Innovation and Commercialisation: A Case Study on Harrods

This report delves into the crucial aspects of innovation and commercialisation, using Harrods, a luxury department store, as a central case study. It begins by defining innovation and commercialisation, contrasting them with invention, and highlighting their significance for organizational success. The report then examines how organizational vision, leadership, culture, and teamwork shape innovation and commercialization, with specific focus on Harrods. It explores different sources of innovation and how organizations can foster an innovative culture, followed by a critical analysis of how innovation is developed, embedded, and measured. The 4Ps of innovation (Product, Process, Position, Paradigm) are discussed in detail, along with the application of innovation funnels to shape innovative ideas. The report also covers frugal innovation and its application, using Harrods as an example. Furthermore, it addresses the importance of the commercial funnel and the application of new product development processes, including the development of an innovation business case and ways to access funding. Finally, the report evaluates tools for protecting intellectual property and concludes with insights on overcoming challenges to develop successful innovations.

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and its importance to organisation in comparison with invention.................1
P2 How organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation...................................................................................................................3
M1 Different sources of innovation and how organisation can foster and develop environment
and innovation culture............................................................................................................5
Critical analysis of how innovation is developed, embedded and measured in organisation
context....................................................................................................................................5
TASK 2............................................................................................................................................5
P3 4P's of innovation and use of innovation funnel to examine and shape innovative ideas.5
P4 Development in Frugal innovation and how it can be used in organisational context with
example...................................................................................................................................8
M2 Application of innovation funnel in Harrods...................................................................9
M3 Role of Frugal innovation in Harrods..............................................................................9
TASK 3............................................................................................................................................9
P5 Importance of commercial funnel and application of new product development processing
for commercialisation of innovation......................................................................................9
P6 Development of innovation business case for an organisation, including ways to access
funding..................................................................................................................................10
M4 Detailed innovation business case which includes ways to measure its overall
effectiveness.........................................................................................................................11
D2 Nature of innovation and ways to overcome challenges to develop successful innovations.
..............................................................................................................................................11
P7 Evaluate the different tools that organisations can use to develop retain protect knowledge
and intellectual property.......................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation is the most effective and necessary process in terms of getting new business
opportunities. Besides, another main attribute of goods and services is quality and innovation
which makes company impression high and effective. Present report will be based on innovation
and commercialisation; for taking this report further, Harrods luxury department store will be
taken into action. Furthermore, it will discuss about innovation and determine its importance in
comparison with invention. Apart from that, it will also explain about functional activities which
are necessary for the innovation. The assignment will also explain 4Ps of innovation and
determine the best innovation ideas for the company. Moreover, it gives better opportunity to
grab the market opportunity.
TASK 1
P1 Innovation and its importance to organisation in comparison with invention.
Innovation is analysed as framework of transforming a business idea or a particular
invention with a good or service that delivers value for which the customers of organisation.
Innovation is part of success which is performed by organisation through transformation of their
processes or creation of more effective processes, products and important ideas.
Commercialisation is identified as the process of taking innovation to an extreme level by
organisation with an aim of achievement of profits (Chun and et.al., 2015). It is a process that
involved introduction of new product or service by business enterprise into general market. It
mainly considers production, distribution, marketing, sales and customer support which is
required for achievement of commercial success.
Apart from this, invention implies to the occurrence of an idea for a product or processes
of organisation that has never been made before. It involves creation of new product by
originating a new idea and its working theory. For example: Introduction of Android Smart
Phones was new an invention (Dutta and Folta, 2016). In this context, there are various
challenges have been created by innovation for small businesses such as rise in cost, time, lack of
effective knowledge, lack of direction and planning and competition in market. Continuous rise
in innovation has also created competition in retail sector and changed the focus of firm towards
increasing their sales by making improvements in their products and services. Harrods is luxury
department store in UK and has also faced challenges due to continuous innovation in products

and services by competitors like Selfridges, Nisa retail etc. Further, there is major importance of
innovation for organisation in comparison with invention which is mentioned as follows:

Innovation Invention
It is considered as significant for organisation
as it helps in improvement of existing
products and service in market through
application of new ideas and concept
(Eberhardt, Tillman, Kirkland and Sherrod,
2017).
It is important for business because it aims at
creation of new product or concept that never
exists before in market and provides major
rectification.
Innovation is the step further for modifying
the existing things and from existing product
and services.
Invention is the new discovery of the
organisation on the basis of customer needs
and wants.
Innovation Crete something different for sells. Invention creates something new.
Innovation is the first step of invention Invention never has done without the help of
innovation (Ge and et.al., 2017).
P2 How organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation.
Harrods is known for its luxury services, they provide different varieties of goods and
services which makes the exact variety of product and services. On the other side, organisation
needs to adopt effective management skills. In order to meet the needs of customers, company
adopts different styles of innovative working environment, leadership goals, culture team
building, culture all attributes helps to accomplish the final objectives of the company. Harrods
maintained the quality and customer relation. Company’s mission is to take the best market
position in retail sector on the other side, it has the highest growth and effective management
skills in terms of grabbing more new opportunity growth (Ge and et.al., 2016.). Besides, vision
helps company to set the specific goals and objectives through which they get their vision.
Harrods’ vision is to make customer satisfied by offering innovative product and services. Apart
from that, mission of the company is to take care of organisation’s stakeholders such as
employees, customers, directors, government, distributors etc. Without the stakeholders,
company couldn't achieve the target goals. Besides this, employees, leadership and productive
performant provides company better working environment which helps to maintain the customer

satisfaction approach. This is the effective process of working which enable company interns of
effective growth process. Skilled employees give productive work in terms of fulfilling the
organisational objectives. On the other side, leaders of the company has role to motivate
employees for better performance (Hora, 2016). Overall mission, vision, leaders and employees
gives mutual working in terms of getting high sales revenue to the company. It is also very
essential to invent innovative productivity and services for their potential clients. This gives
overall target market. Plan in terms of helping the effective management skills and target. It is
the process of working which gives better services to their potential buyers. Effective market
share leads to the effective market growth. Innovation and commercialisation are the important
terms to meet the organisational expectation with the customer satisfaction level. Moreover, the
main objective of the firm is to maintain the profitable market in London. Innovation needs new
idea which gives new experience and customer satisfaction approach. Company functions and
objectives depend on the position and their sales revenue in future. On the basis of current
competition level, Harrods needs to adopt new product line and new expansion level of
commercialisation (Ke and et.al., 2016). Moreover, company takes decision making approach on
that basis, they implement the plans and policies. Mission and vision both are the two vital
elements which create company efficient planning approach. It helps to give the best effective
approach in terms of getting the best effective techniques.

M1 Different sources of innovation and how organisation can foster and develop environment
and innovation culture.
Innovation is the process of creating new and unique style of service or products which
attract numbers of customers. Innovation is the need of customers and responsibility of company
in terms to sustain the company profile and existence in the market. There are many sources of
innovation Harrods can adopt in terms of getting new development (Koirala and et.al., 2016).
Such sources are unexpected, incongruity, the process need, changing industry and in market
structure, demographic change, changes in perception, knowledge based innovation. These are
the innovation sources which help to make the effective process of working that aids to develop
new ideas.
Critical analysis of how innovation is developed, embedded and measured in organisation
context.
Innovation is the best process to manage the long term stability in the market. Innovation
is measured by the three steps identifies of goals and exploration activities, short term
deliverables and near term development. Without making new development, customer takes less
interest in that organisation (Kolychev and Prokhorov, 2015). It is the process of working which
gives the best effective process of working. This also helps to make the new customer
networking which makes new advanced company advanced services.
TASK 2
P3 4P's of innovation and use of innovation funnel to examine and shape innovative ideas.
This is the another main objectives of the organisation to adopt innovation an 4P's of
innovation and use of innovation funnel to examine and shape innovative ideas and
commercialisation. In order to implement the process of innovation, Harrods needs to adopt 4Ps
of innovation styles (Song and et.al., 2016). The 4Ps of innovation are Process, Position,
Paradigm and Product. Here is the explanation of 4Ps of innovation:
Step 1: Paradigm: How do we frame what we do?
It is the first step of innovation to improve the way to do the business. This change may
take things as different and unique in order to meet the needs of company objectives (4P's
exploring the innovation space, 2018). In this first step, Harrods needs to make the model or

image of their innovative product or services. These new changes may enhance the leverage
profit of the company or may give positive behaviour in the market. Like Harrods may give
online services instead of offline stores.
Step 2: Product: What do you offer?
This is the next P of innovation in which company needs to measure how they improve
the product or to make them more innovative and productive for the company profit. It is the
innovative skills or making effective impression on the organisation behaviour. This helps the
company executives to consider how to enhance or change the product attributes for making
product more perfect and innovative (Walt, 2014). Like, Harrods needs to provide additional
services with their products and services (4P's exploring the innovation space, 2018).
Step 3: Process: How do you create that offering?
Another step is to process how company creates that offering or new creative ideas. This
process required all steps in terms of implementing the all steps. It includes supplying, workflow,
hiring, people and training. In addition to this, the ways in which all these factors help to enhance
the profit revenue is taken into consideration (Xiao and et.al., 2016).
What are the latest trends that can be taken by the company in order to meet the needs of
customers. This helps to take the best effective approach or target plan.
Step 4: Position: where do we target the offering?
This makes the process measured and determine what have done till now. This process
makes changing in which the products and services are framed. This P' helps to make the best
effective process of working. It helps to measure customer response out of this innovation, How
employees reacted towards the innovation (4P's exploring the innovation space, 2018). Hoe
things get more perfect and creative. All changes which are required to make perfect are required
in this step (Yang and et.al., 2017).
Step 5: Analyse the findings
Keep on asking question until your reach satisfying answers. This is the final step which
helps to make the objectives clear and get improved in other terms. After making all steps clear,
Harrods needs to analyse the results and findings of all overall process. This helps to fulfil the
major objectives. It is the overall effective step in order to rectify the things one more time. This
process of working provides better opportunity growth to the company for betterment.
Innovation funnels to examine shape innovation.

Innovation funereal is used to describe the steps that take place in developing a process or
product (Yin, Shi and Yan, 2014). Innovation is the necessary requirement for company as well
as for customers. It helps to shape the company sustainable and growth in the competitive
market. The innovation funeral is the process of making innovative product till that product is
shipped to the end buyers. It gives innovation style and management development process of
making customer approach. In order to explain the innovation or they help to company for
shaping the business ideas.
Opportunity assessment: With the help of market data, customer knowledge or other
information sources. Company can easily adopt the effective management which helps to take
innovative steps (Yin and et.al., 2014). It gives new sources of working for taking new product
line or line extension.
Insight based ideation: Innovation funeral it also makes the opportunity is a proper fit
the company strategy. This helps company to think about the new services or products in order to
beat the customer satisfaction approach (Yu and et.al., 2016). This makes sense to identify the
market opportunities.
Conceptualisation: This innovation funnel helps to analyse the concept of actual
innovation which helps to identify the packaging mock-ups, advertising copy or different
configuration product features. Through this, it helps to provide better services to the customers.
Launch: Innovation funnel helps to launch the new product and services. It gives the
better opportunity in order to shape the innovation funnel.
On the basis of above, it concluded that organisation needs to adopt innovation styles in
order to make the effective management activities (Ge and et.al., 2016). It gives easy task and
process of working in terms of getting the best possible task values.
Types of innovation
 Architectural innovation
 Radical innovation
 Incremental innovation
 Disruptive innovation
Innovation and commercialisation is the process which makes effective process of
innovation. It helps to shape the effective management tool and techniques.

P4 Development in Frugal innovation and how it can be used in organisational context with
example.
Frugal innovation enhances company functional activities in terms of getting more
customer satisfaction approach (Kolychev and Prokhorov, 2015). It is the new kind of research
for the company which helps in offering new product and services. Harrods launch new services
for buyers so that they can easily purchase retail services or products online. Along with that,
they also provide free home delivery services for the first purchasing. Frugal development
process is the positive process of working on the basis of some specific market research.
Through this, company get to know about new market demands. It helps to get the best effective
process in terms of new development growth. Frugal development is the term which expresses
the innovation or invention in the current business in order to grow the customer satisfaction
approach among customers. It gives better opportunity for the company which provides
enhanced sales revenue to the company (Song and et.al., 2016). With the help of transmission of
the pattern approach, development of frugal innovation takes place effectively.
This approach of frugal innovation is to make new designs, cities, building and
constructions. Through this, company can easily get new ideas. Frugal process of development is
the continuous process in order to retain the effective management tools and techniques.
Transmission pattern or approach helps to develop new concept and creative ideas in terms of
new effective process. It makes new effective process of working (Yang and et.al., 2017).
Transmission approach based on three hypotheses. While development of new product or
services, they facing some challenges ideas and conflicts such as insufficient infrastructure,
adverse climate conditions, missing financial resources. In terms of getting the best effective
sources, company needs to overcome from all those challenges. Harrods adopts legal regulations
and adoption process in terms of effecting process of working. Moreover, another phase of
innovation development is extract of the analysed frugal innovations. It gives innovative working
and process in terms of effective process. Another step is to deduct the problems issues which
having efficient leaders and quality process, In order to produce effective process of working this
is the effective process of working which makes easier process of working.
Development innovation frugal gives better market opportunity for Harrods in terms of
market popularity (Yin, Shi and Yan, 2014). With the help of online services or new offering

products create interest among customers. In order to adopt the best possible task, it is the
effective process of working which helps to enhance business activities.
M2 Application of innovation funnel in Harrods.
Harrods is the luxury supermarket retailer which makes new services or advanced
services in order to meet the best effective process of working. Innovation gives new process of
working which gives new process of working. This process also helps to create new customer
relations for long term. On the other side, it also takes the long term process of working in order
to achieve market expansion plan (Chun and et.al., 2015).
M3 Role of Frugal innovation in Harrods
Frugal innovation is the ability to generate the new product and service in terms of
getting the best effective sources. It is the process of working which enhance the employee
motivation and this is an effective process of working. It also helps to make the process of
working which is not useful for the organisation. Another main objective of the organisation is to
stable the market position and existence task oriented process (Koirala and et.al., 2016).
TASK 3
P5 Importance of commercial funnel and application of new product development processing for
commercialisation of innovation.
Process of product development is very effective and efficient in terms of business
expansion strategies (Walt, 2014). Along with that, new product or company expansion also
helps to enhance the market share of the company which gives effective process of working.
New product development process meets the needs of customers as well as profit of the
organisations. It helps in measuring the actual position and company share in the market. New
product development process helps to enhance the company image in front of the customers or
increasing rate of new product individuals. In order to make new product, company also needs to
adopt effective technology development in order to accomplish the main objective. There is huge
importance of commercial funnel in order to produce new goods and services. It is necessary for
the companies to drive their company growth. This is the time consuming process which require
huge timing in order to make innovative product and services for the customers. It helps to
compete with other competitors and give tough competition to the market rival firms. New
product development (Xiao and et.al., 2016). Innovation is required these days because of rapid
changes in demand and needs of the customers. It is the effecting process of working which