Analysis of Innovation and Commercialisation Strategies at Periscopix

This report examines the innovation and commercialization strategies employed by Periscopix, a London-based marketing agency. It explores the importance of innovation in today's business environment, emphasizing its role in creating competitive advantages. The report delves into the characteristics of innovative employees, the difference between innovation and invention, and the factors that contribute to a successful business environment. It then analyzes Periscopix's use of the innovation mix (product, process, press, and people), the innovation funnel, and the concept of frugal innovation. The report highlights how Periscopix utilizes these strategies to enhance its services and attract customers. Case studies of companies like Apple Inc. and Virgin Group are used to illustrate key concepts and provide practical examples of successful innovation and commercialization practices. The report concludes by summarizing the main points and emphasizing the importance of continuous innovation for long-term business success.

Innovation And
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1 ...........................................................................................................................................3
P1............................................................................................................................................3
P2............................................................................................................................................4
TASK 2 ...........................................................................................................................................5
P3............................................................................................................................................5
P4............................................................................................................................................7
TASK 3 ...........................................................................................................................................8
P5............................................................................................................................................8
P6............................................................................................................................................9
TASK 4..........................................................................................................................................10
P7..........................................................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
In today's era, innovation and commercialization has become an important factor that
lead the firm towards success. Innovation is a process which is used by the business organization
so that new product can be available in the market with its unique features. Through these
features, the enterprise will be able to sustain its competitive advantage in the market as compare
to other rivals (Yin, Shi and Yan, 2014). Technology play a vital role in this process and through
these they will be able to attract large number of customers towards their services. The present
report is based on Periscopix which is a marketing agency in London. The firm focuses on using
data and technology so that they can provide innovative services to their customers. The below
mentioned report is based on the innovation and its different types of employees. Along with
this, it also explains the process that is used by organization into commercialization so that sales
can be increased. Furthermore, some of the tools are also used by the company to provide
innovative products.

TASK 1
P1
Innovation is a process that is used by the organization so that they can create a strong
base of customers. Along with this, it is based on technology and new ideas. On the basis of
these, the manager of Periscopix transforms the ideas into practical reality so that people will be
able to get innovative product (Guha and Yang, 2010). Marketing agency can adopt techniques
of innovation so that they can offer their services at global level. Through this, the enterprise can
get attention of the consumers. The business organization can also use some of the strategies so
that they can enhance features in the products. These innovations can be made on the basis of
some sources such as end users, agents and so on. The manager has to conduct a research in the
market so that they will be able to identify the new ideas.
Innovation is an important factor for the employees of Periscopix because through they
will be able to enhance their performance. Some of the characteristic are needed in the workers
as on the basis of these they will be able to become an innovative person. Some of these traits are
visionary, openness, proactive, honest, curiosity and so on (Walsh, 2012). On the basis of these
characteristic, an employees can make his different identify in the firm then other employees.
According to the case study of Virgin Group, they involve their employees in the decision
making process so that new ideas can be developed. So, the manager of Periscopix can also
involve their workers in the planning process and consider the ideas which are suggested by staff
members (Innovation to commercialisation. 2017). Through this, they will be able to increase
satisfaction among all employees. If all staff members will become innovative on their part then
through this the overall growth can be improved.
There is difference between innovation and invention. Invention is related to the
occurrence of new ideas for the services and finding ways to make the products. On the other
hand, innovation is related to implementation of the ideas for the very first time in the
organization (Bogers and West, 2010). Some of the differences are:
 Invention is focuses on the development of new products and innovation is related to
adding features into the existing services.
 Scientific skills are required when firm invent any product and on the other hand some of
the skills which are required in the process of innovation are marketing, strategic and
technical.

 The activities of the invention are limited to the research and development department
and the activities of innovations are focused on the whole organization.
According to the case study of Apple Inc. they invent a new product in the market such as
iPod. They add many features into their products which will attract the customers towards their
company’s services. On the basis of this, Periscopix can also add some extra features into their
services so that they will be able to attract number of people (Eesley, Hsu and Roberts, 2014).
P2
Every business organization is performing their operations in the environment and on the
basis of that they have to set their targets so that they will be able to improve their growth in the
market. The firm is based on some factors such as vision, culture, teamwork and so on (Bogers
and West, 2012). The manager has to focus on the teamwork so that employee relations can be
improved. It is the responsibility of manager of Periscopix to explain their employees that how
these factors can help them in creating innovative products for the customers. These all are
linked with each other and they help the enterprise in improving their growth in the market. On
the basis of these factors, the marketing agency will be able to shape their innovation and
commercialisation. As per the case study of Apple Inc. the CEO offer services to customers
according to their need. Along with this, they also think about experiences of end users. Other
competitors never think about this concept so Apple enjoys their competitive advantage in the
market. On the basis of this case, the CEO of Periscopix has to think about the customers than
only they can improve their brand image at the global level. For this, all the team members have
to perform well in the firm as per their values and beliefs. It is the responsibility of the leaders to
direct their followers so that company can achieve its goals (Aarikka-Stenroos and Sandberg,
2012).
Commercialization is also a process that is used by the firm when they launch their new
products in the market. Through this process, the enterprise will be able to generate more
revenues in the market as compare to their rivals. These products should meet demands of the
customers to increase the sales and profits. According to another case, the CEO of Virgin Group
appreciates the ideas of their employees and rewards are given to them so that their motivation
level gets increased. Periscopix should provide an opportunity to their workers to place
innovative ideas in front of the top management. Through this, innovative culture can be
established in the business organization (Thore, 2012). At this stage, the manager can follow

some of the promotional strategies so that they will be able to attract the customers from all over
the world. Furthermore, all employees will be able to enhance their skills, knowledge and
experience. On the basis of these they can offer innovative products to their service users.
Services should be offered to the people so that their needs can be fulfilled.
TASK 2
P3
Innovation can lead the firm towards success and through this they will be able to
improve their brand image in the market. Periscopix can use innovation mix in order to improve
their overall performance. Innovation mix is a tool that is based on the elements such as product,
process, press and people. On the basis of these variables, the business organisation can attract
number of customers towards companies services. The 4p's of innovation:
Product innovation: Product is the commodity that is consumed by the customers in
order to fulfil their need. Periscopix offer services such as consultation, pay per click
advertisement to their consumers with some innovative features so that the loyalty among all
people can be increased (Kutvonen, 2011). The marketing agency offer innovative services to the
companies at both domestic and global market.
Process innovation: The firm deliver the products to the customers via a distribution
channel. For this, periscopix offer their services through their online stores and retail outlets.
Consumers are focuses on both the quality of service and the process through which they get the
products. The marketing agency improved their distribution channel because this will leave a
positive impact on the buyer.
Press innovation: The next element of the innovation mix is press and this is related to
the promotional strategies. Periscopix use some of the strategies in order to improve their
relations with the public. For this, they uses media and social networking sites so that their
position can be improved at global level (Wonglimpiyarat, 2010). Through these, the CEO will
be able to change the image of the services in the customers mind.
People innovation: This last element of innovation mix is people that focuses on the
employees, leaders and managers of the organization. These are the people who are responsible
to provide quality services to their customers so that overall performance can be improved. For
example, periscopix follow do better and do different approach in order to improve their growth

in the market as compare to other rivals. They focused on their staff members so that their
satisfaction level can be increased. According to the case of Apple Inc. the CEO follow the
strategy that focuses on the user experiences. Through this, they perform better than their rivals.
Innovation funnel is a model that is used by the business organization when they launch
any new product in the market. Every firm have marketing and research departments that
generate new ideas in order to provide quality services to the customers. The innovation funnel is
used by Periscopix to transform and shape the ideas into the practical life. The main purpose of
this method is to meet the demand of the market and the economic forms (Godin, 2012). There
are some steps that are followed by the funnel: Opportunity assessment: Here, organizations analyse the opportunities on the basis of
data that is gathered by the market research. After identifying this, the marketing agency
have to provide services according to the need of the people. Some of the surveys that are
conducted by the firm are focus group, interviews and questionnaire. Conceptualization: At this stage, Periscopix design the strategies on the basis of the data
and offer services that can fulfil the need of the people. These strategies can be developed
as per the demand of the customers. Evaluation: Here at this stage, the evaluation is done by the CEO of Periscopix. In this,
they set the target and compare those with the actual performance. Some of the models
and methods can be used in order to evaluate the services.
 Launch: In the last stage based on the evaluation they decide whether they have to launch
the products or not in the market. Post implementation can be done in order to identify
that these services fulfil the need of the customers or not.
P4
Frugal innovation is related to the products and services that are offered to the consumers
by the business organization (Innovation and commercialization. 2017). Through this approach,
the marketing agency will be able to remove all the unnecessary features from the products.
Along with this, cost of the goods can be reduced so that the firm will be able to generate more
revenues. This kind of innovation is a way through which enterprise will be able to grow their
business in the market as compare to other market players. This is a strategy that is used by
Periscopix in order to develop a product and gain benefits. In this, the organization uses the
concept of modern technologies in order make services more innovative.

Periscopix provide some services such as consulting, marketing, programmatic analytics
and so on (Dahlander and Gann, 2010). So, they can use frugal innovation in order to attract
more customers towards their services. The marketing agency can use this approach so that they
increase their profitability and reduce of cost of their services. Through this the enterprise can
gain the competitive advantage in the market as compare to the other rivals. In order to make
services more innovative, they can use some of the strategies like they can gather the information
from the customers and offer them products that can fulfil their need. These kinds of innovations
are not only useful in the emerging markets but these are also useful for the developed markets.
Through these, the marketing agency will be able to attract number of companies towards their
services from all over the world. Furthermore, they can improve their brand image at global
level.
According to the case study, the CEO of Apple Inc. use the frugal approach in order to
eliminate the unnecessary features from the products (Gambardella and McGahan, 2010). Along
with this they focuses on the users experience and offer products to them as per their demand. In
the another case of Virgin Group, they provide travel, entertainment, finance and live style
services to their customers. They also uses this approach in order to increase the profitability of
the firm in the market as compare to other competitors. These all innovations are environment
friendly as well as user friendly.
There are different types of innovation such as incremental, disruptive, architectural and
radical. On the basis of these, Apple and virgin group can offer more innovative or qualitative
products to their customers. When an enterprise develop the frugal innovative approach than they
will be use a marketing mix approach. There are some elements of the innovative mix and these
are like product, process, press and people. When the organisation offer their services than they
have to identify the need of the people as per their requirement offer them products. An
appropriate process has to be used by the firm in frugal innovation in an efficient manner. People
are the one who are involved into this process. The last element press is related to the
promotional and advertising strategies.

TASK 3
P5
Commercial funnel is a vital tool or method that is used by the business organization
when they sale their products. On the basis of the commercialisation the firm can develop plan
that these innovative products can be supplied in the market. For this, they can make the
strategies and deliver the services to the customers. Through innovation funnel, they will be able
to convert their ideas into practical reality. After that offer those quality services to the
consumers. It play a important role in developing a new product in the market. The advantage of
this approach is that through this variety of ideas can be generated by involving all the
employees in the decision making process (Ettlie and Rosenthal, 2012). Along with this, when
workers ideas get accepted by the top management then motivation level can be increased among
all the people and firm will be able to improve their overall performance. Periscopix can use this
tool when they deliver their services to the customers. For this, first they have to reserve their
property and then offer services. Some of the advertisement activities can also be performed by
the marketing agency in order to increase the awareness about their services.
New product development is a process that is used by the business organization in order
to launch a product in the market (Kilelu, Klerkx and Leeuwis, 2014). Some of the steps are
involved in the process of the developing products and these are:
Idea generation: This is the first step of the product development where ideas are
generated by the organization. Periscopix can involve their employees in the decision making
process so that best ideas can be gathered.
Idea screening: Here, the CEO check all the ideas and select the best one out of many.
These ideas should be generated on the basis of some objectives so that the firm will be able to
improve its image in the market.
Development and testing: At this stage, ideas should be developed and tested by the
manager of Periscopix. Research can be conducted in the market so that information can be
gathered about the customers and trends in the market.
Product development: After identifying the need, the product should be developed so
that consumers can fulfil their need.
Test marketing: In this marketing test, the whole is tested by the manager so that quality
products can be ensured to the customers.

Commercialization: This is the second last stage of the product development where all
the marketing plans and prices are finalised.
Launch: This is the final stage where the firm launch their services in the market. After
this, a review is taken by the manager so that services can be improved (Engel and del-Palacio,
2011).
P6
Periscopix can make innovations in their services so that they will be able to improve
their growth in the market. The marketing agency is focusing on their internal structure and they
want to make some innovations in their structure (Innovation Funnel. 2017). If these innovations
are made then they can attract number of customers towards their services. These innovations
should be made on the basis of the need of the consumers so that the firm will be able to increase
their profits than any other rivals. Along with the internal structure, the firm can also make plan
to improve their corporate social responsibility. In order develop this plan, the firm have to
follow some steps so that an effective plan can be made by the CEO of marketing agency.
When any innovative plan is made then firm first have to define their goals that for what
purpose these innovations are being placed in Periscopix (Makri and Scandura, 2010). According
to the case study of Apple Inc. when they launch any product in the market then they identify
their goals and on the basis of that innovation is being achieved. On the another hand, in the
second case of Virgin Group their main aim to make their customers happy through
entertainment and travelling services.
When all goals are set then the firm can generate ideas on the basis of some strategies
like they can use brainstorming and campaigns can also be conducted. As per the case of Virgin
Group, they involve their employees in the decision making process and through this new
innovative ideas can be generated. On the basis of that Periscopix can make their decisions by
conducting a campaign.
When all strategies get developed then now it is the responsibility of the financial
manager to make a budget of the plan (Hausman and Johnston, 2014). For this, the marketing
agency can take the loan from bank and along with this they can also take the help from leasing
companies. This is made by the experts so that they will be able to achieve profits in the market
as compare to other market players.

When budget gets planned than after that Periscopix can implement their idea with the
innovative features. At this, they can use the innovative funnel in order to convert their ideas into
the practical reality. Through this an effective innovation can be made in the firm. Along with
this, they can use the frugal innovative tool in order to reduce the cost of their services and
increase their profits in the market (Teece, 2010).
After the implementation stage, the manager has to perform post implementation where
he can evaluate the performance of that innovation that through this Periscopix get benefits or
not.
TASK 4
P7
Periscopix is a small business organization which perform its operations in marketing
and technological field. They provide their services throughout the world by offering the
innovative services to the customers. The marketing agency can use some of the tools in order to
develop, retain, protect knowledge of the employees and along with this intellectual property of
the organization can also be protected (Gibson and Naquin, 2011). According to the case study
of virgin Group, the manager provide training to their employees so that they will be able to
enhance their knowledge. On the basis of their experience they can provide quality services to
their customers. According to this case Periscopix can also use some methods in order to
improve their growth. Some of these methods are:
Training and development: Training and development programs should be given to all
the employees so that they will be able to enhance their core competencies and their growth can
be improved. Through this they will be able to provide quality services to their customers. By
providing the training to all staff members, Periscopix can protect their knowledge.
Rewards and compensation: Rewards and extra benefits should be given to all the
employees so that their motivation level can be increased. Through this, Periscopix will be able
to retain their employees (Therrien, Doloreux and Chamberlin, 2011). If any employee met with
an accident in the firm then they are liable to get some compensation. So, it is the responsibility
of the manager to pay compensation to the staff members.
Employee relations: The manager of Periscopix has to focus on the relationship between
all the employees and between employees and employer. If relations get improved then trust can

be build among all the employees and through this they will be able to retain the employees in
the agency. On the basis of the relationship, conflicts can get reduced among all the employees.
Software: Periscopix can develop some of the software in order to protect their
intellectual property rights. These software are based on the programming language through
which any unauthorised users will not be able to access the data of the company (Huizingh,
2011). The marketing agency can store their data in the database and on the basis of the data the
he will be able to know the performance of the company.
There are some tools that can be used by an organisation in order to protect their property
and knowledge. Some of these tools are as follows:
Copyright: It is a legal term that is used to protect the artistic and literacy work. Through
this, Periscopix can use protect their intellectual rights in an efficient manner. The work can be
reserved that is essential for an enterprise by using this tool. For example, the marketing agency
can use copyright in order to make their work unique from other competitors. The author who
right the book on which they receive copyright at time of publish in the market.
Patents: On the basis of the patent, firm will be able to protect the invention of products
and services. It gives the right to a holder in order to control their property from selling and
making of the patented services from the others in a specified period. For example, Periscopix
can protect their innovation in their services through encryption techniques, networking methods
and data compression techniques. Through design patent, company will be able to protect their
intellectual rights in an efficient manner.
Trade marks: It is a kind of distinctive sign that is used to differentiate the services and
products of one business organisation to another. For example, Periscopix can use some logos,
images, slogan in order to retain their services in the market. Companies have to register their
name and no other organisation can use that name without their permission. So, in the manner
they can save their rights.
Database: This tool is used to protect the information from copying. On the basis of this,
they can make secure their information from the unauthorised users. For example, all the
transactions are secured on the name of company and in this manner all other people will not be
able to access that data.