Analysis of Innovation and Commercialisation Strategies for 41 Hotel

This report delves into the critical role of innovation and commercialisation within businesses, using the 41 Hotel as a case study. It explores the significance of innovation for employees and organizations, emphasizing the creation of innovative products and services to boost sales and achieve business goals. The report examines the 4Ps of innovation (paradigm, product, position, and process) and their application within 41 Hotel. It also addresses frugal innovation, access to funding, and the development of employee skills to contribute to innovative decision-making. The report provides examples of successful innovation strategies from companies like Apple and Virgin Group, as well as the application of commercial funnels and new product development within the context of the hospitality sector. The report concludes by highlighting the importance of customer satisfaction and the adoption of advanced technologies to drive competitive advantage and market share growth.

Innovation and Commercialisation
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Table of Contents
INTRODUCTION ...............................................................................................................................3
TASK 1.................................................................................................................................................3
P1.....................................................................................................................................................3
P2.....................................................................................................................................................4
TASK 2.................................................................................................................................................4
P3.....................................................................................................................................................4
P4.....................................................................................................................................................5
TASK 3 ................................................................................................................................................6
P5.....................................................................................................................................................6
P6.....................................................................................................................................................7
TASK 4.................................................................................................................................................8
P7.....................................................................................................................................................8
CONCLUSION ...................................................................................................................................9
REFERENCES...................................................................................................................................10
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INTRODUCTION
Innovation is the crucial part of the every business and individual life under which they
gives the innovative ideas and application. It helps person to creates the innovative products which
will increases the sales of the products and services. In this report, there are various importance of
the innovation to the employees and organization accordingly they manage their work attain the
goals and objectives of the firm. Company uses the 4Ps of the innovation under which employees
monitoring the 4Ps and they gives the innovative ideas. Under this report, there are various aspects
of the innovation and commercialisation will be studied in the context 41 Hotel is the small
organization in UK. The present report covers, management of the firm develops the frugal
innovation which helps to reducing the cost of the goods and its production. There are different
ways of the access the funding which helps to managing the activities at the work place. In this way,
there are different tools which is used by the corporation for developing the employees knowledge
and skills. They are able to contributing the innovative ideas in decision making process of the firm
which creates the innovative products.
TASK 1
P1
Innovation can be stated as the application wherein provides the new ideas which is used by
the 41 Hotel (Drucker, 2014). In this way, company uses the innovation strategy which helps
manager to effectively manage their work and taking the innovative ideas is provided by the group
of people at the work place. Innovation is required to creates the new ideas, processes and products
which implement at the work place as result changes in effective way. In this context, this applies as
a value system which strives to increasing the positive outcomes. For example, Apple Inc adopts the
technology which helps produces the innovative products. It helps consumer to attracts towards the
products and services which is offered by the company. Accordingly, organization increases the
overall productivity and maximizing the profits as well. In this way, company requires to adopts the
innovation whether it is new ideas , creativity, technology etc. Organization attaining the level of
the customer satisfaction which needs to taking the innovative ideas is provided by the employees.
As per this, innovation is the crucial of the every business which helps to gaining the overall
productivity and competitive advantages in the market. In order to importance of the innovation for
the 41 Hotel under which manager easily manage their work and meet the demand of the clients
through the innovation (Davenport, 2013). For example, as per the case study, Apple Inn focuses on
the innovative ideas is provided by employees which helps to develops the range of the products
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and services like M3 player. It helps customers to attracts towards the products and services which
creates the satisfaction towards the company. Accordingly. Organization maintains the brand image
in the market and increasing the overall productivity in same industry. Through the innovation,
organization adopts the advance technology which helps employees completing the task on time
and they are able to deliver the best services to their consumer. It affects performance of the
organization customers are satisfied his services is provided by the employees with the innovative
ideas (Rice, 2013). As per this, company increases the market share in hospitality sector and
maximizing the sales turn over. On the other hand, Virgin group focuses on the talented employees
which develops the creativity in the process of the products and services and deliver the new ideas.
Both the organization focuses on the innovative ideas which helps to employees to easily manage
their work and increasing the services and goods value (5 Best Ways for Funding a Startup ,2015).
P2
In order to employees of the small business like 41 Hotel wherein company focuses on the
culture. In this way, manager knows the ability and capability of the workers towards the work
under which they provides the task as per the interest to them. It helps employees to performing in
well manner and they get the opportunity for giving the innovative ideas in the organization. In this
way, leadership also shape the innovation under which manager takes the decision with the all
employees (Verganti, 2013). It helps workers to highly motivates towards the task and they are able
to gives the suggestion and new ideas. Accordingly, it assists manager to take the effective decision
and meet the deadline of the clients. It affects performance of the organization which helps to
increasing the overall productivity of the firm. Moreover, in order to organisational vision,
leadership, culture and teamwork can shape innovation and commercialisation under which
company requires to produces the products and services with the innovative features. In addition to
this, organizational teamwork can shape within the innovative ideas under which which members
gives the best ideas at the work place (Brown and Wyatt, 2015). It helps manage to meet the
demand of the clients and able to fulfils the goals and objectives. Teamwork requires to
commercialisation and innovation so that member contribution the new ideas and part of the
decision making. Henceforth, all these factor shape with the innovation and commercialism of the
company.
TASK 2
P3
In order to 4Ps of the innovation which includes the paradigm, product, position and
process. In this way, paradigm requires to properly communicate with the customers which helps to
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promoting the services in the market and increasing the loyalty towards the consumer. 41 Hotel
need to communicate with the customer which helps to solve the issues of them. It helps buyers to
creates the satisfaction towards the services which is provided by the company. In this context,
customers wants company to provides the best services to them and gives the information related to
the market updates and trends. It helps company to matins the relation with the customer and attain
the satisfaction level. On the other hand, second Ps of the innovation like product under which
company produces the product with the innovative features. In this context, organization focuses on
the services wherein manager adopts the advance technology which helps to produces the products
on time (Davila, Epstein and Shelton, 2012). It helps customers to attracts towards the product and
services and purchases that. For example, Apple and Virgin group focuses on the innovation
wherein they provides the wide range of products and services to the customer which helps to
increasing the market share in the market and maximizing the sales (5 Best Ways for Funding a
Startup ,2015). Apart from this, position is the another Ps of the innovation under which company
provides the new features in products and services to their customer which helps them to attracts
towards the products and services. In this way, firm adopts the strong position and they link with the
home making advertising which helps customer attracts towards the position and purchases the
products and services. In this way, organization adopts the strong promotional techniques wherein
they advertised the products and services which helps to increasing the visibility of the products and
services (Lee and Miller, 2016). It helps company to maintains the brand image in the market and
maximizing the profit. On the other hand, lastly includes the process of the innovation under which
company implements the internal system. It helps to maintains the relation with the customer
through the eCRM. In this way, 41 Hotel requires to allows the e-commerce under which provides
the products and services via online. It helps customers to easily get the products and services on
time and company maximizing the sales of the firm.
In order uses of the innovation funnel to monitoring and shape with the innovative ideas of
the employees in the organization under which workers contributing the ideas new product
developments. It helps manager to easily take the decision and produces the innovative products
and services. In this way, the uses of the innovation funnel under which company analyses the
opportunity which includes the gathering the resource, information and customer knowledge. For
example, the group of the people like Virgin group under which they are able to present the
innovative ideas and concepts in front of the business unit.
P4
41 hotel is situated in heart of London means central of the London, England. It is very
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luxurious small hotel, having 30 rooms with all mahogany wood its just like reddish like timber. All
rooms are designed with black and white colour fabric with traditional mahogany wood and most of
the antic pieces are hand made (Edebalk, 2010). 41 hotel having the facilities of library, a big
lounge, serving the guest anytime, cocktails, snacks, bar cabin and anytime whatever the customer
want it will be on their door. Its having the combination of black and white. It is a five star hotel
where you want something it will get you. 41 hotel also provide free wi-fi, deluxe, toiletries,
exclusive bars, the library hotel. Apart from all things this hotel is more costly them others. Some
of the people can not afford it. So there is a lack of customer and mostly having the monochrome
means a combination of black and white. So this hotel have to use adopt frugal innovation. Many
of the multinational companies and other small, local companies has adopt for problem to get better
solution. Frugal innovation is a process where company can reduce the the cost of the food, product
(Weerawardena and Mort, 2006). Or in other word it is a process where company get remove all
the unnecessary thing. Many of the industries have program the develop frugal innovation. Make
some inclusive innovation that customer may get attract. Its not limited in the innovation of good
such as innovate in other thing also. There are two examples which company can get idea how to
innovation frugal can take place.
- Virgin Group LTD. is the big multinational company which travel world wide. Headquarter of this
company is situated in London, UK. It is a British company which deals in travel, music, films,
electronic, health care entertainment, food, drink, transport etc. This business contain more than 400
world wide companies, and area served in global. Every time this company innovate and deals with
new things (Breznitz and Etzkowitz, 2016).
-Second example of frugal innovation is Apple Inc. It is also a multinational company of
America which headquarter is situated in California. This company has adopt every year innovation
and launch the product every year. They innovate in iPhone, iPod, iPad, apple watches, apple
computer, etc. Now it's planning to innovate in electric vehicle which sooner it will be launch. So
they develop frugal innovation every time which people make interest every time (10 Ways to
protect your business ideas ,2010).
TASK 3
P5
Commercial funnel is just like a pipe which have long mouth in front and and have narrow
at the bottom. Its just like a cycle or level where first of the stage show sales which include the
qualifying and understanding of the sales (Chin, Linder and Sia, 2012). The advantage of the top of
the funnel sales is first consistently the pipeline. The business will grow when of some bring
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innovation and maintain the past and current customer daily basis. Sales cycle is very long term
process. So try to achieve in early all stages so it can lead to sales funnel towards the purchase.
Second is make ability to sale the product to the customer. When complete all the stages of
commercial funnel pipeline and allocate all the resources then sale staff should concentrate on to
spend the time on selling.
Commercial funnel will successful only when they bring new product in the market.
New product development(NDP) is a process where company bring the new product in market, it
can be in the form of tangible or intangible (Stockmann, 2013). Getting the need of customer cost,
time and quality should be perfect. This new product development considered the various activity
so that easily contribute to the employee like it design the product, and do product implementation.
It designed in the mechanical, software, and electrical. Employees get set the activities before the
formal. T designed the product in high level and in detailed level, which shows the requirement of
the people and then meet that requirement to the people.
There are also have five models of new development of the market. Which are :-
1. survey and analyse the market, customer/people, and the problems.
2. Collect the information and make analyses
3. when the new customer use the product record the behaviour or vision of the customer.
4. Evaluate the things and make improve if some mistakes is there.
Finally and last implementation (Shokefun and Aje-Famuyide, 2015).
P6
There are various to access the funding under which it plays important role in the
organization. In this way, without funds company not able to start the business unit and expand their
ventures accordingly manager not able to produces the products and services. 41 Hotel focuses on
the innovation under which they produces the innovative services and effectively allocate the
resources at the work place (Drucker, 2014). In this context, organization adopts the advance
technology which helps employees to completing the task on time and deliver the best services to
their consumer. Accordingly, As CEO of the corporation requires to effectively uses the available
resource and produces the innovative services on time. It helps customer to attracts towards the
products and services and purchases it. In order to access the funding under which company allocate
the fund with the helps of bank loan. In this way, company borrow the money from the bank which
helps to expanding the services with the innovative features (10 Ways to protect your business ideas
,2010). Corporation allocate the fund with the help of family and friends which will increasing the
products and services quality (Johnston and Marshall, 2016). Another ways of the funding like
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angel investor under which they gives the capital to the company with the specific capital. In this
way, It is the best source of the fund so that company expanding their business and accomplishing
the demand of the clients and requirements at the work place. For example, both the organization
like Apple and Virgin group focuses on the innovation and funds under which they effectively
allocate the resource. In this way, company easily manage their funds and they expand their
business unit. Employees contributing the ideas in decision making process and they are able attain
the goals and objectivities of the firm. With the help of innovative ideas, manager easily manage
their work and develops the good strategy which is required at the work place. It affects
performance of the organization because clients are satisfied his services is provided by the
employees on time to time (Rice, 2013). As per this, CEO of the company increases the market
share and matins the overall productivity in the market. On the other hand, corporation access the
fund with the help of credit cards under which effectively manage the self fund at the work place.
Company have enough financial resource which helps to fulfils the demand of the clients and
customer and requirements at the work place.
TASK 4
P7
In order to evaluate the different tools that the 41 Hotel under which they develops the
employees knowledge and retain (Verganti, 2013) . It helps workers to easily manage their work
and they are able ton fulfils the demand of the clients and firm. In this way, manager identify the
needs of the employees about the training accordingly they provides training and development to
their workers. It helps them to enhancing the performance and improving the knowledge, skills
which is required at the work place for fulfilling demand of the clients. As per this, it helps manager
to easily produces the products and services and manage their work. Company increases the market
share and maximizing the sales turnover. On the other hand, management of the organization
appoints the skilled employees at the work place which helps to gives the best suggestion and
innovative ideas in new product development (5 Best Ways for Funding a Startup ,2015). It helps
manager to maintain the relation with the employees and they are able to protect the intellectual
property of the organization. Apart from this, company uses the trademark tool for protecting the
ideas at the work place under which organization's slogan and logo (Davila, Epstein and Shelton,
2012). In this way, company takes the legal action and trademark of the slogan which helps to
secure the intellectual property and maintains the work environment. Furthermore, corporation
requires to aware the ideas of the employees whether they discuss at the work place. It helps
manager to maintains the work environment and build-up the good strategy at the work place.
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Company increases the overall productivity and maximizing the profit margin (Lee and Miller,
2016).
CONCLUSION
Summing up the whole report, it can be concluded that, innovation plays important role in
the organization under which there are various importance of the innovation to employees. In this
way, organization uses the 4Ps of the innovation and manage their work and produces the
innovative products and services. Company adopts the advance technology which helps to changes
in the services and make the some innovation in the services. Management of the corporation uses
the innovation funnel which helps to shape the innovative ideas of the employees. In addition to
this, firm develops the frugal innovation which helps to reduces the products of the cost and
removing the complexity at the work place. There are various importance of the commercial funnel
and new product development which helps employees to manage their work and customers attracts
towards the products and services. Organization uses the different ways of accessing the funds
which helps to manage their work. With the help of idea protecting tools , organization develops the
ideas and knowledge of the employees at the work place.
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REFERENCES
Books and Journals
Breznitz, S.M. and Etzkowitz, H., 2016. Making sense of university technology commercialization:
diversity and adaptation.
Brown, T. and Wyatt, J., 2015. Design thinking for social innovation. Annual Review of Policy
Design. 3(1). pp.1-10.
Chin, C. D., Linder, V. and Sia, S. K., 2012. Commercialization of microfluidic point-of-care
diagnostic devices. Lab on a Chip. 12(12). pp.2118-2134.
Davenport, T. H., 2013. Process innovation: reengineering work through information technology.
Harvard Business Press.
Davila, T., Epstein, M. and Shelton, R., 2012. Making innovation work: How to manage it, measure
it, and profit from it. FT press.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Edebalk, P. G., 2010. Ways of funding and organising elderly care in Sweden. In Population
Ageing-A Threat to the Welfare State? (pp. 65-80). Springer Berlin Heidelberg.
Johnston, M.W. and Marshall, G.W., 2016. Sales force management: Leadership, innovation,
technology. Routledge.
Lee, C. and Miller, J.S., 2016. Conditions contributing to the attitudes for toll facilities in the United
States with a specific focus on Virginia. Canadian Journal of Civil Engineering. 43(10).
pp.920-928.
Rice, A. K., 2013. Productivity and social organization: The Ahmedabad experiment: Technical
innovation, work organization and management. Routledge.
Shokefun, J. and Aje-Famuyide, O. A., 2015, September. Open And Distance Learning As An
Instrument Of Protecting The Right Of Access To Education: The Nigerian Experience. In
Proceedings of International Academic Conferences (No. 2704639). International Institute
of Social and Economic Sciences.
Stockmann, D., 2013. Media commercialization and authoritarian rule in China. Cambridge
University Press.
Verganti, R., 2013. Design driven innovation: changing the rules of competition by radically
innovating what things mean. Harvard Business Press.
Weerawardena, J. and Mort, G.S., 2006. Investigating social entrepreneurship: A multidimensional
model. Journal of world business. 41(1). pp.21-35.
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Online
10 Ways to protect your business ideas ,2010 [Online] Available resources
<http://www.startupsmart.com.au/advice/growth/10-ways-to-protect-your-business-ideas/>
[Asseessesd on 2nd December 2016]
5 Best Ways for Funding a Startup ,2015 [Online] Available resources
< http://www.inc.com/adam-heitzman/5-best-ways-for-funding-a-startup.html> [Asseessesd on 2nd
December 2016]
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