of more than 2 persons
who are mainly focusing on specific tasks in order to achieve business goals and objectives
which are beneficial for business. Thus most of the business organisation are focusing on
encouraging people to work in teams so that they can achieve the results in desired time frames.
Example: Apple is focusing on using all the above factors which are helpful in increasing
productivity and profit shares at market place (Drucker, 2014).
TASK 2
P3) Evaluation of 4 P'S of innovation
The concept of innovations are linked with adding features in the existing products or
developing a new product according to needs and wants of there customers. The concept came
into picture as the demands of people were constantly changing in the economy and they need
products according to that. Periscopix main aims are linked with development of unique products
so that they can increase there growth and achieve success at market place. It helsp in
development of brand images for goods. The 4 P of innovation are related with product, position,
process and paradigm in context to products and services.
4

Illustration 1: Innovation 4 P'S
( Source: Innovations, 2017)
Product Innovation: This phase is linked with offering new products to their clients
according to there needs and choices. The innovative products are developed with the help of
planning and adopting new strategies so that they can increase profit shares in the economy.
Changes can also be executed in the existing products keeping in consideration their quality so
that good values can be evaluated for products and services. This can be used in order to attract
large customers who are willing to purchase the innovative product.
Process Innovation: It is related with alteration which are made in the existing products
or changes implemented in the production process in offering products to customers. This is
beneficial for business operations as it helps in adopting effective delivery systems in order to
increase there sales at market place. Thus changes can be adopted in manufacturing process in
order to increase effectiveness and productivity of selected business (Jaffe, 2011).
Position Innovation: This concept is linked with reposition of products and services at
market places which are offered to clients. It helps in adopting plans which are useful in creating
awareness about products so that people can easily consume them and contribute in success of
innovative products. Various modification are made in the existing products so that products can
be dev eloped with innovative features.
Paradigm Innovation: This phase is linked with changes made in structure and size of
business. Various plans and strategies are adopted which are helpful in reaching large group of
customers. Thus cited organisation is able to generate large profits by selling its goods and
services.
5

(Source: Innovation Funnel, 2017)
Innovation Funnel: This process is linked with manufacturing of new products by
generating ideas and plans in order to produce innovative products ans select the one which is
best suitable among all of them. Thus new development process are adopted for manufacturing
new products with respect to the demands of customers. If the resources of organisations are
utilised in effective ways than it helps in achievement of sustainable positions in the economy in
order to achieve long term growth and success. Innovation funnels are used so that firms can
achieve competitive advantages at market place by selecting the best plans which is used in
innovation process. In this methods workers are forced to give strain on their minds and compass
to an idea which helps in growth and development of commodity. The ideas have to be generated
by analysing trends in market and demand factors which are arising in economy (Epstein, 2012).
Innovation Funnel comprises of the following :
Different opportunities are opened so that products can be effectively developed which
helps in expanding the product lines.
The recent trends at market place can be analysed by conducing market research so that
products can be manufactured according to there needs so that needs and wants of people can be
easily satisfied.
The products should be tested in order to know that they had meet the expectations of
customers or not . Thus mangers can take essential decisions weather the new product has meet
the desired levels of customer expectations or not.
6
Illustration 2: Innovation Funnel

Illustration 3: Frugal Innovation
( Source: Frugal Innovations, 2017)
P4 Concept of Frugal Innovation
The concept of frugal innovations are linked with solving the problems and difficult that
are being faced during manufacturing process. This concept is used both in innovations and
inventions of products. This is mainly used by firms in order to develop new product
development process and innovations can be made by making changes in the existing products.
Periscopix is the leading company in marketing company and they are designing new and
innovative strategies which are used for marketing of goods and services (Shelton, 2012).
The development in frugal innovations are discussed as:
New opportunities at market place: This process is used for doing marketing analysis for new
and innovative products. They are helpful in identifying different opportunities which are widely
starting at market places. Selected firms are facing difficulties in marketing of there products and
services thus they should design those strategies which are helpful in creating awareness os that
there products can be easily sold at market places.
Resources: The resources of the economy should be effectively utilised in order to make
innovative products. Frugal innovations can be developed by using different segments and
resources of economy which are made for enhancing skills and capabilities.
Innovation Funnel: When the new products are manufactured according to demands in
economy than this strategy is used. This concept starts with development of products and ends
with executing the final ideas and strategies (Rice, 2013).
The frugal innovations are classified into two segments which are described as:
7

The first segment deals with the new products. It makes strategies which describes how
the different products will be effectively sold at the market place. The best and appropriate
marketing strategies can be developed with the help of using innovative tools and techniques so
that there sales ratios can be increased.
The another segment is linked with solving the difficulty by using new and innovative
technologies. The process of innovations are linked with providing technological solutions in
relations to the problems which had to be solved.
The following steps are considered which are as follows:
 New ideas should be developed for innovative products,
 Idea screening
 Market testing for new products
 The resources of the economy should be managed by conducting internal analysis.
 To find out the actual condition of the products market analysis are done.
 Commercialisations of merchandise and services.
 The performances of products can be checked by taking feedbacks from customers who
have purchased the products.
TASK 3
P5) Value of commercial funnel and NDP in an business firm
Commercial Funnel: The main focus of companies is on making innovative products by
considering there quality aspects. Large group of customers are attracted to purchase the
products if it contains good quality (Ries, 2011). The main benefit for company is that they
increases their brand images. This funnel is used for developing differential choices about
analysing how the goods will be effectively sold at market place. Thus it is best channels which
is used by media for distributions of goods and services at right place and time to there potential
customers.
Encourages selling activities: Selling is an important features of every business firms and
commercial funnels deals with effective and efficient methods which helps in attaining high
growing and success for business.
Reaching to customers: This process is linked with adopting the best ways for firms in
order to deal with there targeted customers. The channels are effectively utilised with the help of
8

appropriate and innovative designs which helps in successfully reaching large number of
customers which are beneficial for clients (Sawyer, 2011).
New product development:
The process of new development products are helpful in maximising profit ratios in an
organisation. It is the normal tendency that people get bored with the same products thus they
wants changes in the products in order to fulfil their demands. Thus innovations plays an
important role in generating new ideas. The individuals are following different rituals and norms
of society and thus their taste and preferences changes with trends that are being followed at
market place. Thus the main focus of companies is on giving beneficial services to there
customers with the help of technological advancement. Various risk are associated with the
products before that they are available for consumption at market place. Apply is trying to
remove difficulties from market and after this they are launching new products with added
features (Rosenbusch, 2011).
P6 Evaluation of Innovative Business Case
The main aim of every business organisation is to satisfy the differential needs and wants
of there potential customers so that they can earn huge profits. The aims and objectives of
companies are established so that work process can be carried out in desired ways. Business
cases are essential for every firms as they helps in development of innovative products according
to demands of customers. Apply is applying the strategy which is linked with time gap in which
they can think about innovative ideas by which they had to develop there products. This helps in
generating large marketing shares and revenues. Periscopix is leading in marketing consultancy
and they are offering there services in different markets. The business case are evaluated as:
Research and development activities: These task are very important as it helps in
evaluating the current situations in the economy. According to differential needs at market place
new and innovative products can be developed which fulfils demands of there customers.
Time management: Company should focus on designing effective time management
strategies so that goals and objectives can be achieved for new products in effective ways.
Resources: These factors plays an important role as the resources should be utilised in
economic ways in order to make plans and policies for new product development (Bausch,
2011).
9

Funding: Financial help can be taken by firms in order to carry out there business
process in effective ways. They can take money from leader, stake holders and investors.
Government also helps these companies by giving them loans for there business operations.
TASK 4
P7 Various tools used by organisation
There are different tools and techniques which are used by selected firms which are
described as:
Copyrights: It is accepted by the country courts that gives permission to protect their
original works so that it cannot be copied. This is an essential feature because there are various
competitors available at market place and they can copy there work in order to make themselves
grow. This helps in protecting there brands and if so person can sue against the others who have
done this. Thus company is making there work copyrights and feel sured from ant theft.
Trademarks: This an identification mark which helps in differentiating them from other
brands. They can be used in the form of sign, symbol, and logo these are used by firms in order
to make themselves outstanding from their competitors (Rinckmann and Bausch, 2011).
Industrial design: This policy is used for providing support in designing goods and
services. The firms should ensure safety of there customers,patterns , security aspect and shapes
of there business activities.
Patent: These are described as forms of intellectual property rights as they are granting
ownership for the products for certain time durations and no one had right to copy those
products. Patents consist of various claims which are valuable in order to define claims. License
have been granted on products and it puts a limit in order to sell an invention product.
Branding: This factor is linked with developing a unique name in the minds of
customers so that they can easily recognise the products. This can be achieved by organising
campaigns related with advertisement and they are developing themes in order to attract large
group of customers. This is most valuable factors in order to retain loyal who will enhance sales
and profitability ratios of business.
CONCLUSION
From the above report it can be concluded that innovation and inventions are playing
vital role in every business organisation. These are two different terms but they are related with
each other. Innovation is used for development of new and innovative ideas for goods. These
10

products are developed according to different needs and wants of customers and this is also
beneficial for firms as they can increase there profit ratios. Commercialisation process are used
for making the products available to customers by using different channels.
11