Innovation and Commercialisation: A Case Study of Infiniti Cars UK

Desklib provides past papers and solved assignments for students. This report analyzes Infiniti's innovation and commercialisation strategies.

Innovation and Commercialisation
1

Table of Contents
Introduction................................................................................................................. 3
LO1............................................................................................................................. 4
LO2............................................................................................................................. 7
LO3........................................................................................................................... 10
LO4........................................................................................................................... 15
Conclusion................................................................................................................ 16
Reference list............................................................................................................ 17
2

Introduction
Innovation is the best way to make a company prosper and having novelty of that
company. The company should implement new innovative techniques to make their
products ideal from others. It is the process transforming one’s ideas in finished
products, which should be different from others. On the other hand,
commercialisation is the concept of bringing new commodities in the market. A
company must have the ability to come up with their own br4and and products,
which is indifferent from others. In the study, the focus will be encircling around
comparison between invention and innovation and its effects on the business. The
company should also have their separate business objectives. The company should
set targets to the employees of the company to make them aware about their role
and work in the company. The company that has been taken for the study is Infiniti
cars UK. It is one of the leading companies of the country and has a good image in
the market. The study also involves the innovative funnel of the company. The
commodity that organisation wishes to launch is cars of artificial intelligence that will
be able to satisfy the desire of the customer (Sethibe and Steyn 2015).
3

LO1
P1 Explain innovation and determine its importance to organisations in
comparison with invention
There is a difference between the meaning of innovation and invention. Any
company must involve both of these to ensure their productivity to be novel.
Innovation and invention helps the employees to bring new ideas and implement
them on the products. This section will mainly highlight on the basic difference of
innovation and invention of the company and how do the companies implement them
on the products (cars.com 2019).
Innovation
Innovation means upgrading old methods and incorporating them in a product or
service. It also means coming up with new solution to problems that will make a
company different from others. Under this company tends to modify of upgrade the
traditions methods or systems. It is also observed that the customers tend to have
changes in their preferences very frequently. Therefore, the companies should also
come with innovative techniques to cater their satisfaction level (Schmid and
ZellerBesold et al., 2016).
Invention
Invention means introduction to new ideas, methods or techniques that a company is
using. It also implies that the invented methods that are being used by the company
are the novelty of the company. This should be confidential to the company.
Companies coming up with newly invented products and services are highly
demanded by the customers. Every individual wishes possess services and products
which are unique and uncommon. Hence, his makes the companies invent more and
more new products (Ho and Mainemer et al., 2018).
Point of Comparison Innovation Invention
Concepts Innovation mainly deals
with modifying of old
methods and techniques
in the modern way.
Invention mainly deals
with coming up with new
and unique ideas.
Connotation Company implements
modified techniques to
fetch a huge number of
productions in less time.
Company involves
innovative methods to
produce goods and
services to satisfy the
customers (infiniti.com
2019).
Company comes up with
their own ideas and
concepts and make their
products unique from
others. The company also
makes sure that their
products are different from
others using their
techniques, which are
patent to them.
Factor The factors that involves
innovation in a company
makes them study the
Here, the company
implements their new and
patent methods to derive
4

techniques and
incorporating some new
upgraded methods to
produce their products
(Falát and Holubčík 2017).
their desired set of
products. The products
should be capable of
satisfying the needs of the
customers.
Skills Required The employees should be
eligible in transforming the
traditional methods in a
modified way (Lee and
Schmidt 2017).
The employees should
have the capability to give
the company novel ideas
for producing their
products.
Table 1: comparison between innovation and invention
(Source: Created by the learner)
P2 Explain how organisational vision, leadership, culture and teamwork can
shape innovation and commercialisation.
The competition in the market is very intense, and the companies hardly find ways to
survive in the competition. Companies that follow the traditional methods of
production or products hardly find their existence in the market, compared to the
companies who use and produce technologically advanced products. Hence, it is
very important for the companies to monitor the roles and responsibilities of the
leaders and managers to understand the requirements of innovations in the
company of Infiniti Cars. Due to this, the organisation will understand the areas
where they need to modify. The company understands their loopholes and cater to
that in order to have good productivity.
Company’s design and control:
The company’s vision is to provide their customers best quality products. The
company’s main motive is to implement the techniques in the production and bring
new products in the market. The implementation of the new technologies can be
done only when the leaders are motivating the employees and making them
understand the processes properly. This also ensures that the leaders are
performing their roles a properly which the company has to monitor. Proper working
of the leaders will also ensure the growth of the company. The company must also
check the working of all the departments of employees properly. To increase the
productivity of the company every employee must be devoted towards their work.
The company should also make their employees understand their roles properly. The
employees should also be aware of the mission and vision of the company, which
should be monitored by the leaders.
Importance of teamwork:
Teamwork is very essential in a company. To make a company successful a team
should always work with each other and communication between them should be
clear to avoid misunderstanding. Cooperation is the very important amongst the
employees, as they need to work with each other without having arguments. To
attain the organisational goal the employees should have their communication
mediums strong. All sections of the company i.e. employees, employers, managers
etc must keep their communications clear to avoid confusion in future. The business
5

goal can only be achieved when all sectors of the company is working properly.
Teamwork also helps in keeping a healthy and friendly environment in the company.
Managerial traditions and constitution
The organisational culture and structure is very important. A company that cannot
provide a healthy environment loses its employees very often. Every employee of an
organisation wishes to have a safe and healthy environment. It is the responsibility of
the company to have a safe and protective ambience in order to make their
employees devoted towards the company and not have any negativity about the
organisation. The organisational structure must be well defined to avoid confusion
and riots in the company. The employees should also know their positions and with
what work they have assigned. The employees on the other hand should also be
informed about the organisational structure and what decorum they need to follow.
Hence, Infiniti Cars must also follow the same pattern to start their AI style cars in
the markets of Europe. This will also help them to meet the needs of the customers.
6

LO2
P3 explain the 4Ps of innovation and explain the use of the innovation funnel
to examine and shape innovative ideas
The 4Ps is considered as an essential part of the business. This helps the company
to make more innovative ways to produce new services and goods. For
implementation of the 4Ps, the following data has been given below.
Product
If the company wants to sustain in the competition of the market, it is very much
important the company to understand the new methods and techniques to increase
their production. The company can only sustain if it is manufacturing new
commodities that will cater the satisfaction of the customers. in today’s world,
innovation is the only key to exist in the present market. So, every company must
implement and produce new products and services (Baumann and Mantay et al .,
2016).
Process
The process that a company must follow should be their patent. The companies
must make sure that their invented processes are not followed by anyone else. It is
also essential for the organisation to design the ways in which the products will be
made so that the employees know what techniques to implement. Selection of
process must be done to avoid confusion. This will also help the organisation to
achieve its target of the market (Lee and Schmidt 2017)
Paradigm
The companies must know what strategies they need to follow so that they can lead
to the expansion in the market. The management of the company should know the
strategies that will be implemented for the production of the company. The
management should also have an idea about the strategies they are about to take.
The strategies that the management decides should be different from others then
only it can have novelty in their products (Hu 2017.)
Position
It is the work of the company’s management to understand and target the market
and its customers. The company must also know what products they need to launch
in the targeted market. Launching the correct products in the market will help the
organisation to fetch good customers. Hence, Infiniti Cars should also capture their
targeted market and to fetch good customers as well as customer loyalty
Therefore, it is clearly understood the importance of the 4Ps. The significance of
innovation is clearly stated in the given data. This helps the organisation in catering
the issues they face in the competitive market. The company can implement the
process to achieve the organisational goal (Chaubey and Sahoo 2018).
7

The idea of innovative funnel helps the company to implement various strategies to
produce goods and services. This also helps in understanding the position of the
company in the market. Innovative funnel also helps the company in entering the
market and releasing their products in the market to fetch good customers the
significance of the innovative funnel is discussed below:
Study of the market
The company should carry out a proper process to study the market and place their
product accordingly. The company must follow certain strategies that will give them
the exact knowledge about the market and what type of products is fit in that
particular area. To release a product in European market, it is essential for the
company to study the market and its requirements. This also helps the company to
understand the market and the demands the customers. This helps the organisation
to meet the demands of the customers ad satisfy them. This also increases in the
customer loyalty towards the company. This helps in achieving high profits for the
company. The company can generate revenue from here and use that in the
development of the business (edmunds.com 2019).
Development of Products and Services
The company must keep on researching on technologies and implementing them on
the producing goods and services. This will lead the company in making new
products incorporating new technologies. The organisation should also know the
procedures that will make them examine their own products and understand what
new implementations that can give in the products. This will help the company to
understand which area of the market has craze for what type of products. This also
helps the company to have reached the level of satisfying their customers and
building a good image in the market. The company will also be a good competition to
others (topgear.com 2019).
Liberation of modern products:
After the organisation has completed surveying the market and planned what
products to implement in the market, the final work is to deliver the products to the
customers so that they give a positive approach. The company can deliver their
products in the market by promoting them in the market making the customers
completely aware about the products. If the placing of the products is done properly
then the customers will give a good response in return to the company. This will also
help the company to increase its profit rates.
Hence, Infiniti Cars should apply these methods to increase their productivity and
market value of their products. The business of Artificial Intelligence driven cars will
increase.
8

P4 Explain developments in frugal innovation and provide examples of how it
is used in an organisational context.
Uses of frugal innovations is needed to the workplace, that helps the company in
reducing the complexity cost of goods and its production, this includes the removable
of non-essential components form the organisations and helps to studying the
features that should add in order to get a profit in the market. It is very much
important for organisations in order to use their valuable resource which helps in
developing the production value and the service value of the company that is needed
to their customers. It also directs the company about the technology and their uses it
helps in development of the company as well and the employees. This helps the
organisation in evaluate the product development and the plans to execute by using
different methods and techniques. This also helps to bring up the competition value
in the specified market in order to grab the customer attractions in a broad way. This
type of innovations helps the company in making product availability and better
services in many different ways they are as follows (Radjou and Prabhu, 2015)-
 It helps in developing the company’s business plan policy in order to develop
their products in an isolated ways.
 Emergence of new and advanced technology helps in build up the company’s
profile in order to develop their product and services; this helps the company’s
in order to maintain a good image in a market in a advanced ways.
 There are the many illustrations that would arise by the frugal innovations and
it is important to study the how the company’s accept the changes in order to
develop the company as well as their employees. It is very much important for
the development of the company gross profit (Baulant, 2015).
9

LO3
P5 Explain the importance of the commercial funnel and the application of new
product development (NPD) processing for commercialisation of innovation.
This section will study the importance of commercial funnel and how the company’s
adapt the changes in order to development of new product and their development in
processing of innovation for commercialisation.
Essential of commercial funnel-
Commercial funnel is very much importance in order to gain a good market value in
the specific segment. It helps the company’s to evaluate, observing the company’s
change in order to maintain a good sales value. It has key components of consumer
sales funnel they include-
Figure 1: Commercial Funnel
(Source: Wang and Mao, 2018)
This include
Awareness- Helps to aware about the product that suits the need of the customers
Interest- Helps to make the product in such a way in order to gain an interest of
consumer in a specific market
Desire- It helps to make plans for the organisation about the changes or launching
the new product in a new market, basically it manages the desire of the company
about the product and their value.
Action- The final outcome can be evaluated after the customers buys the specific
products.
Implication of NPD-
10

The way of developing product in a new way and launching in the same market
segment that the way where NPD applied. There are eight stages of NPD that one
should follow to develop the product (Kahn, 2018)-
Figure 2: New Product development
(Sources: Created by the learner)
Idea Generation- Includes new ideas and innovation in order to give the customer’s
satisfaction this helps to build up the company’s image in a long run, various
automobile company bring up the new and innovations idea to build up the better
driving (Toubia and Netzer, 2016).
Idea Evaluation- Evaluation of ideas is needed in order to grow up the company’s
profit. Companies have to focus on their ideas on the basis of their customer’s needs
and the market. Automobile companies need to satisfy the customers need by bring
up new idea and concept (Reiter-Palmon et al., 2019).
Concept Definition- This stage helps in developing new concept in order to bring up
the company’s product sales. This includes building up new concept in a innovative
way such as automobiles companies bring up the new concept in a product in a term
of specification, design and size.
Strategy Analysis- Automobiles industry focus on the plane they build and ensure
them to implement in a business way by determining the product cost, demand of the
market and the maximum profit margins and that should be carefully evaluate the
customer needs.
Concept Development- In this stage, organisation has to focus on the developed
concept as well as how the customers accept them in the market. It has to be
measured carefully by the industries in terms of usability, performance and
11

convenience. They should also keep the customers point of view for developing new
concept.
Market Testing- It helps the industries in order to bring up the profit. It is basically
based on the product manufacture, target audiences and the buyer’s feedback. It the
best way in order to gain a good will in the market. Automobile industries research
for the product and they provide as per the consumer needs.
Commercialisation- It helps in building the up the price strategy for the new product
in the formulated market plans that based on their competitors marketing plans. In
the specific pricing strategy how the industry gives the valuable product to their
customers.
Product launch- It includes a specific plan to launch the new product in a
specialized channel and that help to drew the customer’s attentions in an efficient
way.
P6 Build an innovation business case for an organisation, including ways to
access funding
Business Case
In order to study the innovation in a business case for an organisations there are
many ways of access funding they are as follow (Schaltegger and Wagner, 2017)-
Background of the Company-
Automobiles Company has their various sections one of them is the luxury segments
which helps the company to bring up the company’s profit and the background of the
company too. Infinity company has the premium sections cars too they have the
worldwide dealers across the countries.
Mission of the company-
Their vision is to create premium cars for their customers in a unique way; they build
up various new features in order to increase the company’s sales with the innovative
ideas. The company also provides respective values to their stake holders that
includes dealers, customers, and employees of the company
Description of product-
Infiniti cars will somehow embed the artificial intelligence car, which include various
new features as per based on the customer’s need. This car will obey the traffic rules
very carefully which is very much needed in order to develop the countries total
gross profit. This car have a artificial intelligence power that include monitoring the
roads, hassle free parking with the help of the camera, sound system and the proper
sensors. This somehow decreases the road accidents in a broad way. Advancement
of technology also helps in developing the human knowledge and skills in some
aspects.
Targeting Customers-
Infiniti cars target their customers on the basis of their way of driving, they somehow
grab the customers who are unable to drive properly or those who are physical
12