Innovation and Commercialisation Report

This report delves into the importance of innovation and commercialisation within an organizational context, specifically focusing on the 41 Hotel. It explores various aspects such as the role of innovation in employee productivity, the impact of leadership and organizational culture on innovation, and the application of the 4Ps of innovation. The report also examines frugal innovation, the commercial funnel, new product development processes, and different funding methods. Furthermore, it discusses the tools and methods used to retain and protect employee ideas and intellectual property. The analysis includes case studies of companies like Apple and Virgin Group to illustrate key concepts and best practices. The report concludes by summarizing the importance of these strategies for organizational success and market competitiveness.

Innovation and Commercialisation
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INTRODUCTION
Innovation and creativity plays important role in the individual life as well as organization
wherein person render the innovative ideas and contribute the services in the decision making
process. In this report, there are various importance of the innovation which helps employees to
takes the effective decision and produces the product and services with the creativity. Management
of the organization follows the culture and teamwork accordingly employees manage their day to
day work and attain the goals and objective of the firm. Under this report, there are various aspects
of the innovation and commercialisation will be studied in the context 41 Hotel. The present report
covers, corporation uses the 4Ps of the innovation as per this they promote the products and services
in the market and manager uses the innovation funnel which helps to measuring the workers ideas
towards the products. There are various importance of the commercial funnels and different
application of the new product development process which helps to produces the goods and
services. Manager of the firm uses the different ways of the access the funding accordingly they
expand their business. In order to various tools and methods which is used to develop , retain and
protect the knowledge , ideas of the employees at the work place.
TASK 1
P1
Innovation as a tool wherein individual gives the ideas and suggestion for improving the
application of the work place (Drucker, 2014). In this way, 41 Hotel uses the innovation and
commercialisation under which manager effectively manage their day to day work at the work
place. With the helps of innovation, employees produces the effective products and services which
helps consumer to attracts towards the products and service and take the decision for purchasing the
products. As per this, company increases the overall productivity and maintains the brand image in
the market. In order to various importance of the innovation for the employees as well as
organization wherein they works effectively at the work place. According to the case study, Apple
Inc adopts the advance technology at the work place which helps to expanding the wide range of
products like MP3 player and iPhones (Davenport, 2013). Through the advance technology,
employees works in appropriate manner without wasted the time and produces the number of the
products and services. It assists customers to attracts towards the products which is produces by the
employees and they attain the satisfaction level of the customers. Accordingly, manager able to
fulfils the demand of the consumer and clients which helps to increasing the growth of the firm. On
the other hand,41 Hotel requires to adopts the advance technology which helps to employees
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produces the innovative products and services on time to time. It assists manager to accomplishing
the requirements of the organization and maintains the overall productivity of the firm. With the
help of innovation, organization expanding their venture and number of products which helps to
increases the global connectivity (Johnston and Marshall, 2016). Employees easily communicate
with the professionals and customers and solve the issue of them. Apart from this, If the workers
uses the innovation strategy which helps increasing the visibility of the products in the market and
attain the satisfaction level of the customers towards the product. It positively affects the
performance of the organization because employees gives the best services on time to clients which
creates the satisfaction of them towards the services. As per this, corporation increases the visibility
of the products in the market and maintains the brand image UK. For example, Virgin group highly
invest in the innovation strategy which helps to expanding the business venture in different areas. It
helps management to maintains the creativity of the employees towards the products. Henceforth,
management of the 41 Hotel requires to adopts the innovation strategy which helps employees to
maintains the overall productivity at the work place (Rice, 2013). Invention determines to the
introduction of new product or services for the company. Hence, the cited firm must adopt both the
strategies so that they can make their existing services better and come up with new latest ones. By
having an application of diverse methods the issues in regard to invention can be overcome.
Innovation allows to have improvement in performance and ensure that invention determines
effectively.
Innovation and inventions are two important aspects to develop profits and revenue of the
organisation. Innovation is the process to manifestation ideas and thoughts for developing subject.
However, inventions creating things in new way with unique characteristics.
Difference in innovation and inventions
Innovation Invention
This can be demonstrate in existing product and
services continuously.
In inventions, repetition never need to be
included.
Innovation can be determines as the upgradation
of old version TV.
Television is invention.
For example Apple taking innovative product as
iPod
Innovation importance:
 Innovation is important to implement several ideas that assists to accomplish business
objectives.
 This also helps in accomplishing objectives of the enterprise.
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 It also makes successful transactions that create positive results.
P2
Innovations in the business determines that highly depend on vision, mission, leadership and
cultural development. Further, the organisation has mission to enhance their market share in
industry to compete with several businesses. As results, they have required to implement the latest
innovation. For instance, in Apple company transformational leadership style develops to provide
right to workers through giving suggestion for making decisions. On the other hand, in Virgin group
people motivated with developing teamwork to make effective relationship with several people.
Further, with the help of working in a team learning also develops that make effective results in
business unit.
In order to employees of the 41 Hotel wherein the organizational vision , leadership, culture
shape the innovation and commercialisation. Organization vision is the provides the best services to
their customers and increasing the employees efficiency. In this way, manager of the company uses
the democratic leadership wherein they takes the decision with the help of all employees of the
firm. Workers gives the suggestion and innovative ideas in the decision which helps to increase the
motivation level towards the task. The relation between leadership and innovation like leader guide
in proper way and provides the innovative suggestion and skiils. Moreover, executive takes the
effective decision and able to fulfils the demand of the clients (Verganti, 2013). As a result, the
leadership style can shape the employees innovation and commercialisation in the organization
which helps to increasing the market share in hospitality industry. On the other hand, innovation
also depends upon the firm culture wherein manager delegate the roles and responsibility among the
human resource which helps to easily develops the innovative ideas and creativity. Employees
generates the interest towards the task and attain the gaols and objectives of the firm. They take the
responsibility for producing the innovative products and services and workers get the the chance for
proving the new ideas in the production. It assists manager to maintain the smooth flow of operation
in the corporation and develops the relation with the human resource. For example, Virgin group
focuses on the structure wherein they manager communicate with the top management , middle
level and lower level management there after they takes the decision (Brown and Wyatt, 2015).
Workforce gives the innovative ideas and providing the support for expanding the venture of the
firm which helps to increasing the motivation level of the employees. Furthermore, management of
the 41 Hotel requires to follows the proper structure and maintains the work environment in the
firm. Manager provides the work as per the employees interest because they are able to deliver the
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best ideas in the plan and gives the ways for completing the task on time. As per this, workers able
to deliver the best amount of work and creates the innovative strategy at the work place. Manager
meet the requirements of the clients and attain the decreases goals which helps company to
maximizing the profit. Apart from this, organization divides the work in team which helps to share
the employees in innovation and commercialisation because workers able to gives the best ideas
(Davila, Epstein and Shelton, 2012). Henceforth, innovation and commercialisation of the human
resource depends upon the organization vision, culture, structure an d leadership style accordingly
they gain the market share in same industry.
Company includes the Belbin 'steam under which employees play different role in the organization
and render the innovative ideas in the team work. Teamwork is also very important to have efficient
working in the company. Every member in team must be given with equal importance so that they
feel free to determine their new innovative ideas which can help to develop new products. With an
application of diverse measures according to Belbin team role the issues can be overcome in desired
manner. Along with this, application of key measures in respect to shaper, coordinator and other
values the overall performance can be advanced. It assist in meeting key goals and objectives so
that better vision can be advanced.
TASK 2
P3
Organization focuses on the innovation 4Ps which includes the paradigm, product, position
and process. In this context, 41 Hotel with the help of innovation 4Ps promotes the products and
services in the market which helps customers to attracts the goods and take the decision for buying
the products.
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First P of the innovation like paradigm wherein company requires to changing the business
model which is used by the manager. In this way, organization requires to promote the products and
service without unfair practices and fair trade business. It helps manager to reducers the unfair
practices at the work place and barriers which is occurred at the work place. As per this, customer
trust on the organization and purchases the products and services (Lee and Miller, 2016). On the
other hand, product is the crucial part of every business wherein the second P product of the
innovation.
Second P like product In this way, organization focuses on the product development under which
manager identify the needs and wants of the customers about the products and services accordingly
they produces. If the manager produces the products as per the customers which helps to attracts
towards the products and buy the goods. With the help of feedback, manager identify the needs of
the customers and some changes are made as per the consumer.
Apart from this, 4Ps of innovation includes the third Ps position of the products under which
company adopts the strong promotional techniques. Organization provides the special offer and
discount in off season which helps consumer attracts towards the offer and purchase it. It assists
manage to easily manage their day to day work and attain the satisfaction level of consumer
(Edebalk, 2010). It positively impacts on the company which helps to increasing the mark et share
in hospitality industry and maximizing the sales turnover. Furthermore, lastly process of the
innovation wherein company focuses on the reach the products and services to the customers. In
this way, management of the organization requires to improves the communication channels and
appoints the delivery men who deliver the goods and services to their customers. It helps consumer
to easily buy the products and manager fulfils the need of them. There are various uses of the
innovation funnel for measuring the employees ideas is given in the decision making and new
product development. In this context, company uses the innovation funnel for analysing the
opportunity of the firm which includes the collects the resource and information as well as customer
knowledge (Weerawardena and Mort, 2006). In addition to this, process innovation is referred as
aspect in which activities are being performed with a motive to improve products and services. It
has been noticed that improvement in the organisations process is beneficial to advance the vision
and efficiency. Process innovation allows to have delivery of services in appropriate manner.
4Ps is the main drive to develops effective results in business unit. In this aspect, following
elements included in the hotel industry:
 People: In the hotel industry, there are several people works together to make effective
functioning in business unit. These people works in team, leadership and entrepreneurship.
 Process: Process in the hotel industry develops through culture, system, structure and
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procedures. Therefore, it will be helpful to make profitable outcomes through carrying
different things in business. In the given case study, Virgin establishing products and
services as new enterprise. Therefore, the hotel industry need to operate functions as per
target market.
 Product: Product develops as funnel which assists to create profitable outcomes in business
unit. For example, Apple company enhance their operations through adding new features
that make effective transactions.
P4
Frugal innovation as the process wherein company reduces the complexity and cost of the
products. In order to develops the frugal innovation at the work place wherein as the process for
reducing the issues and problems which are occurred in the production. Frugal innovation refers to
the holistic rethinking of the products and services which are been offered to the customers and
underlying the process and the models. It advances the capability to control cost. In this way, 41
Hotel requires to uses the frugal innovation which helps manager to easily produces the products
and services. Manager reduces the all issues and problems which are occurred in the process during
the produces the products and services. In this way, if the organization do not able to develop the
innovation frugal wherein employees do not fulfilling the demand of the customers and delay in
production. As per this, customers are dissatisfied his services is provided by the workers which
creates the declining in the sales (Breznitz and Etzkowitz, 2016). On the other hand, organization
uses the frugal innovation which helps employees to focuses on their work and easily produces the
innovative products and services. With the help of frugal innovation, human resource easily decides
the cost of the goods and services and sale at the reasonable cost as well as save the cost which is
incurred in the solve the complexity in the production of the firm. Moreover, organization develops
the frugal innovation at the work place which helps to increasing the durability of the products. As
per this, consumer easily buy the products and services which helps to accomplishing the demand.
It positively affects image of the company and increasing the sales of the goods and services. For
example, the group of the people Virgin group focuses on the frugal innovation wherein they
expand their business ventures and produces the innovative products and services. It helps manager
to maintains the brand image in UK market and maximizing the sales turn over. Moreover, Apple
Inc adopts the frugal innovation which helps to increasing the durability of the products like phones
etc. On the other hand, organization effectively uses the frugal innovation which helps to improves
the quality of the products and services (Chin, Linder and Sia, 2012). Henceforth, 41 Hotel
effectively develops the frugal innovation at the work place and save the cost which is incurred in
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the process and manager easily produces the products and services on time. Employees able to
deliver the innovative services on time and accomplishing the demand of the organization. As per
this, it positively affects the performance of the organization which helps to gain the market share in
UK and maintains the overall productivity of the firm as well.
Frugal innovation
Frugal innovation is the process of reducing complexity and cost of the product to make
effective results within the business environment. In this way, non-essential features can be removes
from durable goods in developing nations.
Concept of reverse
Reverse concept is related to operations that operate at 41 hotel industry to reuse the product
and material. It is the effective element that assists to move goods from typical final destinations for
the purpose to capture value and proper disposal.
Concept of sustainable
Concept of sustainability is the wide approach that take into the variety due to occurrence of
environmental problems and issues which comes due to human activities.
Cost
Cost is the element which need to be reduce at 41 hotels to increase their profits and revenue
at workplace for ascertain more effective results.
Natural resources
Natural resources and substance occurring in nature to accomplish economic advantages.
Principles of frugal innovation
Following are principles of frugal innovations:
 Find opportunity in adversity to re frame the issues and problem.
 Do more with producing more and effective results in less time.
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 Think and acts as flexibility
 Keep simple elements
 Involves margin
 Follow perception of heart
TASK 3
P5
There are various importance of the commercial funnel under which includes the various
stage like sales and customers needs etc (Stockmann, 2013). Sales funnel as a process wherein
company make the products and services and as purchases process wherein consumer purchase the
products. It includes the various stages for sale the goods and purchased by the consumer etc.In this
way, management of the 41 hotel maintains the relation with the customers on daily bases wherein
sales funnel towards the purchase. Organization focuses on the ability of products to sale in the
market under which they identify the needs and wants of the customers. On the other hand, there are
various application of the new product development wherein company focuses on the new product.
In this context, manager conducts the survey and take the feedback about consumer needs and
wants wherein they identify the needs and wants of them (Shokefun and Aje-Famuyide, 2015).
Accordingly, they produces the new product and adopts the strong promotional techniques which
helps to promoting the products in the market. It assists increases the visibility of the products in the
market and consumer attracts towards the products and take the decision for purchasing the
products. As per this, company increasing the market share in hospitality industry and maximizing
the profit. For example, Apple Inc produces the wide range of products and services which helps to
expanding their business ventures.
New product development process: New product development process designed to develop, test and
considered viability of product which ensure growth to survival in the business unit. It includes
following elements:
 Idea generation: Idea generation is continuous and systematic approaches to develop
effective products and services in hotel industry. Ideas can be develops through different
method to generate positive results. In this market and consumer trends assess, research and
development analysis, etc.
 Idea screening: Idea screening develops through assess size and growth which need to be
forecasts to segment the market. In this aspect, current pressure for the product can be
develops through different ideas.
 Concept development: Concept testing develops through consumer to proposed product and
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measure attitude at early stage development of the chosen hotel. This assists to avoid costly
mistakes.
 Market strategy development: In this step, 41 hotel industry need to enhance market size,
structure and behavioural, to develops profits.
 Business analysis: Business analysis includes estimation of selling price which based on the
competition and customer feedback as well.
 Test marketing: In this step includes placing a product that need to be sale at one or more
than one selected areas. Therefore, it assists to observe actual performances of marketing
plan.
 Commercialisation: Commercialisation includes implementation of marketing plan through
launch product, produce advertisement, distribution of pipeline, etc.
Importance to use funnel innovations
Funnel innovation is very important aspect to develop any project and process for product
and services to take ideas to meet with market need. In this aspect, economical, manufacturable
outcomes to make graphical structure to generate thinking and screening of alternative development
options.
P6
There are various alternative ways of the access the funding which is used by the manager of
the 41 Hotel. In this context, company focuses on the innovation wherein they produces the
products and services with the help of the funds. It plays crucial role in the organization under
which company expand their business units (10 Ways to protect your business ideas ,2010).
Moreover, without funds company not able to start the business and produces the products and
services. As per the case study, Virgin group provides the financial services to their customers like
Virgin money wherein they effectively access the funds. In this way, manager and employees
effectively uses the available resource accordingly they produces the products and service on time.
It assists customers to easily purchase the products and services and fulfils the demand of them.
Furthermore, company requires to take the money from the family friends under which it is the best
source for accessing the funds at the work place. The family member gives the money which helps
to expanding their business ventures and easily produces the products and services. As per this,
manager able to accomplishing the demand of the customers and they easily purchase the goods.
On the other hand, the another source for accessing the funds like investors wherein they invest the
funds in other business and person pay the amount of the fund with the specific interest as per the
time. As per the case study, Apple Inc effectively uses the available resource and start the business
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with the limited funds. In addition to this, they adopts the advance technology for increasing the
wide range of products and services wherein employees able to completing the task on time and
gain the competitive advantage (Verganti, 2013). Thus for adopting this change, they need to incur
high investment for having a different cuisine in their servings. This innovation will help the
company to attract large number of customers for having the food. They can source their funding
through several sources which mainly includes from bank, investors etc. For making the funds to
develop their services, banks are the most useful means for Brooklands as they will give them
adequate time to repay the loan. Apart from this, in order to develop the innovation business case of
the 41 Hotel under which management requires to adopts the innovation strategy which helps to
producing the innovative products and services at the work place. In this way, organization develops
the innovation business with the help of advance technology wherein they provide the innovative
services to their customers. It helps users to attracts towards the services and purchases the products
which creates the satisfaction of them. As per this, company increasing the sales turn over and
maximizing the profit in hospitality industry (5 Best Ways for Funding a Startup ,2015).
In order to develop effective results in 41 hotel, advance technology need to be implemented
to make innovations in business unit. In this way, improvement can be made for enhance
satisfaction of customer through delivering products and services according to their own
requirement. In this advance technology services, website of the organisation can be improves that
make innovation in successful aspect. It will be accomplish in 2 months.
Mission
To implement advance technology in the business unit.
Activity Resorces Timeframe
Research for advance
technology
Financial resources 1 month
Implementation of advance
technology
Physical and human resources 1 month
TASK 4
P7
There are various tools and methods retain and protecting the employees ideas and
knowledge which is used by the manager (Drucker, 2014). In this way, management of the 41 Hotel
requires to protecting the employees ideas and intellectual property at the work place which helps to
maintains the work environment. Manager identify the training needs of the employees accordingly
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